United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 1-11986 (Tanger Factory Outlet Centers, Inc.) Commission file number: 333-3526-01 (Tanger Properties Limited Partnership) T ...

Part I [Item 1. Financial Statements](index=6&type=section&id=Item%201%20-%20Financial%20Statements) Provides unaudited consolidated financial statements for Q1 2022, detailing the company's financial position, performance, and cash flows [Financial Statements of Tanger Factory Outlet Centers, Inc.](index=6&type=section&id=Financial%20Statements%20of%20Tanger%20Factory%20Outlet%20Centers%2C%20Inc.) Q1 2022 saw total revenues of **$108.9 million** and net income of **$20.5 million**, with total assets at **$2.13 billion** and debt at **$1.40 billion** Consolidated Balance Sheet Highlights (Tanger Factory Outlet Centers, Inc.) | Metric | March 31, 2022 (in thousands) | December 31, 2021 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,134,232 | $2,157,384 | | Total Debt | $1,396,537 | $1,397,076 | | Total Liabilities | $1,623,655 | $1,657,595 | | Total Equity | $510,577 | $499,789 | Consolidated Statements of Operations Highlights (Tanger Factory Outlet Centers, Inc.) | Metric | Q1 2022 (in thousands) | Q1 2021 (in thousands) | | :--- | :--- | :--- | | Total Revenues | $108,868 | $100,694 | | Total Expenses | $78,468 | $80,254 | | Net Income | $21,462 | $4,342 | | Net Income Attributable to Company | $20,518 | $4,133 | | Diluted EPS | $0.19 | $0.04 | Consolidated Cash Flow Highlights (Tanger Factory Outlet Centers, Inc.) | Metric | Q1 2022 (in thousands) | Q1 2021 (in thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $18,854 | $31,276 | | Net Cash from Investing Activities | ($3,340) | $2,717 | | Net Cash from Financing Activities | ($23,914) | $82,956 | | Net (Decrease) / Increase in Cash | ($8,408) | $116,889 | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes support financial statements, covering property portfolio, **$1.4 billion** debt, dividends, joint ventures, and accounting policies - As of March 31, 2022, the company owned and operated **30 consolidated outlet centers** (11.5 million sq. ft.) and had partial ownership in **6 unconsolidated outlet centers** (2.1 million sq. ft.)[57](index=57&type=chunk) Debt of the Operating Partnership (as of March 31, 2022) | Debt Type | Principal (in thousands) | Book Value (in thousands) | | :--- | :--- | :--- | | Senior, unsecured notes | $1,050,000 | $1,036,635 | | Mortgages payable | $60,612 | $61,312 | | Unsecured term loan | $300,000 | $298,590 | | **Total** | **$1,410,612** | **$1,396,537** | - In January 2022, the company declared a cash dividend of **$0.1825 per common share**[99](index=99&type=chunk) - As of March 31, 2022, the company had approximately **$60.1 million** remaining available for sale under its At-the-Market (ATM) share offering program[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2022 financial performance, highlighting increased net income, strong occupancy, robust liquidity, and growth in key non-GAAP metrics [General Overview & Leasing Activity](index=39&type=section&id=General%20Overview) Overview of the company's property portfolio, **94.1%** consolidated occupancy, and positive leasing activity with a **1.1%** rent spread - As of March 31, 2022, the portfolio consisted of **30 consolidated outlet centers** in 18 states and **6 unconsolidated outlet centers**[141](index=141&type=chunk) Leasing Activity (Trailing 12 Months Ended March 31) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Comparable Space** | | | | Leasing Transactions | 297 | 228 | | Square Feet (in 000's) | 1,498 | 1,170 | | Rent Spread | 1.1% | (7.9)% | | **Total Space (Comparable & Non-Comparable)** | | | | Leasing Transactions | 353 | 246 | | Square Feet (in 000's) | 1,713 | 1,230 | [Results of Operations](index=43&type=section&id=RESULTS%20OF%20OPERATIONS) Q1 2022 net income increased by **$17.1 million** to **$21.5 million**, driven by higher rental revenues, reduced G&A, and lower interest expense - Net income increased by **$17.1 million** to **$21.5 million** in Q1 2022, compared to **$4.3 million** in Q1 2021[156](index=156&type=chunk) Change in Rental Revenues (Q1 2022 vs Q1 2021) | Component | Increase/(Decrease) (in thousands) | | :--- | :--- | | Rental revenues from existing properties | $6,417 | | Lease termination fees | $1,922 | | Rental revenues from properties disposed | ($515) | | Straight-line rent adjustments | ($294) | | Amortization of rent adjustments, net | ($388) | | **Total Increase** | **$7,142** | - General and administrative expenses decreased by **$1.3 million**, partly because the 2021 period included **$2.4 million** in costs related to a voluntary retirement plan and executive severance[161](index=161&type=chunk) - Interest expense decreased by **$2.7 million** due to the redemption of higher-rate senior notes in 2021 and a paydown of the unsecured term loan[164](index=164&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES%20OF%20THE%20OPERATING%20PARTNERSHIP) Strong liquidity of **$672.8 million** as of March 31, 2022, with **96%** unsecured debt and compliance with all debt covenants - Total liquidity as of March 31, 2022 was approximately **$672.8 million**, including cash and full undrawn capacity under its **$520 million** unsecured lines of credit[206](index=206&type=chunk) - As