Real Estate and Accumulated Depreciation Disclosure |
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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES |
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
For the Year Ended December 31, 2017 (in thousands) |
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Description |
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Initial cost to Company |
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Costs Capitalized
Subsequent to Acquisition
(Improvements)
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Gross Amount Carried at Close of Period
December 31, 2017 (1)
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Outlet Center Name |
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Location |
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Encum-brances (2)
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Land |
Buildings,
Improve-ments & Fixtures
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Land |
Buildings,
Improve-ments & Fixtures
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Land |
Buildings,
Improve-ments & Fixtures
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Total |
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Accumulated
Depreciation
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Date of
Construction or Acquisition
|
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Life Used to
Compute
Depreciation
in Income
Statement
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Atlantic City |
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Atlantic City, NJ |
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$ |
39,879 |
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$ |
— |
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$ |
125,988 |
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$ |
— |
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$ |
5,006 |
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$ |
— |
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$ |
130,994 |
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$ |
130,994 |
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$ |
28,612 |
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2011 (4)
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(3) |
Blowing Rock |
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Blowing Rock, NC |
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— |
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1,963 |
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9,424 |
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— |
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8,652 |
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1,963 |
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18,076 |
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20,039 |
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10,028 |
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1997 (4)
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(3) |
Branson |
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Branson, MO |
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— |
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4,407 |
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25,040 |
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396 |
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23,057 |
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4,803 |
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48,097 |
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52,900 |
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30,082 |
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1994 |
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(3) |
Charleston |
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Charleston, SC |
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— |
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10,353 |
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48,877 |
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— |
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14,816 |
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10,353 |
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63,693 |
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74,046 |
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28,547 |
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2006 |
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(3) |
Commerce |
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Commerce, GA |
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— |
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1,262 |
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14,046 |
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707 |
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34,928 |
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1,969 |
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48,974 |
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50,943 |
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31,710 |
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1995 |
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(3) |
Daytona Beach |
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Daytona Beach, FL |
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— |
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9,913 |
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81,183 |
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— |
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— |
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9,913 |
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81,183 |
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91,096 |
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5,315 |
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2016 |
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(3) |
Deer Park |
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Deer Park, NY |
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— |
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82,413 |
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173,044 |
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— |
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12,194 |
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82,413 |
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185,238 |
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267,651 |
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32,435 |
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2013 (4)
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(3) |
Foley |
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Foley, AL |
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— |
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4,400 |
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82,410 |
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693 |
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41,927 |
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5,093 |
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124,337 |
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129,430 |
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54,558 |
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2003 (4)
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(3) |
Fort Worth |
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Fort Worth, TX |
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— |
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11,157 |
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83,827 |
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— |
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— |
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11,157 |
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83,827 |
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94,984 |
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601 |
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2017 |
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(3) |
Foxwoods |
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Mashantucket, CT |
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— |
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— |
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130,561 |
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— |
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1,262 |
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— |
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131,823 |
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131,823 |
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14,665 |
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2015 |
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(3) |
Gonzales |
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Gonzales, LA |
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— |
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679 |
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15,895 |
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— |
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34,684 |
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679 |
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50,579 |
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51,258 |
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31,867 |
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1992 |
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(3) |
Grand Rapids |
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Grand Rapids, MI |
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— |
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8,180 |
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75,420 |
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— |
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566 |
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8,180 |
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75,986 |
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84,166 |
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10,177 |
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2015 |
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(3) |
Hershey |
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Hershey, PA |
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— |
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3,673 |
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48,186 |
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— |
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3,905 |
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3,673 |
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52,091 |
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55,764 |
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12,597 |
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2011(4)
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(3) |
Hilton Head I |
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Bluffton, SC |
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— |
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4,753 |
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— |
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— |
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33,346 |
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4,753 |
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33,346 |
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38,099 |
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12,605 |
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2011 |
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(3) |
Hilton Head II |
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Bluffton, SC |
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— |
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5,128 |
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20,668 |
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— |
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12,137 |
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5,128 |
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32,805 |
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37,933 |
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15,458 |
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2003 (4)
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(3) |
Howell |
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Howell, MI |
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— |
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2,250 |
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35,250 |
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— |
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14,288 |
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2,250 |
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49,538 |
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51,788 |
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23,380 |
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2002 (4)
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(3) |
Jeffersonville |
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Jeffersonville, OH |
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— |
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2,752 |
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111,276 |
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— |
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11,683 |
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2,752 |
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122,959 |
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125,711 |
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26,729 |
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2011 (4)
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(3) |
Lancaster |
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Lancaster, PA |
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— |
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3,691 |
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19,907 |
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6,656 |
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55,935 |
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10,347 |
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75,842 |
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86,189 |
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26,569 |
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1994 (4)
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(3) |
Locust Grove |
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Locust Grove, GA |
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— |
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2,558 |
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11,801 |
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— |
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28,687 |
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2,558 |
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40,488 |
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43,046 |
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25,694 |
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1994 |
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(3) |
Mebane |
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Mebane, NC |
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— |
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8,821 |
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53,362 |
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— |
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3,024 |
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8,821 |
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56,386 |
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65,207 |
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23,015 |
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2010 |
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(3) |
Myrtle Beach Hwy 17 |
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Myrtle Beach, SC |
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— |
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— |
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80,733 |
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— |
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24,911 |
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— |
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105,644 |
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105,644 |
