Tanger INC. 10-Q Filing

Ticker: SKT · Form: 10-Q · Filed: May 1, 2024 · CIK: 899715

Sentiment: neutral

Filing Stats: 4,563 words · 18 min read · ~15 pages · Grade level 19.1 · Accepted 2024-05-01 16:55:11

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information Item 1.

FINANCIAL STATEMENTS OF TANGER INC. (Unaudited)

FINANCIAL STATEMENTS OF TANGER INC. (Unaudited) Consolidated Balance Sheets - as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Operations - for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2024 and 2023 7 Consolidated Statements of Shareholders' Equity - for the three months ended March 31, 2024 and 2023 8 Consolidated Statements of Cash Flows - for the three months ended March 31, 2024 and 2023 10

FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)

FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) Consolidated Balance Sheets - as of March 31, 2024 and December 31, 2023 11 Consolidated Statements of Operations - for the three months ended March 31, 2024 and 2023 12 Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2024 and 2023 13 Consolidated Statements of Equity - for the three months ended March 31, 2024 and 2023 14 Consolidated Statements of Cash Flows - for the three months ended March 31, 2024 and 2023 15

Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership 16

Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership 16

Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures about Market Risk 57

Item 3. Quantitative and Qualitative Disclosures about Market Risk 57

Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 58

Item 4. Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 58

Other Information

Part II. Other Information

Legal Proceedings 59

Item 1. Legal Proceedings 59

Risk Factors 59

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 60

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 60

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information 60

Item 5. Other Information 60

Exhibits 61

Item 6. Exhibits 61 Signatures 62 4

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION

- Financial Statements of Tanger Inc

Item 1 - Financial Statements of Tanger Inc. TANGER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data, unaudited) March 31, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 2,944,077 2,938,434 Construction in progress 39,249 29,201 3,286,931 3,271,240 Accumulated depreciation ( 1,347,011 ) ( 1,318,264 ) Total rental property, net 1,939,920 1,952,976 Cash and cash equivalents 8,137 12,778 Short-term investments 7,739 9,187 Investments in unconsolidated joint ventures 71,701 71,900 Deferred lease costs and other intangibles, net 86,436 91,269 Operating lease right-of-use assets 77,082 77,400 Prepaids and other assets 110,151 108,609 Total assets $ 2,301,166 $ 2,324,119 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,040,310 $ 1,039,840 Unsecured term loan, net 322,537 322,322 Mortgages payable, net 62,772 64,041 Unsecured lines of credit 46,000 13,000 Total debt 1,471,619 1,439,203 Accounts payable and accrued expenses 77,922 118,505 Operating lease liabilities 85,757 86,076 Other liabilities 86,145 89,022 Total liabilities 1,721,443 1,732,806 Commitments and contingencies Equity Tanger Inc.: Common shares, $ 0.01 par value, 300,000,000 shares authorized, 109,366,452 and 108,793,251 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,094 1,088 Paid in capital 1,073,313 1,079,387 Accumulated distributions in excess of net income ( 497,330 ) ( 490,171 ) Accumulated other comprehensive loss ( 21,280 ) ( 23,519 ) Equity attributable to Tanger Inc. 555,797 566,785 Equity attributable to noncontrolling interests: Noncontrolling interests in Operating Partnership 23,926 24,528 Noncontrolling interests in other consolidated partnerships — — Total equity 579,723 591,313 Total liabilities and equity $ 2,301,166 $ 2,324,119 The accompanying notes are an integral part of these con

- Financial Statements of Tanger Properties Limited Partnership

Item 1 - Financial Statements of Tanger Properties Limited Partnership TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except unit data, unaudited) March 31, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 2,944,077 2,938,434 Construction in progress 39,249 29,201 3,286,931 3,271,240 Accumulated depreciation ( 1,347,011 ) ( 1,318,264 ) Total rental property, net 1,939,920 1,952,976 Cash and cash equivalents 7,758 12,572 Short-term investments 7,739 9,187 Investments in unconsolidated joint ventures 71,701 71,900 Deferred lease costs and other intangibles, net 86,436 91,269 Operating lease right-of-use assets 77,082 77,400 Prepaids and other assets 110,096 108,157 Total assets $ 2,300,732 $ 2,323,461 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,040,310 $ 1,039,840 Unsecured term loan, net 322,537 322,322 Mortgages payable, net 62,772 64,041 Unsecured lines of credit 46,000 13,000 Total debt 1,471,619 1,439,203 Accounts payable and accrued expenses 77,488 117,847 Operating lease liabilities 85,757 86,076 Other liabilities 86,145 89,022 Total liabilities 1,721,009 1,732,148 Commitments and contingencies Equity Partners' Equity: General partner, 1,150,000 units outstanding at March 31, 2024 and 1,150,000 units at December 31, 2023, respectively 5,713 5,776 Limited partners, 4,707,958 and 4,707,958 Class A common units, and 108,216,452 and 107,643,251 Class B common units outstanding at March 31, 2024 and December 31, 2023, respectively 596,468 610,330 Accumulated other comprehensive loss ( 22,458 ) ( 24,793 ) Total partners' equity 579,723 591,313 Noncontrolling interests in consolidated partnerships — — Total equity 579,723 591,313 Total liabilities and equity $ 2,300,732 $ 2,323,461 The accompanying notes are an integral part of these consolidated financial statements. 11 TANGER P

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