Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Management, leasing and other services $ 2,452 $ 3,847 $ 5,426
Tanger Factory Outlet Centers, Inc. [Member]      
Revenues:      
Base rentals 323,985 308,353 289,688
Percentage rentals 9,853 11,221 10,157
Expense reimbursements 142,817 133,818 126,468
Management, leasing and other services 2,452 3,847 5,426
Other income 9,127 8,595 7,630
Total revenues 488,234 465,834 439,369
Expenses:      
Property operating 155,235 152,017 146,503
General and administrative 44,004 46,696 44,469
Acquisition costs 0 487 0
Abandoned pre-development costs 528 0 0
Depreciation and amortization 127,744 115,357 103,936
Total expenses 327,511 314,557 294,908
Operating income 160,723 151,277 144,461
Other income (expense):      
Interest expense (64,825) (60,669) (54,188)
Loss on early extinguishment of debt (35,626) 0 0
Gain on sale of assets and interests in unconsolidated entities 6,943 6,305 120,447
Gain on previously held interest in acquired joint ventures 0 95,516 0
Other non-operating income (expense) 2,724 1,028 (36)
Income before equity in earnings of unconsolidated joint ventures 69,939 193,457 210,684
Equity in earnings of unconsolidated joint ventures 1,937 10,872 11,484
Net income 71,876 204,329 222,168
Noncontrolling interests in Operating Partnership (3,609) (10,287) (11,331)
Noncontrolling interests in other consolidated partnerships (265) (298) 363
Net income attributable to Tanger Factory Outlet Centers, Inc. $ 68,002 $ 193,744 $ 211,200
Basic earnings per common share:      
Net income (in dollars per share) $ 0.71 $ 2.02 $ 2.20
Diluted earnings per common share:      
Net income (in dollars per share) $ 0.71 $ 2.01 $ 2.20
Tanger Properties Limited Partnership [Member]      
Revenues:      
Base rentals $ 323,985 $ 308,353 $ 289,688
Percentage rentals 9,853 11,221 10,157
Expense reimbursements 142,817 133,818 126,468
Management, leasing and other services 2,452 3,847 5,426
Other income 9,127 8,595 7,630
Total revenues 488,234 465,834 439,369
Expenses:      
Property operating 155,235 152,017 146,503
General and administrative 44,004 46,696 44,469
Acquisition costs 0 487 0
Abandoned pre-development costs 528 0 0
Depreciation and amortization 127,744 115,357 103,936
Total expenses 327,511 314,557 294,908
Operating income 160,723 151,277 144,461
Other income (expense):      
Interest expense (64,825) (60,669) (54,188)
Loss on early extinguishment of debt (35,626) 0 0
Gain on sale of assets and interests in unconsolidated entities 6,943 6,305 120,447
Gain on previously held interest in acquired joint ventures 0 95,516 0
Other non-operating income (expense) 2,724 1,028 (36)
Income before equity in earnings of unconsolidated joint ventures 69,939 193,457 210,684
Equity in earnings of unconsolidated joint ventures 1,937 10,872 11,484
Net income 71,876 204,329 222,168
Noncontrolling interests in consolidated partnerships (265) (298) 363
Net income attributable to Tanger Factory Outlet Centers, Inc. 71,611 204,031 222,531
Net income available to limited partners 70,900 202,012 220,328
Net income available to general partner $ 711 $ 2,019 $ 2,203
Basic earnings per common share:      
Net income (in dollars per share) $ 0.71 $ 2.02 $ 2.21
Diluted earnings per common share:      
Net income (in dollars per share) $ 0.71 $ 2.01 $ 2.20