EXHIBIT 99.2
Published on April 30, 2007
Tanger
Factory Outlet Centers, Inc.
Supplemental
Operating and Financial Data
March
31,
2007
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, 2006.
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 (1)
|
5
|
||||
Portfolio
Occupancy at the End of Each Period (1)
|
6
|
||||
Major
Tenants (1)
|
7
|
||||
Lease
Expirations as of March 31, 2007
|
8
|
||||
Leasing
Activity (1)
|
9
|
Financial
Data:
Consolidated
Balance Sheets
|
10
|
||||
Consolidated
Statements of Operations
|
11
|
||||
FFO
and FAD Analysis
|
12
|
||||
Unconsolidated
Joint Venture Information
|
13
|
||||
Debt
Outstanding Summary
|
17
|
||||
Senior
Unsecured Notes Financial Covenants
|
17
|
||||
Future
Scheduled Principal Payments
|
18
|
||||
Investor
Information
|
19
|
3
Geographic
Diversification
As
of March 31, 2007
|
|||
State
|
#
of Centers
|
GLA
|
%
of GLA
|
South
Carolina
|
3
|
1,171,771
|
14%
|
Georgia
|
3
|
826,643
|
10%
|
New
York
|
1
|
729,315
|
9%
|
Texas
|
2
|
620,000
|
8%
|
Alabama
|
2
|
619,918
|
7%
|
Delaware
|
1
|
568,926
|
7%
|
Michigan
|
2
|
436,751
|
5%
|
Tennessee
|
1
|
419,038
|
5%
|
Utah
|
1
|
300,602
|
4%
|
Connecticut
|
1
|
291,051
|
4%
|
Missouri
|
1
|
277,883
|
3%
|
Iowa
|
1
|
277,230
|
3%
|
Oregon
|
1
|
270,280
|
3%
|
Illinois
|
1
|
256,514
|
3%
|
Pennsylvania
|
1
|
255,152
|
3%
|
Louisiana
|
1
|
243,499
|
3%
|
New
Hampshire
|
1
|
227,849
|
3%
|
Florida
|
1
|
198,950
|
2%
|
North
Carolina
|
2
|
186,458
|
2%
|
California
|
1
|
109,600
|
1%
|
Maine
|
2
|
84,313
|
1%
|
Total
(1)
|
30
|
8,371,743
|
100%
|
(1) |
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
4
Property
Summary - Occupancy
at End of Each Period Shown (1)
Location
|
Total
GLA
3/31/07
|
%
Occupied
3/31/07
|
%
Occupied
12/31/06
|
%
Occupied
9/30/06
|
%
Occupied
6/30/06
|
%
Occupied
3/31/06
|
Riverhead,
NY
|
729,315
|
97%
|
100%
|
98%
|
99%
|
98%
|
Rehoboth,
DE
|
568,926
|
98%
|
99%
|
100%
|
99%
|
98%
|
Foley,
AL
|
540,343
|
96%
|
98%
|
96%
|
96%
|
94%
|
San
Marcos, TX
|
442,510
|
98%
|
99%
|
98%
|
99%
|
97%
|
Myrtle
Beach, SC
|
426,417
|
94%
|
95%
|
94%
|
94%
|
91%
|
Sevierville,
TN
|
419,038
|
98%
|
100%
|
100%
|
100%
|
100%
|
Hilton
Head, SC
|
393,094
|
85%
|
88%
|
88%
|
84%
|
81%
|
Charleston,
SC
|
352,260
|
90%
|
89%
|
81%
|
n/a
|
n/a
|
Commerce
II, GA
|
347,025
|
94%
|
99%
|
96%
|
99%
|
98%
|
Howell,
MI
|
324,631
|
99%
|
100%
|
99%
|
100%
|
95%
|
Park
City, UT
|
300,602
|
99%
|
100%
|
99%
|
100%
|
100%
|
Locust
Grove, GA
|
293,868
|
94%
|
99%
|
93%
|
94%
|
95%
|
Westbrook,
CT
|
291,051
|
93%
|
99%
|
96%
|
92%
|
90%
|
Branson,
MO
|
277,883
|
98%
|
100%
|
99%
|
100%
|
99%
|
Williamsburg,
IA
|
277,230
|
95%
|
99%
|
98%
|
97%
|
99%
|
Lincoln
City, OR
|
270,280
|
99%
|
97%
|
96%
|
98%
|
99%
|
Tuscola,
IL
|
256,514
|
69%
|
77%
|
70%
|
70%
|
70%
|
Lancaster,
PA
|
255,152
|
99%
|
100%
|
100%
|
100%
|
99%
|
Gonzales,
LA
|
243,499
|
98%
|
100%
|
100%
|
100%
|
100%
|
Tilton,
NH
|
227,849
|
96%
|
100%
|
94%
|
99%
|
97%
|
Fort
Myers, FL
|
198,950
|
97%
|
100%
|
100%
|
94%
|
91%
|
Commerce
I, GA
|
185,750
|
90%
|
90%
|
87%
|
93%
|
87%
|
Terrell,
TX
|
177,490
|
98%
|
99%
|
91%
|
99%
|
99%
|
West
Branch, MI
|
112,120
|
87%
|
96%
|
100%
|
98%
|
98%
|
Barstow,
CA
|
109,600
|
100%
|
100%
|
100%
|
95%
|
95%
|
Blowing
Rock, NC
|
104,280
|
97%
|
100%
|
100%
|
100%
|
100%
|
Nags
Head, NC
|
82,178
|
100%
|
100%
|
100%
|
100%
|
97%
|
Boaz,
AL
|
79,575
|
92%
|
98%
|
98%
|
92%
|
92%
|
Kittery
I, ME
|
59,694
|
100%
|
100%
|
100%
|
100%
|
100%
|
Kittery
II, ME
|
24,619
|
94%
|
94%
|
94%
|
100%
|
100%
|
Total
|
8,371,743
|
95%
(2)
|
98%
(2)
|
96%
(2)
|
96%
|
95%
|
(1) |
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
(2) |
Excludes
the occupancy rate at our Charleston, South Carolina center which
opened
during the third quarter of 2006 and has not yet
stabilized.
