Annual report pursuant to Section 13 and 15(d)

Schedule III

v3.19.3.a.u2
Schedule III
12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Real Estate and Accumulated Depreciation
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2019 (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
 
Initial cost to Company
 
Costs Capitalized
Subsequent to Acquisition
(Improvements) (1)
 
Gross Amount Carried at Close of Period
December 31, 2019(2)
 
 
 
 
 
 
Outlet Center Name
 
Location
 
Encum-brances (3)
 
Land
Buildings,
Improve-ments & Fixtures
 
Land
Buildings,
Improve-ments & Fixtures
 
Land
Buildings,
Improve-ments & Fixtures
Total
 
Accumulated
Depreciation (1)
 
Date of
Construction or Acquisition
 
Life Used to
Compute
Depreciation
in Income
Statement
Atlantic City
 
Atlantic City, NJ
 
$
32,531

 
$

$
125,988

 
$

$
9,451

 
$

$
135,439

$
135,439

 
$
36,927

 
2011 (5)
 
(4) 
Blowing Rock
 
Blowing Rock, NC
 

 
1,963

9,424

 

10,469

 
1,963

19,893

21,856

 
11,195

 
1997 (5)
 
(4) 
Branson
 
Branson, MO
 

 
4,407

25,040

 
396

25,097

 
4,803

50,137

54,940

 
32,789

 
1994
 
(4) 
Charleston
 
Charleston, SC
 

 
10,353

48,877

 

17,173

 
10,353

66,050

76,403

 
32,984

 
2006
 
(4) 
Commerce
 
Commerce, GA
 

 
1,262

14,046

 
707

36,896

 
1,969

50,942

52,911

 
34,814

 
1995
 
(4) 
Daytona Beach
 
Daytona Beach, FL
 

 
9,913

80,410

 

791

 
9,913

81,201

91,114

 
14,862

 
2016
 
(4) 
Deer Park
 
Deer Park, NY
 

 
82,413

173,044

 

17,076

 
82,413

190,120

272,533

 
46,951

 
2013 (5)
 
(4) 
Foley
 
Foley, AL
 

 
4,400

82,410

 
693

42,259

 
5,093

124,669

129,762

 
62,616

 
2003 (5)
 
(4) 
Fort Worth
 
Fort Worth, TX
 

 
11,157

87,025

 

159

 
11,157

87,184

98,341

 
10,335

 
2017
 
(4) 
Foxwoods
 
Mashantucket, CT
 

 

130,941

 

1,281

 

132,222

132,222

 
25,949

 
2015
 
(4) 
Gonzales
 
Gonzales, LA
 

 
679

15,895

 

34,987

 
679

50,882

51,561

 
35,269

 
1992
 
(4) 
Grand Rapids
 
Grand Rapids, MI
 

 
8,180

75,420

 

2,439

 
8,180

77,859

86,039

 
18,246

 
2015
 
(4) 
Hershey
 
Hershey, PA
 

 
3,673

48,186

 

6,466

 
3,673

54,652

58,325

 
16,666

 
2011(5)
 
(4) 
Hilton Head I
 
Bluffton, SC
 

 
4,753


 

33,684

 
4,753

33,684

38,437

 
15,697

 
2011
 
(4) 
Hilton Head II
 
Bluffton, SC
 

 
5,128

20,668

 

13,816

 
5,128

34,484

39,612

 
17,857

 
2003 (5)
 
(4) 
Howell
 
Howell, MI
 

 
2,250

35,250

 

15,895

 
2,250

51,145

53,395

 
26,914

 
2002 (5)
 
(4) 
Jeffersonville(6)
 
Jeffersonville, OH
 

 
2,752

111,276

 
(2,452
)
(101,576
)
 
300

9,700

10,000

 
21

 
2011 (5)
 
(4) 
Lancaster
 
Lancaster, PA
 

 
3,691

19,907

 
6,656

60,706

 
10,347

80,613

90,960

 
32,751

 
1994 (5)
 
(4) 
Locust Grove
 
Locust Grove, GA
 

 
2,558

11,801

 
57

33,185

 
2,615

44,986

47,601

 
27,976

 
1994
 
(4) 
Mebane
 
Mebane, NC
 

 
8,821

53,362

 

5,663

 
8,821

59,025

67,846

 
28,524

 
2010
 
(4) 
Myrtle Beach Hwy 17
 
Myrtle Beach, SC
 

 

80,733

 

28,742

 

109,475

109,475

 
37,699

 
2009 (5)
 
