Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Schedule III

Schedule III

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2019 (in thousands)

Description				Initial cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)⁽¹⁾						Gross Amount Carried at Close of Period December 31, 2019⁽²⁾
Outlet Center Name	Location	Encum-brances ⁽³⁾		Land		Buildings, Improve-ments & Fixtures		Land			Buildings, Improve-ments & Fixtures			Land		Buildings, Improve-ments & Fixtures		Total		Accumulated Depreciation ⁽¹⁾		Date of Construction or Acquisition	Life Used to Compute Depreciation in Income Statement
Atlantic City	Atlantic City, NJ	$	32,531	$	—	$	125,988	$	—		$	9,451		$	—	$	135,439	$	135,439	$	36,927	2011 ⁽⁵⁾	⁽⁴⁾
Blowing Rock	Blowing Rock, NC	—		1,963		9,424		—			10,469			1,963		19,893		21,856		11,195		1997 ⁽⁵⁾	⁽⁴⁾
Branson	Branson, MO	—		4,407		25,040		396			25,097			4,803		50,137		54,940		32,789		1994	⁽⁴⁾
Charleston	Charleston, SC	—		10,353		48,877		—			17,173			10,353		66,050		76,403		32,984		2006	⁽⁴⁾
Commerce	Commerce, GA	—		1,262		14,046		707			36,896			1,969		50,942		52,911		34,814		1995	⁽⁴⁾
Daytona Beach	Daytona Beach, FL	—		9,913		80,410		—			791			9,913		81,201		91,114		14,862		2016	⁽⁴⁾
Deer Park	Deer Park, NY	—		82,413		173,044		—			17,076			82,413		190,120		272,533		46,951		2013 ⁽⁵⁾	⁽⁴⁾
Foley	Foley, AL	—		4,400		82,410		693			42,259			5,093		124,669		129,762		62,616		2003 ⁽⁵⁾	⁽⁴⁾
Fort Worth	Fort Worth, TX	—		11,157		87,025		—			159			11,157		87,184		98,341		10,335		2017	⁽⁴⁾
Foxwoods	Mashantucket, CT	—		—		130,941		—			1,281			—		132,222		132,222		25,949		2015	⁽⁴⁾
Gonzales	Gonzales, LA	—		679		15,895		—			34,987			679		50,882		51,561		35,269		1992	⁽⁴⁾
Grand Rapids	Grand Rapids, MI	—		8,180		75,420		—			2,439			8,180		77,859		86,039		18,246		2015	⁽⁴⁾
Hershey	Hershey, PA	—		3,673		48,186		—			6,466			3,673		54,652		58,325		16,666		2011⁽⁵⁾	⁽⁴⁾
Hilton Head I	Bluffton, SC	—		4,753		—		—			33,684			4,753		33,684		38,437		15,697		2011	⁽⁴⁾
Hilton Head II	Bluffton, SC	—		5,128		20,668		—			13,816			5,128		34,484		39,612		17,857		2003 ⁽⁵⁾	⁽⁴⁾
Howell	Howell, MI	—		2,250		35,250		—			15,895			2,250		51,145		53,395		26,914		2002 ⁽⁵⁾	⁽⁴⁾
Jeffersonville⁽⁶⁾	Jeffersonville, OH	—		2,752		111,276		(2,452		)	(101,576		)	300		9,700		10,000		21		2011 ⁽⁵⁾	⁽⁴⁾
Lancaster	Lancaster, PA	—		3,691		19,907		6,656			60,706			10,347		80,613		90,960		32,751		1994 ⁽⁵⁾	⁽⁴⁾
Locust Grove	Locust Grove, GA	—		2,558		11,801		57			33,185			2,615		44,986		47,601		27,976		1994	⁽⁴⁾
Mebane	Mebane, NC	—		8,821		53,362		—			5,663			8,821		59,025		67,846		28,524		2010	⁽⁴⁾
Myrtle Beach Hwy 17	Myrtle Beach, SC	—		—		80,733		—			28,742			—		109,475		109,475		37,699		2009 ⁽⁵⁾	⁽⁴⁾
Myrtle Beach Hwy 501	Myrtle Beach, SC	—		8,781		56,798		—			42,046			8,781		98,844		107,625		47,849		2003 ⁽⁵⁾	⁽⁴⁾



