Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Tanger Factory Outlet Centers, Inc
       
Revenues        
Base rentals $ 58,583 $ 48,393 $ 115,802 $ 94,612
Percentage rentals 1,618 1,137 3,362 2,528
Expense reimbursements 24,989 20,616 48,465 41,821
Other income 2,145 1,955 3,949 3,879
Total revenues 87,335 72,101 171,578 142,840
Expenses        
Property operating 27,977 23,765 54,065 47,873
General and administrative 8,699 7,185 18,719 13,952
Acquisition costs 0 974 0 1,541
Abandoned development costs 0 0 0 158
Depreciation and amortization 24,923 17,858 50,438 35,823
Total expenses 61,599 49,782 123,222 99,347
Operating income 25,736 22,319 48,356 43,493
Interest expense 12,411 10,713 (24,745) (21,038)
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 13,325 11,606 23,611 22,455
Equity in earnings (losses) of unconsolidated joint ventures (867) (764) (2,319) (796)
Net income 12,458 10,842 21,292 21,659
Noncontrolling interest (766) (1,420) (1,479) (2,839)
Noncontrolling interests in other consolidated partnerships (25) 0 (32) 0
Net income attributable to Tanger Factory Outlet Centers, Inc. 11,717 9,422 19,845 18,820
Basic earnings per common share:        
Net income $ 0.13 $ 0.11 $ 0.21 $ 0.23
Diluted earnings per common share:        
Net income $ 0.12 $ 0.11 $ 0.21 $ 0.23
Dividends paid per common share $ 0.2100 $ 0.2000 $ 0.4100 $ 0.3938
Tanger Properties Limited Partnership
       
Revenues        
Base rentals 58,583 48,393 115,802 94,612
Percentage rentals 1,618 1,137 3,362 2,528
Expense reimbursements 24,989 20,616 48,465 41,821
Other income 2,145 1,955 3,949 3,879
Total revenues 87,335 72,101 171,578 142,840
Expenses        
Property operating 27,977 23,765 54,065 47,873
General and administrative 8,699 7,185 18,719 13,952
Acquisition costs 0 974 0 1,541
Abandoned development costs 0 0 0 158
Depreciation and amortization 24,923 17,858 50,438 35,823
Total expenses 61,599 49,782 123,222 99,347
Operating income 25,736 22,319 48,356 43,493
Interest expense (12,411) (10,713) (24,745) (21,038)
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 13,325 11,606 23,611 22,455
Equity in earnings (losses) of unconsolidated joint ventures (867) (764) (2,319) (796)
Net income 12,458 10,842 21,292 21,659
Net Income (Loss) Attributable to Noncontrolling Interest, Limited Partnerships 25 0 32 0
Net income attributable to Tanger Factory Outlet Centers, Inc. 12,483 10,842 21,324 21,659
Net income available to limited partners 12,355 10,731 21,105 21,437
Net income available to general partner $ 128 $ 111 $ 219 $ 222
Basic earnings per common unit:        
Net income $ 0.50 $ 0.46 $ 0.86 $ 0.92
Diluted earnings per common unit:        
Net income $ 0.50 $ 0.46 $ 0.85 $ 0.91
Distribution paid per common unit $ 0.840 $ 0.800 $ 1.640 $ 1.575