|
|
|
|
|
|||||||||||||
|
|
Three
months ended
|
|
Nine
months ended
|
|||||||||||||
|
|
September 30,
|
|
September 30,
|
|||||||||||||
|
2005
|
|
2004
|
|
2005
|
|
2004
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
rentals
|
|
$
|
33,981
|
$
|
32,879
|
$
|
99,370
|
$
|
96,380
|
||||||||
Percentage
rentals
|
1,815
|
1,289
|
3,968
|
2,958
|
|||||||||||||
Expense
reimbursements
|
14,248
|
13,060
|
41,165
|
37,956
|
|||||||||||||
Other
income
|
1,595
|
1,816
|
3,747
|
5,054
|
|||||||||||||
Total
revenues
|
51,639
|
49,044
|
148,250
|
142,348
|
|||||||||||||
Expenses:
|
|||||||||||||||||
Property
operating
|
16,060
|
14,953
|
46,911
|
43,095
|
|||||||||||||
General
and administrative
|
3,578
|
3,346
|
10,333
|
9,757
|
|||||||||||||
Depreciation
and amortization
|
12,108
|
14,042
|
36,458
|
39,154
|
|||||||||||||
Total
expenses
|
31,746
|
32,341
|
93,702
|
92,006
|
|||||||||||||
Operating
income
|
19,893
|
16,703
|
54,548
|
50,342
|
|||||||||||||
Interest
expense
|
7,932
|
8,919
|
24,327
|
26,684
|
|||||||||||||
Income
before equity in earnings of unconsolidated joint ventures, minority
interests, discontinued operations and loss on sale of real
estate
|
11,961
|
7,784
|
30,221
|
23,658
|
|||||||||||||
Equity
in earnings of unconsolidated joint ventures
|
255
|
359
|
714
|
799
|
|||||||||||||
Minority
interests:
|
|||||||||||||||||
Consolidated
joint venture
|
(6,860
|
)
|
(7,198
|
)
|
(20,211
|
)
|
(20,410
|
)
|
|||||||||
Operating
partnership
|
(943
|
)
|
(175
|
)
|
(1,917
|
)
|
(743
|
)
|
|||||||||
Income
from continuing operations
|
4,413
|
770
|
8,807
|
3,304
|
|||||||||||||
Discontinued
operations, net of minority interest
|
---
|
(2,785
|
)
|
---
|
(562
|
)
|
|||||||||||
Income
before loss on sale of real estate
|
4,413
|
(2,015
|
)
|
8,807
|
2,742
|
||||||||||||
Loss
on sale of real estate, net of minority interest
|
---
|
---
|
(3,843
|
)
|
---
|
||||||||||||
Net
income (loss)
|
|
$
|
4,413
|
$
|
(2,015
|
)
|
$
|
4,964
|
$
|
2,742
|
|||||||
Basic
earnings per common share:
|
|||||||||||||||||
Income
from continuing operations
|
|
$
|
.16
|
$
|
.03
|
$
|
.18
|
$
|
.12
|
||||||||
Net
income (loss)
|
|
$
|
.16
|
$
|
(.07
|
)
|
$
|
.18
|
$
|
.10
|
|||||||
Diluted
earnings per common share:
|
|||||||||||||||||
Income
from continuing operations
|
|
$
|
.15
|
$
|
.03
|
$
|
.18
|
$
|
.12
|
||||||||
Net
income (loss)
|
|
$
|
.15
|
$
|
(.07
|
)
|
$
|
.18
|
$
|
.10
|
|||||||
Dividends
paid per common share
|
|
$
|
.3225
|
$
|
.31250
|
$
|
.9575
|
$
|
.9325
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
||||||||
|
2005
|
|
2004
|
|||||||||
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
|
||||
Rental
property
|
||||||||||||
Land
|
|
$
|
113,284
|
|
|
$
|
113,830
|
|
||||
Buildings,
improvements and fixtures
|
|
|
960,105
|
|
|
|
963,563
|
|
||||
Construction
in progress
|
|
|
8,797
|
|
|
|
---
|
|
||||
1,082,186
|
1,077,393
|
|||||||||||
Accumulated
depreciation
|
(247,179
|
)
|
(224,622
|
)
|
||||||||
Rental
property, net
|
|
|
835,007
|
|
|
852,771
|
||||||
Cash
and cash equivalents
|
|
|
6,219
|
|
|
|
4,103
|
|
||||
Short-term
investments
|
20,000
|
---
|
||||||||||
Deferred
charges, net
|
|
|
52,873
|
|
|
|
58,851
|
|
||||
Other
assets
|
|
|
26,895
|
|
|
|
20,563
|
|
||||
