Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Schedule III

Schedule III

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation



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, 2018 (in thousands)

Description				Initial cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)⁽¹⁾						Gross Amount Carried at Close of Period December 31, 2018 ⁽²⁾
Outlet Center Name	Location	Encum-brances ⁽³⁾		Land		Buildings, Improve-ments & Fixtures		Land			Buildings, Improve-ments & Fixtures			Land		Buildings, Improve-ments & Fixtures		Total		Accumulated Depreciation ⁽¹⁾		Date of Construction or Acquisition	Life Used to Compute Depreciation in Income Statement
Atlantic City	Atlantic City, NJ	$	36,298	$	—	$	125,988	$	—		$	6,191		$	—	$	132,179	$	132,179	$	32,806	2011 ⁽⁵⁾	⁽⁴⁾
Blowing Rock	Blowing Rock, NC	—		1,963		9,424		—			8,822			1,963		18,246		20,209		10,627		1997 ⁽⁵⁾	⁽⁴⁾
Branson	Branson, MO	—		4,407		25,040		396			23,715			4,803		48,755		53,558		31,565		1994	⁽⁴⁾
Charleston	Charleston, SC	—		10,353		48,877		—			15,127			10,353		64,004		74,357		30,701		2006	⁽⁴⁾
Commerce	Commerce, GA	—		1,262		14,046		707			35,911			1,969		49,957		51,926		33,105		1995	⁽⁴⁾
Daytona Beach	Daytona Beach, FL	—		9,913		80,610		—			791			9,913		81,401		91,314		10,087		2016	⁽⁴⁾
Deer Park	Deer Park, NY	—		82,413		173,044		—			15,318			82,413		188,362		270,775		40,365		2013 ⁽⁵⁾	⁽⁴⁾
Foley	Foley, AL	—		4,400		82,410		693			41,665			5,093		124,075		129,168		58,478		2003 ⁽⁵⁾	⁽⁴⁾
Fort Worth	Fort Worth, TX	—		11,157		87,885		—			—			11,157		87,885		99,042		5,413		2017	⁽⁴⁾
Foxwoods	Mashantucket, CT	—		—		130,941		—			943			—		131,884		131,884		20,300		2015	⁽⁴⁾
Gonzales	Gonzales, LA	—		679		15,895		—			35,079			679		50,974		51,653		33,695		1992	⁽⁴⁾
Grand Rapids	Grand Rapids, MI	—		8,180		75,420		—			339			8,180		75,759		83,939		14,310		2015	⁽⁴⁾
Hershey	Hershey, PA	—		3,673		48,186		—			6,282			3,673		54,468		58,141		14,590		2011⁽⁵⁾	⁽⁴⁾
Hilton Head I	Bluffton, SC	—		4,753		—		—			33,289			4,753		33,289		38,042		14,222		2011	⁽⁴⁾
Hilton Head II	Bluffton, SC	—		5,128		20,668		—			12,881			5,128		33,549		38,677		16,727		2003 ⁽⁵⁾	⁽⁴⁾
Howell	Howell, MI	—		2,250		35,250		—			15,178			2,250		50,428		52,678		25,134		2002 ⁽⁵⁾	⁽⁴⁾
Jeffersonville⁽⁶⁾	Jeffersonville, OH	—		2,752		111,276		(1,347		)	(62,683		)	1,405		48,593		49,998		704		2011 ⁽⁵⁾	⁽⁴⁾
Lancaster	Lancaster, PA	—		3,691		19,907		6,656			56,653			10,347		76,560		86,907		30,837		1994 ⁽⁵⁾	⁽⁴⁾
Locust Grove	Locust Grove, GA	—		2,558		11,801		—			30,868			2,558		42,669		45,227		26,792		1994	⁽⁴⁾
Mebane	Mebane, NC	—		8,821		53,362		—			5,092			8,821		58,454		67,275		25,806		2010	⁽⁴⁾
Myrtle Beach Hwy 17	Myrtle Beach, SC	—		—		80,733		—			27,607			—		108,340		108,340		33,850		2009 ⁽⁵⁾	⁽⁴⁾
Myrtle Beach Hwy 501	Myrtle Beach, SC	—		8,781		56,798		—			40,562			8,781		97,360		106,141		44,849		2003 ⁽⁵⁾	⁽⁴⁾
Nags Head	Nags Head, NC	—		1,853		6,679		—			6,589			1,853		13,268		15,121		8,313		1997 ⁽⁵⁾	⁽⁴⁾
Ocean City	Ocean City, MD	—		—		16,334		—			13,835			—		30,169		30,169		8,633		2011 ⁽⁵⁾	⁽⁴⁾



