Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain on sale of assets     $ (43,422)
Investing Activities      
Net proceeds from sale of assets     128,505
Financing Activities      
Proceeds from the Company’s common share offering $ 186,969 $ 0 0
Tanger Factory Outlet Centers, Inc. [Member]      
Operating Activities      
Net income (loss) 9,558 (38,013) 92,728
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 110,008 117,143 123,314
Impairment charges 6,989 67,226 37,610
Amortization of deferred financing costs 4,018 3,583 3,004
Gain on sale of assets 0 (2,324) (43,422)
Loss on early extinguishment of debt 47,860 0 0
Equity in earnings of unconsolidated joint ventures (8,904) (1,126) (7,839)
Equity-based compensation expense 12,752 12,517 18,120
Amortization of debt (premiums) and discounts, net 442 482 448
Amortization (accretion) of market rent rate adjustments, net 293 2,721 1,432
Straight-line rent adjustments 1,973 3,372 (7,721)
Distributions of cumulative earnings from unconsolidated joint ventures 9,249 3,490 7,587
Other non-cash 3,638 0 3,638
Changes in other asset and liabilities:      
Other assets 5,140 (5,366) (4,159)
Accounts payable and accrued expenses 14,702 1,042 (4,288)
Net cash provided by operating activities 217,718 164,747 220,452
Investing Activities      
Additions to rental property (45,187) (28,566) (47,884)
Additions to investments in unconsolidated joint ventures (7,000) (10,601) (2,316)
Net proceeds from sale of assets 8,129 7,626 128,505
Distributions in excess of cumulative earnings from unconsolidated joint ventures 19,574 9,071 17,819
Additions to non-real estate assets (3,173) (1,872) (1,155)
Additions to deferred lease costs (5,115) (3,061) (5,142)
Other investing activities 10,033 8,632 9,462
Net cash provided by (used in) investing activities  (22,739) (18,771) 99,289
Financing Activities      
Cash dividends or distributions paid (72,423) (66,563) (132,664)
Distributions to noncontrolling interests in Operating Partnership (3,428) (3,499) (7,018)
Proceeds from revolving credit facility 0 641,630 282,870
Repayments of revolving credit facility 0 (641,630) (427,970)
Proceeds from notes, mortgages and loans 394,208 0 0
Repayments of notes, mortgages and loans (567,050) (3,566) (3,369)
Payment of make-whole premium related to early extinguishment of debt (44,872) 0 0
Repurchase of common shares, including transaction costs 0 0 (20,000)
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,147) (736) (2,524)
Additions to deferred financing costs (8,754) (1,891) (115)
Proceeds from exercise of options 266 0 0
Proceeds from the Company’s common share offering 186,969 0 0
Proceeds from other financing activities 0 72 47
Payment for other financing activities (1,148) (1,410) (1,390)
Net cash provided (used in) by financing activities (118,379) (77,593) (312,133)
Effect of foreign currency rate changes on cash and cash equivalents (177) (223) (19)
Net increase in cash, cash equivalents and restricted cash 76,423 68,160 7,589
Cash and cash equivalents, beginning of year 84,832 16,672 9,083
Cash and cash equivalents, end of year 161,255 84,832 16,672
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income (loss) 9,558 (38,013) 92,728
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 110,008 117,143 123,314
Impairment charges 6,989 67,226 37,610
Amortization of deferred financing costs 4,018 3,583 3,004
Gain on sale of assets 0 (2,324) (43,422)
Loss on early extinguishment of debt 47,860 0 0
Equity in earnings of unconsolidated joint ventures (8,904) (1,126) (7,839)
Equity-based compensation expense 12,752 12,517 18,120
Amortization of debt (premiums) and discounts, net 442 482 448
Amortization (accretion) of market rent rate adjustments, net 293 2,721 1,432
Straight-line rent adjustments 1,973 3,372 (7,721)
Distributions of cumulative earnings from unconsolidated joint ventures 9,249 3,490 7,587
Other non-cash 3,638 0 3,638
Changes in other asset and liabilities:      
Other assets 4,881 (5,128) (4,185)
Accounts payable and accrued expenses 14,940 875 (4,323)
Net cash provided by operating activities 217,697 164,818 220,391
Investing Activities      
Additions to rental property (45,187) (28,566) (47,884)
Additions to investments in unconsolidated joint ventures (7,000) (10,601) (2,316)
Net proceeds from sale of assets 8,129 7,626 128,505
Distributions in excess of cumulative earnings from unconsolidated joint ventures 19,574 9,071 17,819
Additions to non-real estate assets (3,173) (1,872) (1,155)
Additions to deferred lease costs (5,115) (3,061) (5,142)
Other investing activities 10,033 8,632 9,462
Net cash provided by (used in) investing activities  (22,739) (18,771) 99,289
Financing Activities      
Cash dividends or distributions paid (75,851) (70,062) (139,682)
Proceeds from revolving credit facility 0 641,630 282,870
Repayments of revolving credit facility 0 (641,630) (427,970)
Proceeds from notes, mortgages and loans 394,208 0 0
Repayments of notes, mortgages and loans (567,050) (3,566) (3,369)
Payment of make-whole premium related to early extinguishment of debt (44,872) 0 0
Repurchase of common shares, including transaction costs 0 0 (20,000)
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,147) (736) (2,524)
Additions to deferred financing costs (8,754) (1,891) (115)
Proceeds from exercise of options 266 0 0
Proceeds from the Company’s common share offering 186,969 0 0
Proceeds from other financing activities 0 72 47
Payment for other financing activities (1,148) (1,410) (1,390)
Net cash provided (used in) by financing activities (118,379) (77,593) (312,133)
Effect of foreign currency rate changes on cash and cash equivalents (177) (223) (19)
Net increase in cash, cash equivalents and restricted cash 76,402 68,231 7,528
Cash and cash equivalents, beginning of year 84,750 16,519 8,991
Cash and cash equivalents, end of year $ 161,152 $ 84,750 $ 16,519