Total
assets
|
|
$
|
940,994
|
|
|
$
|
936,378
|
|
||||
|
||||||||||||
LIABILITIES,
MINORITY INTERESTS AND SHAREHOLDERS’ EQUITY:
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||
Debt
|
||||||||||||
Senior,
unsecured notes
|
$
|
100,000
|
$
|
100,000
|
||||||||
Mortgages
payable (including a debt premium of $7,263 and $9,346,
respectively)
|
281,069
|
308,342
|
||||||||||
Unsecured
note
|
53,500
|
53,500
|
||||||||||
Unsecured
lines of credit
|
---
|
26,165
|
||||||||||
Total
debt
|
434,569
|
488,007
|
||||||||||
Construction
trade payables
|
8,294
|
11,918
|
||||||||||
Accounts
payable and accrued expenses
|
14,849
|
17,026
|
||||||||||
Total
liabilities
|
457,712
|
516,951
|
||||||||||
Commitments
|
||||||||||||
Minority
interests
|
||||||||||||
Consolidated
joint venture
|
227,234
|
222,673
|
||||||||||
Operating
partnership
|
42,220
|
35,621
|
||||||||||
Total
minority interests
|
269,454
|
258,294
|
||||||||||
Shareholders’
equity
|
||||||||||||
Common
shares, $.01 par value, 50,000,000 authorized, 30,725,216 and 27,443,016
shares issued and outstanding at September 30, 2005 and December
31,
2004
|
307
|
274
|
||||||||||
Paid
in capital
|
349,287
|
274,340
|
||||||||||
Distributions
in excess of earnings
|
(130,955
|
)
|
(109,506
|
)
|
||||||||
Deferred
compensation
|
(5,930
|
)
|
(3,975
|
)
|
||||||||
Accumulated
other comprehensive income
|
1,119
|
---
|
||||||||||
Total
shareholders’ equity
|
213,828
|
161,133
|
||||||||||
Total
liabilities, minority interests and shareholders’ equity
|
$
|
940,994
|
$
|
936,378
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months ended
|
|||||||||
|
September
30
|
||||||||||
|
|
2005
|
|
2004
|
|||||||
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
||||
OPERATING
ACTIVITIES
|
|||||||||||
Net
income
|
|
$
|
4,964
|
|
|
$
|
2,742
|
|
|||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|||||
Depreciation
and amortization, including discontinued operations
|
36,458
|
39,706
|
|||||||||
Amortization
of deferred financing costs
|
1,005
|
1,107
|
|||||||||
Equity
in earnings of unconsolidated joint ventures
|
(714
|
)
|
(799
|
)
|
|||||||
Consolidated
joint venture minority interest
|
20,211
|
20,410
|
|||||||||
Operating
partnership minority interest, including discontinued operations
|
1,070
|
622
|
|||||||||
Compensation
expense related to restricted shares and share options
granted
|
1,136
|
1,239
|
|||||||||
Amortization
of debt premium
|
(2,082
|
)
|
(1,879
|
)
|
|||||||
Loss
on sale of real estate
|
4,690
|
1,460
|
|||||||||
Gain
on sale of outparcels of land
|
(127
|
)
|
(1,391
|
)
|
|||||||
Distributions
received from unconsolidated joint ventures
|
1,475
|
1,525
|
|||||||||
Net
accretion of market rate rent adjustment
|
(583
|
)
|
(647
|
)
|
|||||||
Straight-line
base rent adjustment
|
(1,357
|
)
|
(300
|
)
|
|||||||
Increase
(decrease) due to changes in:
|
|||||||||||
Other
assets
|
(5,082
|
)
|
(644
|
)
|
|||||||
Accounts
payable and accrued expenses
|
(761
|
)
|
(455
|
)
|
|||||||
Net
cash provided by operating activities
|
60,303
|
62,696
|
|||||||||
INVESTING
ACTIVITIES
|
|||||||||||
Additions
to rental property
|
(20,799
|
)
|
(9,943
|
)
|
|||||||
Additions
to investments in unconsolidated joint ventures
|
(950
