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, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 49,221 $ 50,160
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,034 51,282
Amortization of deferred financing costs 1,695 1,599
Equity in earnings of unconsolidated joint ventures (5,491) (3,641)
Equity-based compensation expense 6,105 5,652
Amortization of debt discounts, net 357 294
Amortization (accretion) of market rent rate adjustments, net 228 289
Straight-line rent adjustments 12 1,001
Distributions of cumulative earnings from unconsolidated joint ventures 3,577 3,721
Changes in other assets and liabilities:    
Other assets 2,945 6,931
Accounts payable and accrued expenses (22,822) (18,369)
Net cash provided by operating activities 103,861 98,919
INVESTING ACTIVITIES    
Additions to rental property (49,091) (71,830)
Additions to investments in unconsolidated joint ventures 0 (2,633)
Proceeds from short-term investments (6,981) (37,080)
Additions to non-real estate assets (5,738) (2,135)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,617 4,080
Additions to deferred lease costs (1,191) (1,384)
Payments for other investing activities (2,774) (2,036)
Proceeds from other investing activities 2,557 3,821
Net cash used in investing activities (47,639) (35,037)
FINANCING ACTIVITIES    
Cash dividends paid (59,671) (50,459)
Repayments of notes, mortgages and loans (2,519) (2,343)
Employee income taxes paid related to shares withheld upon vesting of equity awards (10,524) (6,843)
Additions to deferred financing costs (6,876) 0
Proceeds from exercise of options 533 43
Payment for other financing activities (574) (590)
Contributions from noncontrolling interests in other consolidated partnerships 80 0
Distributions to noncontrolling interests in other consolidated partnerships 0 (248)
Net cash used in financing activities (60,156) (62,648)
Effect of foreign currency rate changes on cash and cash equivalents 216 (356)
Net increase (decrease) in cash and cash equivalents (3,718) 878
Cash and cash equivalents, beginning of period 12,778 212,124
Cash and cash equivalents, end of period 9,060 213,002
Tanger Properties Limited Partnership    
OPERATING ACTIVITIES    
Net income 49,221 50,160
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,034 51,282
Amortization of deferred financing costs 1,695 1,599
Equity in earnings of unconsolidated joint ventures (5,491) (3,641)
Equity-based compensation expense 6,105 5,652
Amortization of debt discounts, net 357 294
Amortization (accretion) of market rent rate adjustments, net 228 289
Straight-line rent adjustments 12 1,001
Distributions of cumulative earnings from unconsolidated joint ventures 3,577 3,721
Changes in other assets and liabilities:    
Other assets 2,562 6,659
Accounts payable and accrued expenses (22,283) (18,144)
Net cash provided by operating activities 104,017 98,872
INVESTING ACTIVITIES    
Additions to rental property (49,091) (71,830)
Additions to investments in unconsolidated joint ventures 0 (2,633)
Proceeds from short-term investments (6,981) (37,080)
Additions to non-real estate assets (5,738) (2,135)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,617 4,080
Additions to deferred lease costs (1,191) (1,384)
Payments for other investing activities (2,774) (2,036)
Proceeds from other investing activities 2,557 3,821
Net cash used in investing activities (47,639) (35,037)
FINANCING ACTIVITIES    
Cash dividends paid (62,276) (52,667)
Proceeds from notes, mortgages and loans 219,000 0
Repayments of revolving credit facility (197,000) 0
Repayments of notes, mortgages and loans (2,519) (2,343)
Employee income taxes paid related to shares withheld upon vesting of equity awards (10,524) (6,843)
Additions to deferred financing costs (6,876) 0
Proceeds from exercise of options 533 43
Payment for other financing activities (574) (590)
Contributions from noncontrolling interests in other consolidated partnerships 80 0
Distributions to noncontrolling interests in other consolidated partnerships 0 (248)
Net cash used in financing activities (60,156) (62,648)
Effect of foreign currency rate changes on cash and cash equivalents 216 (356)
Net increase (decrease) in cash and cash equivalents (3,562) 831
Cash and cash equivalents, beginning of period 12,572 212,011
Cash and cash equivalents, end of period $ 9,010 $ 212,842