of March 31, 2022, the company was in compliance with all debt covenants, with Total Debt to Adjusted Total Assets at **41%**, below the **60%** threshold[210](index=210&type=chunk)[211](index=211&type=chunk) - The next significant debt maturity is the unsecured term loan due in April 2024[207](index=207&type=chunk) - In April 2022, the Board of Directors declared a cash dividend of **$0.20 per common share**, an increase from the previous quarter[179](index=179&type=chunk) [Non-GAAP Supplemental Measures](index=54&type=section&id=NON-GAAP%20SUPPLEMENTAL%20MEASURES) Reconciles non-GAAP metrics, showing Q1 2022 FFO of **$49.4 million** (**$0.45** per share) and **9.6%** Same Center NOI growth FFO and Core FFO Reconciliation (Q1 2022 vs Q1 2021) | Metric (in thousands, except per share) | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Income | $21,462 | $4,342 | | Adjustments (Depreciation, etc.) | $28,415 | $34,254 | | **FFO** | **$49,877** | **$38,596** | | FFO available to common shareholders | $49,443 | $38,204 | | **Core FFO available to common shareholders** | **$49,443** | **$40,600** | | FFO per share - diluted | $0.45 | $0.38 | | Core FFO per share - diluted | $0.45 | $0.40 | Same Center NOI Growth (Q1 2022 vs Q1 2021) | Metric (in thousands) | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Same Center NOI - Consolidated | $71,288 | $65,048 | 9.6% | | Same Center NOI - Total Portfolio | $78,192 | $71,127 | 9.9% | [Economic Conditions and Outlook](index=62&type=section&id=ECONOMIC%20CONDITIONS%20AND%20OUTLOOK) Discusses economic conditions, noting improved **94.3%** portfolio occupancy, active lease renewals, and challenges from inflation and supply chain issues - Total portfolio occupancy improved to **94.3%** as of March 31, 2022, compared to **92.0%** as of March 31, 2021[252](index=252&type=chunk) - As of April 30, 2022, the company had lease renewals executed or in process for **52.4%** of the space scheduled to expire during 2022[249](index=249&type=chunk) - Management acknowledges potential pressures from rising inflation, logistics, and staffing issues on retailers, but notes that sales per square foot for the trailing twelve months were near historical highs[250](index=250&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Details market risks, primarily interest rate and foreign currency, with only **3%** of debt at variable rates and minimal impact from LIBOR changes - As of March 31, 2022, **3%** of outstanding consolidated debt had variable interest rates, with a **100 basis point** change in LIBOR impacting annual interest expense by approximately **$401,000**[255](index=255&type=chunk) - The company uses interest rate swap agreements to fix rates on debt with notional amounts totaling **$300.0 million**[254](index=254&type=chunk) - The company is exposed to foreign currency risk from its investments in Canadian outlet centers, but generally does not hedge this exposure[261](index=261&type=chunk) [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO confirm effective disclosure controls and procedures as of March 31, 2022, with no material changes to internal controls - Based on an evaluation as of March 31, 2022, the CEO and CFO concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were effective[262](index=262&type=chunk)[263](index=263&type=chunk) - There were no changes to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[262](index=262&type=chunk)[263](index=263&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) Discusses routine legal proceedings, which management believes will not materially impact financial condition or results of operations - The Company and Operating Partnership are engaged in routine legal proceedings, which management believes will not have a material adverse effect on financial results[265](index=265&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for December 31, 2021 - No material changes have occurred from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021[266](index=266&type=chunk) [Item 2. Issuer Purchases of Equity Securities](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No share repurchases occurred in Q1 2022, with **$80.0 million** remaining authorized under the program through May 2023 - The company did not repurchase any of its shares during the three months ended March 31, 2022[268](index=268&type=chunk) - As of March 31, 2022, approximately **$80.0 million** remained authorized for repurchase under the existing program, which runs through May 31, 2023[268](index=268&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including certifications from Principal Executive and Financial Officers and XBRL data - The report includes required certifications from the Principal Executive Officer and Principal Financial Officer for both Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership[270](index=270&type=chunk)

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET Company Participants Doug McDonald - SVP, Finance and Capital Markets Steven Tanger - Executive Chair Stephen Yalof - President, CEO & Director James Williams - EVP, CFO & Treasurer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Michael Bilerman - Citigroup Inc. Floris Gerbrand Van Dijkum - Compass Point Research & Trading Caitlin Burrows - Goldman Sachs Group Emily Arft - Green Street ...

