| Schedule of Quarterly Financial Information |
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2016 and 2015 (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, 2016 (1)
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First Quarter(2)
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Second Quarter(3)
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Third Quarter(4)
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Fourth
Quarter
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Total revenues |
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$ |
110,805 |
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$ |
111,333 |
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$ |
119,137 |
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$ |
124,559 |
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Operating income |
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34,799 |
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38,340 |
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39,875 |
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38,263 |
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Net income |
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28,617 |
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77,302 |
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72,774 |
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25,636 |
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Income attributable to Tanger Factory Outlet Centers, Inc. |
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27,150 |
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73,417 |
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69,104 |
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24,073 |
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Income available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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26,856 |
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72,692 |
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68,477 |
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23,793 |
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Basic earnings per common share: |
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Net income |
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$ |
0.28 |
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$ |
0.76 |
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$ |
0.72 |
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$ |
0.25 |
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Diluted earnings per common share: |
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Net income |
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$ |
0.28 |
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$ |
0.76 |
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$ |
0.72 |
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$ |
0.25 |
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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 2016, net income includes a gain of $4.9 million on the sale of our outlet center in Fort Myers, Florida.
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(3) |
In the second quarter of 2016, net income includes a gain of $49.3 million on the acquisition of our other venture partners' equity interests in the Westgate joint venture.
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(4) |
In the third quarter of 2016, net income includes a gain of $46.3 million on the acquisition of our other venture partners' equity interests in the Savannah joint venture and a $1.4 million gain on the sale of an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501.
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Year Ended December 31, 2015 (1)
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First Quarter(2)
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Second Quarter |
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Third Quarter(3)
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Fourth
Quarter(4)
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Total revenues |
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$ |
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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