Schedule of Quarterly Financial Information |
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2015 and 2014 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership:
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Year Ended December 31, 2015 (1)
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First Quarter |
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Second Quarter(2)
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Third Quarter(3)
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Fourth
Quarter(4)
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Total revenues |
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$ |
105,926 |
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$ |
107,736 |
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$ |
112,906 |
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$ |
112,801 |
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Operating income |
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32,900 |
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36,894 |
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36,376 |
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38,291 |
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Net income |
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36,386 |
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25,359 |
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46,460 |
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113,963 |
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Income attributable to Tanger Factory Outlet Centers, Inc. |
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34,512 |
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24,481 |
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44,075 |
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108,132 |
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Income available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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34,104 |
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24,173 |
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43,581 |
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106,934 |
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Basic earnings per common share: |
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Net income |
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$ |
0.36 |
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$ |
0.26 |
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$ |
0.46 |
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$ |
1.13 |
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Diluted earnings per common share: |
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Net income |
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$ |
0.36 |
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$ |
0.26 |
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$ |
0.46 |
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$ |
1.13 |
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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) |
In the first quarter of 2015, net income includes a gain of $13.7 million, on the sale of our equity interest in the unconsolidated joint venture that owned the Wisconsin Dells outlet center.
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(3) |
In the third quarter of 2015, net income includes a gain of $20.2 million on the sale of our Kittery I and II, Tuscola, and West Branch outlet centers.
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(4) |
In the fourth quarter of 2015, net income includes a gain of $86.5 million on the sale of our Barstow outlet center.
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Year Ended December 31, 2014 (1)
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter (2)
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Total revenues |
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$ |
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 common share : |
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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 common share: |
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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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