Exhibit 99.1
Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 06/30/03
1
Notice
For a more detailed discussion of the factors that affect our operating results,
interested parties should review the Tanger Factory Outlet Centers, Inc. Annual
Report on Form 10-K for the fiscal year ended December 31, 2002.
This Supplemental Operating and Financial Data is not an offer to sell or a
solicitation to buy any securities of the Company. Any offers to sell or
solicitations to buy any securities of the Company shall be made only by means
of a prospectus.
2
Table of Contents
Section
Portfolio Data:
Geographic Diversification 4
Property Summary - Occupancy at End of Each Period Shown 5
Major Tenants 6
Lease Expirations 7
Leasing Activity 8
Financial Data:
Consolidated Balance Sheets 9
Consolidated Statements of Operations 10
FFO and FAD Analysis 11
Per Weighted Average Gross Leasable Area (GLA) Analysis 12
Joint Venture Information 13
Debt Outstanding Summary 14
Future Scheduled Principal Payments 15
Investor Information 16
3
Geographic Diversification
As of June 30, 2003
- ----------------------------- -------------------- -------------- --------------
State # of Centers GLA % of GLA
- ----------------------------- -------------------- -------------- --------------
Georgia 4 950,590 17%
New York 1 729,238 13%
Texas 2 619,426 11%
Tennessee 2 478,751 8%
Michigan 2 437,651 8%
South Carolina (1) 1 309,037 5%
Missouri 1 277,562 5%
Iowa 1 277,230 5%
Pennsylvania 1 255,059 4%
Louisiana 1 245,199 4%
Florida 1 198,789 3%
North Carolina 2 187,702 3%
Arizona 1 184,768 3%
Indiana 1 141,051 3%
Minnesota 1 134,480 2%
California 1 105,950 2%
Maine 2 84,313 2%
Alabama 1 79,575 1%
New Hampshire 2 61,745 1%
- ----------------------------- -------------------- -------------- --------------
Total 28 5,758,116 100%
- ----------------------------- -------------------- -------------- --------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
4
Property Summary - Occupancy at End of Each Period Shown
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
% % % % %
Total GLA Occupied Occupied Occupied Occupied Occupied
Location 06/30/03 06/30/03 03/31/03 12/31/02 09/30/02 06/30/02
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Riverhead, NY 729,238 100% 98% 100% 99% 99%
San Marcos, TX 441,936 96% 100% 100% 98% 98%
Sevierville, TN 384,193 100% 100% 100% 100% 100%
Commerce II, GA 342,556 97% 93% 99% 96% 97%
Howell, MI 325,231 99% 99% 100% 100% n/a
Branson, MO 277,562 99% 97% 99% 100% 98%
Williamsburg, IA 277,230 98% 97% 100% 99% 98%
Myrtle Beach, SC (1) 309,037 100% 100% 100% 100% 100%
Lancaster, PA 255,059 96% 94% 98% 96% 96%
Locust Grove, GA 248,854 99% 99% 100% 100% 98%
Gonzales, LA 245,199 99% 97% 99% 98% 96%
Fort Myers, FL 198,789 89% 97% 99% 97% 93%
Commerce I, GA 185,750 71% 79% 90% 87% 90%
Casa Grande, AZ 184,768 88% 89% 96% 90% 89%
Terrell, TX 177,490 97% 96% 100% 100% 95%
Dalton, GA 173,430 95% 93% 98% 98% 96%
Seymour, IN 141,051 74% 74% 80% 80% 76%
North Branch, MN 134,480 99% 99% 100% 100% 100%
West Branch, MI 112,420 98% 95% 100% 100% 98%
Barstow, CA 105,950 80% 72% 62% 57% 57%
Blowing Rock, NC 105,448 90% 94% 100% 100% 100%
Pigeon Forge, TN 94,558 97% 95% 97% 94% 100%
Nags Head, NC 82,254 100% 100% 100% 100% 100%
Boaz, AL 79,575 92% 95% 97% 91% 93%
Kittery I, ME 59,694 100% 100% 100% 100% 100%
LL Bean, NH 50,745 91% 91% 100% 100% 100%
Kittery II, ME 24,619 100% 100% 94% 94% 94%
Clover, NH 11,000 100% 100% 100% 100% 100%
Martinsburg, WV n/a n/a 61% 69% 51% 57%
Bourne, MA n/a n/a n/a n/a 100% 100%
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Total 5,758,116 96% 95% 98% 96% 96%
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
[GRAPH APPEAR HERE]
'03/03 '03/03 '12/02 '09/02 '06/02 '03/02 '12/01 '09/01 '06/01
96% 95% 98% 96% 96% 95% 96% 95% 94%
Portfolio Occupancy at the End of Each Period
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
5
Major Tenants
- --------------------------------------------------------------------------------
