Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial
Data for the Quarter Ended 09/30/03
Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data
September 30, 2003
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 Setpember 3, 2003
- -------------------------------------------------------------------------------
State # of Centers GLA % of GLA
- ------------------------ ------------------- --------------- ------------------
Georgia 4 949,190 16%
New York 1 729,238 13%
Texas 2 619,976 11%
Tennessee 2 513,581 9%
Michigan 2 437,651 8%
South Carolina (1) 1 318,133 6%
Missouri 1 277,407 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 2%
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 5,801,037 100%
- ------------------------ ------------------- --------------- ------------------
(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 09/30/03 09/30/03 06/30/03 03/31/03 12/31/02 09/30/02
- --------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Riverhead, NY 729,238 99% 100% 98% 100% 99%
San Marcos, TX 442,486 98% 96% 100% 100% 98%
Sevierville, TN 419,023 99% 100% 100% 100% 100%
Commerce II, GA 342,556 94% 97% 93% 99% 96%
Howell, MI 325,231 99% 99% 99% 100% 100%
Branson, MO 277,407 100% 99% 97% 99% 100%
Williamsburg, IA 277,230 96% 98% 97% 100% 99%
Myrtle Beach, SC (1) 318,133 100% 100% 100% 100% 100%
Lancaster, PA 255,059 98% 96% 94% 98% 96%
Locust Grove, GA 247,454 100% 99% 99% 100% 100%
Gonzales, LA 245,199 95% 99% 97% 99% 98%
Fort Myers, FL 198,789 86% 89% 97% 99% 97%
Commerce I, GA 185,750 74% 71% 79% 90% 87%
Casa Grande, AZ 184,768 79% 88% 89% 96% 90%
Terrell, TX 177,490 97% 97% 96% 100% 100%
Dalton, GA 173,430 82% 95% 93% 98% 98%
Seymour, IN 141,051 75% 74% 74% 80% 80%
North Branch, MN 134,480 100% 99% 99% 100% 100%
West Branch, MI 112,420 100% 98% 95% 100% 100%
Barstow, CA 105,950 87% 80% 72% 62% 57%
Blowing Rock, NC 105,448 100% 90% 94% 100% 100%
Pigeon Forge, TN 94,558 97% 97% 95% 97% 94%
Nags Head, NC 82,254 100% 100% 100% 100% 100%
Boaz, AL 79,575 97% 92% 95% 97% 91%
Kittery I, ME 59,694 100% 100% 100% 100% 100%
LL Bean, NH 50,745 91% 91% 91% 100% 100%
Kittery II, ME 24,619 100% 100% 100% 94% 94%
Clover, NH 11,000 100% 100% 100% 100% 100%
Martinsburg, WV n/a n/a n/a 61% 69% 51%
Bourne, MA n/a n/a n/a n/a n/a 100%
- --------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Total 5,801,037 95% 96% 95% 98% 96%
- --------------------------- --------------- -------------- -------------- --------------- -------------- --------------
[GRAGH APPEARS HERE]
'09/03 '06/03 '03/03 '12/02 '09/02 '06/02 '03/02 '12/01 '09/01
95% 96% 95% 98% 96% 96% 95% 96% 95%
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 September 30, 2003
- ---------------------------------------------------------------------------
State # of Centers GLA % of GLA
- ------------------------------ ------------ --------------- ---------------
The Gap, Inc. 37 374,396 6.4%
Phillips-Van Heusen 70 318,664 5.5%
Liz Claiborne 38 312,655 5.5%
Reebok International 25 180,761 3.1%
VF Factory Outlet 21 179,299 3.1%
Dress Barn, Inc. 20 143,512 2.5%
Brown Group Retail 25 120,446 2.1%
Sara Lee Corporation 31 120,040 2.0%
Polo Ralph Lauren 16 116,716 2.0%
Mikasa Factory Store 14 110,436 1.9%
- ------------------------------ ----------- -------------- ----------------
Total of All Listed Above 297 1,976,925 34.1%
- ------------------------------ ----------- -------------- ----------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement. Lease Expirations as of September 30,
2003
6
Percentage of Total Gross Leasable Area (1)
[GRAPH APPEARS HERE]
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+
3.00% 21.00% 16.00% 16.00% 16.00% 14.00% 5.00% 1.00% 2.00% 3.00% 3.00%
Percentage of Total Annualized Base Rent (1)
[GRAPH APPEARS HERE]
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+
2.00% 17.00% 16.00% 18.00% 19.00% 16.00% 5.00% 1.00% 2.00% 2.00% 2.00%
(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 15 75
Gross leasable area 138,468 68,903 43,662 251,033
New base rent per square foot $16.89 $17.39 $19.43 $17.47
Prior base rent per square foot $16.38 $17.04 $17.36 $16.73
Percent increase in rent per square foot 3.1% 2.1% 11.9% 4.4%
Renewed Space:
Number of leases 117 56 17 190
Gross leasable area 538,506 238,833 53,893 831,232
New base rent per square foot $13.35 $13.67 $12.71 $13.40
Prior base rent per square foot $13.19 $13.51 $15.07 $13.40
Percent increase in rent per square foot 1.2% 1.2% (15.6%) 0.0%
Total Re-tenanted and Renewed Space:
Number of leases 152 81 32 265
Gross leasable area 676,974 307,736 97,555 1,082,265
New base rent per square foot $14.07 $14.50 $15.72 $14.34
Prior base rent per square foot $13.84 $14.30 $16.09 $14.17
Percent increase in rent per square foot 1.7% 1.4% (2.3%) 1.2%
- ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
8
Consolidated Balance Sheets (dollars in thousands)
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
09/30/03 06/30/03 03/31/03 12/31/03 09/30/02
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Assets
Rental Property
Land $50,474 $50,474 $51,274 $51,274 $52,345
Buildings 583,269 578,665 581,766 571,125 571,826
Developments under construction -- 2,490 -- -- --
