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 |
X | ||||||||||
- Definition
Charge for the write-off of previously capitalized pre-development costs related to a development project that is no longer probable.
|
X | ||||||||||
- Definition
Basic earnings per common unit [Abstract]
|
X | ||||||||||
- Definition
Diluted earnings per common unit [Abstract]
|
X | ||||||||||
- Definition
Net income (loss) available to common unit holders, Basic
|
X | ||||||||||
- Definition
Net income (loss) available to common unit holders, Diluted
|
X | ||||||||||
- Definition
Gain Loss on termination of derivative contracts
|
X | ||||||||||
- Definition
Income (loss) from continuing operations (after preferred unit distributions), Basic
|
X | ||||||||||
- Definition
Income (loss) from continuing operations (after preferred unit distributions), Diluted
|
X | ||||||||||
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cash dividends declared or paid to each outstanding limited partnership unit during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.
|
X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues.
|
X | ||||||||||
- Definition
Amount of contingent rental revenue recognized for the period under lease, based on the occurrences of an event or condition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|