Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Deferred Charges

Deferred Charges

12 Months Ended

Dec. 31, 2018

Deferred lease costs and other intangibles, net as of December 31, 2018 and 2017 consist of the following (in thousands):



	2018			2017
Deferred lease costs	$	87,590		$	81,888
Intangible assets:
Above market leases	49,869			54,763
Lease in place value	64,152			71,801
Tenant relationships	40,690			49,184
Other intangibles	48,639			49,730
	290,940			307,366
Accumulated amortization	(174,066		)	(175,305		)
Deferred lease costs and other intangibles, net	$	116,874		$	132,061

Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2018 and 2017 were $21.7 million and $24.5 million, respectively.

Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2018, 2017 and 2016 was $15.1 million, $17.8 million and $16.8 million, respectively.

Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2018, 2017 and 2016 was $(2.1) million, $(2.4) million and $(2.8) million, respectively.

Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands):



Year	Above/(Below) Market Leases, Net ⁽¹⁾		Deferred Lease Costs and Other Intangibles ⁽²⁾
2019	$	865	$	6,565
2020	434		5,625
2021	309		4,984
2022	286		4,640
2023	423		3,915
Total	$	2,317	$	25,729


(1)	These net amounts are recorded as a reduction of base rentals.


(2)	These amounts are recorded as an increase in depreciation and amortization.