Financial Performance - The company's Q1 2022 results reflect strong operating fundamentals, driving robust NOI growth, positive leasing spreads, and increased tenant sales[14] - Same Center NOI increased by 99% year-over-year for the twelve months ended March 31, 2022[32] - Core FFO available to common shareholders was $045 per share in Q1 2022[80, 104] - Net income available to common shareholders was $20303 million in Q1 2022, compared to $3926 million in Q1 2021[101] Portfolio Metrics - Occupancy was 943% as of March 31, 2022, up 13%[32] - Tenant sales per square foot reached $464, up 181% from 1Q19[32] - Executed comparable leases had blended cash rent spreads of +99%[32] - The company executed 18 million square feet of leases in the period from 375 leases[32] - The portfolio consists of 136 million total square feet[24] Capital & Debt - The company maintains an investment-grade rating[24] - The company has limited floating rate exposure[70] - The company has $1079 million in square feet encumbered and $14680 million in square feet unencumbered[70]

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Citi's 2022 Global Property CEO Conference March 7, 2022 5:00 PM ET Company Participants Stephen Yalof - Director, President and Chief Executive Officer James Williams - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Katy McConnell - Citigroup Operator Good afternoon, everyone and welcome to the 5 PM session at Citi’s Global Property CEO Conference. I'm Katy McConnell with City research and we're pleased to have wi ...

Part I [Explanatory Note](index=3&type=section&id=Explanatory%20Note) This 10-K combines reports for Tanger Factory Outlet Centers, Inc. (REIT) and its Operating Partnership, providing a comprehensive enterprise view - The report combines the annual filings for Tanger Factory Outlet Centers, Inc. (the Company) and Tanger Properties Limited Partnership (the Operating Partnership), which are operated as a single enterprise[14](index=14&type=chunk)[18](index=18&type=chunk) - The Company is a REIT whose primary asset is its ownership interest in the Operating Partnership. The Operating Partnership holds all outlet centers and assets, conducts all operations, and generates the required capital[15](index=15&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - As of December 31, 2021, the Company and its subsidiaries owned **104,084,734** units of the Operating Partnership, while other limited partners held **4,761,559** Class A common limited partnership units, which are exchangeable for the Company's common shares[17](index=17&type=chunk) [Item 1. Business](index=5&type=section&id=ITEM%201.%20BUSINESS) Tanger is a leading outlet center owner/operator in the US and Canada, focused on portfolio growth and NOI, with 2021 marked by strategic financing and ESG initiatives Portfolio Overview as of December 31, 2021 | Portfolio Type | Number of Centers | Total Gross Leasable Area (sq. ft.) | | :--- | :--- | :--- | | Consolidated | 30 | ~11.5 million | | Unconsolidated | 6 | ~2.1 million | - The consolidated portfolio was **95%** occupied as of year-end 2021, containing over **2,200** stores from approximately **500** brands[25](index=25&type=chunk) - The company's growth strategy includes increasing net operating income at existing centers, developing new centers, expanding and renovating properties, and acquiring outlet centers that meet strategic criteria[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - As of December 31, 2021, the company had **310** full-time and **263** part-time employees. Females comprised **77%** of the total workforce and **45%** of the executive leadership team, while ethnic minorities made up **26%** of the total workforce[82](index=82&type=chunk)[85](index=85&type=chunk) - The company has established an ESG program with priority issues identified as Diversity, Equity and Inclusion; Energy Use and Efficiency; Community Involvement; Climate Change; and Tenants' Environmental and Social Footprint[87](index=87&type=chunk)[90](index=90&type=chunk) [Recent Developments](index=5&type=section&id=Recent%20Developments) In 2021, the company strengthened its capital structure via an ATM offering, debt refinancing, and credit line extension, while recording an impairment and selling an asset 2021 At-the-Market (ATM) Share Offering | Metric | Value | | :--- | :--- | | Shares Sold | 10.0 million | | Weighted Average Price | $18.97 per share | | Net Proceeds | $187.1 million | - The company issued **$400.0 million** in senior notes due 2031 at a **2.750%** interest rate, using the proceeds to redeem all outstanding **3.875%** notes due 2023 (**$250.0 million** total) and **3.750%** notes due 2024 (**$250.0 million**). This resulted in a loss on early extinguishment of debt, including make-whole premiums[36](index=36&type=chunk)[37](index=37&type=chunk) - A **$7.0 million** impairment charge was recorded in December 2021 for the Mashantucket (Foxwoods), Connecticut outlet center due to a decreased estimated hold period and declining operating results[40](index=40&type=chunk) - The company extended the maturity of its **$520.0 million** unsecured lines of credit from October 2021 to July 2025[35](index=35&type=chunk) [Item 1A. Risk Factors](index=14&type=section&id=ITEM%201A%20RISK%20FACTORS) The company faces risks from real estate illiquidity, tenant health, debt financing, interest rate volatility, cyber-attacks, and maintaining REIT status - **Real Estate Risks:** Investments are illiquid and subject to market volatility, economic conditions, and competition. The company may be unable to successfully develop new centers or expand existing ones, and properties may be subject to impairment charges[95](index=95&type=chunk)[96](index=96&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - **Business & Operational Risks:** The COVID-19 pandemic continues to pose a significant threat to tenant financial health and consumer spending. The company is substantially dependent on rental income and the operational success of its