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, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Gain on sale of assets       $ (3,156)
Investing Activities        
Net proceeds from sale of real estate assets       20,500
Financing Activities        
Proceeds from the Company’s common share offering $ 88,861 $ 0 $ 186,969  
Tanger Factory Outlet Centers, Inc. [Member]        
Operating Activities        
Net income 103,882 85,831 9,558  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 108,889 111,904 110,008  
Impairment charges 0 0 6,989  
Amortization of deferred financing costs 3,196 3,126 4,018  
Gain on sale of assets 0 (3,156) 0  
Loss on early extinguishment of debt 0 222 47,860  
Equity in earnings of unconsolidated joint ventures (8,240) (8,594) (8,904)  
Equity-based compensation expense 12,511 12,969 12,752  
Amortization of debt (premiums) and discounts, net 622 509 442  
Amortization of market rent rate adjustments, net 646 1,417 293  
Straight-line rent adjustments 2,229 1,689 1,973  
Distributions of cumulative earnings from unconsolidated joint ventures 8,377 8,711 9,249  
Other non-cash 599 (2,418) 3,638  
Changes in other asset and liabilities:        
Other assets 3,410 276 5,140  
Accounts payable and accrued expenses (6,513) 1,474 14,702  
Net cash provided by operating activities 229,608 213,960 217,718  
Investing Activities        
Additions to rental property (188,196) (77,310) (45,187)  
Additions to investments in unconsolidated joint ventures (2,580) (313) (7,000)  
Net proceeds from sale of real estate assets 0 12,400 8,129  
Acquisition of real estate assets (259,689) 0 0  
Proceeds on sale of non-real estate assets 0 14,610 0  
Additions to short-term investments (7,679) (52,450) 0  
Proceeds from short-term investments 50,942 0 0  
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,184 12,037 19,574  
Additions to non-real estate assets (10,773) (7,442) (3,173)  
Additions to deferred lease costs (3,101) (2,570) (5,115)  
Payments for other investing activities (2,181) (7,288) 0  
Proceeds from other investing activities 6,512 9,509 10,033  
Net cash used in investing activities  (409,561) (98,817) (22,739)  
Financing Activities        
Cash dividends or distributions paid (103,765) (84,211) (72,423)  
Distributions to noncontrolling interests in Operating Partnership (4,601) (3,822) (3,428)  
Proceeds from revolving credit facility 83,000 0 0  
Repayments of revolving credit facility (70,000) 0 0  
Proceeds from notes, mortgages and loans 0 36,556 394,208  
Repayments of notes, mortgages and loans (4,773) (4,440) (567,050)  
Payment of make-whole premium related to early extinguishment of debt 0 0 (44,872)  
Employee income taxes paid related to shares withheld upon vesting of equity awards (7,290) (3,924) (2,147)  
Distributions to noncontrolling interests in other consolidated partnerships (248) 0 0  
Additions to deferred financing costs (131) (3,262) (8,754)  
Proceeds from exercise of options 1,236 88 266  
Proceeds from the Company’s common share offering 88,442 0 186,969  
Payment for other financing activities (1,148) (1,148) (1,148)  
Net cash provided (used in) by financing activities (19,278) (64,163) (118,379)  
Effect of foreign currency rate changes on cash and cash equivalents (115) (111) (177)  
Net increase/(decrease) in cash, cash equivalents and restricted cash (199,346) 50,869 76,423  
Cash and cash equivalents, beginning of year 212,124 161,255 84,832  
Cash and cash equivalents, end of year 12,778 212,124 161,255 212,124
Tanger Properties Limited Partnership [Member]        
Operating Activities        
Net income 103,882 85,831 9,558  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 108,889 111,904 110,008  
Impairment charges 0 0 6,989  
Amortization of deferred financing costs 3,196 3,126 4,018  
Gain on sale of assets 0 (3,156) 0  
Loss on early extinguishment of debt 0 222 47,860  
Equity in earnings of unconsolidated joint ventures (8,240) (8,594) (8,904)  
Equity-based compensation expense 12,511 12,969 12,752  
Amortization of debt (premiums) and discounts, net 622 509 442  
Amortization of market rent rate adjustments, net 646 1,417 293  
Straight-line rent adjustments 2,229 1,689 1,973  
Distributions of cumulative earnings from unconsolidated joint ventures 8,377 8,711 9,249  
Other non-cash 599 (2,418) 3,638  
Changes in other asset and liabilities:        
Other assets 3,320 594 4,881  
Accounts payable and accrued expenses (6,516) 1,146 14,940  
Net cash provided by operating activities 229,515 213,950 217,697  
Investing Activities        
Additions to rental property (188,196) (77,310) (45,187)  
Additions to investments in unconsolidated joint ventures (2,580) (313) (7,000)  
Net proceeds from sale of real estate assets 0 12,400 8,129  
Acquisition of real estate assets (259,689) 0 0  
Proceeds on sale of non-real estate assets 0 14,610 0  
Additions to short-term investments (7,679) (52,450) 0  
Proceeds from short-term investments 50,942 0 0  
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,184 12,037 19,574  
Additions to non-real estate assets (10,773) (7,442) (3,173)  
Additions to deferred lease costs (3,101) (2,570) (5,115)  
Payments for other investing activities (2,181) (7,288) 0  
Proceeds from other investing activities 6,512 9,509 10,033  
Net cash used in investing activities  (409,561) (98,817) (22,739)  
Financing Activities        
Cash dividends or distributions paid (108,366) (88,033) (75,851)  
Proceeds from revolving credit facility 83,000 0 0  
Repayments of revolving credit facility (70,000) 0 0  
Proceeds from notes, mortgages and loans 0 36,556 394,208  
Repayments of notes, mortgages and loans (4,773) (4,440) (567,050)  
Payment of make-whole premium related to early extinguishment of debt 0 0 (44,872)  
Employee income taxes paid related to shares withheld upon vesting of equity awards (7,290) (3,924) (2,147)  
Distributions to noncontrolling interests in other consolidated partnerships (248) 0 0  
Additions to deferred financing costs (131) (3,262) (8,754)  
Proceeds from exercise of options 1,236 88 266  
Proceeds from the Company’s common share offering 88,442 0 186,969  
Proceeds from other financing activities 0 0 0  
Payment for other financing activities (1,148) (1,148) (1,148)  
Net cash provided (used in) by financing activities (19,278) (64,163) (118,379)  
Effect of foreign currency rate changes on cash and cash equivalents (115) (111) (177)  
Net increase/(decrease) in cash, cash equivalents and restricted cash (199,439) 50,859 76,402  
Cash and cash equivalents, beginning of year 212,011 161,152 84,750  
Cash and cash equivalents, end of year $ 12,572 $ 212,011 $ 161,152 $ 212,011