Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):



			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total				Significant Observable Inputs		Significant Unobservable Inputs
Fair value as of December 31, 2016:
Asset:
Interest rate swaps (prepaids and other assets)	$	3,993	$	—	$	3,993	$	—
Total assets	$	3,993	$	—	$	3,993	$	—



				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total					Significant Observable Inputs			Significant Unobservable Inputs
Fair value as of December 31, 2015:
Liability:
Interest rate swaps (other liabilities)	$	(616	)	$	—	$	(616	)	$	—
Total liabilities	$	(616	)	$	—	$	(616	)	$	—

The estimated fair value and recorded value of our debt as of December 31, 2016 and 2015 were as follows (in thousands):



	2016		2015
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	1,137,976		836,361
Level 3 Significant Unobservable Inputs	566,668		779,472
Total fair value of debt	$	1,704,644	$	1,615,833

Recorded value of debt	$	1,687,866	$	1,551,924