retail tenants, who face risks from changing consumer habits, e-commerce, and potential bankruptcy[110](index=110&type=chunk)[113](index=113&type=chunk)[116](index=116&type=chunk)[125](index=125&type=chunk) - **Financial & Market Risks:** The company is subject to risks from debt financing, including the ability to refinance maturing debt on favorable terms. Interest rate fluctuations, particularly the phasing out of LIBOR, could adversely affect financing costs. The company also faces risks from cyber-attacks that could disrupt operations or expose sensitive data[130](index=130&type=chunk)[134](index=134&type=chunk)[143](index=143&type=chunk) - **Tax & Structural Risks:** Failure to qualify as a REIT would subject earnings to corporate-level taxation, significantly reducing cash available for distribution. The company is also dependent on distributions from the Operating Partnership to pay dividends and meet its financial obligations[137](index=137&type=chunk)[142](index=142&type=chunk) [Item 2. Properties](index=24&type=section&id=ITEM%202.%20PROPERTIES) Tanger's diversified portfolio includes 30 consolidated and 6 unconsolidated outlet centers, with 95% occupancy and key tenants contributing significantly to rent Consolidated Portfolio Occupancy and Rent (2017-2021) | Year | Occupancy | Average Annual Base Rent per sq. ft. | | :--- | :--- | :--- | | 2021 | 95% | $23.79 | | 2020 | 92% | $21.10 | | 2019 | 97% | $25.35 | | 2018 | 97% | $25.51 | | 2017 | 97% | $25.81 | Top 5 Tenants by Annualized Base Rent (as of Dec 31, 2021) | Tenant | % of Total GLA | % of Total Annualized Base Rent | | :--- | :--- | :--- | | The Gap, Inc. | 7.7% | 6.1% | | Premium Apparel, LLC; The Talbots, Inc. | 3.7% | 4.2% | | SPARC Group | 4.0% | 4.2% | | PVH Corp. | 2.6% | 3.6% | | Tapestry, Inc. | 2.0% | 3.4% | - Scheduled lease expirations for 2022 represent **18%** of annualized base rent, covering approximately **1.8 million** square feet[162](index=162&type=chunk) - The Deer Park, New York outlet center is the only property comprising **10%** or more of consolidated total assets. Its occupancy recovered to **95%** in 2021 from **89%** in 2020[176](index=176&type=chunk) [Item 3. Legal Proceedings](index=32&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is involved in routine legal proceedings, none of which are expected to materially impact financial results - The Company and Operating Partnership are engaged in routine legal proceedings, none of which are expected to have a material adverse effect on financial results[182](index=182&type=chunk) [Information about the Executive Officers](index=32&type=section&id=Information%20about%20the%20Executive%20Officers) The company's executive leadership team, including Steven B. Tanger and Stephen J. Yalof, comprises experienced professionals, strengthened by key hires in 2021 Executive Officers | Name | Age | Position | | :--- | :--- | :--- | | Steven B. Tanger | 73 | Executive Chair of the Board | | Stephen J. Yalof | 59 | Director, President and Chief Executive Officer | | James F. Williams | 57 | Executive Vice President - Chief Financial Officer and Treasurer | | Chad D. Perry | 49 | Executive Vice President - General Counsel and Secretary | | Leslie A. Swanson | 51 | Executive Vice President - Chief Operating Officer | | Justin C. Stein | 42 | Executive Vice President - Leasing | | Andrew R. Wingrove | 39 | Executive Vice President - Chief Commercial Officer | Part II [Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY%2C%20RELATED%20SHAREHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Tanger's shares trade on NYSE; the company reinstated dividends in 2021 and authorized a share repurchase program, though stock performance lagged REIT indices - The Board authorized an **$80.0 million** share repurchase program through May 31, 2023. No shares were repurchased under this program as of December 31, 2021[196](index=196&type=chunk)[197](index=197&type=chunk) - Dividends were reinstated in January 2021 after a temporary suspension in May 2020. Quarterly dividends were paid for the full year 2021, with a total of **$0.7150 per unit** distributed by the Operating Partnership[199](index=199&type=chunk)[208](index=208&type=chunk) Five-Year Cumulative Total Return Performance | Index | 12/31/2016 | 12/31/2021 | | :--- | :--- | :--- | | Tanger Factory Outlet Centers, Inc. | $100.00 | $72.60 | | Dow Jones Equity All REIT Index | $100.00 | $180.39 | | Dow Jones U.S. Real Estate Retail Index | $100.00 | $89.37 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) 2021 saw significant operational and financial recovery, with increased net income and rental revenues, improved liquidity, and stronger non-GAAP metrics, despite a debt extinguishment loss - Net income increased to **$9.6 million** in 2021 from a net loss of **$38.0 million** in 2020. The improvement was primarily due to higher revenues post-pandemic and lower impairment charges, partially offset by a **$47.9 million** loss on early debt extinguishment[226](index=226&type=chunk) - Rental revenues increased by **$29.8 million** in 2021 compared to 2020, largely due to a **$42.9 million** increase in revenues from existing properties as business conditions normalized after the COVID-19 disruptions of 2020[227](index=227&type=chunk) - The company's liquidity position was strong, with approximately **$681.3 million** available as of December 31, 2021, consisting of cash and undrawn capacity on its unsecured lines of credit[290](index=290&type=chunk) Key Non-GAAP Performance Metrics (2021 vs 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | FFO available to common shareholders (in thousands) | $138,114 | $154,122 | | Core FFO available to common shareholders (in thousands) | $188,360 | $153,708 | | Core FFO per share - diluted | $1.76 | $1.57 | | Same Center NOI - Consolidated (in thousands) | $284,768 | $246,245 | [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income increased significantly in 2021 due to higher rental revenues and lower impairment, partially