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, 2018 (in thousands)

Description				Initial cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)⁽¹⁾				Gross Amount Carried at Close of Period December 31, 2018⁽²⁾
Outlet Center Name	Location	Encum-brances ⁽³⁾		Land		Buildings, Improve-ments & Fixtures		Land		Buildings, Improve-ments & Fixtures		Land		Buildings, Improve-ments & Fixtures		Total		Accumulated Depreciation ⁽¹⁾		Date of Construction or Acquisition	Life Used to Compute Depreciation in Income Statement
Park City	Park City, UT	—		6,900		33,597		343		28,376		7,243		61,973		69,216		27,991		2003 ⁽⁵⁾	⁽⁴⁾
Pittsburgh	Pittsburgh, PA	—		5,528		91,288		3		13,975		5,531		105,263		110,794		54,224		2008	⁽⁴⁾
Rehoboth Beach	Rehoboth Beach, DE	—		20,600		74,209		1,875		54,866		22,475		129,075		151,550		51,382		2003 ⁽⁵⁾	⁽⁴⁾
Riverhead	Riverhead, NY	—		—		36,374		6,152		131,467		6,152		167,841		173,993		95,269		1993	⁽⁴⁾
San Marcos	San Marcos, TX	—		1,801		9,440		2,301		58,839		4,102		68,279		72,381		43,628		1993	⁽⁴⁾
Savannah	Pooler, GA	—		8,556		167,780		—		3,257		8,556		171,037		179,593		14,938		2016 ⁽⁵⁾	⁽⁴⁾
Sevierville	Sevierville, TN	—		—		18,495		—		49,984		—		68,479		68,479		39,362		1997 ⁽⁵⁾	⁽⁴⁾
Southaven	Southaven, MS	51,173		14,959		60,263		—		2,656		14,959		62,919		77,878		12,521		2015	⁽⁴⁾
Terrell	Terrell, TX	—		523		13,432		—		9,926		523		23,358		23,881		18,666		1994	⁽⁴⁾
Tilton	Tilton, NH	—		1,800		24,838		29		13,909		1,829		38,747		40,576		18,331		2003 ⁽⁵⁾	⁽⁴⁾
Westgate	Glendale, AZ	—		19,037		140,337		—		3,547		19,037		143,884		162,921		11,864		2016 ⁽⁵⁾	⁽⁴⁾
Williamsburg	Williamsburg, IA	—		706		6,781		717		17,993		1,423		24,774		26,197		21,013		1991	⁽⁴⁾
Other	Various	—		506		1,494		—		—		506		1,494		2,000		207		Various	⁽⁴⁾
		$	87,471	$	259,903	$	2,008,902	$	18,525	$	758,849	$	278,428	$	2,767,751	$	3,046,179	$	981,305


(1)	Includes impairments.


(2)	Aggregate cost for federal income tax purposes is approximately $3.1 billion.


(3)	Including premiums and net of debt origination costs.


(4)	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.


(5)	Represents year acquired.


(6)	Amounts net of $47.9 million impairment charge taken during 2018 consisting of a write-off of approximately $1.3 million of land, $76.6 million of building and improvement cost and $30.0 million of accumulated depreciation.

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, 2018

(in thousands)

The changes in total real estate for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018			2017			2016
Balance, beginning of year	$	3,088,470		$	2,965,907		$	2,513,217
Acquisitions	—			—			335,710
Improvements	48,357			175,868			163,187
Impairment charge	(77,958		)	—			—
Dispositions and other	(12,690		)	(53,305		)	(46,207		)
Balance, end of year	$	3,046,179		$	3,088,470		$	2,965,907

The changes in accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows:



	2018			2017			2016
Balance, beginning of year	$	901,967		$	814,583		$	748,341
Depreciation for the period	114,198			107,845			96,813
Impairment charge	(30,050		)	—			—
Dispositions and other	(4,810		)	(20,461		)	(30,571		)
Balance, end of year	$	981,305		$	901,967		$	814,583