Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Tanger Factory Outlet Centers, Inc
Jun. 30, 2010
Tanger Factory Outlet Centers, Inc
Jun. 30, 2011
Tanger Properties Limited Partnership
Jun. 30, 2010
Tanger Properties Limited Partnership
Net income $ 21,659 $ 8,395 $ 21,659 $ 8,395
Depreciation and amortization (including discontinued operations) 35,823 43,670 35,823 43,670
Impairment charges (including discontinued operations) 0 735 0 735
Loss on termination of derivatives 0 6,142 0 6,142
Write off of Deferred Debt Issuance Cost     0 (563)
Loss on early extinguishment of debt     0 563
Gain on sale of outparcels of land 0 (161) 0 (161)
Amortization of deferred financing costs 948 657 948 657
Loss on early extinguishment of debt 0 563 0 563
Equity in earnings (losses) of unconsolidated joint ventures 796 119 796 119
Equity-based compensation expense 3,618 2,682 3,618 2,682
Amortization of debt premiums and discount, net 45 (219) 45 (219)
Distributions of cumulative earnings from unconsolidated joint ventures 156 414 156 414
Net accretion of market rent rate adjustment (357) (381) (357) (381)
Straight-line base rent adjustment (2,033) (1,402) (2,033) (1,402)
Changes in other assets and liabilities :        
Other assets 4,295 2,250 4,256 2,319
Accounts payable and accrued expenses (5,081) (9,423) (5,027) (9,445)
Net cash provided by operating activities 59,869 54,041 59,884 54,088
INVESTING ACTIVITIES        
Additions to rental property (30,031) (26,692) (30,031) (26,692)
Payments to Acquire Real Estate (134,000) 0 (134,000) 0
Termination payments related to derivatives 0 (6,142) 0 (6,142)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 444 536 444 536
Deposits into escrow for potential acquisition (13,089) 0 (13,089) 0
Net proceeds from the sale of real estate 724 602 724 602
Additions to deferred lease costs (6,166) (1,969) (6,166) (1,969)
Net cash used in investing activities (182,118) (33,665) (182,118) (33,665)
FINANCING ACTIVITIES        
Cash distributions paid (32,009) (33,962) (36,785) (38,633)
Distributions to noncontrolling interest in Operating Partnership (4,776) (4,671)    
Proceeds from debt issuances 306,850 485,230 306,850 485,230
Repayments of debt (135,030) (465,000) (135,030) (465,000)
Additions to deferred financing costs (149) (2,486) (149) (2,486)
Proceeds from exercise of options 43 699 43 699
Net cash used in financing activities 134,929 (20,190) 134,929 (20,190)
Net decrease in cash and cash equivalents 12,680 186 12,695 233
Cash and cash equivalents, beginning of period 5,758 3,267 5,671 3,214
Cash and cash equivalents, end of period $ 18,438 $ 3,453 $ 18,366 $ 3,447