|
5
Portfolio
Occupancy at the End of Each Period (1)
03/07
(2) 12/06 (2) 09/06
(2) 06/06 03/06 12/05 09/05 06/05
03/05
95%
98%
96% 96%
95% 97%
96%
97% 95%
(1) |
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
(2) |
Excludes
the occupancy rate at our Charleston, South Carolina center which
opened
during the third quarter of 2006 and has not yet
stabilized.
|
6
Major
Tenants
(1)
Ten
Largest Tenants As of March 31, 2007
|
|||
Tenant
|
#
of
Stores
|
GLA
|
%
of
Total
GLA
|
The
Gap, Inc.
|
60
|
595,187
|
7.1%
|
Phillips-Van
Heusen
|
94
|
448,564
|
5.4%
|
Liz
Claiborne
|
40
|
310,478
|
3.7%
|
Adidas
|
34
|
274,371
|
3.3%
|
VF
Factory Outlet
|
29
|
266,819
|
3.2%
|
Dress
Barn, Inc.
|
34
|
230,998
|
2.8%
|
Carter’s
|
43
|
213,191
|
2.5%
|
Nike
|
16
|
210,098
|
2.5%
|
Jones
Retail Corporation
|
68
|
190,478
|
2.3%
|
Polo
Ralph Lauren
|
23
|
188,628
|
2.2%
|
Total
of All Listed Above
|
441
|
2,928,812
|
35.0%
|
(1) |
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
7
Lease
Expirations as of March 31, 2007
Percentage
of Total Gross Leasable Area (1)
2007 2008
2009 2010 2011
2012
2013
2014 2015
2016 2017+
10.00% 17.00% 19.00% 17.00% 19.00% 9.00%
2.00% 1.00% 2.00% 2.00% 2.00%
Percentage
of Total Annualized Base Rent (1)
2007 2008
2009 2010 2011
2012
2013
2014 2015
2016 2017+
8.00%
16.00% 17.00% 21.00% 19.00% 9.00%
2.00% 2.00% 2.00%
2.00% 2.00%
(1)
|
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
8
Leasing
Activity
(1)
03/31/07
|
06/30/07
|
09/30/07
|
12/31/07
|
Year
to Date
|
Prior
Year
to Date
|
|
Re-tenanted
Space:
|
||||||
Number
of leases
|
89
|
89
|
60
|
|||
Gross
leasable area
|
321,288
|
321,288
|
220,484
|
|||
New
initial base rent per square foot
|
$21.54
|
$21.54
|
$17.98
|
|||
Prior
expiring base rent per square foot
|
$16.57
|
$16.57
|
$15.48
|
|||
Percent
increase
|
30.0%
|
30.0%
|
16.1%
|
|||
New
straight line base rent per square foot
|
$22.51
|
$22.51
|
$18.61
|
|||
Prior
straight line base rent per square foot
|
$16.39
|
$16.39
|
$15.35
|
|||
Percent
increase
|
37.4%
|
37.4%
|
21.2%
|
|||
Renewed
Space:
|
||||||
Number
of leases
|
156
|
156
|
220
|
|||
Gross
leasable area
|
733,856
|
733,856
|
942,601
|
|||
New
initial base rent per square foot
|
$18.32
|
$18.32
|
$17.71
|
|||
Prior
expiring base rent per square foot
|
$16.73
|
$16.73
|
$16.37
|
|||
Percent
increase
|
9.5%
|
9.5%
|
8.2%
|
|||
New
straight line base rent per square foot
|
$18.71
|
$18.71
|
$17.91
|
|||
Prior
straight line base rent per square foot
|
$16.52
|
$16.52
|
$16.03
|
|||
Percent
increase
|
13.3%
|
13.3%
|
11.7%
|
|||
Total
Re-tenanted and Renewed Space:
|
||||||
Number
of leases
|
245
|
245
|
280
|
|||
Gross
leasable area
|
1,055,144
|
1,055,144
|
1,163,085
|
|||
New
initial base rent per square foot
|
$19.30
|
$19.30
|
$17.76
|
|||
Prior
expiring base rent per square foot
|
$16.68
|
$16.68
|
$16.20
|
|||
Percent
increase
|
15.7%
|
15.7%
|
9.6%
|
|||
New
straight line base rent per square foot
|
$19.86
|
$19.86
|
$18.05
|
|||
Prior
straight line base rent per square foot
|
$16.48
|
$16.48
|
$15.90
|
|||
Percent
increase
|
20.6%
|
20.6%
|
13.5%
|
(1)
|
Excludes
one 401,992 square foot center in Myrtle Beach, SC and one 264,929
square
foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest
in
through joint venture arrangements and two centers totaling 229,174
square
feet for which we only have management
responsibilities.