|
)
|
---
|
||||||||
Additions
to deferred lease costs
|
(2,216
|
)
|
(1,450
|
)
|
|||||||
Increase
in short-term investments
|
(20,000
|
)
|
---
|
||||||||
Net
proceeds from sale of real estate
|
2,211
|
20,255
|
|||||||||
Net
cash provided by (used in) investing activities
|
(41,754
|
)
|
8,862
|
||||||||
FINANCING
ACTIVITIES
|
|||||||||||
Cash
dividends paid
|
(26,413
|
)
|
(25,121
|
)
|
|||||||
Distributions
to consolidated joint venture minority interest
|
(16,450
|
)
|
(17,158
|
)
|
|||||||
Distributions
to operating partnership minority interest
|
(5,809
|
)
|
(5,659
|
)
|
|||||||
Net
proceeds from issuance of common shares
|
81,020
|
13,173
|
|||||||||
Proceeds
from issuance of debt
|
98,165
|
43,350
|
|||||||||
Repayments
of debt
|
(149,521
|
)
|
(70,298
|
)
|
|||||||
Contributions
from consolidated joint venture partner
|
800
|
---
|
|||||||||
Additions
to deferred financing costs
|
(195
|
)
|
(621
|
)
|
|||||||
Proceeds
from exercise of share and unit options
|
1,970
|
8,075
|
|||||||||
Net
cash used in financing activities
|
(16,433
|
)
|
(54,259
|
)
|
|||||||
Net
increase in cash and cash equivalents
|
2,116
|
17,299
|
|||||||||
Cash
and cash equivalents, beginning of period
|
4,103
|
9,836
|
|||||||||
Cash
and cash equivalents, end of period
|
$
|
6,219
|
$
|
27,135
|
|||||||
1. |
Business
|
2. |
Basis
of Presentation
|
4. |
Short-term
Investments
|
5. |
Investments
in Unconsolidated Real Estate Joint
Ventures
|
Joint
Venture
|
Our
Ownership %
|
Project
Location
|
TWMB
Associates, LLC
|
50%
|
Myrtle
Beach, South Carolina
|
Tanger
Wisconsin Dells, LLC
|
50%
|
Wisconsin
Dells, Wisconsin
|
Deer
Park Enterprise, LLC
|
33%
|
Deer
Park, New York
|
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
|
September
30,
|
September
30,
|
|||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Fee:
|
|||||||||||||
Management
|
$
|
78
|
$
|
91
|
$
|
234
|
$
|
228
|
|||||
Leasing
|
(2
|
)
|
42
|
2
|
181
|
||||||||
Development
|
---
|
8
|
---
|
30
|
|||||||||
Total
Fees
|
$
|
76
|
$
|
141
|
$
|
236
|
$
|
439
|
Summary
Balance Sheets
-
Unconsolidated Joint Ventures:
|
As
of
September
30,
2005
|
|
|
As
of
December
31,
2004
|
|||
Assets:
|
|||||||
Investment
properties at cost, net
|
$
|
65,585
|
$
|
69,865
|
|||
Cash
and cash equivalents
|
4,171
|
2,449
|
|||||
Deferred
charges, net
|
1,340
|
1,973
|
|||||
Other
assets
|
6,073
|
2,826
|
|||||
Total
assets
|
$
|
77,169
|
$
|
77,113
|
|||
Liabilities
and Owners’ Equity:
|
|||||||
Mortgages
payable
|
$
|
61,066
|
$
|
59,708
|
|||
Member
loans payable
|
550
|
---
|
|||||
Construction
trade payables
|
215
|
578
|
|||||
Accounts
payable and other liabilities
|
1,239
|
702
|
|||||
Total
liabilities
|
63,070
|
60,988
|
|||||
Owners’
equity
|
14,099
|
16,125
|
|||||
Total
liabilities and owners’ equity
|
$
|
77,169
|
$
|
77,113
|
|
Three
Months
Ended
|
Nine
Months
Ended
|
|||||||||||
Consolidated
Statements of Operations -
|
September
30,
|
September
30,
|
|||||||||||
Unconsolidated
Joint Ventures
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Revenues
|
$
|
2,735
|
$
|
2,682
|
$
|
8,179
|
$
|
7,264
|
|||||
Expenses:
|
|||||||||||||
Property operating
|
888
|
918
|
2,929
|
2,639
|
|||||||||
General and administrative
|
4
|
8
|
19
|
21
|
|||||||||
