8
Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 03/31/04
Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data
March 31, 2004
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, 2003.
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 ......................................................5
Portfolio Occupancy at the End of Each Period..........................6
Major Tenants .........................................................7
Lease Expirations as of March 31, 2004.................................8
Leasing Activity.......................................................9
Financial Data:
Consolidated Balance Sheets...........................................10
Consolidated Statements of Operations.................................11
FFO and FAD Analysis..................................................12
Per Weighted Average Gross Leasable Area (GLA) Analysis...............13
Unconsolidated Joint Venture Information..............................14
Debt Outstanding Summary..............................................15
Future Scheduled Principal Payments...................................16
Investor Information.......................................................17
3
Geographic Diversification
- -------------------------------------------------------------------------------
As of March 31, 2004
- -------------------------------------------------------------------------------
State # of Centers GLA % of GLA
- --------------------------- -------------- ----------------- ------------------
South Carolina (1) (2) 3 1,144,899 13%
Georgia 4 949,190 11%
New York 1 729,238 8%
Texas 2 619,976 7%
Alabama (2) 2 615,250 7%
Delaware (2) 1 568,787 6%
Tennessee 2 513,581 6%
Michigan 2 437,651 5%
Utah (2) 1 300,602 3%
Connecticut (2) 1 291,051 3%
New Hampshire (2) 3 289,711 3%
Missouri 1 277,883 3%
Iowa 1 277,230 3%
Oregon (2) 1 270,280 3%
Illinois (2) 1 258,114 3%
Pennsylvania 1 255,152 3%
Louisiana 1 245,199 3%
Florida 1 198,789 2%
North Carolina 2 187,626 2%
Indiana 1 141,051 2%
Minnesota 1 134,480 2%
California 1 108,950 1%
Maine 2 84,313 1%
- --------------------------- -------------- ----------------- ------------------
Total 36 8,899,003 100%
- --------------------------- -------------- ----------------- ------------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
(2) Includes nine centers from the Charter Oak portfolio acquired on December
19, 2003 of which Tanger owns a one-third interest through a joint venture
arrangement.
4
Property Summary - Occupancy at End of Each Period Shown
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
% % % % %
Total GLA Occupied Occupied Occupied Occupied Occupied
Location 03/31/04 03/31/04 12/31/03 09/30/03 06/30/03 03/31/03
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Riverhead, NY 729,238 99% 100% 99% 100% 98%
Rehoboth, DE (2) 568,787 99% 99% n/a n/a n/a
Foley, AL (2) 535,675 97% 99% n/a n/a n/a
San Marcos, TX 442,486 92% 100% 98% 96% 100%
Myrtle Beach, SC (2) 427,472 96% 96% n/a n/a n/a
Sevierville, TN 419,023 100% 100% 99% 100% 100%
Hilton Head, SC (2) 393,094 88% 89% n/a n/a n/a
Commerce II, GA 342,556 92% 96% 94% 97% 93%
Howell, MI 325,231 100% 100% 99% 99% 99%
Myrtle Beach, SC (1) 324,333 100% 100% 100% 100% 100%
Park City, UT (2) 300,602 95% 96% n/a n/a n/a
Westbrook, CT (2) 291,051 89% 93% n/a n/a n/a
Branson, MO 277,883 97% 100% 100% 99% 97%
Williamsburg, IA 277,230 96% 96% 96% 98% 97%
Lincoln City, OR (2) 270,280 93% 92% n/a n/a n/a
Tuscola, IL (2) 258,114 78% 78% n/a n/a n/a
Lancaster, PA 255,152 95% 100% 98% 96% 94%
Locust Grove, GA 247,454 98% 100% 100% 99% 99%
Gonzales, LA 245,199 93% 99% 95% 99% 97%
Tilton, NH (2) 227,966 96% 96% n/a n/a n/a
Fort Myers, FL 198,789 86% 94% 86% 89% 97%
Commerce I, GA 185,750 69% 77% 74% 71% 79%
Terrell, TX 177,490 96% 100% 97% 97% 96%
Dalton, GA 173,430 79% 100% 82% 95% 93%
Seymour, IN 141,051 80% 77% 75% 74% 74%
North Branch, MN 134,480 100% 100% 100% 99% 99%
West Branch, MI 112,420 100% 100% 100% 98% 95%
Barstow, CA 108,950 88% 87% 87% 80% 72%
Blowing Rock, NC 105,448 93% 100% 100% 90% 94%
Pigeon Forge, TN 94,558 88% 93% 97% 97% 95%
Nags Head, NC 82,178 100% 100% 100% 100% 100%
Boaz, AL 79,575 97% 97% 97% 92% 95%
Kittery I, ME 59,694 100% 100% 100% 100% 100%
LL Bean, NH 50,745 100% 100% 91% 91% 91%
Kittery II, ME 24,619 100% 100% 100% 100% 100%
Clover, NH 11,000 100% 100% 100% 100% 100%
Casa Grande, AZ n/a n/a n/a 79% 88% 89%
Martinsburg, WV n/a n/a n/a n/a n/a 61%
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
Total 8,899,003 94% 96% 95% 96% 95%
- ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
(2) Includes nine centers from the Charter Oak portfolio acquired on December
19, 2003 of which Tanger owns a one-third interest through a joint venture
arrangement.