|
9
Consolidated
Balance Sheets (dollars in
thousands)
3/31/07
|
12/31/06
|
9/30/06
|
6/30/06
|
3/31/06
|
||||||||||||
Assets
|
||||||||||||||||
Rental
property
|
||||||||||||||||
Land
|
$
|
130,137
|
$
|
130,137
|
$
|
130,250
|
$
|
119,876
|
$
|
119,969
|
||||||
Buildings
|
1,071,691
|
1,068,070
|
1,059,725
|
1,017,245
|
1,005,300
|
|||||||||||
Construction
in progress
|
23,944
|
18,640
|
--
|
51,260
|
32,459
|
|||||||||||
Total
rental property
|
1,225,772
|
1,216,847
|
1,189,975
|
1,188,381
|
1,157,728
|
|||||||||||
Accumulated
depreciation
|
(287,720
|
)
|
(275,372
|
)
|
(266,054
|
)
|
(266,958
|
)
|
(257,256
|
)
|
||||||
Total
rental property - net
|
938,052
|
941,475
|
923,921
|
921,423
|
900,472
|
|||||||||||
Cash
& cash equivalents
|
3,273
|
8,453
|
20,197
|
1,785
|
2,153
|
|||||||||||
Assets
held for sale
|
--
|
--
|
--
|
--
|
--
|
|||||||||||
Investments
in unconsolidated joint ventures
|
14,052
|
14,451
|
14,581
|
15,130
|
14,960
|
|||||||||||
Deferred
charges - net
|
52,312
|
55,089
|
57,915
|
56,867
|
59,497
|
|||||||||||
Other
assets
|
21,149
|
21,409
|
26,819
|
27,008
|
38,148
|
|||||||||||
Total
assets
|
$
|
1,028,838
|
$
|
1,040,877
|
$
|
1,043,433
|
$
|
1,022,213
|
$
|
1,015,230
|
||||||
Liabilities,
minority interest & shareholders’ equity
|
|
|
|
|
||||||||||||
Liabilities
|
||||||||||||||||
Debt
|
||||||||||||||||
Senior,
unsecured notes, net of discount
|
$
|
498,685
|
$
|
498,668
|
$
|
498,650
|
$
|
349,132
|
$
|
349,115
|
||||||
Mortgages
payable, including premium
|
178,363
|
179,911
|
181,420
|
198,177
|
199,662
|
|||||||||||
Unsecured
note
|
--
|
--
|
--
|
53,500
|
53,500
|
|||||||||||
Unsecured
lines of credit
|
--
|
--
|
--
|
49,800
|
47,100
|
|||||||||||
Total
debt
|
677,048
|
678,579
|
680,070
|
650,609
|
649,377
|
|||||||||||
Construction
trade payables
|
22,226
|
23,504
|
21,049
|
22,372
|
14,247
|
|||||||||||
Accounts
payable & accruals
|
25,680
|
25,094
|
27,254
|
22,095
|
21,434
|
|||||||||||
Total
liabilities
|
724,994
|
727,177
|
728,373
|
695,076
|
685,058
|
|||||||||||
Minority
interest in operating partnership
|
37,193
|
39,024
|
39,270
|
53,541
|
54,124
|
|||||||||||
Shareholders’
equity
|
||||||||||||||||
Preferred
shares
|
75,000
|
75,000
|
75,000
|
75,000
|
75,000
|
|||||||||||
Common
shares
|
313
|
310
|
310
|
310
|
309
|
|||||||||||
Paid
in capital
|
347,933
|
346,361
|
345,411
|
332,103
|
330,545
|
|||||||||||
Distributions
in excess of net income
|
(158,902
|
)
|
(150,223
|
)
|
(147,030
|
)
|
(142,497
|
)
|
(136,853
|
)
|
||||||
Accum.
