| Quarterly Financial Data of the Company (Unaudited) |
Quarterly Financial Data of the Company (Unaudited)
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2019 and 2018 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership:
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Year Ended December 31, 2019(1)
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First Quarter(2)
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Second Quarter |
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Third Quarter |
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Fourth Quarter(3)
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Total revenues |
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$ |
123,155 |
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$ |
115,707 |
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$ |
118,994 |
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$ |
120,492 |
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Net income (loss) |
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65,841 |
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14,457 |
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24,809 |
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(12,379 |
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Income (loss) attributable to Tanger Factory Outlet Centers, Inc. |
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62,331 |
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13,727 |
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23,546 |
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(11,749 |
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Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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$ |
61,720 |
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$ |
13,613 |
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$ |
23,241 |
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$ |
(12,055 |
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Basic earnings per common share: |
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Net income (loss) |
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$ |
0.66 |
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$ |
0.15 |
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$ |
0.25 |
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$ |
(0.13 |
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Diluted earnings per common share: |
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Net income (loss) |
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$ |
0.66 |
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$ |
0.15 |
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$ |
0.25 |
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$ |
(0.13 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
In the first quarter of 2019, net income includes a $43.4 million gain recorded on the sale of our Nags Head, Ocean City, Park City, and Williamsburg outlet centers.
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(3) |
In the fourth quarter of 2019, net income includes a $37.6 impairment charge related to our Jeffersonville, Ohio outlet center.
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Year Ended December 31, 2018(1)
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First Quarter |
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Second Quarter(2)
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Third Quarter(3)
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Fourth Quarter |
Total revenues |
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$ |
123,535 |
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$ |
119,711 |
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$ |
124,236 |
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$ |
127,199 |
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Net income (loss) |
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23,685 |
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24,290 |
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(23,031 |
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20,619 |
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Income (loss) attributable to Tanger Factory Outlet Centers, Inc. |
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22,838 |
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22,969 |
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(21,859 |
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19,707 |
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Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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$ |
22,575 |
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$ |
22,656 |
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$ |
(22,172 |
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$ |
19,385 |
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Basic earnings per common share : |
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Net income (loss) |
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$ |
0.24 |
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$ |
0.24 |
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$ |
(0.24 |
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$ |
0.21 |
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Diluted earnings per common share: |
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Net income (loss) |
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$ |
0.24 |
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$ |
0.24 |
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$ |
(0.24 |
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$ |
0.21 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
In the third quarter of 2018, net income includes a $49.7 million impairment charge related to our Jeffersonville, Ohio outlet center.
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(3)
In the fourth quarter of 2018, net income includes a $7.2 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures.
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