5
Portfolio Occupancy at the End of Each Period (1)
[GRAPH APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
'03/04 '12/03 '09/03 '06/03 '03/03 '12/02 '09/02 '06/02 '03/02
94% 96% 95% 96% 95% 98% 96% 96% 95%
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement and the nine centers in the Charter Oak
portfolio of which Tanger owns a one-third interest through a joint venture
arrangement.
6
Major Tenants (1)
- ----------------------------------------------------------------------------
Ten Largest Tenants As of March 31, 2004
- ----------------------------------------------------------------------------
# of % of
Tenant Stores GLA Total GLA
- ------------------------------- ----------- -------------- -----------------
The Gap, Inc. 53 547,235 6.1%
Phillips-Van Heusen 93 442,339 5.0%
Liz Claiborne 55 373,604 4.3%
VF Factory Outlet 33 295,063 3.3%
Reebok International 33 254,002 2.8%
Dress Barn, Inc. 32 226,729 2.5%
Polo Ralph Lauren 23 175,604 2.0%
Brown Group Retail 35 168,908 1.9%
Sara Lee Corporation 41 161,528 1.8%
Nike 11 159,985 1.8%
- ------------------------------- ----------- -------------- -----------------
Total of All Listed Above 409 2,804,997 31.5%
- ------------------------------- ----------- -------------- -----------------
1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement and the nine centers in the Charter Oak
portfolio of which Tanger owns a one-third interest through a joint venture
arrangement.
7
Lease Expirations as of March 31, 2004
Percentage of Total Gross Leasable Area (1)
[GRAPH APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014+
14.00% 23.00% 17.00% 17.00% 15.00% 7.00% 2.00% 1.00% 2.00% 1.00% 1.00%
Percentage of Total Annualized Base Rent (1)
[GRAPH APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014+
11.00% 20.00% 19.00% 18.00% 17.00% 8.00% 2.00% 1.00% 2.00% 1.00% 1.00%
1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement and the nine centers in the Charter Oak
portfolio of which Tanger owns a one-third interest through a joint venture
arrangement.