offset by a debt extinguishment loss and increased G&A expenses Change in Rental Revenues (2021 vs 2020, in thousands) | Component | 2021 | 2020 | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Rental revenues from existing properties | $407,164 | $364,214 | $42,950 | | Rental revenues from properties disposed | $272 | $7,315 | ($7,043) | | Lease termination fees | $2,225 | $12,125 | ($9,900) | | **Total Rental Revenues** | **$407,766** | **$377,932** | **$29,834** | - General and administrative expenses increased by **$18.1 million** in 2021, primarily due to higher compensation costs from new executive hires, professional fees related to rent collections, and **$3.6 million** in severance and voluntary retirement costs[235](index=235&type=chunk) - Impairment charges decreased to **$7.0 million** in 2021 (related to the Foxwoods center) from **$67.2 million** in 2020 (related to the Foxwoods and Jeffersonville centers)[236](index=236&type=chunk) - A loss on early extinguishment of debt of **$47.9 million** was recorded in 2021 due to make-whole premiums and write-offs from the redemption of senior notes due in 2023 and 2024[238](index=238&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity in 2021, with increased operating cash flow and strategic financing activities, including an ATM offering and debt refinancing Cash Flow Summary (2021 vs 2020, in thousands) | Cash Flow Activity | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $217,697 | $164,818 | $52,879 | | Net cash used in investing activities | ($22,739) | ($18,771) | ($3,968) | | Net cash used in financing activities | ($118,379) | ($77,593) | ($40,786) | - During 2021, the company sold **10.0 million** shares under its ATM program at a weighted average price of **$18.97 per share**, generating net proceeds of **$187.1 million**, which were used primarily to reduce debt[291](index=291&type=chunk) - The company redeemed all of its **3.875%** senior notes due 2023 and **3.750%** senior notes due 2024, funded by a new public offering of **$400.0 million** in **2.750%** senior notes due 2031[292](index=292&type=chunk)[293](index=293&type=chunk) - As of December 31, 2021, the company was in compliance with all debt covenants, with its most restrictive covenants being those in its senior, unsecured notes[303](index=303&type=chunk)[304](index=304&type=chunk) [Non-GAAP Supplemental Measures](index=57&type=section&id=Non-GAAP%20Supplemental%20Measures) While FFO decreased due to debt extinguishment, Core FFO and Same Center NOI significantly increased in 2021, reflecting strong operational recovery Reconciliation of Net Income to FFO and Core FFO (in thousands) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Net income (loss) | $9,558 | ($38,013) | | Adjustments (Depreciation, Impairment, etc.) | $129,009 | $200,215 | | FFO | $139,567 | $156,025 | | **FFO available to common shareholders** | **$138,114** | **$154,122** | | Further Adjustments (Loss on debt extinguishment, etc.) | $50,246 | ($417) | | **Core FFO available to common shareholders** | **$188,360** | **$153,708** | FFO and Core FFO Per Share (Diluted) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | FFO available to common shareholders per share | $1.29 | $1.58 | | Core FFO available to common shareholders per share | $1.76 | $1.57 | - Same Center NOI for the consolidated portfolio increased by **15.6%** to **$284.8 million** in 2021 from **$246.2 million** in 2020[334](index=334&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate exposure on its variable-rate debt, alongside unhedged foreign currency risk from Canadian investments - As of year-end 2021, **3%** of outstanding consolidated debt (excluding debt with interest rate protection) had variable interest rates. A **100 basis point** change in LIBOR would change annual interest expense by approximately **$401,000**[359](index=359&type=chunk) - The company is exposed to foreign currency risk from its Canadian investments, which are denominated in Canadian Dollars, but generally does not hedge this exposure[364](index=364&type=chunk) Fair Value vs. Recorded Value of Debt (in thousands) | Date | Fair Value of Debt | Recorded Value of Debt | | :--- | :--- | :--- | | December 31, 2021 | $1,445,337 | $1,397,076 | | December 31, 2020 | $1,639,803 | $1,567,886 | [Item 9A. Controls and Procedures](index=66&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management and independent auditors concluded that disclosure controls and internal controls over financial reporting were effective as of December 31, 2021 - The Principal Executive Officer and Principal Financial Officer concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were effective as of December 31, 2021[367](index=367&type=chunk)[372](index=372&type=chunk) - Management concluded that the internal control over financial reporting for both entities was effective as of December 31, 2021, based on the COSO framework[369](index=369&type=chunk)[374](index=374&type=chunk) - The independent auditor, Deloitte & Touche LLP, provided an unqualified opinion on the effectiveness of internal control over financial reporting for both the Company and the Operating Partnership[371](index=371&type=chunk)[376](index=376&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=68&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information required by this item is incorporated by reference from the Company's 2022 Proxy Statement[381](index=381&type=chunk)[383](index=383&type=chunk) [Item 11. Executive Compensation](index=69&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Executive compensation information is incorporated by reference from the 2022 Proxy Statement - Information required by this item is incorporated by reference from the Company's 2022 Proxy Statement[385](index=385&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=69&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20SHAREHOLDER%20MATTERS) Security ownership information is incorporated by reference from the 2022 Proxy Statement, detailing