other compreh. income
|
2,307
|
3,228
|
2,099
|
8,680
|
7,047
|
|||||||||||
Total
shareholders’ equity
|
266,651
|
274,676
|
275,790
|
273,596
|
276,048
|
|||||||||||
Total
liabilities, minority interest & shareholders’
equity
|
$
|
1,028,838
|
$
|
1,040,877
|
$
|
1,043,433
|
$
|
1,022,213
|
$
|
1,015,230
|
10
Consolidated
Statements of Operations (dollars and shares in thousands)
Three
Months Ended
|
YTD
|
|||||||||||||||||||||
|
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
|||||||||||||||
Revenues
|
||||||||||||||||||||||
Base
rentals
|
$
|
35,227
|
$
|
36,449
|
$
|
35,403
|
$
|
33,879
|
$
|
32,965
|
$
|
35,227
|
$
|
32,965
|
||||||||
Percentage
rentals
|
1,468
|
2,896
|
1,736
|
1,398
|
1,158
|
1,468
|
1,158
|
|||||||||||||||
Expense
reimbursements
|
15,045
|
17,165
|
14,890
|
13,747
|
12,720
|
15,045
|
12,720
|
|||||||||||||||
Other
income
|
1,501
|
2,039
|
2,407
|
1,504
|
1,355
|
1,501
|
1,355
|
|||||||||||||||
Total
revenues
|
53,241
|
58,549
|
54,436
|
50,528
|
48,198
|
53,241
|
48,198
|
|||||||||||||||
Expenses
|
|
|
|
|
|
|
|
|||||||||||||||
Property
operating
|
17,005
|
19,285
|
17,139
|
15,995
|
14,765
|
17,005
|
14,765
|
|||||||||||||||
General
& administrative
|
4,277
|
4,402
|
4,147
|
4,077
|
4,081
|
4,277
|
4,081
|
|||||||||||||||
Depreciation
& amortization
|
18,487
|
14,082
|
13,578
|
13,593
|
15,950
|
18,487
|
15,950
|
|||||||||||||||
Abandoned
acquisition due diligence costs
|
--
|
944
|
574
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
expenses
|
39,769
|
38,713
|
35,438
|
33,665
|
34,796
|
39,769
|
34,796
|
|||||||||||||||
Operating
income
|
13,472
|
19,836
|
18,998
|
16,863
|
13,402
|
13,472
|
13,402
|
|||||||||||||||
Interest
expense (1)
|
10,056
|
9,919
|
10,932
|
9,890
|
10,034
|
10,056
|
10,034
|
|||||||||||||||
Income
before equity in earnings of
unconsolidated
joint ventures and minority interest
|
3,416
|
9,917
|
8,066
|
6,973
|
3,368
|
3,416
|
3,368
|
|||||||||||||||
Equity
in earnings of unconsolidated joint
ventures
|
235
|
297
|
539
|
285
|
147
|
235
|
147
|
|||||||||||||||
Minority
interest in operating partnership
|
(370
|
)
|
(1,455
|
)
|
(1,191
|
)
|
(969
|
)
|
(381
|
)
|
(370
|
)
|
(381
|
)
|
||||||||
Income
from continuing operations
|
3,281
|
8,759
|
7,414
|
6,289
|
3,134
|
3,281
|
3,134
|
|||||||||||||||
Discontinued
operations (2)
|
--
|
--
|
--
|
--
|
11,713
|
--
|
11,713
|
|||||||||||||||
Net
income
|
3,281
|
8,759
|
7,414
|
6,289
|
14,847
|
3,281
|
14,847
|
|||||||||||||||
Less
applicable preferred share dividends
|
(1,406
|
)
|
(1,406
|
)
|
(1,406
|
)
|
(1,406
|
)
|
(1,215
|
)
|
(1,406
|
)
|
(1,215
|
)
|
||||||||
Net
income available to common
shareholders
|
$
|
1,875
|
$
|
7,353
|
$
|
6,008
|
$
|
4,883
|
$
|
13,632
|
$
|
1,875
|
$
|
13,632
|
||||||||
Basic
earnings per common share:
|
|
|
|
|
|
|
|
|||||||||||||||
Income
from continuing operations
|
$
|
.06
|
$
|
.24
|
$
|
.20
|
$
|
.16
|
$
|
.06
|
$
|
.06
|
$
|
.06
|
||||||||
Net
income
|
$
|
.06
|
$
|
.24
|
$
|
.20
|
$
|
.16
|
$
|
.45
|
$
|
.06
|
$
|
.45
|
||||||||
Diluted
earnings per common share:
|
|
|
|
|
|
|
|
|||||||||||||||
Income
from continuing operations
|
$
|
.06
|
$
|
.23
|
$
|
.19
|
$
|
.16
|
$
|
.06
|
$
|
.06
|
$
|
.06
|
||||||||
Net
income
|
$
|
.06
|
$
|
.23
|
$
|
.19
|
$
|
.16
|
$
|
.44
|
$
|
.06
|
$
|
.44
|
||||||||
Weighted
average common shares:
|
|
|
|
|
|
|
|
|||||||||||||||
Basic
|
30,743
|
30,651
|
30,619
|
30,593
|
30,531
|
30,743
|
30,531
|
|||||||||||||||
Diluted
|
31,550
|
31,380
|
30,983
|
30,915
|
30,861
|
31,550
|
30,861
|
(1) |
Three
months ended September 30, 2006 includes a prepayment premium and
deferred
loan cost write off of $917,000.
