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 36 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2022
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Gain on sale of assets       $ (5,480)
Investing Activities        
Net proceeds from sale of assets       28,126
Financing Activities        
Proceeds from the Company’s common share offering $ 0 $ 186,969 $ 0  
Tanger Factory Outlet Centers, Inc. [Member]        
Operating Activities        
Net income (loss) 85,831 9,558 (38,013)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 111,904 110,008 117,143  
Impairment charges 0 6,989 67,226  
Amortization of deferred financing costs 3,126 4,018 3,583  
Gain on sale of assets (3,156) 0 (2,324)  
Loss on early extinguishment of debt 222 47,860 0  
Equity in earnings of unconsolidated joint ventures (8,594) (8,904) (1,126)  
Equity-based compensation expense 12,969 12,752 12,517  
Amortization of debt (premiums) and discounts, net 509 442 482  
Amortization (accretion) of market rent rate adjustments, net 1,417 293 2,721  
Straight-line rent adjustments 1,689 1,973 3,372  
Distributions of cumulative earnings from unconsolidated joint ventures 8,711 9,249 3,490  
Other non-cash (2,418) 3,638 0  
Changes in other asset and liabilities:        
Other assets 276 5,140 (5,366)  
Accounts payable and accrued expenses 1,474 14,702 1,042  
Net cash provided by operating activities 213,960 217,718 164,747  
Investing Activities        
Additions to rental property (77,310) (45,187) (28,566)  
Additions to investments in unconsolidated joint ventures (313) (7,000) (10,601)  
Net proceeds from sale of assets 12,400 8,129 7,626  
Proceeds on sale of non-real estate assets 14,610 0 0  
Additions to short-term investments (52,450) 0 0  
Distributions in excess of cumulative earnings from unconsolidated joint ventures 12,037 19,574 9,071  
Additions to non-real estate assets (7,442) (3,173) (1,872)  
Additions to deferred lease costs (2,570) (5,115) (3,061)  
Payments for other investing activities (7,288) 0 0  
Proceeds from other investing activities 9,509 10,033 8,632  
Net cash used in investing activities  (98,817) (22,739) (18,771)  
Financing Activities        
Cash dividends or distributions paid (84,211) (72,423) (66,563)  
Distributions to noncontrolling interests in Operating Partnership (3,822) (3,428) (3,499)  
Proceeds from revolving credit facility 0 0 641,630  
Repayments of revolving credit facility 0 0 (641,630)  
Proceeds from notes, mortgages and loans 36,556 394,208 0  
Repayments of notes, mortgages and loans (4,440) (567,050) (3,566)  
Payment of make-whole premium related to early extinguishment of debt 0 (44,872) 0  
Employee income taxes paid related to shares withheld upon vesting of equity awards (3,924) (2,147) (736)  
Additions to deferred financing costs (3,262) (8,754) (1,891)  
Proceeds from exercise of options 88 266 0  
Proceeds from the Company’s common share offering 0 186,969 0  
Proceeds from other financing activities 0 0 72  
Payment for other financing activities (1,148) (1,148) (1,410)  
Net cash provided (used in) by financing activities (64,163) (118,379) (77,593)  
Effect of foreign currency rate changes on cash and cash equivalents (111) (177) (223)  
Net increase/(decrease) in cash, cash equivalents and restricted cash 50,869 76,423 68,160  
Cash and cash equivalents, beginning of year 161,255 84,832 16,672 16,672
Cash and cash equivalents, end of year 212,124 161,255 84,832 212,124
Tanger Properties Limited Partnership [Member]        
Operating Activities        
Net income (loss) 85,831 9,558 (38,013)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 111,904 110,008 117,143  
Impairment charges 0 6,989 67,226  
Amortization of deferred financing costs 3,126 4,018 3,583  
Gain on sale of assets (3,156) 0 (2,324)  
Loss on early extinguishment of debt 222 47,860 0  
Equity in earnings of unconsolidated joint ventures (8,594) (8,904) (1,126)  
Equity-based compensation expense 12,969 12,752 12,517  
Amortization of debt (premiums) and discounts, net 509 442 482  
Amortization (accretion) of market rent rate adjustments, net 1,417 293 2,721  
Straight-line rent adjustments 1,689 1,973 3,372  
Distributions of cumulative earnings from unconsolidated joint ventures 8,711 9,249 3,490  
Other non-cash (2,418) 3,638 0  
Changes in other asset and liabilities:        
Other assets 594 4,881 (5,128)  
Accounts payable and accrued expenses 1,146 14,940 875  
Net cash provided by operating activities 213,950 217,697 164,818  
Investing Activities        
Additions to rental property (77,310) (45,187) (28,566)  
Additions to investments in unconsolidated joint ventures (313) (7,000) (10,601)  
Net proceeds from sale of assets 12,400 8,129 7,626  
Proceeds on sale of non-real estate assets 14,610 0 0  
Additions to short-term investments (52,450) 0 0  
Distributions in excess of cumulative earnings from unconsolidated joint ventures 12,037 19,574 9,071  
Additions to non-real estate assets (7,442) (3,173) (1,872)  
Additions to deferred lease costs (2,570) (5,115) (3,061)  
Payments for other investing activities (7,288) 0 0  
Proceeds from other investing activities 9,509 10,033 8,632  
Net cash used in investing activities  (98,817) (22,739) (18,771)  
Financing Activities        
Cash dividends or distributions paid (88,033) (75,851) (70,062)  
Proceeds from revolving credit facility 0 0 641,630  
Repayments of revolving credit facility 0 0 (641,630)  
Proceeds from notes, mortgages and loans 36,556 394,208 0  
Repayments of notes, mortgages and loans (4,440) (567,050) (3,566)  
Payment of make-whole premium related to early extinguishment of debt 0 (44,872) 0  
Employee income taxes paid related to shares withheld upon vesting of equity awards (3,924) (2,147) (736)  
Additions to deferred financing costs (3,262) (8,754) (1,891)  
Proceeds from exercise of options 88 266 0  
Proceeds from the Company’s common share offering 0 186,969 0  
Proceeds from other financing activities 0 0 72  
Payment for other financing activities (1,148) (1,148) (1,410)  
Net cash provided (used in) by financing activities (64,163) (118,379) (77,593)  
Effect of foreign currency rate changes on cash and cash equivalents (111) (177) (223)  
Net increase/(decrease) in cash, cash equivalents and restricted cash 50,859 76,402 68,231  
Cash and cash equivalents, beginning of year 161,152 84,750 16,519 16,519
Cash and cash equivalents, end of year $ 212,011 $ 161,152 $ 84,750 $ 212,011