Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

 v2.3.0.11
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Tanger Factory Outlet Centers, Inc
       
Revenues        
Base rentals $ 48,393,000 $ 43,968,000 $ 94,612,000 $ 87,465,000
Percentage rentals 1,137,000 1,048,000 2,528,000 2,353,000
Expense reimbursements 20,616,000 18,429,000 41,821,000 37,948,000
Other income 1,955,000 1,850,000 3,879,000 3,571,000
Total revenues 72,101,000 65,295,000 142,840,000 131,337,000
Expenses        
Property operating 23,765,000 21,758,000 47,873,000 44,107,000
General and administrative 7,185,000 5,963,000 13,952,000 11,429,000
Acquisition costs 974,000 0 1,541,000 0
Abandoned development costs 0 365,000 158,000 365,000
Impairment charge 0 0 0 735,000
Depreciation and amortization 17,858,000 17,109,000 35,823,000 43,583,000
Total expenses 49,782,000 45,195,000 99,347,000 100,219,000
Operating income 22,319,000 20,100,000 43,493,000 31,118,000
Interest expense (10,713,000) (7,951,000) (21,038,000) (15,899,000)
Loss on early extinguishment of debt 0 (563,000) 0 (563,000)
Loss on termination of derivatives 0 (6,142,000) 0 (6,142,000)
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 11,606,000 5,444,000 22,455,000 8,514,000
Equity in earnings (losses) of unconsolidated joint ventures (764,000) (51,000) (796,000) (119,000)
Income from continuing operations 10,842,000 5,393,000 21,659,000 8,395,000
Discontinued operations 0 (1,000) 0 0
Net income 10,842,000 5,392,000 21,659,000 8,395,000
Noncontrolling interest (1,420,000) (524,000) (2,839,000) (734,000)
Net income attributable to Tanger Factory Outlet Centers, Inc. 9,422,000 4,868,000 18,820,000 7,661,000
Basic earnings per common share:        
Income from continuing operations $ 0.11 $ 0.04 $ 0.23 $ 0.06
Net income $ 0.11 $ 0.04 $ 0.23 $ 0.06
Diluted earnings per common share:        
Income from continuing operations $ 0.11 $ 0.04 $ 0.23 $ 0.06
Net income $ 0.11 $ 0.04 $ 0.23 $ 0.06
Dividends paid per common share $ 0.2000 $ 0.1938 $ 0.3938 $ 0.3850
Tanger Properties Limited Partnership
       
Revenues        
Base rentals 48,393,000 43,968,000 94,612,000 87,465,000
Percentage rentals 1,137,000 1,048,000 2,528,000 2,353,000
Expense reimbursements 20,616,000 18,429,000 41,821,000 37,948,000
Other income 1,955,000 1,850,000 3,879,000 3,571,000
Total revenues 72,101,000 65,295,000 142,840,000 131,337,000
Expenses        
Property operating 23,765,000 21,758,000 47,873,000 44,107,000
General and administrative 7,185,000 5,963,000 13,952,000 11,429,000
Acquisition costs 974,000 0 1,541,000 0
Abandoned development costs 0 365,000 158,000 365,000
Impairment charge 0 0 0 735,000
Depreciation and amortization 17,858,000 17,109,000 35,823,000 43,583,000
Total expenses 49,782,000 45,195,000 99,347,000 100,219,000
Operating income 22,319,000 20,100,000 43,493,000 31,118,000
Interest expense 10,713,000 7,951,000 21,038,000 15,899,000
Loss on early extinguishment of debt     0 (563,000)
Loss on termination of derivatives 0 (6,142,000) 0 (6,142,000)
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations 11,606,000 5,444,000 22,455,000 8,514,000
Equity in earnings (losses) of unconsolidated joint ventures (764,000) (51,000) (796,000) (119,000)
Income from continuing operations 10,842,000 5,393,000 21,659,000 8,395,000
Discontinued operations 0 (1,000) 0 0
Net income 10,842,000 5,392,000 21,659,000 8,395,000
Net income available to limited partners 10,731,000 5,351,000 21,437,000 8,338,000
Net income available to general partner $ 111,000 $ 41,000 $ 222,000 $ 57,000
Basic earnings per common unit:        
Income from continuing operations $ 0.46 $ 0.17 $ 0.92 $ 0.23
Net income $ 0.46 $ 0.17 $ 0.92 $ 0.23
Diluted earnings per common unit:        
Income from continuing operations $ 0.46 $ 0.17 $ 0.91 $ 0.23
Net income $ 0.46 $ 0.17 $ 0.91 $ 0.23
Distribution paid per common unit $ 0.800 $ 0.775 $ 1.575 $ 1.540