|
(2) |
In
accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of
Long Lived Assets”, the results of operations for properties sold for
which we have no significant continuing involvement, including any
gain or
loss on such sales, and properties classified as assets held for
sale,
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
|
|||||||||||||||||||||
|
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
|||||||||||||||
Funds
from operations:
|
||||||||||||||||||||||
Net
income
|
$
|
3,281
|
$
|
8,759
|
$
|
7,414
|
$
|
6,289
|
$
|
14,847
|
$
|
3,281
|
$
|
14,847
|
||||||||
Adjusted
for -
|
||||||||||||||||||||||
Minority
interest in operating Partnership
|
370
|
1,455
|
1,191
|
969
|
381
|
370
|
381
|
|||||||||||||||
Minority
interest, depreciation
and
amortization in discontinued
operations
|
--
|
--
|
--
|
--
|
2,444
|
--
|
2,444
|
|||||||||||||||
Depreciation
and amortization
uniquely
significant to real estate -wholly
owned
|
18,412
|
14,015
|
13,512
|
13,526
|
15,885
|
18,412
|
15,885
|
|||||||||||||||
Depreciation
and amortization
uniquely
significant to real estate -joint
ventures
|
654
|
623
|
444
|
379
|
379
|
654
|
379
|
|||||||||||||||
(Gain)
on sale of real estate
|
--
|
--
|
--
|
--
|
(13,833
|
)
|
--
|
(13,833
|
)
|
|||||||||||||
Preferred
share dividend
|
(1,406
|
)
|
(1,406
|
)
|
(1,406
|
)
|
(1,406
|
)
|
(1,215
|
)
|
(1,406
|
)
|
(1,215
|
)
|
||||||||
Funds
from operations
|
$
|
21,311
|
$
|
23,446
|
$
|
21,155
|
$
|
19,757
|
$
|
18,888
|
$
|
21,311
|
$
|
18,888
|
||||||||
Funds
from operations per share
|
$
|
.57
|
$
|
.63
|
$
|
.57
|
$
|
.53
|
$
|
.51
|
$
|
.57
|
$
|
.51
|
||||||||
Funds
available for distribution:
|
||||||||||||||||||||||
Funds
from operations
|
$
|
21,311
|
$
|
23,446
|
$
|
21,155
|
$
|
19,757
|
$
|
18,888
|
$
|
21,311
|
$
|
18,888
|
||||||||
Adjusted
For -
|
||||||||||||||||||||||
Corporate
depreciation
excluded
above
|
75
|
67
|
67
|
66
|
65
|
75
|
65
|
|||||||||||||||
Amortization
of finance costs
|
418
|
413
|
386
|
298
|
298
|
418
|
298
|
|||||||||||||||
Early
extinguishment of debt
|
--
|
--
|
917
|
--
|
--
|
--
|
--
|
|||||||||||||||
Amortization
of share compensation
|
832
|
651
|
880
|
661
|
481
|
832
|
481
|
|||||||||||||||
Straight
line rent adjustment
|
(714
|
)
|
(521
|
)
|
(633
|
)
|
(601
|
)
|
(464
|
)
|
(714
|
)
|
(464
|
)
|
||||||||
Market
rent adjustment
|
(364
|
)
|
(332
|
)
|
(326
|
)
|
(348
|
)
|
(458
|
)
|
(364
|
)
|
(458
|
)
|
||||||||
Market
rate interest adjustment
|
(585
|
)
|
(592
|
)
|
(589
|
)
|
(581
|
)
|
(568
|
)
|
(585
|
)
|
(568
|
)
|
||||||||
2nd
generation tenant allowances
|
(6,047
|
)
|
(3,351
|
)
|
(2,527
|
)
|
(2,017
|
)
|
(1,650
|
)
|
(6,047
|
)
|
(1,650
|
)
|
||||||||
Capital
improvements
|
(1,880
|
)
|
(3,041
|
)
|
(2,911
|
)
|
(2,913
|
)
|
(2,424
|
)
|
(1,880
|
)
|
(2,424
|
)
|
||||||||
Funds
available for distribution
|
$
|
13,046
|
$
|
16,740
|
$
|
16,419
|
$
|
14,322
|
$
|
14,168
|
$
|
13,046
|
$
|
14,168
|
||||||||
Funds
available for distribution
per
share
|
$
|
.35
|
$
|
.45
|
$
|
.44
|
$
|
.39
|
$
|
.38
|
$
|
.35
|
$
|
.38
|
||||||||
Dividends
paid per share
|
$
|
.34
|
$
|
.34
|
$
|
.34
|
$
|
.34
|
$
|
.3225
|
$
|
.34
|
$
|
.3225
|
||||||||
FFO
payout ratio
|
60
|
%
|
54
|
%
|
60
|
%
|
64
|
%
|
63
|
%
|
60
|
%
|
63
|
%
|
||||||||
FAD
payout ratio
|
97
|
%
|
76
|
%
|
77
|
%
|
87
|
%
|
85
|
%
|
97
|
%
|
85
|
%
|
||||||||
Diluted
weighted average common shs.
