Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Tanger Factory Outlet Centers, Inc [Member]      
Operating Activities      
Net income $ 222,168 $ 78,152 $ 113,321
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 103,936 102,432 95,746
Amortization of deferred financing costs 2,730 2,382 2,194
Abandoned pre-development costs 0 2,365 0
Casualty gain 0 (486) 0
Gain on sale of assets and interests in unconsolidated entities (120,447) (7,513) 0
Gain on previously held interest in acquired joint venture 0 0 (26,002)
Equity in earnings of unconsolidated joint ventures (11,484) (9,053) (11,040)
Equity-based compensation expense 14,712 14,750 11,376
Amortization of debt (premiums) and discounts, net 256 (601) (886)
Net amortization of market rent rate adjustments 2,461 3,209 1,141
Straight-line rent adjustments (6,347) (6,073) (5,529)
Payment of discount on extinguishment of debt 0 (913) 0
Distributions of cumulative earnings from unconsolidated joint ventures 12,137 9,586 5,853
Changes in other asset and liabilities:      
Other assets (798) 4,160 (7,676)
Accounts payable and accrued expenses 1,431 (3,626) 8,988
Net cash provided by operating activities 220,755 188,771 187,486
Investing Activities      
Additions to rental property (238,706) (145,896) (47,436)
Acquisition of interest in unconsolidated joint venture, net of cash acquired 0 0 (11,271)
Additions to investments in and notes receivable from unconsolidated joint ventures (45,286) (142,268) (150,854)
Net proceeds on sale of assets and interests in unconsolidated entities 164,587 38,993 0
Change in restricted cash (121,306) 0 0
Proceeds from insurance reimbursements 649 1,964 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 26,875 65,336 47,149
Additions to non-real estate assets (837) (1,053) (7,768)
Additions to deferred lease costs (7,803) (5,664) (4,046)
Net cash used in investing activities (221,827) (188,588) (174,226)
FINANCING ACTIVITIES:      
Cash dividends paid (104,877) (90,448) (87,211)
Distributions to noncontrolling interests in Operating Partnership (5,561) (4,836) (4,294)
Proceeds from debt issuances 627,839 931,608 785,803
Repayments of debt (507,483) (815,690) (697,377)
Employee income taxes paid related to shares withheld upon vesting of equity awards (1,126) (15,520) 0
Acquisition of noncontrolling interests in other consolidated partnerships 0 0 (525)
Distributions to noncontrolling interests in other consolidated partnerships (156) (127) (102)
Additions to deferred financing costs (2,829) (3,913) (4,001)
Proceeds from exercise of options 788 903 635
Contributions from noncontrolling interests 259 0 0
Net cash provided (used in) by financing activities 6,854 1,977 (7,072)
Effect of foreign currency rate changes on cash and cash equivalents (1,099) (526) (1,282)
Net increase in cash and cash equivalents 4,683 1,634 4,906
Cash and cash equivalents, beginning of year 16,875 15,241 10,335
Cash and cash equivalents, end of year 21,558 16,875 15,241
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income 222,168 78,152 113,321
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 103,936 102,432 95,746
Amortization of deferred financing costs 2,730 2,382 2,194
Abandoned pre-development costs 0 2,365 0
Casualty gain 0 (486) 0
Gain on sale of assets and interests in unconsolidated entities (120,447) (7,513) 0
Gain on previously held interest in acquired joint venture 0 0 (26,002)
Equity in earnings of unconsolidated joint ventures (11,484) (9,053) (11,040)
Equity-based compensation expense 14,712 14,750 11,376
Amortization of debt (premiums) and discounts, net 256 (601) (886)
Net amortization of market rent rate adjustments 2,461 3,209 1,141
Straight-line rent adjustments (6,347) (6,073) (5,529)
Payment of discount on extinguishment of debt 0 (913) 0
Distributions of cumulative earnings from unconsolidated joint ventures 12,137 9,586 5,853
Changes in other asset and liabilities:      
Other assets (639) 4,417 (7,861)
Accounts payable and accrued expenses 2,335 (4,695) 8,956
Net cash provided by operating activities 221,818 187,959 187,269
Investing Activities      
Additions to rental property (238,706) (145,896) (47,436)
Acquisition of interest in unconsolidated joint venture, net of cash acquired 0 0 (11,271)
Additions to investments in and notes receivable from unconsolidated joint ventures (45,286) (142,268) (150,854)
Net proceeds on sale of assets and interests in unconsolidated entities 164,587 38,993 0
Change in restricted cash (121,306) 0 0
Proceeds from insurance reimbursements 649 1,964 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures 26,875 65,336 47,149
Additions to non-real estate assets (837) (1,053) (7,768)
Additions to deferred lease costs (7,803) (5,664) (4,046)
Net cash used in investing activities (221,827) (188,588) (174,226)
FINANCING ACTIVITIES:      
Cash dividends paid (110,438) (95,284) (91,505)
Proceeds from debt issuances 627,839 931,608 810,803
Repayments of debt (507,483) (815,690) (722,377)
Employee income taxes paid related to shares withheld upon vesting of equity awards (1,126) (15,520) 0
Acquisition of noncontrolling interests in other consolidated partnerships 0 0 (525)
Distributions to noncontrolling interests in other consolidated partnerships (156) (127) (102)
Additions to deferred financing costs (2,829) (3,913) (4,001)
Proceeds from exercise of options 788 903 635
Contributions from noncontrolling interests 259 0 0
Net cash provided (used in) by financing activities 6,854 1,977 (7,072)
Effect of foreign currency rate changes on cash and cash equivalents (1,099) (526) (1,282)
Net increase in cash and cash equivalents 5,746 822 4,689
Cash and cash equivalents, beginning of year 15,806 14,984 10,295
Cash and cash equivalents, end of year $ 21,552 $ 15,806 $ 14,984