Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Management, leasing and other services $ 806 $ 1,253 $ 3,259 $ 4,263
Tanger Factory Outlet Centers, Inc [Member]        
Revenues        
Base rentals 79,569 75,841 227,195 215,799
Percentage rentals 2,995 2,625 7,471 6,896
Expense reimbursements 33,125 30,542 97,121 93,815
Management, leasing and other services 806 1,253 3,259 4,263
Other income 2,642 2,645 6,229 5,795
Total revenues 119,137 112,906 341,275 326,568
Expenses        
Property operating 37,442 36,231 110,328 108,921
General and administrative 12,128 11,514 35,368 34,431
Acquisition costs 487 0 487 0
Depreciation and amortization 29,205 28,785 82,078 77,046
Total expenses 79,262 76,530 228,261 220,398
Operating income 39,875 36,376 113,014 106,170
Other income (expense)        
Interest expense (15,516) (13,933) (44,200) (40,110)
Gain on sale of assets and interests in unconsolidated joint ventures 1,418 20,215 6,305 33,941
Gain on previously held interests in acquired joint ventures 46,258 0 95,516 0
Other nonoperating income (expense) 24 89 378 (98)
Income before equity in earnings of unconsolidated joint ventures 72,059 42,747 171,013 99,903
Equity in earnings of unconsolidated joint ventures 715 3,713 7,680 8,302
Net income 72,774 46,460 178,693 108,205
Noncontrolling interests in Operating Partnership (3,668) (2,364) (9,009) (5,532)
Noncontrolling interests in other consolidated partnerships (2) (21) (13) 395
Net income attributable to Tanger Factory Outlet Centers, Inc. $ 69,104 $ 44,075 $ 169,671 $ 103,068
Basic earnings per common share/unit        
Net income (in dollars per share) $ 0.72 $ 0.46 $ 1.77 $ 1.08
Diluted earnings per common share/unit        
Net income (in dollars per share) 0.72 0.46 1.76 1.08
Dividends declared per commons share (in dollars per share) $ 0.325 $ 0.285 $ 0.935 $ 0.810
Tanger Properties Limited Partnership [Member]        
Revenues        
Base rentals $ 79,569 $ 75,841 $ 227,195 $ 215,799
Percentage rentals 2,995 2,625 7,471 6,896
Expense reimbursements 33,125 30,542 97,121 93,815
Management, leasing and other services 806 1,253 3,259 4,263
Other income 2,642 2,645 6,229 5,795
Total revenues 119,137 112,906 341,275 326,568
Expenses        
Property operating 37,442 36,231 110,328 108,921
General and administrative 12,128 11,514 35,368 34,431
Acquisition costs 487 0 487 0
Depreciation and amortization 29,205 28,785 82,078 77,046
Total expenses 79,262 76,530 228,261 220,398
Operating income 39,875 36,376 113,014 106,170
Other income (expense)        
Interest expense (15,516) (13,933) (44,200) (40,110)
Gain on sale of assets and interests in unconsolidated joint ventures 1,418 20,215 6,305 33,941
Gain on previously held interests in acquired joint ventures 46,258 0 95,516 0
Other nonoperating income (expense) 24 89 378 (98)
Income before equity in earnings of unconsolidated joint ventures 72,059 42,747 171,013 99,903
Equity in earnings of unconsolidated joint ventures 715 3,713 7,680 8,302
Net income 72,774 46,460 178,693 108,205
Noncontrolling interests in consolidated partnerships (2) (21) (13) 395
Net income attributable to Tanger Factory Outlet Centers, Inc. 72,772 46,439 178,680 108,600
Net income available to limited partners 72,052 45,979 176,912 107,525
Net income available to general partner $ 720 $ 460 $ 1,768 $ 1,075
Basic earnings per common share/unit        
Net income (in dollars per share) $ 0.72 $ 0.46 $ 1.77 $ 1.08
Diluted earnings per common share/unit        
Net income (in dollars per share) 0.72 0.46 1.76 1.08
Distribution declared per common unit (in dollars per share) $ 0.325 $ 0.285 $ 0.935 $ 0.810