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, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Activities      
Proceeds from the Company’s common share offering $ 114,541 $ 88,861 $ 0
Tanger Factory Outlet Centers, Inc. [Member]      
Operating Activities      
Net income 102,760 103,882 85,831
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 138,690 108,889 111,904
Amortization of deferred financing costs 3,496 3,196 3,126
Gain on sale of assets 0 0 (3,156)
Loss on early extinguishment of debt 0 0 222
Equity in earnings of unconsolidated joint ventures (11,289) (8,240) (8,594)
Equity-based compensation expense 11,989 12,511 12,969
Amortization of debt (premiums) and discounts, net 747 622 509
Amortization of market rent rate adjustments, net 528 646 1,417
Straight-line rent adjustments (607) 2,229 1,689
Distributions of cumulative earnings from unconsolidated joint ventures 8,720 8,377 8,711
Other non-cash 648 599 (2,418)
Changes in other asset and liabilities:      
Other assets 1,796 3,410 276
Accounts payable and accrued expenses 3,200 (6,513) 1,474
Net cash provided by operating activities 260,678 229,608 213,960
Investing Activities      
Additions to rental property (100,437) (188,196) (77,310)
Additions to investments in unconsolidated joint ventures 0 (2,580) (313)
Net proceeds from sale of real estate assets 0 0 12,400
Proceeds on sale of non-real estate assets 0 0 14,610
Acquisition of real estate assets (76,133) (259,689) 0
Additions to short-term investments 0 (7,679) (52,450)
Proceeds from short-term investments 9,187 50,942 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 3,766 7,184 12,037
Additions to non-real estate assets (7,606) (10,773) (7,442)
Additions to deferred lease costs (2,766) (3,101) (2,570)
Payments for other investing activities (10,078) (2,181) (7,288)
Proceeds from other investing activities 6,060 6,512 9,509
Net cash used in investing activities  (178,007) (409,561) (98,817)
Financing Activities      
Cash dividends or distributions paid (120,239) (103,765) (84,211)
Distributions to noncontrolling interests in Operating Partnership (5,108) (4,601) (3,822)
Proceeds from revolving credit facility 262,000 83,000 0
Repayments of revolving credit facility (275,000) (70,000) 0
Proceeds from notes, mortgages and loans 0 0 36,556
Repayments of notes, mortgages and loans (5,130) (4,773) (4,440)
Employee income taxes paid related to shares withheld upon vesting of equity awards (12,030) (7,290) (3,924)
Distributions to noncontrolling interests in other consolidated partnerships 80    
Distributions to noncontrolling interests in other consolidated partnerships   (248) 0
Additions to deferred financing costs (6,876) (131) (3,262)
Proceeds from exercise of options 1,313 1,236 88
Proceeds from the Company’s common share offering 113,803 88,442 0
Payment for other financing activities (1,148) (1,148) (1,148)
Net cash provided (used in) by financing activities (48,335) (19,278) (64,163)
Effect of foreign currency rate changes on cash and cash equivalents (122) (115) (111)
Net increase/(decrease) in cash, cash equivalents and restricted cash 34,214 (199,346) 50,869
Cash and cash equivalents, beginning of year 12,778 212,124 161,255
Cash and cash equivalents, end of year 46,992 12,778 212,124
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income 102,760 103,882 85,831
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 138,690 108,889 111,904
Amortization of deferred financing costs 3,496 3,196 3,126
Gain on sale of assets 0 0 (3,156)
Loss on early extinguishment of debt 0 0 222
Equity in earnings of unconsolidated joint ventures (11,289) (8,240) (8,594)
Equity-based compensation expense 11,989 12,511 12,969
Amortization of debt (premiums) and discounts, net 747 622 509
Amortization of market rent rate adjustments, net 528 646 1,417
Straight-line rent adjustments (607) 2,229 1,689
Distributions of cumulative earnings from unconsolidated joint ventures 8,720 8,377 8,711
Other non-cash 648 599 (2,418)
Changes in other asset and liabilities:      
Other assets 1,860 3,320 594
Accounts payable and accrued expenses 3,050 (6,516) 1,146
Net cash provided by operating activities 260,592 229,515 213,950
Investing Activities      
Additions to rental property (100,437) (188,196) (77,310)
Additions to investments in unconsolidated joint ventures 0 (2,580) (313)
Net proceeds from sale of real estate assets 0 0 12,400
Proceeds on sale of non-real estate assets 0 0 14,610
Acquisition of real estate assets (76,133) (259,689) 0
Additions to short-term investments 0 (7,679) (52,450)
Proceeds from short-term investments 9,187 50,942 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 3,766 7,184 12,037
Additions to non-real estate assets (7,606) (10,773) (7,442)
Additions to deferred lease costs (2,766) (3,101) (2,570)
Payments for other investing activities (10,078) (2,181) (7,288)
Proceeds from other investing activities 6,060 6,512 9,509
Net cash used in investing activities  (178,007) (409,561) (98,817)
Financing Activities      
Cash dividends or distributions paid (125,347) (108,366) (88,033)
Proceeds from revolving credit facility 262,000 83,000 0
Repayments of revolving credit facility (275,000) (70,000) 0
Proceeds from notes, mortgages and loans 0 0 36,556
Repayments of notes, mortgages and loans (5,130) (4,773) (4,440)
Employee income taxes paid related to shares withheld upon vesting of equity awards (12,030) (7,290) (3,924)
Distributions to noncontrolling interests in other consolidated partnerships 0 (248) 0
Additions to deferred financing costs (6,876) (131) (3,262)
Proceeds from exercise of options 1,313 1,236 88
Proceeds from the Company’s common share offering 113,803 88,442 0
Contributions from noncontrolling interests in other consolidated partnerships 80 0 0
Payment for other financing activities (1,148) (1,148) (1,148)
Net cash provided (used in) by financing activities (48,335) (19,278) (64,163)
Effect of foreign currency rate changes on cash and cash equivalents (122) (115) (111)
Net increase/(decrease) in cash, cash equivalents and restricted cash 34,128 (199,439) 50,859
Cash and cash equivalents, beginning of year 12,572 212,011 161,152
Cash and cash equivalents, end of year $ 46,700 $ 12,572 $ 212,011