Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Tanger Factory Outlet Centers, Inc. [Member]      
Operating Activities      
Net income $ 71,876 $ 204,329 $ 222,168
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 127,744 115,357 103,936
Amortization of deferred financing costs 3,263 3,237 2,730
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
Loss on early extinguishment of debt 35,626 0 0
Equity in earnings of unconsolidated joint ventures (1,937) (10,872) (11,484)
Equity-based compensation expense 13,585 15,319 14,712
Amortization of debt (premiums) and discounts, net 462 1,290 256
Net amortization of market rent rate adjustments 2,829 3,302 2,461
Straight-line rent adjustments (5,632) (7,002) (6,347)
Distributions of cumulative earnings from unconsolidated joint ventures 10,697 13,662 12,137
Changes in other asset and liabilities:      
Other assets 365 (544) (798)
Accounts payable and accrued expenses 1,224 3,059 1,431
Net cash provided by operating activities 253,159 239,316 220,755
Investing Activities      
Additions to rental property (166,231) (165,060) (238,706)
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired 0 (45,219) 0
Additions to investments in unconsolidated joint ventures (5,892) (32,968) (45,286)
Net proceeds on sale of assets and interests in unconsolidated entities 39,213 28,706 164,587
Change in restricted cash 0 121,306 (121,306)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 25,084 60,267 26,875
Additions to non-real estate assets (8,909) (6,503) (837)
Additions to deferred lease costs (6,584) (7,013) (7,803)
Other investing activities 5,774 983 649
Net cash used in investing activities (117,545) (45,501) (221,827)
Financing Activities      
Cash dividends paid (130,166) (141,088) (104,877)
Distributions to noncontrolling interests in Operating Partnership (6,800) (7,428) (5,561)
Proceeds from revolving credit facility 719,521 845,650 537,000
Repayments of revolving credit facility (572,421) (974,950) (457,700)
Proceeds from notes, mortgages and loans 299,460 437,420 90,839
Repayments of notes, mortgages and loans (373,258) (330,329) (49,783)
Payment of make-whole premium related to early extinguishment of debt (34,143) 0 0
Repayment of deferred financing obligation 0 (28,388) 0
Repurchase of common shares, including transaction costs (49,361) 0 0
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,436) (2,177) (1,126)
Additions to deferred financing costs (2,850) (5,496) (2,829)
Proceeds from exercise of options 54 1,749 788
Proceeds from other financing activities 12,054 3,897 259
Payment for other financing activities (1,333) (2,327) (156)
Net cash provided (used in) by financing activities (141,679) (203,467) 6,854
Effect of foreign currency rate changes on cash and cash equivalents (56) 316 (1,099)
Net increase in cash and cash equivalents (6,121) (9,336) 4,683
Cash and cash equivalents, beginning of year 12,222 21,558 16,875
Cash and cash equivalents, end of year 6,101 12,222 21,558
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income 71,876 204,329 222,168
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 127,744 115,357 103,936
Amortization of deferred financing costs 3,263 3,237 2,730
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
Loss on early extinguishment of debt 35,626 0 0
Equity in earnings of unconsolidated joint ventures (1,937) (10,872) (11,484)
Equity-based compensation expense 13,585 15,319 14,712
Amortization of debt (premiums) and discounts, net 462 1,290 256
Net amortization of market rent rate adjustments 2,829 3,302 2,461
Straight-line rent adjustments (5,632) (7,002) (6,347)
Distributions of cumulative earnings from unconsolidated joint ventures 10,697 13,662 12,137
Changes in other asset and liabilities:      
Other assets 481 (705) (639)
Accounts payable and accrued expenses 1,080 3,203 2,335
Net cash provided by operating activities 253,131 239,299 221,818
Investing Activities      
Additions to rental property (166,231) (165,060) (238,706)
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired 0 (45,219) 0
Additions to investments in unconsolidated joint ventures (5,892) (32,968) (45,286)
Net proceeds on sale of assets and interests in unconsolidated entities 39,213 28,706 164,587
Change in restricted cash 0 121,306 (121,306)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 25,084 60,267 26,875
Additions to non-real estate assets (8,909) (6,503) (837)
Additions to deferred lease costs (6,584) (7,013) (7,803)
Other investing activities 5,774 983 649
Net cash used in investing activities (117,545) (45,501) (221,827)
Financing Activities      
Cash dividends paid (136,966) (148,516) (110,438)
Proceeds from revolving credit facility 719,521 845,650 537,000
Repayments of revolving credit facility (572,421) (974,950) (457,700)
Proceeds from notes, mortgages and loans 299,460 437,420 90,839
Repayments of notes, mortgages and loans (373,258) (330,329) (49,783)
Payment of make-whole premium related to early extinguishment of debt (34,143) 0 0
Repayment of deferred financing obligation 0 (28,388) 0
Repurchase of common shares, including transaction costs (49,361) 0 0
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,436) (2,177) (1,126)
Additions to deferred financing costs (2,850) (5,496) (2,829)
Proceeds from exercise of options 54 1,749 788
Proceeds from other financing activities 12,054 3,897 259
Payment for other financing activities (1,333) (2,327) (156)
Net cash provided (used in) by financing activities (141,679) (203,467) 6,854
Effect of foreign currency rate changes on cash and cash equivalents (56) 316 (1,099)
Net increase in cash and cash equivalents (6,149) (9,353) 5,746
Cash and cash equivalents, beginning of year 12,199 21,552 15,806
Cash and cash equivalents, end of year $ 6,050 $ 12,199 $ 21,552