equity compensation plan issuances Equity Compensation Plan Information as of December 31, 2021 | Plan Category | Number of Securities to be Issued Upon Exercise | Weighted Average Exercise Price | Number of Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | Approved by security holders | 2,421,866 | $16.62 | 2,110,394 | | Not approved by security holders | 1,000,000 | $7.15 | — | | **Total** | **3,421,866** | **$10.68** | **2,110,394** | [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=69&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information on related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information required by this item is incorporated by reference from the Company's 2022 Proxy Statement[391](index=391&type=chunk) [Item 14. Principal Accounting Fees and Services](index=70&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Principal accounting fees and services information is incorporated by reference from the 2022 Proxy Statement - Information required by this item is incorporated by reference from the Company's 2022 Proxy Statement[393](index=393&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=70&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K, including consolidated financials and auditor reports - This item contains the index to the consolidated financial statements for both the Company and the Operating Partnership, as well as the financial statement schedule for Real Estate and Accumulated Depreciation[395](index=395&type=chunk) - A comprehensive list of exhibits is provided, including articles of incorporation, bylaws, debt indentures, material contracts, and executive compensation plans[397](index=397&type=chunk) [Financial Statements and Supplementary Data](index=80&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) Audited consolidated financial statements for 2021, with an unqualified auditor opinion, detail the company's recovery, asset and equity changes, and critical audit matters - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the financial statements for both the Company and the Operating Partnership[411](index=411&type=chunk)[428](index=428&type=chunk) - The critical audit matter identified by the auditor was the impairment of long-lived assets, due to the challenging, subjective, and complex judgments required for management's cash flow estimates used in the impairment analysis[416](index=416&type=chunk)[433](index=433&type=chunk) Consolidated Balance Sheet Highlights - Tanger Factory Outlet Centers, Inc. (in thousands) | Account | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | $2,157,384 | $2,189,531 | | Total Debt | $1,397,076 | $1,567,886 | | Total Equity | $499,789 | $358,883 | Consolidated Statement of Operations Highlights - Tanger Factory Outlet Centers, Inc. (in thousands) | Account | 2021 | 2020 | | :--- | :--- | :--- | | Total Revenues | $426,525 | $389,991 | | Net Income (Loss) | $9,558 | ($38,013) | | Diluted EPS | $0.08 | ($0.40) |

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Q4 2021 Earnings Conference Call February 18, 2022 8:30 AM ET Company Participants Cyndi Holt - SVP, Finance & IR Steven Tanger - Executive Chair of the Board Stephen Yalof - President, CEO & Director James Williams - EVP, CFO & Treasurer Conference Call Participants Mary McConnell - Citigroup Samir Khanal - Evercore ISI Todd Thomas - KeyBanc Capital Markets Floris Van Dijkum - Compass Point Research & Trading Caitlin Burrows - Goldman Sachs Group Craig Schmidt ...

THE TANGER EXPERIENCE Management Presentation | February 17, 2022 FOURTH QUARTER 2021 dependence on rental income from real property; our dependence on the | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Part I. Financial Information](index=7&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership, detailing financial position, operations, and cash flows, with explanatory notes [Financial Statements of Tanger Factory Outlet Centers, Inc.](index=7&type=section&id=Financial%20Statements%20of%20Tanger%20Factory%20Outlet%20Centers%2C%20Inc.) Consolidated Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,149,161 | $2,189,531 | | Total Debt | $1,410,765 | $1,567,886 | | Total Equity | $480,160 | $358,883 | Consolidated Statement of Operations Highlights (in thousands) | Metric | Three Months Ended Sep 30, 2021 (in thousands) | Three Months Ended Sep 30, 2020 (in thousands) | Nine Months Ended Sep 30, 2021 (in thousands) | Nine Months Ended Sep 30, 2020 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $112,465 | $103,213 | $314,432 | $278,836 | | Net (Loss) Income | $(11,071) | $13,719 | $(4,133) | $(38,290) | | Net (Loss) Income Attributable to Company | $(10,579) | $13,029 | $(3,968) | $(36,541) | Earnings Per Share (EPS) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Basic EPS | $(0.11) | $0.14 | $(0.05) | $(0.40) | | Diluted EPS | $(0.11) | $0.14 | $(0.05) | $(0.40) | - Net cash provided by operating activities for the nine months ended September 30, 2021, was **$143.95 million**, a significant increase from **$91.96 million** in the same period of 2020. Net cash used in financing activities was **$83.61 million**, primarily due to debt repayments and dividends[39](index=39&type=chunk) [Financial Statements of Tanger Properties Limited Partnership](index=13&type=section&id=Financial%20Statements%20of%20Tanger%20Properties%20Limited%20Partnership) - The financial statements of the Operating Partnership are substantially similar to those of the Company, as it holds all the outlet centers and assets and conducts all business operations. The main difference lies in the equity section, which is presented as Partners' Equity instead of Shareholders' Equity[15](index=15&type=chunk)[16](index=16&type=chunk) Operating Partnership Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,148,778 | $2,188,967 | | Total Debt | $1,410,765 | $1,567,886 | | Total Equity | $480,160 | $358,883 | [Notes to Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - As of September 30, 2021, the company owned and operated **30 consolidated outlet centers** (11.5 million sq. ft.) and had partial ownership in **6 unconsolidated outlet centers** (2.1 million sq. ft.)