Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Tanger Factory Outlet Centers, Inc
   
Net income $ 8,834 $ 10,817
Depreciation and amortization (including discontinued operations) 25,515 17,965
Amortization of deferred financing costs 561 466
Equity in earnings (losses) of unconsolidated joint ventures 1,452 32
Equity-based compensation expense 3,391 1,798
Amortization of debt premiums and discount, net (248) 24
Distributions of cumulative earnings from unconsolidated joint ventures 237 62
Net accretion of market rent rate adjustment (234) (155)
Straight-line base rent adjustment (997) (794)
Changes in other assets and liabilities :    
Other assets (1,287) (495)
Accounts payable and accrued expenses 5,373 1,319
Net cash provided by operating activities 42,597 31,039
INVESTING ACTIVITIES    
Additions to rental property (8,335) (15,251)
Payments to Acquire Interest in Subsidiaries and Affiliates (21,371) 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures (63) (238)
Deposits into escrow for potential acquisition 0 (8,350)
Net proceeds from the sale of real estate 0 724
Additions to deferred lease costs (1,329) (1,531)
Net cash used in investing activities (30,972) (24,170)
FINANCING ACTIVITIES    
Cash distributions paid (18,156) (15,746)
Distributions to noncontrolling interest in Operating Partnership (1,488) (2,351)
Proceeds from debt issuances 341,781 67,950
Repayments of debt (328,432) (61,700)
Additions to deferred financing costs (2,483) (49)
Proceeds from exercise of options 46 0
Net cash used in financing activities (8,732) (11,896)
Net decrease in cash and cash equivalents 2,893 (5,027)
Cash and cash equivalents, beginning of period 7,894 5,758
Cash and cash equivalents, end of period 10,787 731
Tanger Properties Limited Partnership
   
Net income 8,834 10,817
Depreciation and amortization (including discontinued operations) 25,515 17,965
Amortization of deferred financing costs 561 466
Equity in earnings (losses) of unconsolidated joint ventures 1,452 32
Equity-based compensation expense 3,391 1,798
Amortization of debt premiums and discount, net (248) 24
Distributions of cumulative earnings from unconsolidated joint ventures 237 62
Net accretion of market rent rate adjustment (234) (155)
Straight-line base rent adjustment (997) (794)
Changes in other assets and liabilities :    
Other assets (1,072) (425)
Accounts payable and accrued expenses 5,114 1,304
Net cash provided by operating activities 42,553 31,094
INVESTING ACTIVITIES    
Additions to rental property (8,335) (15,251)
Payments to Acquire Interest in Subsidiaries and Affiliates (21,371) 0
Distributions in excess of cumulative earnings from unconsolidated joint ventures (63) (238)
Deposits into escrow for potential acquisition 0 (8,350)
Net proceeds from the sale of real estate 0 724
Additions to deferred lease costs (1,329) (1,531)
Net cash used in investing activities (30,972) (24,170)
FINANCING ACTIVITIES    
Cash distributions paid (19,644) (18,097)
Proceeds from debt issuances 341,781 67,950
Repayments of debt (328,432) (61,700)
Additions to deferred financing costs (2,483) (49)
Proceeds from exercise of options 46 0
Net cash used in financing activities (8,732) (11,896)
Net decrease in cash and cash equivalents 2,849 (4,972)
Cash and cash equivalents, beginning of period 7,866 5,671
Cash and cash equivalents, end of period $ 10,715 $ 699