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, 2016

Deferred lease costs and other intangibles, net as of December 31, 2016 and 2015 consist of the following (in thousands):



	2016			2015
Deferred lease costs	$	76,733		$	70,379
Intangible assets:
Above market leases	57,077			43,340
Lease in place value	77,858			68,194
Tenant relationships	52,925			55,538
Other intangibles	52,346			42,614
	316,939			280,065
Accumulated amortization	(165,360		)	(152,976		)
Deferred lease costs and other intangibles, net	$	151,579		$	127,089

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2016 and 2015 were $27.6 million and $10.4 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, 2016, 2015 and 2014 was $16.8 million, $16.7 million and $20.9 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, 2016, 2015 and 2014 was $(2.8) million, $(2.0) million and $(2.8) million, 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 ⁽¹⁾		Deferred lease costs and other intangibles ⁽²⁾
2017	$	2,566	$	11,462
2018	2,358		9,882
2019	876		7,678
2020	406		6,567
2021	243		5,747
Total	$	6,449	$	41,336


(1)	These amounts are recorded as a reduction of base rentals.


(2)	These amounts are recorded as an increase in depreciation and amortization.