8
Leasing Activity (1)
- ---------------------------------------------------- ----------- ------------ ----------- ---------- ---------- -----------
Prior
Year to Year to
03/31/04 06/30/04 09/30/04 12/31/04 Date Date
- ---------------------------------------------------- ----------- ------------ ----------- ---------- ---------- -----------
Re-tenanted Space:
Number of leases 31 31 35
Gross leasable area 130,808 130,808 138,468
New base rent per square foot $17.24 $17.24 $16.89
Prior base rent per square foot $15.93 $15.93 $16.38
Percent increase in rent per square foot 8.3% 8.3% 3.1%
Renewed Space:
Number of leases 169 169 117
Gross leasable area 755,832 755,832 538,506
New base rent per square foot $14.96 $14.96 $13.35
Prior base rent per square foot $13.86 $13.86 $13.19
Percent increase in rent per square foot 7.9% 7.9% 1.2%
Total Re-tenanted and Renewed Space:
Number of leases 200 200 152
Gross leasable area 886,640 886,640 676,974
New base rent per square foot $15.29 $15.29 $14.07
Prior base rent per square foot $14.16 $14.16 $13.84
Percent increase in rent per square foot 8.0% 8.0% 1.7%
- ---------------------------------------------------- ----------- ------------ ----------- ---------- ---------- -----------
Prior
Year to Year to
03/31/04 06/30/04 09/30/04 12/31/04 Date Date
- ---------------------------------------------------- ----------- ------------ ----------- ---------- ---------- -----------
Stores Opening:
Number of stores 23 23 7
Gross leasable area 84,162 84,162 31,265
Base rent per square foot $17.26 $17.26 $19.01
Stores Closing:
Number of stores 52 52 40
Gross leasable area 170,909 170,909 105,429
Base rent per square foot $16.43 $16.43 $17.58
Percent increase in rent per square foot 5.1% 5.1% 8.1%
- ---------------------------------------------------- ----------- ------------ ----------- ---------- ---------- -----------
1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement and the nine centers in the Charter Oak
portfolio of which Tanger owns a one-third interest through a joint venture
arrangement.
9
Consolidated Balance Sheets (dollars in thousands)
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
03/31/04 12/31/03 09/30/03 06/30/03 03/31/03
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Assets
Rental property
Land $118,933 $119,833 $50,474 $50,474 $51,274
Buildings 965,948 958,720 583,269 578,665 581,766
Developments under construction -- -- -- 2,490 --
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total rental property 1,084,881 1,078,553 633,743 631,629 633,040
Accumulated depreciation (202,454) (192,698) (191,628) (185,071) (180,996)
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total rental property - net 882,427 885,855 442,115 446,558 452,044
Cash 10,781 9,836 209 203 209
Deferred charges - net 67,114 68,568 9,398 9,389 9,648
Other assets 19,565 23,178 13,666 12,822 13,424
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total assets $979,887 $987,437 $465,388 $468,972 $475,325
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Liabilities & Shareholders' Equity
Liabilities
Debt
Senior, unsecured notes $147,509 $147,509 $147,509 $147,509 $148,009
Mortgages payable 368,087 370,160 172,552 173,188 173,811
Lines of credit 4,825 22,650 7,272 11,890 19,319
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total debt 520,421 540,319 327,333 332,587 341,139
Construction trade payables 5,816 4,345 7,188 8,010 7,560
Accounts payable & accruals 18,507 18,025 13,949 13,328 12,070
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total liabilities 544,744 562,689 348,470 353,925 360,769
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Minority interests:
Consolidated joint venture 220,337 218,148 -- -- --
Operating partnership 39,524 39,182 26,202 26,231 23,245
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total minority interests 259,861 257,330 26,202 26,231 23,245
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Shareholders' equity
Preferred shares -- -- -- -- 1
Common shares 135 130 105 103 93
Paid in capital 265,087 250,070 171,747 167,034 165,641
Distributions in excess of net income (89,916) (82,737) (81,063) (78,224) (74,324)
Accum. other comprehensive loss (24) (45) (73) (97) (100)
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total shareholders' equity 175,282 167,418 90,716 88,816 91,311
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
Total liabilities & shareholders' equity $979,887 $987,437 $465,388 $468,972 $475,325
- -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
10
Consolidated Statements of Operations (dollars and shares in thousands)
- ---------------------------------------- ---------------------------------------------------------------- -------------------------
Three Months Ended YTD
- ---------------------------------------- ---------------------------------------------------------------- -------------------------
03/04 12/03 09/03 06/03 03/03 03/04 03/03
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Revenues
Base rentals $32,060 $22,432 $19,799 $19,523 $19,285 $32,060 $19,285
Percentage rentals 713 1,459 784 552 395 713 395