Ten Largest Tenants As of June 30, 2003
- --------------------------------------------------------------------------------
# of
Tenant Stores GLA Total of GLA
- ------------------------------------------- ----------- ----------- -----------
The Gap, Inc. 36 371,196 6.5%
Phillips-Van Heusen 70 318,664 5.5%
Liz Claiborne 38 312,655 5.5%
Reebok International 25 180,761 3.1%
Dress Barn, Inc. 20 143,512 2.5%
Sara Lee Corporation 32 123,040 2.1%
Brown Group Retail 25 120,446 2.1%
Mikasa 15 117,936 2.0%
Polo Ralph Lauren 16 116,716 2.0%
VF Factory Outlet 4 105,697 1.8%
- ------------------------------------------- ----------- ----------- -----------
Total of All Listed Above 281 1,910,623 33.1%
- ------------------------------------------- ----------- ----------- -----------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
6
Lease Expirations as of June 30, 2003
[GRAPH APPEARS HERE]
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+
4.00% 23.00% 16.00% 16.00% 16.00% 12.00% 4.00% 1.00% 2.00% 3.00% 3.00%
Percentage of Total Gross Leasable Area (1)
[GRAPH APPEARS HERE]
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+
3.00% 20.00% 17.00% 17.00% 19.00% 13.00% 3.00% 1.00% 2.00% 3.00% 2.00%
Percentage of Total Annualized Base Rent (1)
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
7
Leasing Activity
- ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
Year to
03/31/03 06/30/03 09/30/03 12/31/03 Date
- ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
Re-tenanted Space:
Number of leases 35 25 60
Gross leasable area 138,468 68,903 207,371
New base rent per square foot $16.89 $17.39 $17.06
Prior base rent per square foot $16.38 $17.04 $16.59
Percent increase in rent per square foot 3.1% 2.1% 2.8%
Renewed Space:
Number of leases 117 56 173
Gross leasable area 538,506 238,833 777,339
New base rent per square foot $13.35 $13.67 $13.45
Prior base rent per square foot $13.19 $13.51 $13.29
Percent increase in rent per square foot 1.2% 1.2% 1.2%
Total Re-tenanted and Renewed Space:
Number of leases 152 81 233
Gross leasable area 676,974 307,736 984,710
New base rent per square foot $14.07 $14.50 $14.21
Prior base rent per square foot $13.84 $14.30 $13.98
Percent increase in rent per square foot 1.7% 1.4% 1.6%
- ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
8
Consolidated Balance Sheets (dollars in thousands)
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
06/30/03 03/31/03 12/31/02 09/30/02 06/30/02
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Assets
Rental Property
Land $50,474 $51,274 $51,274 $52,345 $50,176
Buildings 578,665 581,766 571,125 571,826 535,438
Developments under construction 2,490 -- -- -- --
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total rental property 631,629 633,040 622,399 624,171 585,614
Accumulated depreciation (185,071) (180,996) (174,199) (168,327) (161,612)
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total rental property - net 446,558 452,044 448,200 455,844 424,002
Cash 203 209 1,072 209 204
Deferred charges - net 9,389 9,648 10,104 10,494 10,465
Other assets 12,822 13,424 18,299 13,543 30,783
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total assets $468,972 $475,325 477,675 $480,090 $465,454
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Liabilities & Shareholders' Equity
Liabilities
Debt
Senior, unsecured notes $147,509 $148,009 $150,109 $155,609 $155,609
Mortgages payable 173,188 173,811 174,421 175,018 175,603
Lines of credit 11,890 19,319 20,475 16,269 26,625
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total debt 332,587 341,139 345,005 346,896 357,837
Construction trade payables 8,010 7,560 3,310 4,041 4,141
Accounts payable & accruals 13,328 12,070 15,095 14,743 12,943
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total liabilities 353,925 360,769 363,410 365,680 374,921
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Minority interest 26,231 23,245 23,630 23,727 19,326
