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

Annual report pursuant to Section 13 and 15(d)

Deferred Charges

Deferred Charges

12 Months Ended

Dec. 31, 2015

Deferred lease costs and other intangibles, net as of December 31, 2015 and 2014 consist of the following (in thousands):



	2015			2014
Deferred lease costs	$	70,379		$	61,205
Intangible assets:
Above market leases	43,340			44,144
Lease in place value	68,194			69,893
Tenant relationships	55,538			57,230
Other intangibles	42,614			42,789
	280,065			275,261
Accumulated amortization	(152,976		)	(134,378		)
Deferred lease costs and other intangibles, net	$	127,089		$	140,883

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2015 and 2014 were $10.4 million and $12.9 million, respectively.

Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2015, 2014 and 2013 was $16.7 million, $20.9 million and $19.8 million, respectively.

Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2015, 2014 and 2013 was $(2.0) million, $(2.8) million and $(686,000), respectively.

Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands):



Year	Above/below market leases, net		Deferred lease costs and other intangibles
2016	$	2,142	$	9,652
2017	2,087		7,943
2018	1,926		7,022
2019	463		4,809
2020	113		4,079
Total	$	6,731	$	33,505

Deferred debt origination costs, net as of December 31, 2015 and 2014 consist of the following (in thousands):



	2015			2014
Deferred debt origination costs	$	24,955		$	22,126
Accumulated amortization	(13,073		)	(10,000		)
Deferred debt origination costs, net	$	11,882		$	12,126

Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2015, 2014 and 2013 was $2.7 million, $2.4 million and $2.2 million, respectively.