Acquisition of Rental Property (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Acquisition of Rental Property [Abstract] |
|
Schedule of Business Acquisitions |
The following table illustrates the fair value of the total consideration transferred and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands):
|
|
|
|
|
Cash transferred |
$ |
13,939 |
|
Common limited partnership units issued |
13,981 |
|
Fair value of total consideration transferred to acquire one-third interest |
27,920 |
|
Fair value of our previously held one-third interest |
27,920 |
|
Fair value of noncontrolling interest |
27,920 |
|
Fair value of net assets acquired |
$ |
83,760 |
|
|
Schedule of Purchase Price Allocation |
The aggregate purchase price of the property has been allocated as follows:
|
|
|
|
|
|
|
|
|
|
Fair Value
(in thousands)
|
|
Weighted-Average Amortization Period (in years) |
Land |
|
$ |
82,413 |
|
|
|
Buildings, improvements and fixtures |
|
172,694 |
|
|
|
Deferred lease costs and other intangibles |
|
|
|
|
Above market lease value |
|
18,807 |
|
|
11.9 |
Below market lease value |
|
(12,658 |
) |
|
18.5 |
Lease in place value |
|
28,846 |
|
|
7.6 |
Tenant relationships |
|
27,594 |
|
|
19.0 |
Lease and legal costs |
|
1,724 |
|
|
8.9 |
Total deferred lease costs and other intangibles, net |
|
64,313 |
|
|
|
Other identifiable assets acquired and liabilities assumed, net |
|
2,265 |
|
|
|
Debt |
|
(237,925 |
) |
|
|
Total fair value of net assets acquired |
|
$ |
83,760 |
|
|
|
The aggregate fair value purchase price of the properties acquired during the year ended December 31, 2011 has been allocated as follows:
|
|
|
|
|
|
|
|
|
|
Value
(in thousands)
|
|
Weighted-Average Amortization Period (in years) |
Land |
|
$ |
6,425 |
|
|
|
Buildings, improvements and fixtures |
|
298,147 |
|
|
|
Deferred lease costs and other intangibles |
|
|
|
|
Above/below market lease value, net |
|
5,166 |
|
|
7.1 |
Below market ground lease value |
|
31,993 |
|
|
87.6 |
Lease in place value |
|
24,232 |
|
|
4.0 |
Tenant relationships |
|
28,628 |
|
|
10.2 |
Lease and legal costs |
|
3,444 |
|
|
3.2 |
Total deferred lease costs and other intangibles, net |
|
93,463 |
|
|
|
Mortgage fair value adjustments |
|
(7,081 |
) |
|
|
Net assets acquired |
|
390,954 |
|
|
|
Less: contingent consideration |
|
(3,023 |
) |
|
|
Less: noncontrolling interests |
|
(6,845 |
) |
|
|
Consideration transferred |
|
$ |
381,086 |
|
|
|
|
Business Acquisition, Pro Forma Information |
The following unaudited condensed pro forma financial information for the years ended December 31, 2013 and 2012 is presented as if the acquisition had been consummated as of January 1, 2012, the beginning of the previous reporting period (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
(Pro forma) |
|
|
Year ended |
|
|
December 31, |
|
|
2013 |
|
2012 |
Total Revenue |
|
$ |
408,333 |
|
|
$ |
381,388 |
|
Income from continuing operations |
|
85,836 |
|
|
78,347 |
|
Net income attributable to Tanger Factory Outlet Centers, Inc. |
|
80,621 |
|
|
73,219 |
|
Basic earnings per common share |
|
0.86 |
|
|
0.80 |
|
Diluted earnings per common share |
|
0.86 |
|
|
0.79 |
|
The following unaudited condensed pro forma financial information for the year ended December 31, 2011 is presented as if the acquisitions had been consummated as of January 1, 2011, the beginning of the reporting period (in thousands):
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Pro forma) |
|
|
Year ended December 31, |
|
|
2011 |
Total Revenue |
|
$ |
336,838 |
|
Income from continuing operations |
|
47,687 |
|
Net income attributable to Tanger Factory Outlet Centers, Inc. |
|
41,045 |
|
Basic earnings per common share |
|
0.49 |
|
Diluted earnings per common share |
|
0.49 |
|
|