Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Management, leasing and other services	$ 3,591	$ 3,080	$ 2,007
OTHER INCOME/(EXPENSE)
Gain on sale of real estate	7,513
Tanger Factory Outlet Centers, Inc [Member]
REVENUES
Base rentals	274,480	253,402	235,233
Percentage rentals	10,307	11,251	11,172
Expense reimbursements	122,532	109,654	101,110
Management, leasing and other services	3,591	3,080	2,007
Other income	7,648	7,432	7,480
Total revenues	418,558	384,819	357,002
EXPENSES
Property operating	137,422	121,046	111,160
General and administrative	44,469	39,119	37,452
Acquisition costs	7	1,203	117
Abandoned development costs	2,365	0	0
Depreciation and amortization	102,432	95,746	98,683
Total expenses	286,695	257,114	247,412
Operating income	131,863	127,705	109,590
OTHER INCOME/(EXPENSE)
Interest expense	(57,931)	(51,616)	(49,814)
Loss on early extinguishment of debt	(13,140)	0	0
Gain on sale of real estate	7,513	0	0
Gain on previously held interest in acquired joint venture	0	26,002	0
Interest and other income (expense)	794	190	(5)
Income before equity in earnings (losses) of unconsolidated joint ventures	69,099	102,281	59,771
Equity in earnings (losses) of unconsolidated joint ventures	9,053	11,040	(3,295)
Net income (loss)	78,152	113,321	56,476
Noncontrolling interests in Operating Partnership	(4,037)	(5,643)	(3,267)
Noncontrolling interests in other consolidated partnerships	(104)	(121)	19
Net income attributable to Tanger Factory Outlet Centers, Inc.	74,011	107,557	53,228
Basic earnings per common share
Net income (in dollars per share)	$ 0.77	$ 1.14	$ 0.57
Diluted earnings per common share
Net income (in dollars per share)	$ 0.77	$ 1.13	$ 0.57
Tanger Properties Limited Partnership [Member]
REVENUES
Base rentals	274,480	253,402	235,233
Percentage rentals	10,307	11,251	11,172
Expense reimbursements	122,532	109,654	101,110
Management, leasing and other services	3,591	3,080	2,007
Other income	7,648	7,432	7,480
Total revenues	418,558	384,819	357,002
EXPENSES
Property operating	137,422	121,046	111,160
General and administrative	44,469	39,119	37,452
Acquisition costs	7	1,203	117
Abandoned development costs	2,365	0	0
Depreciation and amortization	102,432	95,746	98,683
Total expenses	286,695	257,114	247,412
Operating income	131,863	127,705	109,590
OTHER INCOME/(EXPENSE)
Interest expense	(57,931)	(51,616)	(49,814)
Loss on early extinguishment of debt	(13,140)	0	0
Gain on sale of real estate	7,513	0	0
Gain on previously held interest in acquired joint venture	0	26,002	0
Interest and other income (expense)	794	190	(5)
Income before equity in earnings (losses) of unconsolidated joint ventures	69,099	102,281	59,771
Equity in earnings (losses) of unconsolidated joint ventures	9,053	11,040	(3,295)
Net income (loss)	78,152	113,321	56,476
Noncontrolling interests in consolidated partnerships	(104)	(121)	19
Net income available to partners	78,048	113,200	56,495
Net income available to limited partners	77,263	112,047	55,917
Net income available to general partner	$ 785	$ 1,153	$ 578
Basic earnings per common share
Net income (in dollars per share)	$ 0.77	$ 1.14	$ 0.57
Diluted earnings per common share
Net income (in dollars per share)	$ 0.77	$ 1.13	$ 0.57