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total rental property 633,743 631,629 633,040 622,399 624,171
Accumulated depreciation (191,628) (185,071) (180,996) (174,199) (168,327)
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total rental property - net 442,115 446,558 452,044 448,200 455,844
Cash 209 203 209 1,072 209
Deferred charges - net 9,398 9,389 9,648 10,104 10,494
Other assets 13,666 12,822 13,424 18,299 13,543
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total assets $465,388 $468,972 $475,325 $477,675 $480,090
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Liabilities & Shareholders' Equity
Liabilities
Debt
Senior, unsecured notes $147,509 $147,509 $148,009 $150,109 $155,609
Mortgages payable 172,552 173,188 173,811 174,421 175,018
Lines of credit 7,272 11,890 19,319 20,475 16,269
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total debt 327,333 332,587 341,139 345,005 346,896
Construction trade payables 7,188 8,010 7,560 3,310 4,041
Accounts payable & accruals 13,949 13,328 12,070 15,095 14,743
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total liabilities 348,470 353,925 360,769 363,410 365,680
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Minority interest 26,202 26,231 23,245 23,630 23,727
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Shareholders' equity
Preferred shares -- -- 1 1 1
Common shares 105 103 93 90 90
Paid in capital 171,747 167,034 165,641 161,192 160,589
Distributions in excess of net income (81,063) (78,224) (74,324) (70,485) (69,672)
Accum. other comprehensive loss (73) (97) (100) (163) (325)
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total shareholders' equity 90,716 88,816 91,311 90,635 90,683
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
Total liabilities & shareholders' equity $465,388 $468,972 $475,325 $477,675 $480,090
- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
9
Consolidated Statements of Operations (dollars and shares in thousands)
- -------------------------------------- ----------------------------------------------------------------- --------------------------
Three Months Ended YTD
- -------------------------------------- ----------------------------------------------------------------- --------------------------
09/03 06/03 03/03 12/02 09/02 09/03 09/02
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Revenues
Base rentals $20,070 $19,806 $19,622 $20,498 $18,673 $59,498 $55,058
Percentage rentals 793 555 395 1,602 778 1,743 1,956
Expense reimbursements 8,419 8,456 8,430 8,601 7,361 25,305 21,876
Other income 1,073 803 671 1,115 1,044 2,547 2,358
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total revenues 30,355 29,620 29,118 31,816 27,856 89,093 81,248
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Expenses
Property operating 10,073 10,109 9,953 10,169 8,582 30,135 25,729
General & administrative 2,492 2,453 2,430 2,237 2,623 7,375 6,989
Interest 6,427 6,556 6,724 7,042 7,171 19,707 21,418
Depreciation & amortization 7,084 7,099 7,280 7,355 7,133 21,463 21,365
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Total expenses 26,076 26,217 26,387 26,803 25,509 78,680 75,501
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income before equity in earnings
of unconsolidated joint ventures,
minority interest, discontinued
operations and extraordinary item 4,279 3,403 2,731 5,013 2,347 10,413 5,747
Equity in earnings of unconsolidated
joint ventures 267 280 92 142 317 639 250
Minority interest (1,026) (798) (591) (1,184) (596) (2,415) (1,270)
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations 3,520 2,885 2,232 3,971 2,068 8,637 4,727
Discontinued operations (1) -- (578) (41) 1,189 240 (619) 1,120
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income 3,520 2,307 2,191 5,160 2,308 8,018 5,847
Less applicable preferred share
dividends -- (363) (443) (442) (443) (806) (1,329)
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income available to common
shareholders $ 3,520 $ 1,944 $ 1,748 $ 4,718 $ 1,865 $ 7,212 $ 4,518
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Basic earnings per common share:
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations $.34 $.26 $.19 $.39 $.20 $.80 $.42
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income $.34 $.20 $.19 $.52 $.22 $.74 $.56
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Diluted earnings per common share:
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Income from continuing operations $.33 $.26 $.19 $.38 $.19 $.79 $.41
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Net income $.33 $.20 $.19 $.51 $.22 $.72 $.55
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
Weighted average common shares:
Basic 10,404 9,590 9,181 9,047 8,269 9,729 8,078
Diluted 10,623 9,809 9,408 9,279 8,490 9,958 8,254
- -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
(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 gain on the sale
of a previously leased out parcel of land of $243 for the three and nine
months ended September 30, 2002, a loss on the sale of one real estate
property of $735 for the nine months ended September 30, 2003 and a gain on
the sale of one real estate property of $460 for the nine months ended
September 30, 2002.
