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

December 31, 2019

September 30, 2018

Terminal capitalization rate

Discount rate

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):



			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total				Significant Observable Inputs		Significant Unobservable Inputs
Fair value as of December 31, 2019:
Asset:
Interest rate swaps (prepaids and other assets)	$	1,018	$	—	$	1,018	$	—
Total assets	$	1,018	$	—	$	1,018	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	1,442	$	—	$	1,442	$	—
Total liabilities	$	1,442	$	—	$	1,442	$	—



			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total				Significant Observable Inputs		Significant Unobservable Inputs
Fair value as of December 31, 2018:
Assets:
Interest rate swaps (prepaids and other assets)	$	5,755	$	—	$	5,755	$	—
Total assets	$	5,755	$	—	$	5,755	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	6	$	—	$	6	$	—
Total liabilities	$	6	$	—	$	6	$	—

The following table sets forth our assets that are measured at fair value on a nonrecurring basis within the fair value hierarchy (in thousands):



			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total				Significant Observable Inputs		Significant Unobservable Inputs
Fair value as of December 31, 2019:
Asset:
Long-lived assets	$	10,000	$	—	$	—	$	10,000

Fair value as of September 30, 2018:
Asset:
Long-lived assets	$	50,000	$	—	$	—	$	50,000

The table below summarizes the terminal capitalization rate and discount rate used:

The estimated fair value and recorded value of our debt as of December 31, 2019 and 2018 were as follows (in thousands):



	2019		2018
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	1,169,481		1,085,138
Level 3 Significant Unobservable Inputs	434,333		583,337
Total fair value of debt	$	1,603,814	$	1,668,475

Recorded value of debt	$	1,569,773	$	1,712,918