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29,791 |
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2009 (4)
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(3) |
Myrtle Beach Hwy 501 |
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Myrtle Beach, SC |
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— |
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8,781 |
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56,798 |
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— |
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38,156 |
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8,781 |
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94,954 |
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103,735 |
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41,492 |
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2003 (4)
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(3) |
Nags Head |
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Nags Head, NC |
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— |
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1,853 |
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6,679 |
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— |
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6,298 |
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1,853 |
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12,977 |
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14,830 |
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8,301 |
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1997 (4)
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(3) |
Ocean City |
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Ocean City, MD |
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— |
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— |
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16,334 |
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— |
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12,946 |
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— |
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29,280 |
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29,280 |
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7,013 |
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2011 (4)
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(3) |
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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES |
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
For the Year Ended December 31, 2017 (in thousands) |
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Description |
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|
Initial cost to Company |
|
Costs Capitalized
Subsequent to Acquisition
(Improvements)
|
|
Gross Amount Carried at Close of Period
December 31, 2017(1)
|
|
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Outlet Center Name |
|
Location |
|
Encum-brances (2)
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|
Land |
Buildings,
Improve-ments & Fixtures
|
|
Land |
Buildings,
Improve-ments & Fixtures
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|
Land |
Buildings,
Improve-ments & Fixtures
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Total |
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Accumulated
Depreciation
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|
Date of Construction or Acquisition |
|
Life Used to
Compute
Depreciation
in Income
Statement
|
Park City |
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Park City, UT |
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— |
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6,900 |
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33,597 |
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343 |
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27,524 |
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7,243 |
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61,121 |
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68,364 |
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25,774 |
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2003 (4)
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(3) |
Pittsburgh |
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Pittsburgh, PA |
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— |
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5,528 |
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91,288 |
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3 |
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13,602 |
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5,531 |
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104,890 |
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110,421 |
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49,281 |
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2008 |
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(3) |
Rehoboth Beach |
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Rehoboth Beach, DE |
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— |
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20,600 |
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74,209 |
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1,875 |
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53,335 |
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22,475 |
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127,544 |
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150,019 |
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47,162 |
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2003 (4)
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(3) |
Riverhead |
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Riverhead, NY |
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— |
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— |
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36,374 |
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6,152 |
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127,942 |
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6,152 |
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164,316 |
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170,468 |
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89,714 |
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1993 |
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(3) |
San Marcos |
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San Marcos, TX |
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— |
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1,801 |
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9,440 |
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2,301 |
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58,326 |
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4,102 |
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67,766 |
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71,868 |
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41,424 |
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1993 |
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(3) |
Savannah |
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Pooler, GA |
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— |
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8,556 |
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167,780 |
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— |
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2,780 |
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8,556 |
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170,560 |
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179,116 |
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8,397 |
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2016 (4)
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(3) |
Sevierville |
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Sevierville, TN |
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— |
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— |
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18,495 |
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— |
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48,944 |
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— |
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67,439 |
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67,439 |
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37,488 |
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1997 (4)
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(3) |
Southaven |
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Southaven, MS |
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59,881 |
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14,959 |
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62,042 |
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— |
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3,194 |
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14,959 |
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65,236 |
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80,195 |
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8,629 |
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2015 |
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(3) |
Terrell |
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Terrell, TX |
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— |
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523 |
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13,432 |
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— |
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9,712 |
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523 |
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23,144 |
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23,667 |
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18,173 |
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1994 |
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(3) |
Tilton |
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Tilton, NH |
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— |
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1,800 |
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24,838 |
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29 |
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13,780 |
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1,829 |
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38,618 |
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40,447 |
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17,025 |
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2003 (4)
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(3) |
Westgate |
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Glendale, AZ |
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— |
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19,037 |
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140,337 |
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— |
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2,329 |
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19,037 |
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142,666 |
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161,703 |
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7,013 |
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2016 (4)
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(3) |
Williamsburg |
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Williamsburg, IA |
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— |
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706 |
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6,781 |
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716 |
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17,798 |
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1,422 |
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24,579 |
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26,001 |
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20,510 |
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1991 |
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(3) |
Other |
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Various |
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— |
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710 |
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1,496 |
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— |
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— |
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710 |
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1,496 |
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2,206 |
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136 |
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Various |
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(3) |
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$ |
99,760 |
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$ |
260,107 |
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$ |
2,006,818 |
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$ |
19,871 |
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$ |
801,674 |
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$ |
279,978 |
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$ |
2,808,492 |
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$ |
3,088,470 |
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$ |
901,967 |
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(1) |
Aggregate cost for federal income tax purposes is approximately $3.1 billion.
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(2) |
Including premiums and net of debt origination costs. |
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(3) |
We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet.
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(4) |
Represents year acquired. |
TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES
SCHEDULE III - (Continued)
REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2017
(in thousands)
The changes in total real estate for the years ended December 31, 2017, 2016 and 2015 are as follows:
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2017 |
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2016 |
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2015 |
Balance, beginning of year |
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$ |
2,965,907 |
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$ |
2,513,217 |
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$ |
2,263,603 |
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Acquisitions |
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— |
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|
335,710 |
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— |
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Improvements |
|
175,868 |
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|
163,187 |
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|
245,391 |
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Dispositions and reclassifications to and from rental property held for sale |
|
(53,305 |
) |
|
(46,207 |
) |
|
4,223 |
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Balance, end of year |
|
$ |
3,088,470 |
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$ |
2,965,907 |
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$ |
2,513,217 |
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The changes in accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 are as follows:
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2017 |
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2016 |
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2015 |
Balance, beginning of year |
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$ |
814,583 |
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$ |
748,341 |
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$ |
662,236 |
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Depreciation for the period |
|
107,845 |
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|
96,813 |
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|
85,872 |
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Dispositions and reclassifications to and from rental property held for sale |
|
(20,461 |
) |
|
(30,571 |
) |
|
233 |
|
Balance, end of year |
|
$ |
901,967 |
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|
$ |
814,583 |
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|
$ |
748,341 |
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