Expense reimbursements 12,147 9,231 8,306 8,331 8,313 12,147 8,313
Other income 859 1,045 1,063 792 662 859 662
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total revenues 45,779 34,167 29,952 29,198 28,655 45,779 28,655
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Expenses
Property operating 13,710 10,810 9,836 9,887 9,702 13,710 9,702
General & administrative 3,159 2,188 2,492 2,453 2,428 3,159 2,428
Depreciation & amortization 12,376 8,094 6,956 6,946 7,128 12,376 7,128
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total expenses 29,245 21,092 19,284 19,286 19,258 29,245 19,258
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Operating income 16,534 13,075 10,668 9,912 9,397 16,534 9,397
Interest expense 8,864 6,779 6,427 6,556 6,724 8,864 6,724
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Income before equity in earnings
of unconsolidated joint ventures,
minority interests and discontinued
operations 7,670 6,296 4,241 3,356 2,673 7,670 2,673
Equity in earnings of unconsolidated
joint ventures 165 180 267 280 92 165 92
Minority interests:
Consolidated joint venture (6,593) (941) -- -- -- (6,593) --
Operating partnership (230) (1,196) (1,017) (787) (579) (230) (579)
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Income from continuing operations 1,012 4,339 3,491 2,849 2,186 1,012 2,186
Discontinued operations (1) -- 492 29 (542) 5 -- 5
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net income 1,012 4,831 3,520 2,307 2,191 1,012 2,191
Less applicable preferred share
dividends -- -- -- (363) (443) -- (443)
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net income available to common
shareholders $ 1,012 $ 4,831 $ 3,520 $ 1,944 $ 1,748 $ 1,012 $ 1,748
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Basic earnings per common share:
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Income from continuing operations $.08 $.39 $.34 $.26 $.19 $.08 $.19
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net income $.08 $.44 $.34 $.20 $.19 $.08 $.19
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Diluted earnings per common share:
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Income from continuing operations $.08 $.39 $.33 $.25 $.19 $.08 $.19
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net income $.08 $.43 $.33 $.20 $.19 $.08 $.19
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
Weighted average common shares:
Basic 13,337 11,008 10,404 9,590 9,181 13,337 9,181
Diluted 13,488 11,183 10,623 9,809 9,408 13,488 9,408
- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------
(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.
11
FFO and FAD Analysis (dollars and shares in thousands)
- -------------------------------------------- ------------------------------------------------------------ -------------------------
Three Months Ended YTD
- -------------------------------------------- ------------------------------------------------------------ -------------------------
03/04 12/03 09/03 06/03 03/03 03/04 03/03
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds from operations:
Net income $1,012 $4,831 $3,520 $2,307 $2,191 $1,012 $2,191
Adjusted for -
Minority interest in operating
partnership 230 1,196 1,017 787 579 230 579
Minority interest adjustment
consolidated joint venture 33 (33) -- -- -- 33 --
Minority interest, depreciation
and amortization in
discontinued operations -- 184 138 21 200 -- 200
Depreciation and amortization
uniquely significant to
real estate - wholly owned 12,318 8,034 6,892 6,873 7,054 12,318 7,054
Depreciation and amortization
uniquely significant to
real estate - joint ventures 300 294 287 266 254 300 254
Loss (Gain) on sale of real estate -- (588) -- 735 -- -- --
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds from operations $13,893 $13,918 $11,854 $10,989 $10,278 $13,893 $10,278
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds from operations per share $.84 $.98 $.87 $.82 $.78 $.84 $.78
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds available for distribution:
Funds from operations $13,893 $13,918 $11,854 $10,278 $13,893 $10,278 $10,989
Plus -
Corporate depreciation
excluded above 58 60 64 73 74 58 74
Amortization of finance costs 367 354 332 309 317 367 317
Straight line rent adjustment (84) 2 35 55 57 (84) 57
Less -
Below market rent adjustment (60) (37) -- -- -- (60) --
Market rate interest adjustment (610) (149) -- -- -- (610) --
2nd generation tenant allowances (1,521) (1,457) (1,860) (387) (1,417) (1,521) (1,417)
Capital improvements (1,335) (1,796) (241) (1,568) (1,045) (1,335) (1,045)
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds available for distribution $10,708 $10,895 $10,184 $9,471 $8,264 $10,708 $8,264
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Funds available for distribution
per share $.65 $.77 $.75 $.71 $.63 $.65 $.63
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
Dividends paid per share $.615 $.615 $.615 $.615 $.6125 $.615 $.6125
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
FFO payout ratio 73% 63% 71% 75% 79% 73% 79%
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