Depreciation and amortization
|
777
|
723
|
2,313
|
1,977
|
|||||||||
Total
expenses
|
1,669
|
1,649
|
5,261
|
4,637
|
|||||||||
Operating
income
|
1,066
|
1,033
|
2,918
|
2,627
|
|||||||||
Interest
expense
|
584
|
346
|
1,575
|
1,131
|
|||||||||
Net
income
|
$
|
482
|
$
|
687
|
$
|
1,343
|
$
|
1,496
|
|||||
Tanger’s
share of:
|
|||||||||||||
Net
income
|
$
|
255
|
$
|
359
|
$
|
714
|
$
|
799
|
|||||
Depreciation
(real estate related)
|
375
|
351
|
1,114
|
955
|
Three
|
Nine
|
||||||
Months
Ended
|
Months
Ended
|
||||||
September
30, 2004
|
September
30, 2004
|
||||||
Revenues
|
|||||||
Base rentals
|
$
|
279
|
$
|
1,453
|
|||
Percentage rentals
|
2
|
4
|
|||||
Expense reimbursements
|
112
|
618
|
|||||
Other income
|
10
|
28
|
|||||
Total
revenues
|
403
|
2,103
|
|||||
Expenses:
|
|||||||
Property operating
|
151
|
755
|
|||||
General and administrative
|
11
|
17
|
|||||
Depreciation and amortization
|
106
|
554
|
|||||
Total
expenses
|
268
|
1,326
|
|||||
Discontinued
operations before loss on sale of real estate and minority
interest
|
135
|
777
|
|||||
Loss
on sale of real estate
|
(3,544
|
)
|
(1,460
|
)
|
|||
Discontinued
operations before minority interest
|
(3,409
|
)
|
(683
|
)
|
|||
Minority interest
|
624
|
121
|
|||||
Discontinued
operations
|
$
|
(2,785
|
)
|
$
|
(562
|
)
|
7. |
Debt
|
Financial
Instrument Type
|
Notional
Value
|
Rate
|
Maturity
|
Fair
Value
|
||
TANGER
PROPERTIES LIMITED PARTNERSHIP
|
||||||
US
Treasury Lock
|
$125,000,000
|
4.279%
|
December
2005
|
$
|
838,000
|
|
US
Treasury Lock
|
$100,000,000
|
4.526%
|
July
2008
|
$
|
579,000
|
|
TWMB,
ASSOCIATES, LLC
|
||||||
LIBOR
Interest Rate Swap
|
$35,000,000
|
4.59%
|
March
2010
|
$
|
(121,000
|
)
|
9. |
Common
Share Offering
|
11.
|
Earnings
Per Share
|
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Numerator:
|
|||||||||||||
Income from continuing operations - basic and diluted
|
$
|
4,413
|
$
|
770
|
$
|
8,807
|
$
|
3,304
|
|||||
Loss on sale of real estate not included in discontinued
operations
|
---
|
---
|
(3,843
|
)
|
---
|
||||||||
Adjusted income from continuing operations
|
4,413
|
770
|
4,964
|
3,304
|
|||||||||
Discontinued operations
|
---
|
(2,785
|
)
|
---
|
(562
|
)
|
|||||||
Net income (loss) - basic and diluted
|
$
|
4,413
|
$
|
(2,015
|
)
|
$
|
4,964
|
$
|
2,742
|
||||
Denominator:
|
|||||||||||||
Basic
weighted average common shares
|
28,374
|
27,224
|
27,682
|
26,969
|
|||||||||
Effect
of outstanding share and unit options
|
209
|
121
|
191
|
196
|
|||||||||
Effect of unvested restricted share awards
|
97
|
21
|
61
|
18
|
|||||||||
Diluted weighted average common shares
|
28,680
|
27,366
|
27,934
|
27,183
|
|||||||||
Basic
earnings per common share:
|
|||||||||||||
Income
from continuing operations
|
$
|
.16
|
$
|
.03
|
$
|
.18
|
$
|
.12
|
|||||
Discontinued
operations
|
---
|
(.10
|
)
|
---
|
(.02
|
)
|
|||||||
Net
income (loss)
|
$
|
.16
|
$
|
(.07
|
)
|
$
|
.18
|
$
|
.10
|
||||
Diluted
earnings per common share:
|
|||||||||||||
Income
from continuing operations
|
$
|
.15
|
$
|
.03
|
$
|
.18
|
$
|
.12
|
|||||
Discontinued
operations
|
---
|
(.10
|
)
|
---
|
(.02
|
)
|
|||||||
Net
income (loss)
|
$
|
.15
|
$
|
(.07
|
)
|
$
|
.18
|
$
|
.10
|
||||
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||
