Tanger Outlets(US:SKT)2023-11-07 21:22EXPLANATORY NOTE This note explains the combined unaudited quarterly reports of Tanger Factory Outlet Centers, Inc. and its Operating Partnership Overview of Registrants This report combines the unaudited quarterly reports of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership, a REIT and its operating entity, noting key financial differences - The report combines unaudited quarterly reports for Tanger Factory Outlet Centers, Inc. (Company) and Tanger Properties Limited Partnership (Operating Partnership)9 - The Company is a REIT that primarily owns partnership interests in the Operating Partnership, which conducts all business operations1013 - Key differences between the Company and Operating Partnership financial statements are in noncontrolling interests, shareholders' equity, and partners' capital15 Index This section provides an index to the various parts and items included in the financial report PART I. - FINANCIAL INFORMATION This part presents the unaudited financial statements and related disclosures for both Tanger Factory Outlet Centers, Inc. and its Operating Partnership Item 1 - Financial Statements of Tanger Factory Outlet Centers, Inc. This section presents the unaudited consolidated financial statements for Tanger Factory Outlet Centers, Inc. and its subsidiaries for the periods ended September 30, 2023, and December 31, 2022 (balance sheet) or September 30, 2023 and 2022 (income, comprehensive income, equity, and cash flows) Consolidated Balance Sheets This table presents the consolidated balance sheets for Tanger Factory Outlet Centers, Inc. as of September 30, 2023, and December 31, 2022 | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Total rental property, net | $1,684,175 | $1,630,909 | | Cash and cash equivalents | $188,459 | $212,124 | | Total assets | $2,205,303 | $2,217,665 | | Total debt | $1,426,832 | $1,428,494 | | Total liabilities | $1,692,873 | $1,703,731 | | Equity attributable to Tanger Factory Outlet Centers, Inc. | $490,671 | $491,643 | | Total equity | $512,430 | $513,934 | Consolidated Statements of Operations This table presents the consolidated statements of operations for Tanger Factory Outlet Centers, Inc. for the three and nine months ended September 30, 2023 and 2022 | Metric | 3 Months Ended Sep 30, 2023 (in thousands) | 3 Months Ended Sep 30, 2022 (in thousands) | 9 Months Ended Sep 30, 2023 (in thousands) | 9 Months Ended Sep 30, 2022 (in thousands) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Total revenues | $117,346 | $111,446 | $336,930 | $326,152 | | Total expenses | $81,069 | $78,891 | $234,949 | $235,605 | | Net income | $28,877 | $24,345 | $79,037 | $66,626 | | Net income attributable to Tanger Factory Outlet Centers, Inc. | $27,624 | $23,276 | $75,367 | $63,699 | | Basic earnings per common share | $0.26 | $0.22 | $0.71 | $0.61 | | Diluted earnings per common share | $0.26 | $0.22 | $0.70 | $0.60 | Consolidated Statements of Comprehensive Income This table presents the consolidated statements of comprehensive income for Tanger Factory Outlet Centers, Inc. for the three and nine months ended September 30, 2023 and 2022 | Metric | 3 Months Ended Sep 30, 2023 (in thousands) | 3 Months Ended Sep 30, 2022 (in thousands) | 9 Months Ended Sep 30, 2023 (in thousands) | 9 Months Ended Sep 30, 2022 (in thousands) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net income | $28,877 | $24,345 | $79,037 | $66,626 | | Other comprehensive income (loss) | $(3,610) | $(1,917) | $(6,020) | $6,807 | | Comprehensive income | $25,267 | $22,428 | $73,017 | $73,433 | | Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $24,171 | $21,443 | $69,857 | $70,207 | Consolidated Statements of Shareholders' Equity This section outlines the changes in shareholders' equity for Tanger Factory Outlet Centers, Inc. for the three and nine months ended September 30, 2023 and 2022 - Equity attributable to Tanger Factory Outlet Centers, Inc. decreased slightly from $491,643 thousand at December 31, 2022, to $490,671 thousand at September 30, 20232332 - Common shares outstanding increased from 104,497,920 at December 31, 2022, to 105,331,191 at September 30, 202323 - Key changes in equity for the nine months ended September 30, 2023, include net income of $75,367 thousand, other comprehensive loss of $5,758 thousand, and common dividends paid of $76,298 thousand32 Consolidated Statements of Cash Flows This table presents the consolidated statements of cash flows for Tanger Factory Outlet Centers, Inc. for the nine months ended September 30, 2023 and 2022 | Cash Flow Activity | 9 Months Ended Sep 30, 2023 (in thousands) | 9 Months Ended Sep 30, 2022 (in thousands) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash provided by operating activities | $152,113 | $122,741 | | Net cash used in investing activities | $(87,139) | $(31,371) | | Net cash used in financing activities | $(88,324) | $(71,824) | | Net increase (decrease) in cash and cash equivalents | $(23,665) | $19,453 | | Cash and cash equivalents, end of period | $188,459 | $180,708 | FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP This section provides the unaudited consolidated financial statements for Tanger Properties Limited Partnership and its subsidiaries, mirroring the Company's financial reporting due to their integrated operations Consolidated Balance Sheets This table presents the consolidated balance sheets for Tanger Properties Limited Partnership as of September 30,