Schedule of Quarterly Financial Information |
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2014 and 2013 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership. Amounts presented for "total revenues" and "operating income" for all quarters presented, except the fourth quarter of 2014 which had not been previously disclosed, have been modified from original amounts disclosed in our Form 10-Qs due to reclassifications of certain amounts related to interest income and other income (expense) in the consolidated statement of operations from the caption "other income" to the caption "interest and other income" which is not included in total revenues or operating income:
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Year Ended December 31, 2014 |
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth
Quarter(2)
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Total revenues |
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$ |
102,783 |
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$ |
102,212 |
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$ |
105,189 |
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$ |
108,374 |
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Operating income |
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28,368 |
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32,625 |
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35,283 |
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35,587 |
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Net income |
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15,440 |
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19,895 |
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24,297 |
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18,520 |
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Income attributable to Tanger Factory Outlet Centers, Inc. |
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14,616 |
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18,850 |
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23,003 |
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17,542 |
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Income available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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14,187 |
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18,369 |
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22,522 |
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17,061 |
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Basic earnings per share available to common shareholders: |
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Net income |
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$ |
0.15 |
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$ |
0.20 |
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$ |
0.24 |
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$ |
0.18 |
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Diluted earnings per share available to common shareholders: |
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Net income |
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$ |
0.15 |
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$ |
0.20 |
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$ |
0.24 |
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$ |
0.18 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.
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Year Ended December 31, 2013 |
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First Quarter |
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Second Quarter |
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Third Quarter (2)
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Fourth Quarter |
Total revenues |
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$ |
88,688 |
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$ |
91,002 |
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$ |
97,804 |
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$ |
107,325 |
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Operating income |
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28,515 |
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29,843 |
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33,431 |
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35,916 |
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Net income |
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16,229 |
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17,776 |
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56,180 |
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23,136 |
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Income attributable to Tanger Factory Outlet Centers, Inc. |
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15,439 |
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16,888 |
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53,294 |
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21,936 |
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Income available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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15,245 |
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16,657 |
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52,685 |
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21,706 |
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Basic earnings per share available to common shareholders: |
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Net income |
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$ |
0.16 |
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$ |
0.18 |
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$ |
0.56 |
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$ |
0.23 |
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Diluted earnings per share available to common shareholders: |
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Net income |
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$ |
0.16 |
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$ |
0.18 |
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$ |
0.56 |
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$ |
0.23 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements.
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