Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain on sale of assets $ (43,422)    
Investing Activities      
Net proceeds on sale of assets 128,505    
Tanger Factory Outlet Centers, Inc. [Member]      
Operating Activities      
Net income (loss) (38,013) $ 92,728 $ 45,563
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 117,143 123,314 131,722
Impairment charges 67,226 37,610 49,739
Amortization of deferred financing costs 3,583 3,004 3,058
Gain on sale of assets (2,324) (43,422) 0
Equity in earnings of unconsolidated joint ventures (1,126) (7,839) (924)
Equity-based compensation expense 12,517 18,120 14,669
Amortization of debt (premiums) and discounts, net 482 448 416
Amortization (accretion) of market rent rate adjustments, net 2,721 1,432 2,577
Straight-line rent adjustments 3,372 (7,721) (5,844)
Distributions of cumulative earnings from unconsolidated joint ventures 3,490 7,587 7,941
Other non-cash 0 3,638 0
Changes in other asset and liabilities:      
Other assets (5,366) (4,159) 2,079
Accounts payable and accrued expenses 1,042 (4,288) 7,322
Net cash provided by operating activities 164,747 220,452 258,318
Investing Activities      
Additions to rental property (28,566) (47,884) (64,253)
Additions to investments in unconsolidated joint ventures (10,601) (2,316) (1,916)
Net proceeds on sale of assets 7,626 128,505 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 9,071 17,819 25,232
Additions to non-real estate assets (1,872) (1,155) (1,330)
Additions to deferred lease costs (3,061) (5,142) (6,703)
Other investing activities 8,632 9,462 8,947
Net cash provided by (used in) investing activities  (18,771) 99,289 (40,023)
Financing Activities      
Cash dividends paid (66,563) (132,664) (131,244)
Distributions to noncontrolling interests in Operating Partnership (3,499) (7,018) (6,955)
Proceeds from revolving credit facility 641,630 282,870 491,900
Repayments of revolving credit facility (641,630) (427,970) (554,900)
Proceeds from notes, mortgages and loans 0 0 25,000
Repayments of notes, mortgages and loans (3,566) (3,369) (11,783)
Repurchase of common shares, including transaction costs 0 (20,000) (19,998)
Employee income taxes paid related to shares withheld upon vesting of equity awards (736) (2,524) (2,068)
Additions to deferred financing costs (1,891) (115) (4,428)
Proceeds from other financing activities 72 47 626
Payment for other financing activities (1,410) (1,390) (1,353)
Net cash provided (used in) by financing activities (77,593) (312,133) (215,203)
Effect of foreign currency rate changes on cash and cash equivalents (223) (19) (110)
Net increase in cash, cash equivalents and restricted cash 68,160 7,589 2,982
Cash and cash equivalents, beginning of year 16,672 9,083 6,101
Cash and cash equivalents, end of year 84,832 16,672 9,083
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income (loss) (38,013) 92,728 45,563
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 117,143 123,314 131,722
Impairment charges 67,226 37,610 49,739
Amortization of deferred financing costs 3,583 3,004 3,058
Gain on sale of assets (2,324) (43,422) 0
Equity in earnings of unconsolidated joint ventures (1,126) (7,839) (924)
Equity-based compensation expense 12,517 18,120 14,669
Amortization of debt (premiums) and discounts, net 482 448 416
Amortization (accretion) of market rent rate adjustments, net 2,721 1,432 2,577
Straight-line rent adjustments 3,372 (7,721) (5,844)
Distributions of cumulative earnings from unconsolidated joint ventures 3,490 7,587 7,941
Other non-cash 0 3,638 0
Changes in other asset and liabilities:      
Other assets (5,128) (4,185) 1,729
Accounts payable and accrued expenses 875 (4,323) 7,631
Net cash provided by operating activities 164,818 220,391 258,277
Investing Activities      
Additions to rental property (28,566) (47,884) (64,253)
Additions to investments in unconsolidated joint ventures (10,601) (2,316) (1,916)
Net proceeds on sale of assets 7,626 128,505 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 9,071 17,819 25,232
Additions to non-real estate assets (1,872) (1,155) (1,330)
Additions to deferred lease costs (3,061) (5,142) (6,703)
Other investing activities 8,632 9,462 8,947
Net cash provided by (used in) investing activities  (18,771) 99,289 (40,023)
Financing Activities      
Cash dividends paid (70,062) (139,682) (138,199)
Proceeds from revolving credit facility 641,630 282,870 491,900
Repayments of revolving credit facility (641,630) (427,970) (554,900)
Proceeds from notes, mortgages and loans 0 0 25,000
Repayments of notes, mortgages and loans (3,566) (3,369) (11,783)
Repurchase of common shares, including transaction costs 0 (20,000) (19,998)
Employee income taxes paid related to shares withheld upon vesting of equity awards (736) (2,524) (2,068)
Additions to deferred financing costs (1,891) (115) (4,428)
Proceeds from other financing activities 72 47 626
Payment for other financing activities (1,410) (1,390) (1,353)
Net cash provided (used in) by financing activities (77,593) (312,133) (215,203)
Effect of foreign currency rate changes on cash and cash equivalents (223) (19) (110)
Net increase in cash, cash equivalents and restricted cash 68,231 7,528 2,941
Cash and cash equivalents, beginning of year 16,519 8,991 6,050
Cash and cash equivalents, end of year $ 84,750 $ 16,519 $ 8,991