|
37,616
|
37,447
|
37,050
|
36,982
|
36,928
|
37,616
|
36,928
|
12
Unconsolidated
Joint Venture Information -
All
Summary
Balance Sheets (dollars in thousands)
3/31/07
|
12/31/06
|
9/30/06
|
6/30/06
|
3/31/06
|
Tanger’s
Share as of 3/31/07 (1)
|
||
Assets
|
|||||||
Investment
properties at cost - net
|
$74,017
|
$74,253
|
$74,913
|
$37,474
|
$64,463
|
$37,009
|
|
Construction
in progress
|
44,049
|
38,449
|
29,776
|
65,298
|
26,562
|
14,683
|
|
Cash
and cash equivalents
|
3,260
|
6,539
|
14,173
|
2,926
|
5,284
|
1,382
|
|
Deferred
charges - net
|
2,294
|
2,824
|
2,122
|
1,805
|
1,729
|
1,097
|
|
Other
assets
|
16,663
|
15,239
|
21,141
|
13,220
|
10,647
|
7,252
|
|
Total
assets
|
$140,283
|
$137,304
|
$142,125
|
$120,723
|
$108,685
|
$61,423
|
|
Liabilities
& Owners’ Equity
|
|||||||
Mortgage
payable
|
$103,444
|
$100,138
|
$99,561
|
$77,380
|
$69,323
|
$45,264
|
|
Construction
trade payables
|
1,283
|
2,734
|
6,162
|
9,665
|
6,646
|
642
|
|
Accounts
payable & other liabilities
|
4,696
|
2,767
|
2,904
|
858
|
1,035
|
2,316
|
|
Total
liabilities
|
109,423
|
105,639
|
108,627
|
87,903
|
77,004
|
48,222
|
|
Owners’
equity
|
30,860
|
31,665
|
33,498
|
32,820
|
31,681
|
13,201
|
|
Total
liabilities & owners’ equity
|
$140,283
|
$137,304
|
$142,125
|
$120,723
|
$108,685
|
$61,423
|
Summary
Statements of Operations (dollars in thousands)
Three
Months Ended
|
YTD
|
||||||
|
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
Revenues
|
$4,636
|
$4,434
|
$4,441
|
$3,171
|
$2,657
|
$4,636
|
$2,657
|
Expenses
|
|||||||
Property
operating
|
1,764
|
1,457
|
1,726
|
1,202
|
1,030
|
1,764
|
1,030
|
General
& administrative
|
42
|
82
|
58
|
66
|
7
|
42
|
7
|
Depreciation
& amortization
|
1,357
|
1,283
|
924
|
788
|
786
|
1,357
|
786
|
Total
expenses
|
3,163
|
2,822
|
2,708
|
2,056
|
1,823
|
3,163
|
1,823
|
Operating
income
|
1,473
|
1,612
|
1,733
|
1,115
|
834
|
1,473
|
834
|
Interest
expense
|
1,056
|
1,060
|
700
|
578
|
569
|
1,056
|
569
|
Net
income
|
$417
|
$552
|
$1,033
|
$537
|
$265
|
$417
|
$265
|
Tanger’s
share of:
|
|||||||
Total
revenues less property
operating
and general &
administrative
expenses (“NOI”)
|
$1,417
|
$1,457
|
$1,334
|
$952
|
$810
|
$1,417
|
$810
|
Net
income
|
$235
|
$297
|
$539
|
$285
|
$147
|
$235
|
$147
|
Depreciation
(real estate related)
|
$655
|
$623
|
$444
|
$379
|
$379
|
$655
|
$379
|
13
Unconsolidated
Joint Venture Information - TWMB Associates, LLC (Myrtle
Beach, SC)
Summary
Balance Sheets (dollars in thousands)
3/31/07
|
12/31/06
|
09/30/06
|
06/30/06
|
03/31/06
|
Tanger’s
Share as of 3/31/07
|
||
Assets
|
|||||||
Investment
properties at cost - net
|
$36,681
|
$36,476
|
$36,842
|
$37,474
|
$38,137
|
$18,341
|
|
Cash
and cash equivalents
|
1,769
|
1,941
|
2,067
|
1,761
|
2,093
|
885
|
|
Deferred
charges - net
|
1,034
|
1,043
|
1,095
|
1,119
|
1,159
|
517
|
|
Other
assets
|
2,151
|
1,888
|
1,928
|
3,020
|
2,473
|
1,075
|
|
Total
assets
|
$41,635
|
$41,348
|
$41,932
|
$43,374
|
$43,862
|
$20,818
|
|
Liabilities
& Owners’ Equity
|
|||||||
Mortgage
payable
|
$35,800
|
$35,800
|
$35,800
|
$35,800
|
$35,800
|
$17,900
|
|
Construction
trade payables
|
1,031
|
321
|
155
|
174
|
174
|
516
|
|
Accounts
payable & other liabilities
|
580
|
119
|
256
|
541
|
491
|
290
|
|
Total
liabilities
|
37,411
|
36,240
|
36,211
|
36,515
|
36,465
|
18,706
|
|
Owners’
equity
|
4,224
|
5,108
|
5,721
|
6,859
|
7,397
|
2,112
|
|
Total
liabilities & owners’ equity
|
$41,635
|
$41,348
|
$41,932
|
$43,374
|
$43,862
|
$20,818
|
Summary
Statements of Operations (dollars in thousands)
Three
Months Ended
|
YTD
|
||||||
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
|