|
September30,
|
September
30,
|
|||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
income (loss)
|
$
|
4,413
|
$
|
(2,015
|
)
|
$
|
4,964
|
$
|
2,742
|
||||
Other
comprehensive income (loss):
|
|||||||||||||
Change
in fair value of treasury rate locks,
|
|||||||||||||
net
of minority interest of $249 and $249
|
1,167
|
---
|
1,167
|
---
|
|||||||||
Change
in fair value of our portion of
|
|||||||||||||
TWMB
cash flow hedge, net of minority
|
|||||||||||||
interest
of $67 and $4 and ($13) and $37
|
314
|
16
|
(48
|
)
|
45
|
||||||||
Other
comprehensive income
|
1,481
|
16
|
1,119
|
45
|
|||||||||
Total
comprehensive income (loss)
|
$
|
5,894
|
$
|
(1,999
|
)
|
$
|
6,083
|
$
|
2,787
|
- |
national
and local general economic and market conditions;
|
- |
demographic
changes; our ability to sustain, manage or forecast our growth; existing
government regulations and changes in, or the failure to comply with,
government regulations;
|
- |
adverse
publicity; liability and other claims asserted against
us;
|
- |
competition;
|
- |
the
risk that we may not be able to finance our planned development
activities;
|
- |
risks
related to the retail real estate industry in which we compete, including
the potential adverse impact of external factors such as inflation,
tenant
demand for space, consumer confidence, unemployment rates and consumer
tastes and preferences;
|
- |
the
risk that historically high fuel prices may impact consumer travel
and
spending habits;
|
- |
risks
associated with our development activities, such as the potential
for cost
overruns, delays and lack of predictability with respect to the financial
returns associated with these development
activities;
|
- |
risks
associated with real estate ownership, such as the potential adverse
impact of changes in the local economic climate on the revenues and
the
value of our properties;
|
- |
risks
that we incur a material loss that is uninsurable or may not be insurable
in the future of our capital investment and anticipated profits from
one
of our properties, such as those results from wars, earthquakes or
hurricanes;
|
- |
risks
that a significant number of tenants may become unable to meet their
lease
obligations or that we may be unable to renew or re-lease a significant
amount of available space on economically favorable
terms;
|
- |
fluctuations
and difficulty in forecasting operating results; changes in business
strategy or development plans;
|
- |
business
disruptions;
|
- |
the
ability to attract and retain qualified
personnel;
|
- |
the
ability to realize planned costs savings in acquisitions; and
|
- |
retention
of earnings.
|
No.
of Centers
|
GLA
(000’s)
|
States
|
||||||||
As
of September 30, 2004
|
37
|
9,160
|
23
|
|||||||
Expansion:
|
||||||||||
Myrtle
Beach Hwy 17, South Carolina -
|
---
|
11
|
---
|
|||||||
(unconsolidated
joint venture)
|
||||||||||
Locust
Grove, Georgia (wholly-owned)
|
---
|
35
|
---
|
|||||||
Dispositions:
|
||||||||||
Vero
Beach, Florida (managed)
|
(1
|
)
|
(329
|
)
|
---
|
|||||
Seymour,
Indiana (wholly-owned)
|
(1
|
)
|
(141
|
)
|
(1
|
)
|
||||
North
Conway, New Hampshire (managed)
|
(2
|
)
|
(40
|
)
|
---
|
|||||
Other
|
---
|
(2
|
)
|
---
|
||||||
As
of September 30, 2005