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Shareholders' equity
Preferred shares 1 1 1 1
--
Common shares 103 93 90 90 80
Paid in capital 167,034 165,641 161,192 160,589 138,177
Distributions in excess of net income (78,224) (74,324) (70,485) (69,672) (66,619)
Accum. other comprehensive loss (97) (100) (163) (325) (432)
-------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------
Total shareholders' equity 88,816 91,311 90,635 90,683 71,207
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
Total liabilities & shareholders' equity $468,972 $475,325 $477,675 $480,090 $465,454
- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
9
Consolidated Statements of Operations (dollars and shares in thousands)
- --------------------------------------- ---------------------------------------------------- ------------ --------------------------
Three Months Ended YTD
06/03 03/03 12/02 09/02 06/02 06/03 06/02
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Revenues
Base rentals $19,806 $19,622 $20,498 $18,673 $18,364 $39,428 $36,386
Percentage rentals 555 395 1,602 778 581 950 1,178
Expense reimbursements 8,456 8,430 8,601 7,361 7,275 16,886 14,515
Other income 803 671 1,115 1,044 583 1,474 1,145
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total revenues 29,620 29,118 31,816 27,856 26,803 58,738 53,224
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Expenses
Property operating 10,109 9,953 10,169 8,582 8,585 20,062 17,146
General & administrative 2,453 2,430 2,237 2,623 2,092 4,883 4,367
Interest 6,556 6,724 7,042 7,171 7,118 13,280 14,247
Depreciation & amortization 7,099 7,280 7,355 7,133 7,048 14,379 14,064
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total expenses 26,217 26,387 26,803 25,509 24,843 52,604 49,824
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income before equity in earnings
of unconsolidated joint ventures,
minority interest, discontinued
operations and extraordinary item 3,403 2,731 5,013 2,347 1,960 6,134 3,400
Equity in earnings of unconsolidated
joint ventures 280 92 142 317 (75) 372 (67)
Minority interest (798) (591) (1,184) (596) (396) (1,389) (673)
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations 2,885 2,232 3,971 2,068 1,489 5,117 2,660
Discontinued operations (1) (578) (41) 1,189 240 605 (619) 879
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income 2,307 2,191 5,160 2,308 2,094 4,498 3,539
Less applicable preferred share
dividends (363) (443) (442) (443) (442) (806) (886)
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income available to common
shareholders $ 1,944 $ 1,748 $ 4,718 $ 1,865 $ 1,652 $ 3,692 $ 2,653
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Basic earnings per common share:
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations $.26 $.19 $.39 $.20 $.13 $.46 $.22
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income $.20 $.19 $.52 $.22 $.21 $.39 $.33
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Diluted earnings per common share:
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations $.26 $.19 $.38 $.19 $.13 $.45 $.22
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income $.20 $.19 $.51 $.22 $.20 $.38 $.33
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Weighted average common shares:
Basic 9,590 9,181 9,047 8,269 8,015 9,387 7,982
Diluted 9,809 9,408 9,279 8,490 8,229 9,615 8,135
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
(1) In accordance with SFAS No. 144 "Accounting for the Impairment or Disposal
of Long Lived Assets", the results of operations for property disposed of
during the year have been reported above as discontinued operations for
both the current and prior periods presented. Includes a loss on the sale
of one real estate property of $735,000 for the three months and six months
ended June 30, 2003 and a gain on the sale of one real estate property of
$460,000 for the three months and six months ended June 30, 2002.