[58](index=58&type=chunk) - Due to the COVID-19 pandemic, the company offered tenants the option to defer **100%** of April and May 2020 rents, payable in January and February 2021. Net accounts receivable decreased from **$18.8 million** at year-end 2020 to **$6.5 million** as of September 30, 2021, due to collections of these deferred rents[70](index=70&type=chunk)[71](index=71&type=chunk) - In August 2021, the company issued **$400.0 million** of 2.750% senior notes due 2031. The proceeds were used to redeem all remaining 3.875% senior notes due 2023 (**$100.0 million**) and all 3.750% senior notes due 2024 (**$250.0 million**), resulting in a make-whole premium of **$31.9 million** in Q3 2021[101](index=101&type=chunk) - Under its At-the-Market (ATM) share offering program, the company sold **10.0 million common shares** for aggregate net proceeds of **$187.0 million** during the first nine months of 2021[116](index=116&type=chunk)[117](index=117&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2021 financial condition and operations, including pandemic impact, liquidity, non-GAAP measures, and economic outlook [Results of Operations](index=48&type=section&id=Results%20of%20Operations) - For Q3 2021, net loss was **$11.1 million** compared to net income of **$13.7 million** in Q3 2020. The decrease was primarily driven by a **$33.8 million** loss on the early extinguishment of debt, partially offset by higher rental revenues as business recovered from the pandemic's impact in 2020[173](index=173&type=chunk)[175](index=175&type=chunk) - For the nine months ended September 30, 2021, net loss decreased to **$4.1 million** from **$38.3 million** in the prior-year period. The improvement was mainly due to the absence of a **$45.7 million** impairment charge taken in 2020 and stronger rental revenues, despite a **$47.9 million** loss on debt extinguishment in 2021[185](index=185&type=chunk) Change in Rental Revenues (Q3 2021 vs Q3 2020, in thousands) | Component | 2021 (in thousands) | 2020 (in thousands) | Increase/(Decrease) (in thousands) | | :--- | :--- | :--- | :--- | | Existing Properties | $105,346 | $96,199 | $9,147 | | Properties Disposed | $145 | $1,527 | $(1,382) | | Straight-line rent | $383 | $(1,741) | $2,124 | | **Total** | **$107,265** | **$100,251** | **$7,014** | [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2021, the company's total liquidity was approximately **$663.1 million**, consisting of cash and cash equivalents and the full undrawn capacity of its **$520 million** unsecured lines of credit[235](index=235&type=chunk) - During the first nine months of 2021, the company redeemed all of its 2023 and 2024 senior notes and paid down **$50.0 million** of its unsecured term loan. These actions were funded by a new **$400.0 million** senior notes offering due 2031 and proceeds from its ATM program[222](index=222&type=chunk)[237](index=237&type=chunk)[240](index=240&type=chunk) - In July 2021, the company amended and extended its unsecured lines of credit to July 2025, with options to extend further. The amendment also eliminated the LIBOR floor[242](index=242&type=chunk) - The company was in compliance with all debt covenants as of September 30, 2021. Key covenants include total consolidated debt to adjusted total assets (<**60%**, actual **42%**) and EBITDA to Fixed Charges (>**1.5**, actual **4.1**)[246](index=246&type=chunk)[247](index=247&type=chunk) [Non-GAAP Supplemental Measures](index=65&type=section&id=Non-GAAP%20Supplemental%20Measures) FFO and Core FFO Reconciliation (in thousands) | Metric | Three Months Ended Sep 30, 2021 (in thousands) | Three Months Ended Sep 30, 2020 (in thousands) | Nine Months Ended Sep 30, 2021 (in thousands) | Nine Months Ended Sep 30, 2020 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net (Loss) Income | $(11,071) | $13,719 | $(4,133) | $(38,290) | | FFO | $18,204 | $43,074 | $89,494 | $102,724 | | Core FFO | $51,821 | $42,613 | $138,746 | $101,381 | FFO and Core FFO Per Share - Diluted | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | FFO per share | $0.16 | $0.44 | $0.84 | $1.04 | | Core FFO per share | $0.47 | $0.44 | $1.32 | $1.04 | Same Center NOI (in thousands) | Period | 2021 (in thousands) | 2020 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended Sep 30 | $73,752 | $66,148 | +11.5% | | Nine Months Ended Sep 30 | $208,216 | $173,885 | +19.7% | [Economic Conditions and Outlook](index=72&type=section&id=Economic%20Conditions%20and%20Outlook) - Traffic and sales for the portfolio have returned to near or above pre-pandemic levels in the first nine months of 2021, leading to increased rental revenues[286](index=286&type=chunk) - Consolidated portfolio occupancy was **94.3%** as of September 30, 2021, an increase from **92.9%** as of September 30, 2020[291](index=291&type=chunk) - For the twelve months ended September 30, 2021, the company completed renewals and re-tenanted **1.6 million square feet** with a blended **0.6% decrease** in average base rental rates[288](index=288&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate risk and foreign currency risk, with only **4%** of consolidated debt having variable interest rates not covered by swaps, impacting annual interest expense by approximately **$514,000** for a **100 basis point** LIBOR change, and foreign currency risk from Canadian investments - The company is exposed to interest rate risk, with **4%** of its consolidated debt subject to variable rates as of September 30, 2021. A **100 basis point** change in the LIBOR index would change annual interest expense by approximately **$514,000**[294](index=294&type=chunk) - The company uses interest rate swap agreements to fix rates on debt with notional amounts totaling **$300.0 million**[293](index=293&type=chunk) - Foreign currency risk exposure is concentrated in the Canadian Dollar from investments in Canadian outlet centers[298](index=298&type=chunk) [Item 4. Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures for both Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership, concluding they were effective as of September 30, 2021, with no material changes to internal controls over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were effective as of September 30, 2021[299](index=299&type=chunk)[300](index=300&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[299](index=299&type=chunk)[300](index=300&type=chunk) [Part II. Other Information](index=74&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) The company is engaged in various legal proceedings arising from the normal course of business, with management not expecting a material adverse effect on its financial condition or results of operations - The company is involved in routine legal proceedings but does not expect them to have a material adverse effect on its financial results[302](index=302&type=chunk) [Item 1A. Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes were reported from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[303](index=303&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section discusses the company's share repurchase program, with the Board authorizing a new program for up to **$80.0 million** of outstanding shares through May 2023, though no shares were repurchased during Q3 2021 - In May 2021, the Board of Directors authorized a share repurchase program of up to **$80.0 million** through May 31, 2023[305](index=305&type=chunk) - The company did not repurchase any of its common shares during the three months ended September 30, 2021. The full **$80.0 million** remains authorized for repurchase[306](index=3

Financial Data and Key Metrics Changes - Core FFO available to common shareholders for Q3 2021 was $0.47 per share, up from $0.44 per share in Q3 2020 [25] - Same-center NOI for the consolidated portfolio increased by 11.5% to $73.8 million, driven by a rebound in variable rents and other revenues [26] - Net debt to adjusted EBITDA improved to 5.3 times as of September 30, compared to 7.2 times for the same period last year [29] - Guidance for core FFO was increased to a range of $1.67 to $1.71 per share, reflecting a 9% increase at the midpoint [31] Business Line Data and Key Metrics Changes - Portfolio occupancy returned to pre-pandemic levels at 94.3%, up 140 basis points year-over-year [12] - Blended average rent spreads improved by 240 basis points on a cash basis compared to the previous quarter [13] - Tenant sales reached an all-time high of $448 per square foot, representing a 13% increase over the comparable 2019 period [17] - Non-rental revenues doubled compared to 2020 and increased by 38% over 2019 [20] Market Data and Key Metrics Changes - Traffic for the quarter was approximately 99% of the same period in 2019, with a return to pre-pandemic levels in September [17] - The company is focusing on growing its non-apparel and footwear tenant base, adding new brands in furniture, home goods, wellness, and beauty [18] Company Strategy and Development Direction - The company is executing a strategic plan focused on maximizing NOI and converting short-term leases into permanent deals [23] - There is a strong emphasis on enhancing the customer experience through new tenant categories and marketing partnerships [19] - The company is optimistic about the holiday shopping season and is proactively addressing potential logistics and staffing issues [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sales growth and the ability to navigate challenges in the retail environment [33][37] - The company is seeing strong leasing momentum and is encouraged by the addition of new brands and categories [23] - Management is focused on maintaining a strong financial position while exploring growth opportunities [30] Other Important Information - The company has a strong pipeline of leasing activity, with a focus on home products and food and beverage categories [45] - The company is exploring acquisition opportunities and has established a peripheral land team to capitalize on un-monetized land [53][55] Q&A Session Summary Question: Outlook on percentage rent contribution - Management noted that variable rent numbers have been strong and expressed optimism about sales growth going into the fourth quarter [33] Question: Contribution of new tenant categories - Management highlighted significant deals in the home category and noted improved weekday traffic benefiting food retailers [34] Question: Fourth quarter guidance details - Management indicated that lower expectations for overage rents and higher operating expenses are primary drivers for conservative guidance [37] Question: Leasing pipeline and occupancy outlook - Management reported strong leasing momentum and a focus on home products, which are expected to drive traffic [44] Question: Growth of other revenues - Management discussed the potential for growth in marketing partnerships and onsite events, which have proven profitable [46] Question: Development plans for national projects - Management confirmed they are on track to start development in early 2022 [51] Question: Opportunities for redeployment of excess cash - Management indicated there are active acquisition opportunities and plans for peripheral land development [53] Question: Entertainment concepts in non-apparel growth - Management mentioned ongoing negotiations for entertainment concepts that will enhance customer engagement [60] Question: Supply chain concerns for outlet stores - Management expressed confidence in retailers' preparedness for the holiday season despite potential supply chain issues [61] Question: Dynamics of percentage rent deals - Management explained the strategy of trading base rent for variable rent components, which has proven beneficial [81] Question: Occupancy costs and conversion of leases - Management stated that they are successfully converting short-term leases into long-term deals, enhancing cash flow [87]