FAD payout ratio 95% 80% 82% 87% 97% 95% 97%
Diluted weighted average common
shares 16,521 14,216 13,656 13,432 13,164 16,521 13,164
- -------------------------------------------- ----------- ---------- ----------- ------------ ------------ ------------ ------------
12
Per Weighted Average Gross Leasable Area (GLA) Analysis
- -------------------------------------------- --------------------------------------------------------------------------------
Three Months Ended
- -------------------------------------------- ------------------------------------------------------- ----------------------
03/04 12/03 09/03 06/03 03/03 03/04 03/03
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
GLA open at end of period - (000's)
Wholly owned 5,302 5,299 5,483 5,449 5,497 5,302 5,497
Partially owned consolidated (1) 3,273 3,273 --- --- --- 3,273 ---
Partially owned unconsolidated (2) 324 324 318 309 260 324 260
Managed properties 434 434 457 457 457 434 457
Total GLA open at end of period 9,333 9,330 6,258 6,215 6,214 9,333 6,214
Weighted average GLA (000's) (3) 8,574 5,761 5,286 5,263 5,258 8,574 5,258
End of period occupancy (1) (2) 94% 96% 95% 96% 95% 94% 95%
PER SQUARE FOOT
Revenues
Base rentals $3.74 $3.89 $3.75 $3.71 $3.67 $3.74 $3.67
Percentage rentals .08 .26 .15 .11 .07 .08 .07
Expense reimbursements 1.42 1.60 1.58 1.58 1.58 1.42 1.58
Other income .10 .18 .20 .15 .13 .10 .13
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Total revenues 5.34 5.93 5.68 5.55 5.45 5.34 5.45
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Expenses
Property operating 1.60 1.88 1.86 1.88 1.84 1.60 1.84
General & administrative .37 .38 .47 .47 .46 .37 .46
Depreciation & amortization 1.44 1.40 1.32 1.32 1.36 1.44 1.36
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Total expenses 3.41 3.66 3.65 3.67 3.66 3.41 3.66
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Operating income 1.93 2.27 2.03 1.88 1.79 1.93 1.79
- ------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Interest expense 1.03 1.18 1.22 1.24 1.27 1.03 1.27
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Income before equity in earnings of
unconsolidated joint ventures, minority
interest and discontinued operations $.90 $1.09 $.81 $.64 $.52 $.90 $.52
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
Total revenues less property operating and
general & administrative expenses ("NOI") $3.37 $3.67 $3.35 $3.20 $3.15 $3.37 $3.15
- -------------------------------------------- ----------- ---------- ---------- ---------- ---------- ---------- -----------
(1) Includes the nine centers from the Charter Oak portfolio acquired on
December 19, 2003 of which Tanger owns a one-third interest through a joint
venture arrangement.
(2) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.
(3) Represents GLA of wholly owned and partially owned consolidated 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.
13
Unconsolidated Joint Venture Information -
Summary Balance Sheets (dollars in thousands)
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
03/31/04 12/31/03 09/30/03 06/30/03 03/31/03
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Assets
Investment properties at cost - net $67,051 $63,899 $35,200 $35,439 $34,670
Cash and cash equivalents 2,078 4,145 1,377 634 100
Deferred charges - net 1,596 1,652 1,767 1,872 1,790
Other assets 3,334 3,277 2,900 1,995 1,500
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total assets $74,059 $72,973 $41,244 $39,940 $38,060
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Liabilities & Owners' Equity
Mortgage payable $54,811 $54,683 $29,248 $28,692 $25,705
Construction trade payables 2,501 1,164 751 1,026 1,729
Accounts payable & other liabilities 603 564 743 828 868
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities 57,915 56,411 30,742 30,546 28,302
Owners' equity 16,144 16,562 10,502 9,394 9,758
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Total liabilities & owners' equity $74,059 $72,973 $41,244 $39,940 $38,060
- ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands)
- ------------------------------------------ -------------------------------------------------------- ---------------------
Three Months Ended YTD
- ------------------------------------------ -------------------------------------------------------- ---------------------
03/04 12/03 09/03 06/03 03/03 03/04 03/03
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Revenues $2,075 $2,098 $2,195 $2,158 $1,727 $2,075 $1,727
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Expenses
Property operating 775 760 726 782 704 775 704
General & administrative 1 26 1 3 17 1 17
Depreciation & amortization 623 613 599 552 528 623 528
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Total expenses 1,399 1,399 1,326 1,337 1,249 1,399 1,249
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Operating income 676 699 869 821 478 676 478
Interest expense 380 380 372 294 325 380 325
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Net income $296 $319 $497 $527 $153 $296 $153
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Tanger Factory Outlet Centers, Inc.
