Quarterly report pursuant to Section 13 or 15(d)

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 42,281 $ 6,938
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 52,463 55,882
Amortization of deferred financing costs 1,541 2,320
Loss on early extinguishment of debt 0 14,039
Equity in earnings of unconsolidated joint ventures (4,740) (4,497)
Equity-based compensation expense 6,959 6,608
Amortization of debt (premiums) and discounts, net 241 210
Amortization (accretion) of market rent rate adjustments, net 314 25
Straight-line rent adjustments 1,035 1,521
Distributions of cumulative earnings from unconsolidated joint ventures 4,775 4,774
Other non-cash (2,418) 3,638
Changes in other assets and liabilities:    
Other assets 7,072 12,619
Accounts payable and accrued expenses (20,448) (12,472)
Net cash provided by operating activities 89,075 91,605
INVESTING ACTIVITIES    
Additions to rental property (25,717) (11,836)
Additions to investments in unconsolidated joint ventures 0 (7,000)
Net proceeds from sale of real estate assets 0 8,129
Net proceeds on sale of non-real estate assets 14,610 0
Additions to non-real estate assets (4,176) (781)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 6,536 13,364
Additions to deferred lease costs (1,076) (4,562)
Other investing activities 1,728 6,695
Net cash provided by (used in) investing activities (8,095) 4,009
FINANCING ACTIVITIES    
Cash dividends paid (40,255) (34,875)
Proceeds from notes, mortgages and loans 0 0
Repayments of notes, mortgages and loans (2,180) (201,861)
Payment of make-whole premium related to early extinguishment of debt 0 (12,954)
Employee income taxes paid related to shares withheld upon vesting of equity awards (3,203) (1,637)
Additions to deferred financing costs 0 (123)
Proceeds from exercise of options 15 89
Proceeds from common share offering 0 180,876
Payment for other financing activities (574) (574)
Net cash provided by (used in) financing activities (48,018) (72,761)
Effect of foreign currency rate changes on cash and cash equivalents (27) (73)
Net increase (decrease) in cash and cash equivalents 32,935 22,780
Cash and cash equivalents, beginning of period 161,255 84,832
Cash and cash equivalents, end of period 194,190 107,612
Tanger Properties Limited Partnership    
OPERATING ACTIVITIES    
Net income 42,281 6,938
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 52,463 55,882
Amortization of deferred financing costs 1,541 2,320
Loss on early extinguishment of debt 0 14,039
Equity in earnings of unconsolidated joint ventures (4,740) (4,497)
Equity-based compensation expense 6,959 6,608
Amortization of debt (premiums) and discounts, net 241 210
Amortization (accretion) of market rent rate adjustments, net 314 25
Straight-line rent adjustments 1,035 1,521
Distributions of cumulative earnings from unconsolidated joint ventures 4,775 4,774
Other non-cash (2,418) 3,638
Changes in other assets and liabilities:    
Other assets 7,194 12,454
Accounts payable and accrued expenses (20,449) (12,633)
Net cash provided by operating activities 89,196 91,279
INVESTING ACTIVITIES    
Additions to rental property (25,717) (11,836)
Additions to investments in unconsolidated joint ventures 0 (7,000)
Net proceeds from sale of real estate assets 0 8,129
Net proceeds on sale of non-real estate assets 14,610 0
Additions to non-real estate assets (4,176) (781)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 6,536 13,364
Additions to deferred lease costs (1,076) (4,562)
Other investing activities 1,728 6,695
Net cash provided by (used in) investing activities (8,095) 4,009
FINANCING ACTIVITIES    
Cash dividends paid (42,076) (36,577)
Proceeds from notes, mortgages and loans 0 0
Repayments of notes, mortgages and loans (2,180) (201,861)
Payment of make-whole premium related to early extinguishment of debt 0 (12,954)
Employee income taxes paid related to shares withheld upon vesting of equity awards (3,203) (1,637)
Additions to deferred financing costs 0 (123)
Proceeds from exercise of options 15 89
Proceeds from common share offering 0 180,876
Payment for other financing activities (574) (574)
Net cash provided by (used in) financing activities (48,018) (72,761)
Effect of foreign currency rate changes on cash and cash equivalents (27) (73)
Net increase (decrease) in cash and cash equivalents 33,056 22,454
Cash and cash equivalents, beginning of period 161,152 84,750
Cash and cash equivalents, end of period $ 194,208 $ 107,204