Quarterly Financial Data of the Company (Unaudited) |
Quarterly Financial Data of the Company (Unaudited)
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2018 and 2017 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership:
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Year Ended December 31, 2018(1)
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First Quarter |
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Second Quarter |
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Third Quarter(2)
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Fourth
Quarter(3)
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Total revenues |
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$ |
123,535 |
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$ |
119,711 |
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$ |
124,236 |
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$ |
127,199 |
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Net income (loss) |
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23,685 |
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24,290 |
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(23,031 |
) |
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20,619 |
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Income (loss) attributable to Tanger Factory Outlet Centers, Inc. |
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22,838 |
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22,969 |
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(21,859 |
) |
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19,707 |
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Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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$ |
22,575 |
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$ |
22,656 |
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$ |
(22,172 |
) |
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$ |
19,385 |
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Basic earnings per common share: |
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Net income (loss) |
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$ |
0.24 |
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$ |
0.24 |
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$ |
(0.24 |
) |
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$ |
0.21 |
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Diluted earnings per common share: |
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Net income (loss) |
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$ |
0.24 |
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$ |
0.24 |
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$ |
(0.24 |
) |
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$ |
0.21 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
In the third quarter of 2018, net income includes a $49.7 million impairment charge related to our Jeffersonville, Ohio outlet center.
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(3) |
In the fourth quarter of 2018, net income includes a $7.2 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures.
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Year Ended December 31, 2017 (1)
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First Quarter |
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Second Quarter(2)
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Third Quarter(3)
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Fourth
Quarter
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Total revenues |
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$ |
121,368 |
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$ |
119,614 |
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$ |
120,765 |
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$ |
126,487 |
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Net income (loss) |
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23,514 |
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30,947 |
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(16,034 |
) |
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33,449 |
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Income (loss) attributable to Tanger Factory Outlet Centers, Inc. |
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22,336 |
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29,390 |
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(15,219 |
) |
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31,495 |
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Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. |
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$ |
22,041 |
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$ |
29,084 |
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$ |
(15,525 |
) |
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$ |
31,193 |
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Basic earnings per common share : |
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Net income (loss) |
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$ |
0.23 |
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$ |
0.31 |
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$ |
(0.17 |
) |
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$ |
0.33 |
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Diluted earnings per common share: |
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Net income (loss) |
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$ |
0.23 |
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$ |
0.31 |
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$ |
(0.17 |
) |
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$ |
0.33 |
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(1) |
Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. |
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(2) |
In the second quarter of 2017, net income includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut.
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(3) |
In the third quarter of 2017, net income includes a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020 and a $9.0 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures.
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