10
FFO and FAD Analysis (dollars and shares in thousands)
- ------------------------------------------ ------------------------------------------------------------- --------------------------
Three Months Ended YTD
- ------------------------------------------ ------------------------------------------------------------- --------------------------
09/03 06/03 03/03 12/02 09/02 09/03 09/02
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds from operations:
Net income $3,520 $2,307 $2,191 $5,160 $2,308 $8,018 $5,847
Adjusted for -
Minority interest 1,026 798 591 1,184 596 2,415 1,270
Minority interest, depreciation
and amortization in
discontinued operations -- (143) 36 460 156 (107) 796
Depreciation and amortization
uniquely significant to
real estate - wholly owned 7,021 7,026 7,206 7,284 7,056 21,252 20,973
Depreciation and amortization
uniquely significant to
real estate - joint ventures 287 266 254 255 168 808 168
Loss (Gain) on sale of real estate -- 735 (1,242) -- 735 (460)
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds from operations $11,854 $10,989 $10,278 $13,101 $10,284 $33,121 $28,594
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds from operations per share $.87 $.82 $.78 $1.01 $ .84 $2.47 $2.38
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds available for distribution:
Funds from operations $11,854 $10,989 $10,278 $13,101 $10,284 $33,121 $28,594
Plus -
Corporate depreciation
excluded above 64 73 74 71 77 211 224
Amortization of finance costs 332 309 317 312 313 958 898
Straight line rent adjustment 35 55 57 55 91 147 193
Less -
2nd generation tenant allowances (1,860) (387) (1,417) (455) (136) (3,664) (1,771)
Capital improvements (241) (1,568) (1,045) (737) (899) (2,854) (1,847)
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds available for distribution $10,184 $9,471 $8,264 $12,347 $9,730 $27,919 $26,291
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Funds available for distribution
per share $.75 $.71 $.63 $.95 $.79 $2.08 $2.19
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
Dividends paid per share $.615 $.615 $.6125 $.6125 $.6125 $1.8425 $1.8350
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
FFO payout ratio 71% 75% 79% 61% 73% 75% 77%
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
FAD payout ratio 82% 87% 97% 64% 78% 89% 84%
Diluted weighted average common
Shares 13,656 13,432 13,164 13,035 12,245 13,426 12,011
- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
11
Per Weighted Average Gross Leasable Area (GLA) Analysis
- -------------------------------------------- --------------------------------------------------------- ----------------------
Three Months Ended YTD
- -------------------------------------------- --------------------------------------------------------- ----------------------
09/03 06/03 03/03 12/02 09/02 09/03 09/02
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
GLA open at end of period -
Wholly owned (000's) 5,483 5,449 5,497 5,469 5,493 5,483 5,493
Partially owned (000's) (1) 318 309 260 260 260 318 260
Managed properties (000's) 457 457 457 457 434 457 434
Total GLA open at end of period 6,258 6,215 6,214 6,186 6,187 6,258 6,187
Weighted average GLA (000's) (2) 5,471 5,448 5,443 5,420 5,173 5,454 5,121
End of period occupancy (1) 95% 96% 95% 98% 96% 95% 96%
PER SQUARE FOOT
Revenues
Base rentals $3.67 $3.64 $3.61 $3.78 $3.61 $10.91 $10.75
Percentage rentals .14 .10 .07 .30 .15 .32 .38
Expense reimbursements 1.54 1.55 1.55 1.59 4.64 4.27
1.42
Other income .20 .15 .12 .20 .20 .47 .46
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
Total revenues 5.55 5.44 5.35 5.87 5.38 16.34 15.86
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
Expenses
Property operating 1.84 1.86 1.83 1.88 1.66 5.53 5.02
General & administrative .46 .45 .45 .41 .51 1.35 1.36
Interest 1.17 1.20 1.23 1.30 1.38 3.61 4.18
Depreciation & amortization 1.30 1.30 1.34 1.36 1.38 3.94 4.17
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
Total expenses 4.77 4.81 4.85 4.95 4.93 14.43 14.73
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
Income before equity in earnings of
unconsolidated joint ventures, minority
interest, discontinued operations and
extraordinary item $.78 $.63 $.50 $.92 $.45 $1.91 $1.13
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
Total revenues less property operating and
general & administrative expenses ("NOI")
$3.25 $3.13 $3.07 $3.58 $3.21 $9.46 $9.48
- -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- -----------
(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)
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
