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, 2017

Deferred lease costs and other intangibles, net as of December 31, 2017 and 2016 consist of the following (in thousands):



	2017			2016
Deferred lease costs	$	81,888		$	76,733
Intangible assets:
Above market leases	54,763			57,077
Lease in place value	71,801			77,858
Tenant relationships	49,184			52,925
Other intangibles	49,730			52,346
	307,366			316,939
Accumulated amortization	(175,305		)	(165,360		)
Deferred lease costs and other intangibles, net	$	132,061		$	151,579

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2017 and 2016 were $24.5 million and $27.6 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, 2017, 2016 and 2015 was $17.8 million, $16.8 million and $16.7 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, 2017, 2016 and 2015 was $(2.4) million, $(2.8) million and $(2.0) 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⁾
2018	$	2,387	$	9,173
2019	911		7,018
2020	447		5,945
2021	284		5,156
2022	267		4,767
Total	$	4,296	$	32,059


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


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