TANGER FACTORY OUTLET CENTERS, INC. (NYSE - SKT)
2009 Y 2010 Y 2011 Y 2012 Y 2013 Q1 YTD Source Document 12/31/2011 12/31/2012 12/31/2012 12/31/2012 3/31/2013 Currency Code USD USD USD USD USD (in thousands) Base rentals 174,046 178,976 207,637 235,233 59,244 Percentage rentals 6,801 7,914 9,084 11,172 2,017 Expense reimbursements 78,500 80,627 89,620 100,074 25,306 Other income 11,248 8,786 8,882 10,518 2,122 Total revenues 270,595 276,303 315,223 356,997 88,689 Property operating 87,338 92,898 100,246 111,160 28,135 General and administrative 32,581 24,553 30,132 37,452 9,572 Acquisition costs 0 82 2,736 117 179 Abandoned development costs 797 365 158 0 NA Impairment charges 0 735 0 0 NA Depreciation and amortization 79,939 78,039 84,015 98,683 22,288 Total expenses 200,655 196,672 217,287 247,412 60,174 Operating income 69,940 79,631 97,936 109,585 28,515 Interest expense (37,683) 34,120 45,382 49,814 12,876 Loss on early extinguishment of debt 10,467 563 0 0 NA Loss on termination of derivatives 0 6,142 0 0 NA Gain on fair value measurement of previously held interest in acquired joint venture 31,497 NA NA NA NA Income before equity in earnings (losses) of unconsolidated joint ventures 74,221 38,806 52,554 59,771 15,639 Equity in earnings (losses) of unconsolidated joint ventures (1,512) (464) (1,565) (3,295) 590 Income from continuing operations 72,709 38,342 50,989 56,476 NA Discontinued operations (5,214) (98) 0 0 NA Net income 67,495 38,244 50,989 56,476 16,229 Noncontrolling interests in Operating Partnership (9,476) (3,995) (6,356) (3,267) (789) Noncontrolling interests in other consolidated partnerships 0 0 8 19 (1) Net income attributable to Tanger Factory Outlet Centers, Inc. 58,019 34,249 44,641 53,228 15,439 Income from continuing operations 0.78 0.32 0.53 0.57 NA Net income 0.72 0.32 0.53 0.57 0.16 Income from continuing operations 0.78 0.32 0.52 0.57 NA Net income 0.72 0.32 0.52 0.57 0.16 Dividends paid per common share NA NA NA NA 0.21 Net income NA 38,244 50,989 56,476 16,229 Other comprehensive loss Reclassification adjustment for amortization of gain on settlement of US treasury rate lock included in net income NA (311) (331) (351) (90) Foreign currency translation adjustments NA 0 0 (5) 68 Reclassification adjustment for termination of derivatives NA 6,142 0 0 NA Change in fair value of cash flow hedges NA 2,905 0 0 NA Changes in fair value of our portion of our unconsolidated joint ventures' cash flow hedges NA 7 46 0 NA Other comprehensive loss NA 8,743 (285) (356) (22) Comprehensive income NA 46,987 50,704 56,120 16,207 Comprehensive income attributable to noncontrolling interests NA (5,145) (6,312) (3,227) (789) Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. NA 41,842 44,392 52,893 15,418
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