10
FFO and FAD Analysis (dollars and shares in thousands)
- --------------------------------------- ---------------------------------------------------- ------------ --------------------------
Three Months Ended YTD
06/03 03/03 12/02 09/02 06/02 06/03 06/02
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds from operations:
Net income $2,307 $2,191 $5,160 $2,308 $2,094 $4,498 $3,539
Adjusted for -
Extraordinary item -- -- -- -- -- -- --
Minority interest 798 591 1,184 596 396 1,389 673
Minority interest, depreciation
and amortization in
discontinued operations (143) 36 460 156 379 (107) 641
Depreciation and amortization
uniquely significant to
real estate - wholly owned 7,026 7,206 7,284 7,056 6,974 14,232 13,917
Depreciation and amortization
uniquely significant to
real estate - joint ventures 266 254 255 168 -- 520 --
Loss (Gain) on sale of real estate 735 (1,242) -- (460) 735 (460)
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds from operations $10,989 $10,278 $13,101 $10,284 $9,383 $21,267 $18,310
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds from operations per share $.82 $.78 $1.01 $ .84 $ .78 $1.60 $1.54
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds available for distribution:
Funds from operations $10,989 $10,278 $13,101 $10,284 $9,383 $21,267 $18,310
Plus -
Corporate depreciation
excluded above 73 74 71 77 75 147 148
Amortization of finance costs 309 317 312 313 289 626 592
Straight line rent adjustment 55 57 55 91 60 112 101
Less -
2nd generation tenant allowances (387) (1,417) (455) (136) (429) (1,804) (1,635)
Capital improvements (1,568) (1,045) (737) (899) (578) (2,613) (948)
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds available for distribution $9,471 $8,264 $12,347 $9,730 $8,800 $17,735 $16,568
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Funds available for distribution
per share $.71 $.63 $.95 $.79 $.73 $1.33 $1.39
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Dividends paid per share $.615 $.6125 $.6125 $.6125 $.6125 $1.2275 $1.2225
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
FFO payout ratio 75% 79% 61% 73% 79% 77% 79%
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
FAD payout ratio 87% 97% 64% 78% 84% 92% 88%
Diluted weighted average common
Shares 13,432 13,164 13,035 12,245 11,985 13,304 11,892
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
11
Per Weighted Average Gross Leasable Area (GLA) Analysis
- --------------------------------------- ---------------------------------------------------- ------------ --------------------------
Three Months Ended YTD
06/03 03/03 12/02 09/02 06/02 06/03 06/02
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
GLA open at end of period -
Wholly owned (000's) 5,449 5,497 5,469 5,493 5,167 5,449 5,167
Partially owned (000's) (1) 309 260 260 260 260 309 260
Managed properties (000's) 457 457 457 434 105 457 105
Total GLA open at end of period 6,215 6,214 6,186 6,187 5,532 6,215 5,532
Weighted average GLA (000's) (2) 5,448 5,443 5,420 5,173 5,094 5,445 5,094
End of period occupancy (1) 96% 95% 98% 96% 96% 96% 96%
PER SQUARE FOOT
Revenues
Base rentals $3.64 $3.61 $3.78 $3.61 $3.61 $7.24 $7.14
Percentage rentals .10 .07 .30 .15 .11 .18 .23
Expense reimbursements 1.55 1.55 1.59 1.42 1.43 3.10 2.85
Other income .15 .12 .20 .20 .11 .27 .23
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total revenues 5.44 5.35 5.87 5.38 5.26 10.79 10.45
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Expenses
Property operating 1.86 1.83 1.88 1.66 1.69 3.68 3.36
General & administrative .45 .45 .41 .51 .41 .90 .86
Interest 1.20 1.23 1.30 1.38 1.40 2.44 2.80
Depreciation & amortization 1.30 1.34 1.36 1.38 1.38 2.64 2.76
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total expenses 4.81 4.85 4.95 4.93 4.88 9.66 9.78
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income before equity in earnings of
unconsolidated joint ventures, minority
interest, discontinued operations and
extraordinary item $.63 $.50 $.92 $.45 $.38 $1.13 $.67
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total revenues less property operating
and general & administrative
expenses ("NOI") $3.13 $3.07 $3.58 $3.21 $3.16 $6.21 $6.23
- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
(2) Represents GLA of wholly owned operating properties weighted by months of
operation. GLA is not adjusted for fluctuations in occupancy that may occur
subsequent to the original opening date. Excludes GLA of properties for
which their results are included in discontinued operations.
12
Joint Venture Information -
Summary Balance Sheets (dollars in thousands)
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
06/30/03 03/31/03 12/31/02 09/30/02 06/30/02
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Assets
Investment properties at cost - net $35,439 $34,670 $32,153 $31,560 $28,968
Cash and cash equivalents 634 100 514 510 226
Deferred charges - net 1,872 1,790 1,751 1,676 1,591
Other assets 1,995 1,500 1,491 1,503 1,384
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total assets $39,940 $38,060 $35,909 $35,249 $32,169
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Liabilities & Owners' Equity
Mortgage payable $28,692 $25,705 $25,513 $21,555 $18,058
Construction trade payables 1,026 1,729 1,644 4,222 3,530
Accounts payable & other liabilities 828 868 522 756 1,927
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities 30,546 28,302 27,679 26,533 23,515
Owners' equity 9,394 9,758 8,230 8,716 8,654
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities & owners' equity $39,940 $38,060 $35,909 $35,249 $32,169
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands)
- ------------------------------------------ -------------------------------------------- ----------- ---------------------
Three Months Ended YTD
06/03 03/03 12/02 09/02 06/02 06/03 06/02
- ------------------------------------------ -------------------------------------------- ----------- ---------------------
Revenues $2,158 $1,727 $1,700 $2,178 $225 $3,885 $241
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Expenses
Property operating 782 704 609 930 385 1,486 385
General & administrative 3 17 13 -- -- 20 --
Interest 294 325 322 256 -- 619 --
Depreciation & amortization 552 528 536 348 -- 1,080 --
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Total expenses 1,631 1,574 1,480 1,534 385 3,205 385
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Net income $527 $153 $220 $644 $(160) $680 $(144)
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Tanger Factory Outlet Centers, Inc.
