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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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
Fair value as of December 31, 2022:
Asset:
Short-term government securities (cash and cash equivalents)	$	174,495	$	174,495	$	—	$	—
Bank certificate of deposit (short-term investments)	52,450		52,450		—		—
Interest rate swaps (prepaids and other assets)	14,118		—		14,118		—
Total assets	$	241,063	$	226,945	$	14,118	$	—

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


			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total
Fair value as of December 31, 2021:
Assets:
Short-term government securities (cash and cash equivalents)	$	158,197	$	158,197	$	—	$	—
Interest rate swaps (prepaids and other assets)	2,485		—		2,485		—
Total assets	$	160,682	$	158,197	$	2,485	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	459	$	—	$	459	$	—
Total liabilities	$	459	$	—	$	459	$	—

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
Fair value as of December 31, 2022:
Asset:


Long-lived assets	$	—	$	—	$	—	$	—

Fair value as of December 31, 2021:
Asset:
Long-lived assets	$	29,460	$	—	$	—	$	29,460





Fair value as of December 31, 2020:
Asset:
Long-lived assets	$	46,950	$	—	$	—	$	46,950

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


	December 31, 2021		December 31, 2020
Terminal capitalization rate	8.3	%	7.8	%
Discount rate	9.3	%	8.5	%

The estimated fair value and recorded value of our debt as of December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	876,542		1,079,234
Level 3 Significant Unobservable Inputs	391,820		366,103
Total fair value of debt	$	1,268,362	$	1,445,337

Recorded value of debt	$	1,428,494	$	1,397,076