Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Deferred Charges

Deferred Charges

12 Months Ended

Dec. 31, 2019

Deferred lease costs and other intangibles, net as of December 31, 2019 and 2018 consist of the following (in thousands):



	2019			2018
Deferred lease costs	$	85,444		$	87,590
Intangible assets:
Above market leases	46,252			49,869
Lease in place value	58,195			64,152
Tenant relationships	37,221			40,690
Other intangibles	41,531			48,639
	268,643			290,940
Accumulated amortization	(171,931		)	(174,066		)
Deferred lease costs and other intangibles, net	$	96,712		$	116,874

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2019 and 2018 were $19.5 million and $21.7 million, respectively.

Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2019, 2018 and 2017 was $13.7 million, $15.1 million and $17.8 million, respectively.

Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2019, 2018 and 2017 was $(1.0) million, $(2.1) million and $(2.4) million, respectively.

Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands):



Year	Above/(Below) Market Leases, Net ⁽¹⁾		Deferred Lease Costs and Other Intangibles ⁽²⁾
2020	$	410	$	5,172
2021	299		4,611
2022	285		4,319
2023	368		3,668
2024	298		3,407
Total	$	1,660	$	21,177


(1)	These net amounts are recorded as a reduction of base rentals.

(2)

These amounts are recorded as an increase in depreciation and amortization.