Annual report pursuant to Section 13 and 15(d)

Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details)

v3.3.1.900
Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
 [2],[3]
Sep. 30, 2015
 [3],[4]
Jun. 30, 2015
 [3]
Mar. 31, 2015
 [3],[5]
Dec. 31, 2014
Sep. 30, 2014
 [6],[7]
Jun. 30, 2014
 [6]
Mar. 31, 2014
 [6]
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Partnership Interest [Member]                      
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]                      
Revenues                 $ 106,042 $ 78,625 $ 85,682 [1]
Property operating                 40,639 30,986 31,610
General and administrative                 571 621 977
Acquisition costs                 0 0 477
Abandoned development costs                 0 472 153
Depreciation and amortization                 34,516 23,426 26,912
Total expenses                 75,726 55,505 60,129
Operating income                 30,316 23,120 25,553
Gain on early extinguishment of debt (2)                 0 0 13,820
Interest expense                 (8,674) (5,459) (11,602)
Other nonoperating income                 19 0 0
Net income                 21,661 17,661 27,771
Deer Park [Member]                      
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]                      
Other income, settlement of lawsuit                     9,500
Tanger Factory Outlet Centers, Inc [Member]                      
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]                      
Revenues $ 112,801 $ 112,906 $ 107,736 $ 105,926 $ 108,374 [6] $ 105,189 $ 102,212 $ 102,783 439,369 418,558 384,819
Property operating                 146,503 137,422 121,046
General and administrative                 44,469 44,469 39,119
Acquisition costs                 0 7 1,203
Abandoned development costs                 0 2,365 0
Depreciation and amortization                 103,936 102,432 95,746
Total expenses                 294,908 286,695 257,114
Operating income 38,291 36,376 36,894 32,900 35,587 [6] 35,283 32,625 28,368 144,461 131,863 127,705
Gain on early extinguishment of debt (2)         13,100       0 (13,140) 0
Interest expense                 (54,188) (57,931) (51,616)
Other nonoperating income                 (36) 794 190
Net income $ 113,963 $ 46,460 $ 25,359 $ 36,386 $ 18,520 [6] $ 24,297 $ 19,895 $ 15,440 222,168 78,152 113,321
Net income                 11,484 9,053 11,040
Depreciation and asset impairments (real estate related) (2)                 $ 20,052 $ 12,212 $ 12,419 [8]
[1] Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than indicated in the Tanger Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales.
[2] In the fourth quarter of 2015, net income includes a gain of $86.5 million on the sale of our Barstow outlet center.
[3] Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis.
[4] 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.
[5] 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.
[6] Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis.
[7] 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.
[8] Represents a gain on early extinguishment of debt that was recorded as part of the refinancing of the debt at Deer Park in August 2013 (See Note 3).