share of:
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
Total revenues less property
operating and general &
administrative expenses ("NOI") $650 $656 $734 $687 $503 $650 $503
Net income $165 $180 $267 $280 $92 $165 $92
Depreciation (real estate related) $300 $293 $287 $266 $255 $300 $255
- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
14
Debt Outstanding Summary (dollars in thousands)
- ------------------------------------------------------------------------------------------------------------------
As of March 31, 2004
- ------------------------------------------------------------------------------------------------------------------
Principal Interest Maturity
Balance Rate Date
- --------------------------------------------------- -------------- ------------------------------ ----------------
Mortgage debt
Lancaster, PA $14,089 9.770% 04/10/05
Commerce I, GA 7,687 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 10,868 7.875% 04/01/09
Kittery I, ME 6,184 7.875% 04/01/09
San Marcos I, TX 18,460 7.875% 04/01/09
San Marcos II, TX 18,670 7.980% 04/01/09
West Branch, MI 6,899 7.875% 04/01/09
Williamsburg, IA 18,967 7.875% 04/01/09
Blowing Rock, NC 9,481 8.860% 09/01/10
Nags Head, NC 6,434 8.860% 09/01/10
Consolidated JV Debt 185,606 6.590% 07/10/08
Premium on Consolidated JV Debt (1) 11,242
- --------------------------------------------------- -------------- ------------------------------ ----------------
Total mortgage debt (1) 368,087
- --------------------------------------------------- -------------- ------------------------------ ----------------
Corporate debt
Unsecured credit facilities 4,825 Libor + 1.60% 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 152,334
- --------------------------------------------------- -------------- ------------------------------ ----------------
Total debt (1) $520,421
- --------------------------------------------------- -------------- ------------------------------ ----------------
(1) Represents a premium on mortgage debt with an imputed interest rate of
4.97% assumed in the Charter Oak acquisition joint venture, which is
consolidated on Tanger's balance sheet. Future Scheduled Principal Payments
(dollars in thousands)
15
- -------------------------------------------------------------------------------------------------------
As of March 31, 2004
- -------------------------------------------------------------------------------------------------------
Scheduled Total
Amortization Balloon Scheduled
Year Payments Payments Payments
- ----------------------------- ---------------------- ------------------------- ------------------------
2004 $4,557 $47,509 $52,066
2005 (1) 6,027 25,401 31,428
2006 5,910 53,500 59,410
2007 6,344 -- 6,344
2008 3,711 270,719 274,430
2009 967 70,474 71,441
2010 181 13,878 14,059
2011 -- -- --
2012 -- -- --
2013 -- -- --
2014 & thereafter -- -- --
- ----------------------------- ---------------------- ------------------------- ------------------------
$27,697 $481,481 $509,178
Premium on Consolidated JV Debt (2) 11,243
- ----------------------------- ---------------------- ------------------------- ------------------------
$520,421
- ----------------------------- ---------------------- ------------------------- ------------------------
(1) Balloon payments in 2005 include $4,825 relating to amounts outstanding
under the unsecured credit facilities.
(2) Represents a premium on mortgage debt assumed in the Charter Oak
acquisition joint venture, which is consolidated on Tanger's balance sheet.
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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
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