Quarterly report pursuant to Section 13 or 15(d)

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 24,860 $ 21,462
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 25,893 26,243
Amortization of deferred financing costs 808 759
Equity in earnings of unconsolidated joint ventures (1,935) (2,513)
Equity-based compensation expense 2,271 2,708
Amortization of debt (premiums) and discounts, net 144 117
Amortization (accretion) of market rent rate adjustments, net 134 176
Straight-line rent adjustments 680 1,337
Distributions of cumulative earnings from unconsolidated joint ventures 2,007 2,474
Changes in other assets and liabilities:    
Other assets 6,064 (1,377)
Accounts payable and accrued expenses (35,352) (32,532)
Net cash provided by operating activities 25,574 18,854
INVESTING ACTIVITIES    
Additions to rental property (25,940) (5,867)
Proceeds from short-term investments 19,504 0
Additions to non-real estate assets (370) (1,924)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 2,556 3,353
Additions to deferred lease costs (694) (588)
Other investing activities 3,071 1,686
Net cash used in investing activities (1,873) (3,340)
FINANCING ACTIVITIES    
Cash dividends paid (24,623) (19,315)
Distributions to noncontrolling interests in Operating Partnership (1,042) (869)
Proceeds from notes, mortgages and loans 0 0
Repayments of notes, mortgages and loans (1,160) (1,080)
Employee income taxes paid related to shares withheld upon vesting of equity awards (5,649) (2,146)
Additions to deferred financing costs (17) (227)
Proceeds from exercise of options 15 10
Payment for other financing activities (287) (287)
Distributions to noncontrolling interests in other consolidated partnerships (248) 0
Net cash used in financing activities (33,011) (23,914)
Effect of foreign currency rate changes on cash and cash equivalents 7 (8)
Net decrease in cash and cash equivalents (9,303) (8,408)
Cash and cash equivalents, beginning of period 212,124 161,255
Cash and cash equivalents, end of period $ 202,821 $ 152,847