Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Rental Property (Tables)

v2.4.0.8
Acquisition of Rental Property (Tables)
9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The aggregate purchase price of the property has been allocated as follows:

 
 
Fair Value
 (in thousands)
 
Weighted-Average Amortization Period (in years)
Land
 
$
82,413

 
 
Buildings, improvements and fixtures
 
172,694

 
 
Deferred lease costs and other intangibles
 
 
 
 
Above market lease value
 
18,807

 
11.9
Below market lease value
 
(12,658
)
 
18.5
Lease in place value
 
28,846

 
7.6
Tenant relationships
 
27,594

 
19.0
Lease and legal costs
 
1,724

 
8.9
Total deferred lease costs and other intangibles, net
 
64,313

 
 
Other identifiable assets and liabilities assumed, net
 
2,265

 
 
Debt
 
(237,925
)
 
 
Total fair value of net assets acquired
 
$
83,760

 
 
Schedule of Consideration Transferred
The following table illustrates the fair value of the total consideration transferred and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands):

Cash transferred
$
13,939

Common limited partnership units issued
13,981

Fair value of total consideration transferred to acquire one-third interest
27,920

Fair value of our previously held one-third interest
27,920

Fair value of one-third interest owned by the remaining partner
27,920

Fair value of net assets acquired
$
83,760

Business Acquisition, Pro Forma Information
The following unaudited condensed pro forma financial information for the three and nine months ended September 30, 2013 is presented as if the acquisition had been consummated as of January 1, 2012, the beginning of the previous reporting period (in thousands, except per share data):
 
 
(Pro forma)
 
(Pro forma)
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
 
 
2013

2012
 
2013

2012
Total Revenue
 
$
104,326

 
$
98,905

 
$
300,931

 
$
286,452

Income from continuing operations
 
29,417

 
15,041

 
61,700

 
60,333

Net income attributable to Tanger Factory Outlet Centers, Inc.
 
27,861

 
14,257

 
58,466

 
58,102

Basic earnings per common share
 
0.30

 
0.15

 
0.62

 
0.63

Diluted earnings per common share
 
0.29

 
0.15

 
0.61

 
0.62