Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Management, leasing and other services $ 609 $ 1,332 $ 1,188 $ 2,453
Tanger Factory Outlet Centers, Inc [Member]        
Revenues:        
Base rentals 80,788 75,003 161,118 147,626
Percentage rentals 1,805 2,326 3,660 4,476
Expense reimbursements 34,023 30,754 70,621 63,996
Management, leasing and other services 609 1,332 1,188 2,453
Other income 2,389 1,918 4,395 3,587
Total revenues 119,614 111,333 240,982 222,138
Expenses:        
Property operating 37,116 35,012 77,503 72,886
General and administrative 11,500 11,675 22,912 23,240
Abandoned pre-development costs 0 0 627 0
Depreciation and amortization 32,905 26,306 64,199 52,873
Total expenses 81,521 72,993 165,241 148,999
Operating income 38,093 38,340 75,741 73,139
Other income (expense):        
Interest expense (16,520) (13,800) (33,007) (28,684)
Gain on sale of assets 6,943 0 6,943 4,887
Gain on previously held interest in acquired joint venture 0 49,258 0 49,258
Other non-operating income (expense) 57 38 92 354
Income before equity in earnings of unconsolidated joint ventures 28,573 73,836 49,769 98,954
Equity in earnings of unconsolidated joint ventures 2,374 3,466 4,692 6,965
Net income 30,947 77,302 54,461 105,919
Noncontrolling interests in Operating Partnership (1,557) (3,897) (2,735) (5,341)
Noncontrolling interests in other consolidated partnerships 0 12 0 (11)
Net income attributable to Tanger Factory Outlet Centers, Inc. $ 29,390 $ 73,417 $ 51,726 $ 100,567
Basic earnings per common share/unit        
Net income (in dollars per share) $ 0.31 $ 0.76 $ 0.54 $ 1.05
Diluted earnings per common share/unit        
Net income (in dollars per share) 0.31 0.76 0.54 1.04
Dividends declared per common share (in dollars per share) $ 0.3425 $ 0.325 $ 0.6675 $ 0.61
Tanger Properties Limited Partnership [Member]        
Revenues:        
Base rentals $ 80,788 $ 75,003 $ 161,118 $ 147,626
Percentage rentals 1,805 2,326 3,660 4,476
Expense reimbursements 34,023 30,754 70,621 63,996
Management, leasing and other services 609 1,332 1,188 2,453
Other income 2,389 1,918 4,395 3,587
Total revenues 119,614 111,333 240,982 222,138
Expenses:        
Property operating 37,116 35,012 77,503 72,886
General and administrative 11,500 11,675 22,912 23,240
Abandoned pre-development costs 0 0 627 0
Depreciation and amortization 32,905 26,306 64,199 52,873
Total expenses 81,521 72,993 165,241 148,999
Operating income 38,093 38,340 75,741 73,139
Other income (expense):        
Interest expense (16,520) (13,800) (33,007) (28,684)
Gain on sale of assets 6,943 0 6,943 4,887
Gain on previously held interest in acquired joint venture 0 49,258 0 49,258
Other non-operating income (expense) 57 38 92 354
Income before equity in earnings of unconsolidated joint ventures 28,573 73,836 49,769 98,954
Equity in earnings of unconsolidated joint ventures 2,374 3,466 4,692 6,965
Net income 30,947 77,302 54,461 105,919
Noncontrolling interests in consolidated partnerships 0 12 0 (11)
Net income attributable to Tanger Factory Outlet Centers, Inc. 30,947 77,314 54,461 105,908
Net income available to limited partners 30,641 76,549 53,922 104,860
Net income available to general partner $ 306 $ 765 $ 539 $ 1,048
Basic earnings per common share/unit        
Net income (in dollars per share) $ 0.31 $ 0.76 $ 0.54 $ 1.05
Diluted earnings per common share/unit        
Net income (in dollars per share) 0.31 0.76 0.54 1.05
Dividends declared per common share (in dollars per share) $ 0.3425 $ 0.325 $ 0.6675 $ 0.610