Share of:
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Total revenues less property
operating and general &
administrative expenses ("NOI") $687 $503 $539 $624 $(80) $1,190 $(72)
Net income $280 $92 $142 $317 $(75) $372 $(67)
Depreciation (real estate related) $266 $254 $255 $168 -- $520 --
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
13
Debt Outstanding Summary (dollars in thousands)
- --------------------------------------------------------------------------------------------------------
As of June 30, 2003
- --------------------------------------------------------------------------------------------------------
Principal Interest Maturity
Balance Rate Date
- ----------------------------------------- -------------- ------------------------------ ----------------
Mortgage debt
Lancaster, PA $14,351 9.770% 04/10/05
Commerce I, GA 8,056 9.125% 09/10/05
Branson, MO 24,000 Libor + 1.75% 03/26/06
Commerce II, GA 29,500 Libor + 1.75% 03/26/06
Dalton, GA 11,030 7.875% 04/01/09
Kittery I, ME 6,276 7.875% 04/01/09
San Marcos I, TX 18,735 7.875% 04/01/09
San Marcos II, TX 18,894 7.980% 04/01/09
West Branch, MI 7,002 7.875% 04/01/09
Williamsburg, IA 19,250 7.875% 04/01/09
Blowing Rock, NC 9,588 8.860% 09/01/10
Nags Head, NC 6,506 8.860% 09/01/10
- ----------------------------------------- -------------- ------------------------------ ----------------
Total mortgage debt 173,188
- ----------------------------------------- -------------- ------------------------------ ----------------
Corporate debt
Unsecured credit facilities 11,890 Libor + (1.60% to 1.75%) 06/30/05
1997 Senior unsecured notes 47,509 7.875% 10/24/04
2001 Senior unsecured notes 100,000 9.125% 02/15/08
- ----------------------------------------- -------------- ------------------------------ ----------------
Total corporate debt 159,399
- ----------------------------------------- -------------- ------------------------------ ----------------
Total debt $332,587
- ----------------------------------------- -------------- ------------------------------ ----------------
14
Future Scheduled Principal Payments (dollars in thousands)
- -------------------------------------------------------------------------------
As of June 30, 2003
- -------------------------------------------------------------------------------
Scheduled Total
Amortization Balloon Scheduled
Year Payments Payments Payments
- ------------------------- ---------------- ----------------- ------------------
2003 $1,286 -- $1,286
2004 2,740 47,509 50,249
2005 (1) 2,524 32,466 34,990
2006 2,168 53,500 55,668
2007 2,349 -- 2,349
2008 2,545 100,000 102,545
2009 967 70,474 71,441
2010 181 13,878 14,059
2011 -- -- --
2012 -- -- --
2013 & thereafter -- -- --
- ------------------------- ---------------- ----------------- ------------------
$14,760 $317,827 $332,587
- ------------------------- ---------------- ----------------- ------------------
(1) Balloon payments in 2005 include $11,890 relating to amounts outstanding
under the unsecured credit facilities.
15
Investor Information
Tanger Outlet Centers welcomes any questions or comments from shareholders,
analysts, investment managers, media and prospective investors. Please address
all inquiries to our Investor Relations Department.
Tanger Factory Outlet Centers, Inc.
Investor Relations
Phone: (336) 292-3010 ext 6865
Fax: (336) 297-0931
e-mail: tangermail@tangeroutlet.com
---------------------------
Mail: Tanger Factory Outlet Centers, Inc.
3200 Northline Avenue
Suite 360
Greensboro, NC 27408
16