Revenues
|
$2,767
|
$2,842
|
$3,016
|
$2,976
|
$2,657
|
$2,767
|
$2,657
|
Expenses
|
|||||||
Property
operating
|
1,069
|
1,050
|
1,068
|
1,035
|
1,030
|
1,069
|
1,030
|
General
& administrative
|
6
|
5
|
2
|
20
|
7
|
6
|
7
|
Depreciation
& amortization
|
807
|
807
|
797
|
788
|
786
|
807
|
786
|
Total
expenses
|
1,882
|
1,862
|
1,867
|
1,843
|
1,823
|
1,882
|
1,823
|
Operating
income
|
885
|
980
|
1,149
|
1,133
|
834
|
885
|
834
|
Interest
expense
|
551
|
564
|
573
|
578
|
569
|
551
|
569
|
Net
income
|
$334
|
$416
|
$576
|
$555
|
$265
|
$334
|
$265
|
Tanger’s
share of:
|
|||||||
Total
revenues less property
operating
and general &
administrative
expenses (“NOI”)
|
$846
|
$893
|
$973
|
$961
|
$810
|
$846
|
$810
|
Net
income
|
$181
|
$216
|
$303
|
$292
|
$147
|
$181
|
$147
|
Depreciation
(real estate related)
|
$390
|
$395
|
$384
|
$379
|
$379
|
$390
|
$379
|
14
Unconsolidated
Joint Venture Information - Tanger Wisconsin Dells, LLC
Summary
Balance Sheets (dollars in thousands)
03/31/07
|
12/31/06
|
09/30/06
|
06/30/06
|
03/31/06
|
Tanger’s
Share as of 03/31/07
|
||||||||||||||
Assets
|
|||||||||||||||||||
Investment
properties at cost - net
|
$
|
37,336
|
$
|
37,777
|
$
|
38,071
|
$
|
--
|
$
|
--
|
$
|
18,668
|
|||||||
Construction
in progress
|
--
|
--
|
--
|
37,582
|
26,562
|
--
|
|||||||||||||
Cash
and cash equivalents
|
2
|
681
|
668
|
220
|
18
|
1
|
|||||||||||||
Deferred
charges - net
|
959
|
1,011
|
1,026
|
685
|
569
|
480
|
|||||||||||||
Other
assets
|
8,034
|
7,463
|
7,834
|
148
|
18
|
4,017
|
|||||||||||||
Total
assets
|
$
|
46,331
|
$
|
46,932
|
$
|
47,599
|
$
|
38,635
|
$
|
27,167
|
$
|
23,166
|
|||||||
Liabilities
& Owners’ Equity
|
|||||||||||||||||||
Mortgage
payable
|
$
|
28,894
|
$
|
28,894
|
$
|
26,154
|
$
|
16,508
|
$
|
8,194
|
$
|
14,447
|
|||||||
Construction
trade payables
|
252
|
2,413
|
6,007
|
9,491
|
6,472
|
126
|
|||||||||||||
Accounts
payable & other liabilities
|
3,922
|
2,454
|
2,454
|
147
|
1
|
1,961
|
|||||||||||||
Total
liabilities
|
33,068
|
33,761
|
34,615
|
26,146
|
14,667
|
16,534
|
|||||||||||||
Owners’
equity
|
13,263
|
13,171
|
12,984
|
12,489
|
12,500
|
6,632
|
|||||||||||||
Total
liabilities & owners’ equity
|
$
|
46,331
|
$
|
46,932
|
$
|
47,599
|
$
|
38,635
|
$
|
27,167
|
$
|
23,166
|
Summary
Statements of Operations (dollars in thousands)
Three
Months Ended
|
YTD
|
|||||||||||||||||||||
|
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
|||||||||||||||
Revenues
|
$
|
1,856
|
$
|
1,573
|
$
|
1,409
|
$
|
162
|
$
|
--
|
$
|
1,856
|
$
|
--
|
||||||||
Expenses
|
||||||||||||||||||||||
Property
operating
|
695
|
407
|
658
|
167
|
--
|
695
|
--
|
|||||||||||||||
General
& administrative
|
10
|
7
|
6
|
6
|
--
|
10
|
--
|
|||||||||||||||
Depreciation
& amortization
|
550
|
476
|
127
|
--
|
--
|
550
|
--
|
|||||||||||||||
Total
expenses
|
1,255
|
890
|
791
|
173
|
--
|
1,255
|
--
|
|||||||||||||||
Operating
income
|
601
|
683
|
618
|
(11
|
)
|
--
|
601
|
--
|
||||||||||||||
Interest
expense
|
505
|
496
|
127
|
--
|
--
|
505
|
--
|
|||||||||||||||
Net
income (loss)
|
$
|
96
|
$
|
187
|
$
|
491
|
$
|
(11
|
)
|
$
|
--
|
$
|
96
|
$
|
--
|
|||||||
Tanger’s
share of:
|
||||||||||||||||||||||
Total
revenues less property
operating
and general &
administrative
expenses (“NOI”)
|
$
|
576
|
$
|
580
|
$
|
372
|
$
|
(5
|
)
|
$
|
--
|
$
|
576
|
$
|
--
|
|||||||
Net
income (loss)
|
$
|
58
|
$
|
105
|
$
|
248
|
$
|
(5
|
)
|
$
|
--
|
$
|
58
|
$
|
--
|
|||||||
Depreciation
(real estate related)
|
$
|
265
|
$
|
228
|
$
|
60
|
$
|
--
|
$
|
--
|
$
|
265
|
$
|
--
|
15
Unconsolidated
Joint Venture Information - Deer Park Enterprise, LLC
Summary