|
33
|
8,694
|
22
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
GLA
at end of period (000’s)
|
|||||||||||||
Wholly
owned
|
4,956
|
5,066
|
4,956
|
5,066
|
|||||||||
Partially-owned
(consolidated) (1)
|
3,271
|
3,271
|
3,271
|
3,271
|
|||||||||
Partially
owned (unconsolidated) (2)
|
402
|
391
|
402
|
391
|
|||||||||
Managed
|
65
|
432
|
65
|
432
|
|||||||||
Total
GLA at end of period (000’s)
|
8,694
|
9,160
|
8,694
|
9,160
|
|||||||||
Weighted
average GLA (000’s) (1) (3)
|
8,207
|
8,338
|
8,227
|
8,338
|
|||||||||
Occupancy
percentage at end of period (4)
|
97
|
%
|
96
|
%
|
97
|
%
|
96
|
%
|
|||||
Per
square foot for wholly owned and partially owned (consolidated)
properties
|
|||||||||||||
Revenues
|
|||||||||||||
Base
rentals
|
$
|
4.14
|
$
|
3.95
|
$
|
12.08
|
$
|
11.56
|
|||||
Percentage
rentals
|
.22
|
.15
|
.48
|
.35
|
|||||||||
Expense
reimbursements
|
1.73
|
1.56
|
5.00
|
4.55
|
|||||||||
Other
income
|
.20
|
.22
|
.46
|
.61
|
|||||||||
Total
revenues
|
6.29
|
5.88
|
18.02
|
17.07
|
|||||||||
Expenses
|
|||||||||||||
Property
operating
|
1.96
|
1.79
|
5.70
|
5.17
|
|||||||||
General
and administrative
|
.44
|
.40
|
1.26
|
1.17
|
|||||||||
Depreciation
and amortization
|
1.48
|
1.69
|
4.43
|
4.70
|
|||||||||
Total
expenses
|
3.88
|
3.88
|
11.39
|
11.04
|
|||||||||
Operating
income
|
2.41
|
2.00
|
6.63
|
6.03
|
|||||||||
Interest
expense
|
.97
|
1.07
|
2.96
|
3.20
|
|||||||||
Income
before equity in earnings of unconsolidated joint ventures, minority
interests, discontinued operations and loss
on sale of real estate
|
$ | 1.44 | $ | .93 | $ | 3.67 | $ | 2.83 |
Location
|
GLA
(sq.
ft.)
|
%
Occupied
|
||
Riverhead,
NY (1)
|
729,497
|
100
|
||
Rehoboth,
DE (1) (2)
|
568,873
|
99
|
||
Foley,
AL (2)
|
535,757
|
98
|
||
San
Marcos, TX
|
442,510
|
99
|
||
Myrtle
Beach Hwy 501, SC (2)
|
427,417
|
90
|
||
Sevierville,
TN (1)
|
419,038
|
100
|
||
Myrtle
Beach Hwy 17, SC (1) (3)
|
401,992
|
99
|
||
Hilton
Head, SC (2)
|
393,094
|
87
|
||
Commerce
II, GA
|
340,656
|
99
|
||
Howell,
MI
|
324,631
|
98
|
||
Park
City, UT (2)
|
300,602
|
99
|
||
Westbrook,
CT (2)
|
291,051
|
92
|
||
Locust
Grove, GA
|
282,404
|
99
|
||
Branson,
MO
|
277,883
|
100
|
||
Williamsburg,
IA
|
277,230
|
99
|
||
Lincoln
City, OR (2)
|
270,280
|
94
|
||
Tuscola,
IL (2)
|
256,514
|
76
|
||
Lancaster,
PA
|
255,152
|
100
|
||
Gonzales,
LA
|
243,499
|
98
|
||
Tilton,
NH (2)
|
227,998
|
96
|
||
Fort
Meyers, FL
|
198,924
|
91
|
||
Commerce
I, GA
|
185,750
|
90
|
||
Terrell,
TX
|
177,490
|
99
|
||
North
Branch, MN
|
134,480
|
100
|
||
West
Branch, MI
|
112,120
|
100
|
||
Barstow,
CA
|
108,950
|
93
|
||
Blowing
Rock, NC
|
105,332
|
100
|
||
Pigeon
Forge, TN (1)
|
94,694
|
95
|
||
Nags
Head, NC
|
82,178
|
98
|
||
Boaz,
AL
|
79,575
|
95
|
||
Kittery
I, ME
|
59,694
|
100
|
||
Kittery
II, ME
|
24,619
|
100
|
||
8,629,884
|
97
|
|||
(1) |
These
properties or a portion thereof are subject to a ground
lease.
|
(2)
|
Represents
properties that are currently held through a consolidated joint venture,
COROC Holdings, LLC, in which we own a one-third interest.
|
(3)
|
Represents
property that is currently held through an unconsolidated joint venture,
TWMB Associates, LLC, in which we own a 50% interest.
|
Location
|
GLA
(sq.
ft.)
