Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling Interests

v2.4.0.6
Noncontrolling Interests
 6 Months Ended
Jun. 30, 2012
Noncontrolling Interests [Abstract]  
Noncontrolling Interest Disclosure [Text Block]
Noncontrolling Interests
Noncontrolling interests relate to the interests in the Operating Partnership owned by Family Limited Partners, as discussed in Note 1, and interests in consolidated partnerships not wholly-owned by the Company or the Operating Partnership. Family Limited Partners are holders of Operating Partnership units that may be exchanged for the Company's common shares in a ratio of one unit for four common shares. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties.

As discussed in Note 6, various Family Limited Partners exchanged a total of 1,542,533 Operating Partnership units for 6,170,132 common shares of the Company. Therefore, the Company recorded an increase to additional paid-in capital of $32.3 million during the first six months of 2012 related to these exchanges. The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
Net income attributable to Tanger Factory Outlet Centers, Inc.
 
$
11,717

 
$
9,422

 
$
19,845

 
$
18,820

Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (1) 
 
4,151

 
(228
)
 
32,329

 
(261
)
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest
 
$
15,868

 
$
9,194

 
$
52,174

 
$
18,559

1) In 2012 and 2011, adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's issuance of common shares upon exercise of options, share-based compensation and the issuance of common shares upon exchange of Operating Partnership units by Family Limited Partners.