Annual report pursuant to Section 13 and 15(d)

Acquisition of Rental Property (Tables)

v3.3.1.900
Acquisition of Rental Property (Tables)
12 Months Ended
Dec. 31, 2015
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 was 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

 
 
Business Acquisition, Pro Forma Information
The following unaudited condensed pro forma financial information for the year ended December 31, 2013 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
Total Revenue
 
$
408,333

Income from continuing operations
 
85,836

Net income attributable to Tanger Factory Outlet Centers, Inc.
 
80,621

Basic earnings per common share
 
0.86

Diluted earnings per common share
 
0.86