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2019 (in thousands)

Description				Initial cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)⁽¹⁾				Gross Amount Carried at Close of Period December 31, 2019⁽²⁾
Outlet Center Name	Location	Encum-brances ⁽³⁾		Land		Buildings, Improve-ments & Fixtures		Land		Buildings, Improve-ments & Fixtures		Land		Buildings, Improve-ments & Fixtures		Total		Accumulated Depreciation ⁽¹⁾		Date of Construction or Acquisition	Life Used to Compute Depreciation in Income Statement
Pittsburgh	Pittsburgh, PA	—		5,528		91,288		3		13,909		5,531		105,197		110,728		58,455		2008	⁽⁴⁾
Rehoboth Beach	Rehoboth Beach, DE	—		20,600		74,209		1,875		56,705		22,475		130,914		153,389		55,904		2003 ⁽⁵⁾	⁽⁴⁾
Riverhead	Riverhead, NY	—		—		36,374		6,152		134,514		6,152		170,888		177,040		100,686		1993	⁽⁴⁾
San Marcos	San Marcos, TX	—		1,801		9,440		2,301		59,157		4,102		68,597		72,699		45,384		1993	⁽⁴⁾
Savannah	Pooler, GA	—		8,432		167,780		—		3,870		8,432		171,650		180,082		21,432		2016 ⁽⁵⁾	⁽⁴⁾
Sevierville	Sevierville, TN	—		—		18,495		—		51,339		—		69,834		69,834		41,527		1997 ⁽⁵⁾	⁽⁴⁾
Southaven	Southaven, MS	51,272		14,959		60,263		—		675		14,959		60,938		75,897		16,047		2015	⁽⁴⁾
Terrell	Terrell, TX	—		523		13,432		—		10,089		523		23,521		24,044		19,154		1994	⁽⁴⁾
Tilton	Tilton, NH	—		1,800		24,838		29		14,274		1,829		39,112		40,941		19,468		2003 ⁽⁵⁾	⁽⁴⁾
Westgate	Glendale, AZ	—		19,037		140,337		—		4,668		19,037		145,005		164,042		16,721		2016 ⁽⁵⁾	⁽⁴⁾
Other	Various	—		306		1,495		—		—		306		1,495		1,801		282		Various	⁽⁴⁾
		$	83,803	$	250,120	$	1,944,452	$	16,417	$	685,905	$	266,537	$	2,630,357	$	2,896,894	$	1,009,951


(1)	Includes impairments.


(2)	Aggregate cost for federal income tax purposes is approximately $3.0 billion.


(3)	Including premiums and net of debt origination costs.


(4)	We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet.


(5)	Represents year acquired.

(6)

Amounts net of $85.4 million impairment charges taken during 2019 and 2018 consisting of a write-off of approximately $2.5 million of land, $116.0 million of building and improvement cost and $33.1 million of accumulated depreciation.

TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES

TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES

SCHEDULE III - (Continued)

REAL ESTATE AND ACCUMULATED DEPRECIATION

For the Year Ended December 31, 2019

(in thousands)

The changes in total real estate for the years ended December 31, 2019, 2018 and 2017 are as follows:



	2019			2018			2017
Balance, beginning of year	$	3,046,179		$	3,088,470		$	2,965,907
Improvements	50,117			48,357			175,868
Impairment charge	(40,539		)	(77,958		)	—
Dispositions and other	(158,863		)	(12,690		)	(53,305		)
Balance, end of year	$	2,896,894		$	3,046,179		$	3,088,470

The changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows:



	2019			2018			2017
Balance, beginning of year	$	981,305		$	901,967		$	814,583
Depreciation for the period	107,129			114,198			107,845
Impairment charge	(3,028		)	(30,050		)	—
Dispositions and other	(75,455		)	(4,810		)	(20,461		)
Balance, end of year	$	1,009,951		$	981,305		$	901,967