|
Mortgage
Debt
(000’s)
as of
September
30,
2005
|
Interest
Rate
|
Maturity
Date
|
||||||||||||
Williamsburg,
IA (1)
|
277,230
|
|||||||||||||||
San
Marcos I, TX (1)
|
221,073
|
|||||||||||||||
West
Branch, MI (1)
|
112,120
|
|||||||||||||||
Kittery
I, ME (1)
|
59,694
|
|||||||||||||||
670,117
|
$
|
59,263
|
7.875
|
%
|
4/01/2009
|
|||||||||||
San
Marcos II, TX (1)
|
221,437
|
18,151
|
7.980
|
%
|
4/01/2009
|
|||||||||||
Blowing
Rock, NC
|
105,332
|
9,244
|
8.860
|
%
|
9/01/2010
|
|||||||||||
Nags
Head, NC
|
82,178
|
6,273
|
8.860
|
%
|
9/01/2010
|
|||||||||||
Rehoboth
Beach, DE
|
568,873
|
|||||||||||||||
Foley,
AL
|
535,757
|
|||||||||||||||
Myrtle
Beach Hwy 501, SC
|
427,417
|
|||||||||||||||
Hilton
Head, SC
|
393,094
|
|||||||||||||||
Park
City, UT
|
300,602
|
|||||||||||||||
Westbrook,
CT
|
291,051
|
|||||||||||||||
Lincoln
City, OR
|
270,280
|
|||||||||||||||
Tuscola,
IL
|
256,514
|
|||||||||||||||
Tilton,
NH
|
227,998
|
|||||||||||||||
3,271,586
|
180,875
|
6.590
|
%
|
7/10/2008
|
||||||||||||
Debt
premium (2)
|
7,263
|
|||||||||||||||
Totals
|
4,350,650
|
$
|
281,069
|
|||||||||||||
(1) |
Represents
mortgages prepaid on October 3,
2005.
|
(2)
|
Represents
a premium on mortgage debt with an imputed interest rate of 4.97%
assumed
in the Charter Oak acquisition joint venture formed in December 2003,
which is consolidated on our balance
sheet.
|
(a) |
Exhibits
|
10.18 |
Amended and Restated Employment Agreement of Willard A. Chafin.
(Note
1)
|
10.19 |
Form of Restricted Share Agreement between the Company and certain
Officers. (Note
1)
|
10.20 |
Form of Restricted Share Agreement between the Company and certain
Officers with
certain performance criteria vesting. (Note
1)
|
10.21 |
Form of Restricted Share Agreement between the Company and certain
Directors. (Note
1)
|
10.22 |
Purchase and Sale Agreement for interest in COROC Holdings, LLC between
BROC Portfolio, L.L.C. and Tanger COROC,
LLC
|
31.1 |
Principal Executive Officer Certification Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley
Act of
2002.
|
31.2 |
Principal Financial Officer Certification Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley
Act of
2002.
|
32.1 |
Principal Executive Officer Certification Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes -
Oxley Act
of 2002.
|
32.2 |
Principal Financial Officer Certification Pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley
Act of
2002.
|
1.
|
Incorporated
by reference to the exhibits to the Company’s Quarterly Report of Form
10-Q for the quarter ended March 31,
2005.
|
(b) |
Reports
on Form 8-K
|
10.18 |
Amended and Restated Employment Agreement of Willard A.
Chafin. (Note
1)
|
10.19 |
Form of Restricted Share Agreement between the Company and certain
Officers. (Note
1)
|
10.20 |
Form of Restricted Share Agreement between the Company and certain
Officers with
certain performance criteria vesting. (Note
1)
|
10.21 |
Form of Restricted Share Agreement between the Company and certain
Directors. (Note
1)
|
10.22 |
Purchase and Sale Agreement for interest in COROC Holdings, LLC
between
BROC Portfolio, L.L.C. and Tanger COROC,
LLC
|
31.1 |
Principal Executive Officer Certification Pursuant to 18 U.S.C.
Section
1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley
Act of
2002.
|
31.2 |
Principal Financial Officer Certification Pursuant to 18 U.S.C.
Section
1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley
Act of
2002.
|
32.1 |
Principal Executive Officer Certification Pursuant to 18 U.S.C.
Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes
- Oxley Act
of 2002.
|
32.2 |
Principal Financial Officer Certification Pursuant to 18 U.S.C.
Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley
Act of
2002.
|