Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Tanger Factory Outlet Centers, Inc
      
Revenues      
Base rentals $ 207,637 $ 178,976 $ 174,046
Percentage rentals 9,084 7,914 6,801
Expense reimbursements 89,620 80,627 78,500
Other income 8,882 8,786 11,248
Total revenues 315,223 276,303 270,595
Expenses      
Property operating 100,246 92,898 87,338
General and administrative 30,132 24,553 32,581
Acquisition costs 2,736 82 0
Abandoned development costs 158 365 797
Impairment charge 0 735 0
Depreciation and amortization 84,015 78,039 79,939
Total expenses 217,287 196,672 200,655
Operating income 97,936 79,631 69,940
Interest expense (45,382) (34,120) (37,683)
Loss on early extinguishment of debt 0 (563) 10,467
Gain (Loss) on Derivative Instruments, Net, Pretax 0 (6,142) 0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain 0 0 31,497
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 52,554 38,806 74,221
Equity in earnings (losses) of unconsolidated joint ventures (1,565) (464) (1,512)
Income from continuing operations 50,989 38,342 72,709
Discontinued operations 0 (98) (5,214)
Net income 50,989 38,244 67,495
Net Income (Loss) Attributable to Noncontrolling Interest, Limited Partnerships 8 0 0
Noncontrolling interest (6,356) (3,995) (9,476)
Net income attributable to Tanger Factory Outlet Centers, Inc. 44,641 34,249 58,019
Basic earnings per common share:      
Income from continuing operations $ 0.53 $ 0.32 $ 0.78
Net income $ 0.53 $ 0.32 $ 0.72
Diluted earnings per common share:      
Income from continuing operations $ 0.52 $ 0.32 $ 0.78
Net income $ 0.52 $ 0.32 $ 0.72
Dividends paid per common share $ 0.7938 $ 0.7725 $ 0.7638
Tanger Properties Limited Partnership
      
Revenues      
Base rentals 207,637 178,976 174,046
Percentage rentals 9,084 7,914 6,801
Expense reimbursements 89,620 80,627 78,500
Other income 8,882 8,786 11,248
Total revenues 315,223 276,303 270,595
Expenses      
Property operating 100,246 92,898 87,338
General and administrative 30,132 24,553 32,581
Acquisition costs 2,736 82 0
Abandoned development costs 158 365 797
Impairment charge 0 735 0
Depreciation and amortization 84,015 78,039 79,939
Total expenses 217,287 196,672 200,655
Operating income 97,936 79,631 69,940
Interest expense (45,382) (34,120) (37,683)
Loss on early extinguishment of debt 0 (563) 10,467
Gain (Loss) on Derivative Instruments, Net, Pretax 0 (6,142) 0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain 0 0 31,497
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 52,554 38,806 74,221
Equity in earnings (losses) of unconsolidated joint ventures (1,565) (464) (1,512)
Income from continuing operations 50,989 38,342 72,709
Discontinued operations 0 (98) (5,214)
Net income 50,989 38,244 67,495
Net Income (Loss) Attributable to Noncontrolling Interest, Limited Partnerships 8 0 0
Net Income Availalbe to Partners 50,997 38,244 67,495
Net income available to limited partners 50,473 37,932 66,970
Net income available to general partner $ 524 $ 312 $ 525
Basic earnings per common unit:      
Income from continuing operations $ 2.12 $ 1.29 $ 3.16
Net income $ 2.12 $ 1.29 $ 2.91
Diluted earnings per common unit:      
Income from continuing operations $ 2.10 $ 1.29 $ 3.15
Net income $ 2.10 $ 1.29 $ 2.91