Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Adjustments to reconcile net income to net cash provided by operating activities:      
Impairment charge   $ 0 $ 0
Tanger Factory Outlet Centers, Inc. [Member]      
Operating Activities      
Net income $ 45,563,000 71,876,000 204,329,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 131,722,000 127,744,000 115,357,000
Impairment charge 49,739,000 0 0
Amortization of deferred financing costs 3,058,000 3,263,000 3,237,000
Loss on early extinguishment of debt 0 35,626,000 0
Gain on sale of assets 0 (6,943,000) (6,305,000)
Gain on previously held interest in acquired joint ventures 0 0 (95,516,000)
Equity in earnings of unconsolidated joint ventures (924,000) (1,937,000) (10,872,000)
Equity-based compensation expense 14,669,000 13,585,000 15,319,000
Amortization of debt (premiums) and discounts, net 416,000 462,000 1,290,000
Amortization (accretion) of market rent rate adjustments, net 2,577,000 2,829,000 3,302,000
Straight-line rent adjustments (5,844,000) (5,632,000) (7,002,000)
Distributions of cumulative earnings from unconsolidated joint ventures 7,941,000 10,697,000 13,662,000
Changes in other asset and liabilities:      
Other assets 2,079,000 365,000 (544,000)
Accounts payable and accrued expenses 7,322,000 1,224,000 3,059,000
Net cash provided by operating activities 258,318,000 253,159,000 239,316,000
Investing Activities      
Additions to rental property (64,253,000) (166,231,000) (165,060,000)
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired 0 0 (45,219,000)
Additions to investments in unconsolidated joint ventures (1,916,000) (5,892,000) (32,968,000)
Net proceeds on sale of assets 0 39,213,000 28,706,000
Distributions in excess of cumulative earnings from unconsolidated joint ventures 25,232,000 25,084,000 60,267,000
Additions to non-real estate assets (1,330,000) (8,909,000) (6,503,000)
Additions to deferred lease costs (6,703,000) (6,584,000) (7,013,000)
Other investing activities 8,947,000 5,774,000 983,000
Net cash used in investing activities (40,023,000) (117,545,000) (166,807,000)
Financing Activities      
Cash dividends paid (131,244,000) (130,166,000) (141,088,000)
Distributions to noncontrolling interests in Operating Partnership (6,955,000) (6,800,000) (7,428,000)
Proceeds from revolving credit facility 491,900,000 719,521,000 845,650,000
Repayments of revolving credit facility (554,900,000) (572,421,000) (974,950,000)
Proceeds from notes, mortgages and loans 25,000,000 299,460,000 437,420,000
Repayments of notes, mortgages and loans (11,783,000) (373,258,000) (330,329,000)
Payment of make-whole premium related to early extinguishment of debt 0 (34,143,000) 0
Repayment of deferred financing obligation 0 0 (28,388,000)
Repurchase of common shares, including transaction costs (19,998,000) (49,361,000) 0
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,068,000) (2,436,000) (2,177,000)
Additions to deferred financing costs (4,428,000) (2,850,000) (5,496,000)
Proceeds from exercise of options 0 54,000 1,749,000
Proceeds from other financing activities 626,000 12,054,000 3,897,000
Payment for other financing activities (1,353,000) (1,333,000) (2,327,000)
Net cash provided (used in) by financing activities (215,203,000) (141,679,000) (203,467,000)
Effect of foreign currency rate changes on cash and cash equivalents (110,000) (56,000) 316,000
Net increase (decrease) in cash, cash equivalents and restricted cash 2,982,000 (6,121,000) (130,642,000)
Cash, cash equivalents and restricted cash, beginning of year 6,101,000 12,222,000 142,864,000
Cash, cash equivalents and restricted cash, end of year 9,083,000 6,101,000 12,222,000
Tanger Properties Limited Partnership [Member]      
Operating Activities      
Net income 45,563,000 71,876,000 204,329,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 131,722,000 127,744,000 115,357,000
Impairment charge 49,739,000 0 0
Amortization of deferred financing costs 3,058,000 3,263,000 3,237,000
Loss on early extinguishment of debt 0 35,626,000 0
Gain on sale of assets 0 (6,943,000) (6,305,000)
Gain on previously held interest in acquired joint ventures 0 0 (95,516,000)
Equity in earnings of unconsolidated joint ventures (924,000) (1,937,000) (10,872,000)
Equity-based compensation expense 14,669,000 13,585,000 15,319,000
Amortization of debt (premiums) and discounts, net 416,000 462,000 1,290,000
Amortization (accretion) of market rent rate adjustments, net 2,577,000 2,829,000 3,302,000
Straight-line rent adjustments (5,844,000) (5,632,000) (7,002,000)
Distributions of cumulative earnings from unconsolidated joint ventures 7,941,000 10,697,000 13,662,000
Changes in other asset and liabilities:      
Other assets 1,729,000 481,000 (705,000)
Accounts payable and accrued expenses 7,631,000 1,080,000 3,203,000
Net cash provided by operating activities 258,277,000 253,131,000 239,299,000
Investing Activities      
Additions to rental property (64,253,000) (166,231,000) (165,060,000)
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired 0 0 (45,219,000)
Additions to investments in unconsolidated joint ventures (1,916,000) (5,892,000) (32,968,000)
Net proceeds on sale of assets 0 39,213,000 28,706,000
Distributions in excess of cumulative earnings from unconsolidated joint ventures 25,232,000 25,084,000 60,267,000
Additions to non-real estate assets (1,330,000) (8,909,000) (6,503,000)
Additions to deferred lease costs (6,703,000) (6,584,000) (7,013,000)
Other investing activities 8,947,000 5,774,000 983,000
Net cash used in investing activities (40,023,000) (117,545,000) (166,807,000)
Financing Activities      
Cash dividends paid (138,199,000) (136,966,000) (148,516,000)
Proceeds from revolving credit facility 491,900,000 719,521,000 845,650,000
Repayments of revolving credit facility (554,900,000) (572,421,000) (974,950,000)
Proceeds from notes, mortgages and loans 25,000,000 299,460,000 437,420,000
Repayments of notes, mortgages and loans (11,783,000) (373,258,000) (330,329,000)
Payment of make-whole premium related to early extinguishment of debt 0 (34,143,000) 0
Repayment of deferred financing obligation 0 0 (28,388,000)
Repurchase of common shares, including transaction costs (19,998,000) (49,361,000) 0
Employee income taxes paid related to shares withheld upon vesting of equity awards (2,068,000) (2,436,000) (2,177,000)
Additions to deferred financing costs (4,428,000) (2,850,000) (5,496,000)
Proceeds from exercise of options 0 54,000 1,749,000
Proceeds from other financing activities 626,000 12,054,000 3,897,000
Payment for other financing activities (1,353,000) (1,333,000) (2,327,000)
Net cash provided (used in) by financing activities (215,203,000) (141,679,000) (203,467,000)
Effect of foreign currency rate changes on cash and cash equivalents (110,000) (56,000) 316,000
Net increase (decrease) in cash, cash equivalents and restricted cash 2,941,000 (6,149,000) (130,659,000)
Cash, cash equivalents and restricted cash, beginning of year 6,050,000 12,199,000 142,858,000
Cash, cash equivalents and restricted cash, end of year $ 8,991,000 $ 6,050,000 $ 12,199,000