Quarterly report pursuant to Section 13 or 15(d)

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.24.1.u1
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 23,306 $ 24,860
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,860 25,893
Amortization of deferred financing costs 832 808
Equity in earnings of unconsolidated joint ventures (2,516) (1,935)
Equity-based compensation expense 3,497 2,271
Amortization of debt discounts, net 174 144
Amortization (accretion) of market rent rate adjustments, net 95 134
Straight-line rent adjustments 511 680
Distributions of cumulative earnings from unconsolidated joint ventures 1,604 2,007
Changes in other assets and liabilities:    
Other assets 7,026 6,064
Accounts payable and accrued expenses (37,308) (35,352)
Net cash provided by operating activities 31,081 25,574
INVESTING ACTIVITIES    
Additions to rental property (24,816) (25,940)
Proceeds from short-term investments (1,448) (19,504)
Additions to non-real estate assets (2,378) (370)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,002 2,556
Additions to deferred lease costs (498) (694)
Payments for other investing activities (2,940) 0
Proceeds from other investing activities 1,883 3,071
Net cash used in investing activities (26,299) (1,873)
FINANCING ACTIVITIES    
Cash dividends paid (29,572) (24,623)
Repayments of notes, mortgages and loans (1,247) (1,160)
Employee income taxes paid related to shares withheld upon vesting of equity awards (10,524) (5,649)
Additions to deferred financing costs 0 (17)
Proceeds from exercise of options 438 15
Payment for other financing activities (287) (287)
Contributions from noncontrolling interests in other consolidated partnerships 80 0
Distributions to noncontrolling interests in other consolidated partnerships 0 (248)
Net cash used in financing activities (9,336) (33,011)
Effect of foreign currency rate changes on cash and cash equivalents (87) 7
Net decrease in cash and cash equivalents (4,641) (9,303)
Cash and cash equivalents, beginning of period 12,778 212,124
Cash and cash equivalents, end of period 8,137 202,821
Tanger Properties Limited Partnership    
OPERATING ACTIVITIES    
Net income 23,306 24,860
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,860 25,893
Amortization of deferred financing costs 832 808
Equity in earnings of unconsolidated joint ventures (2,516) (1,935)
Equity-based compensation expense 3,497 2,271
Amortization of debt discounts, net 174 144
Amortization (accretion) of market rent rate adjustments, net 95 134
Straight-line rent adjustments 511 680
Distributions of cumulative earnings from unconsolidated joint ventures 1,604 2,007
Changes in other assets and liabilities:    
Other assets 6,628 6,064
Accounts payable and accrued expenses (37,083) (35,431)
Net cash provided by operating activities 30,908 25,495
INVESTING ACTIVITIES    
Additions to rental property (24,816) (25,940)
Proceeds from short-term investments (1,448) (19,504)
Additions to non-real estate assets (2,378) (370)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,002 2,556
Additions to deferred lease costs (498) (694)
Payments for other investing activities (2,940) 0
Proceeds from other investing activities 1,883 3,071
Net cash used in investing activities (26,299) (1,873)
FINANCING ACTIVITIES    
Cash dividends paid (30,796) (25,665)
Proceeds from notes, mortgages and loans 117,000 0
Repayments of revolving credit facility (84,000) 0
Repayments of notes, mortgages and loans (1,247) (1,160)
Employee income taxes paid related to shares withheld upon vesting of equity awards (10,524) (5,649)
Additions to deferred financing costs 0 (17)
Proceeds from exercise of options 438 15
Payment for other financing activities (287) (287)
Contributions from noncontrolling interests in other consolidated partnerships 80 0
Distributions to noncontrolling interests in other consolidated partnerships 0 (248)
Net cash used in financing activities (9,336) (33,011)
Effect of foreign currency rate changes on cash and cash equivalents (87) 7
Net decrease in cash and cash equivalents (4,814) (9,382)
Cash and cash equivalents, beginning of period 12,572 212,011
Cash and cash equivalents, end of period $ 7,758 $ 202,629