(4) 
Myrtle Beach Hwy 501
 
Myrtle Beach, SC
 

 
8,781

56,798

 

42,046

 
8,781

98,844

107,625

 
47,849

 
2003 (5)
 
(4) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2019 (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
 
Initial cost to Company
 
Costs Capitalized
Subsequent to Acquisition
(Improvements)(1)
 
Gross Amount Carried at Close of Period
December 31, 2019
(2)
 
 
 
 
 
 
Outlet Center Name
 
Location
 
Encum-brances (3)

 
Land
Buildings,
Improve-ments & Fixtures
 
Land
Buildings,
Improve-ments & Fixtures
 
Land
Buildings,
Improve-ments & Fixtures
Total
 
Accumulated
Depreciation (1)
 
Date of
Construction or Acquisition
 
Life Used to
Compute
Depreciation
in Income
Statement
Pittsburgh
 
Pittsburgh, PA
 

 
5,528

91,288

 
3

13,909

 
5,531

105,197

110,728

 
58,455

 
2008
 
(4) 
Rehoboth Beach
 
Rehoboth Beach, DE
 

 
20,600

74,209

 
1,875

56,705

 
22,475

130,914

153,389

 
55,904

 
2003 (5)
 
(4) 
Riverhead
 
Riverhead, NY
 

 

36,374

 
6,152

134,514

 
6,152

170,888

177,040

 
100,686

 
1993
 
(4) 
San Marcos
 
San Marcos, TX
 

 
1,801

9,440

 
2,301

59,157

 
4,102

68,597

72,699

 
45,384

 
1993
 
(4) 
Savannah
 
Pooler, GA
 

 
8,432

167,780

 

3,870

 
8,432

171,650

180,082

 
21,432

 
2016 (5)
 
(4) 
Sevierville
 
Sevierville, TN
 

 

18,495

 

51,339

 

69,834

69,834

 
41,527

 
1997 (5)
 
(4) 
Southaven
 
Southaven, MS
 
51,272

 
14,959

60,263

 

675

 
14,959

60,938

75,897

 
16,047

 
2015
 
(4) 
Terrell
 
Terrell, TX
 

 
523

13,432

 

10,089

 
523

23,521

24,044

 
19,154

 
1994
 
(4) 
Tilton
 
Tilton, NH
 

 
1,800

24,838

 
29

14,274

 
1,829

39,112

40,941

 
19,468

 
2003 (5)
 
(4) 
Westgate
 
Glendale, AZ
 

 
19,037

140,337

 

4,668

 
19,037

145,005

164,042

 
16,721

 
2016 (5)
 
(4) 
Other
 
Various
 

 
306

1,495

 


 
306

1,495

1,801

 
282

 
Various
 
(4) 
 
 
 
 
$
83,803

 
$
250,120

$
1,944,452

 
$
16,417

$
685,905

 
$
266,537

$
2,630,357

$
2,896,894

 
$
1,009,951

 
 
 
 
(1)
Includes impairments.
(2)
Aggregate cost for federal income tax purposes is approximately $3.0 billion.
(3)
Including premiums and net of debt origination costs.
(4)
We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet.
(5)
Represents year acquired.
(6)
Amounts net of $85.4 million impairment charges taken during 2019 and 2018 consisting of a write-off of approximately $2.5 million of land, $116.0 million of building and improvement cost and $33.1 million of accumulated depreciation.
TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES
SCHEDULE III - (Continued)
REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2019
(in thousands)

The changes in total real estate for the years ended December 31, 2019, 2018 and 2017 are as follows:

 
 
2019
 
2018
 
2017
Balance, beginning of year
 
$
3,046,179

 
$
3,088,470

 
$
2,965,907

Improvements
 
50,117

 
48,357

 
175,868

Impairment charge
 
(40,539
)
 
(77,958
)
 

Dispositions and other
 
(158,863
)
 
(12,690
)
 
(53,305
)
Balance, end of year
 
$
2,896,894

 
$
3,046,179

 
$
3,088,470


The changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows:

 
 
2019
 
2018
 
2017
Balance, beginning of year
 
$
981,305

 
$
901,967

 
$
814,583

Depreciation for the period
 
107,129

 
114,198

 
107,845

Impairment charge
 
(3,028
)
 
(30,050
)
 

Dispositions and other
 
(75,455
)
 
(4,810
)
 
(20,461
)
Balance, end of year
 
$
1,009,951

 
$
981,305

 
$
901,967