Tanger Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leasing Agreements

Leasing Agreements

6 Months Ended

Jun. 30, 2020

As of June 30, 2020, we were the lessor to over 2,300 stores in our 32 consolidated outlet centers, under operating leases with initial terms that expire from 2020 to 2035, with certain agreements containing extension options. We also have certain agreements that require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.

The components of rental revenues are as follows (in thousands):



	Three months ended				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
Rental revenues - fixed	$	48,515	$	89,262	$	135,448	$	182,721
Rental revenues - variable ⁽¹⁾	13,758		23,123		35,383		49,618
Rental revenues	$	62,273	$	112,385	$	170,831	$	232,339

(1)

Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.