09/30/03 06/30/03 03/31/03 12/31/02 09/30/02
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Assets
Investment properties at cost - net $35,200 $35,439 $34,670 $32,153 $31,560
Cash and cash equivalents 1,377 634 100 514 510
Deferred charges - net 1,767 1,872 1,790 1,751 1,676
Other assets 2,900 1,995 1,500 1,491 1,503
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total assets $41,244 $39,940 $38,060 $35,909 $35,249
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Liabilities & Owners' Equity
Mortgage payable $29,248 $28,692 $25,705 $25,513 $21,555
Construction trade payables 751 1,026 1,729 1,644 4,222
Accounts payable & other liabilities 743 828 868 522 756
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities 30,742 30,546 28,302 27,679 26,533
Owners' equity 10,502 9,394 9,758 8,230 8,716
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities & owners' equity $41,244 $39,940 $38,060 $35,909 $35,249
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands)
- ----------------------------------------- ------------------------------------------------------------- ------------------------
Three Months Ended YTD
- ----------------------------------------- ------------------------------------------------------------- -----------------------
09/03 06/03 03/03 12/02 09/02 09/03 09/02
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Revenues $2,195 $2,158 $1,727 $1,685 $2,178 $6,080 $2,434
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Expenses
Property operating 726 782 704 579 963 2,211 1,345
General & administrative 1 3 17 4 1 21 9
Interest 372 294 325 322 256 991 256
Depreciation & amortization 599 552 528 537 347 1,679 347
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Total expenses 1,697 1,631 1,574 1,442 1,567 4,902 1,957
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Net income $498 $527 $153 $243 $611 $1,178 $477
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Tanger Factory Outlet Centers, Inc.
Share of:
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
Total revenues less property
operating and general &
administrative expenses ("NOI") $735 $687 $503 $624 $607 $1,925 $540
Net income $267 $280 $92 $142 $317 $639 $250
Depreciation (real estate related) $287 $266 $254 $255 $168 $807 $168
- ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
13
Debt Outstanding Summary (dollars in thousands)
- --------------------------------------------------------------------------------------------------------
As of September 30, 2003
- --------------------------------------------------------------------------------------------------------
Principal Interest Maturity
Balance Rate Date
- ----------------------------------------- -------------- ------------------------------ ----------------
Mortgage debt
Lancaster, PA $14,266 9.770% 04/10/05
Commerce I, GA 7,935 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 10,977 7.875% 04/01/09
Kittery I, ME 6,246 7.875% 04/01/09
San Marcos I, TX 18,645 7.875% 04/01/09
San Marcos II, TX 18,821 7.980% 04/01/09
West Branch, MI 6,968 7.875% 04/01/09
Williamsburg, IA 19,158 7.875% 04/01/09
Blowing Rock, NC 9,553 8.860% 09/01/10
Nags Head, NC 6,482 8.860% 09/01/10
- ----------------------------------------- -------------- ------------------------------ ----------------
Total mortgage debt 172,552
- ----------------------------------------- -------------- ------------------------------ ----------------
Corporate debt
Unsecured credit facilities 7,272 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 154,781
- ----------------------------------------- -------------- ------------------------------ ----------------
Total debt $327,333
- ----------------------------------------- -------------- ------------------------------ ----------------
14
Future Scheduled Principal Payments (dollars in thousands)
- ------------------------------------------------------------------------
As of September 30, 2003
- ------------------------------------------------------------------------
Scheduled Total
Amortization Balloon Scheduled
Year Payments Payments Payments
- ---------------------- ----------------- --------------- ---------------
2003 $650 -- $650
2004 2,740 47,509 50,249
2005 (1) 2,524 27,848 30,372
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 -- -- --
- ---------------------- ----------------- --------------- ---------------
$14,124 $313,209 $327,333
- ---------------------- ----------------- --------------- ---------------
(1) Balloon payments in 2005 include $7,272 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