Balance Sheets (dollars in thousands)
03/31/07
|
12/31/06
|
09/30/06
|
06/30/06
|
03/31/06
|
Tanger’s
Share as of 03/31/07
|
||
Assets
|
|||||||
Investment
in properties at cost - net
|
$
--
|
$
--
|
$
--
|
$
--
|
$26,326
|
$
--
|
|
Construction
in progress
|
44,049
|
38,449
|
29,776
|
27,716
|
--
|
14,683
|
|
Cash
and cash equivalents
|
1,489
|
3,917
|
11,438
|
945
|
3,173
|
496
|
|
Deferred
charges - net
|
301
|
770
|
1
|
1
|
1
|
100
|
|
Other
assets
|
6,478
|
5,888
|
11,379
|
10,052
|
8,156
|
2,160
|
|
Total
assets
|
$52,317
|
$49,024
|
$52,594
|
$38,714
|
$37,656
|
$17,439
|
|
Liabilities
& Owners’ Equity
|
|||||||
Mortgage
payable
|
$38,750
|
$35,444
|
$37,607
|
$25,072
|
$25,329
|
$
12,917
|
|
Accounts
payable & other liabilities
|
194
|
194
|
194
|
170
|
543
|
64
|
|
Total
liabilities
|
38,944
|
35,638
|
37,801
|
25,242
|
25,872
|
12,981
|
|
Owners’
equity
|
13,373
|
13,386
|
14,793
|
13,472
|
11,784
|
4,458
|
|
Total
liabilities & owners’ equity
|
$52,317
|
$49,024
|
$52,594
|
$38,714
|
$37,656
|
$17,439
|
Summary
Statements of Operations (dollars in thousands)
Three
Months Ended
|
YTD
|
|||||||||||||||||||||
03/07
|
12/06
|
09/06
|
06/06
|
03/06
|
03/07
|
03/06
|
||||||||||||||||
Revenues
|
$
|
13
|
$
|
19
|
$
|
16
|
$
|
33
|
$
|
--
|
$
|
13
|
$
|
--
|
||||||||
Expenses
|
||||||||||||||||||||||
Property
operating
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
General
& administrative
|
26
|
70
|
50
|
40
|
--
|
26
|
--
|
|||||||||||||||
Depreciation
& amortization
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total
expenses
|
26
|
70
|
50
|
40
|
--
|
26
|
--
|
|||||||||||||||
Operating
income
|
(13
|
)
|
(51
|
)
|
(34
|
)
|
(7
|
)
|
--
|
(13
|
)
|
--
|
||||||||||
Interest
expense
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Net
loss
|
$
|
(13
|
)
|
$
|
(51
|
)
|
$
|
(34
|
)
|
$
|
(7
|
)
|
$
|
--
|
$
|
(13
|
)
|
$
|
--
|
|||
Tanger’s
share of:
|
||||||||||||||||||||||
Total
revenues less property
operating
and general &
administrative
expenses (“NOI”)
|
$
|
(4
|
)
|
$
|
(17
|
)
|
$
|
(12
|
)
|
$
|
(2
|
)
|
$
|
--
|
$
|
(4
|
)
|
$
|
--
|
|||
Net
loss
|
$
|
(4
|
)
|
$
|
(17
|
)
|
$
|
(12
|
)
|
$
|
(2
|
)
|
$
|
--
|
$
|
(4
|
)
|
$
|
--
|
|||
Depreciation
(real estate related)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
16
Debt
Outstanding Summary (dollars in thousands)
As
of March 31, 2007
|
|||
Principal
Balance
|
Interest
Rate
|
Maturity
Date
|
|
Mortgage
debt
|
|||
COROC
Holdings, LLC, including centers
located
in Rehoboth Beach, DE; Foley, AL;
Myrtle
Beach (Hwy 501), SC; Hilton Head,
SC;
Park City, UT; Westbrook, CT;
Lincoln
City, OR; Tuscola, IL; Tilton, NH
|
$175,506
|
6.590%
|
07/10/08
|
Net
debt premium, COROC Holdings, LLC (1)
|
2,857
|
||
Total
mortgage debt
|
178,363
|
||
Unsecured
debt
|
|||
Unsecured
credit facilities
|
---
|
Libor
+ 0.85%
|
06/30/09
|
2008
Senior unsecured notes
|
100,000
|
9.125%
|
02/15/08
|
2015
Senior unsecured notes
|
250,000
|
6.15%
|
11/15/15
|
2026
Senior unsecured exchangeable notes
|
149,500
|
3.75%
|
8/15/26
|
Net
discount, senior unsecured notes
|
(815)
|
||
Total
unsecured debt
|
498,685
|
||
Total
debt
|
$677,048
|
Senior
Unsecured Notes Financial Covenants (2)
As
of March 31, 2007
|
|||
Required
|
Actual
|
Compliance
|
|
Total
Consolidated Debt to Adjusted Total Assets
|
60%
|
50%
|
Yes
|
Total
Secured Debt to Adjusted Total Assets
|
40%
|
13%
|
Yes
|
Total
Unencumbered Assets to Unsecured Debt
|
135%
|
149%
|
Yes
|
Consolidated
Income Available for Debt Service to Annual Debt Service
Charge
|
2.00
|
3.17
|
Yes
|
(1) |
Represents
a net premium on mortgage debt related to the Charter Oak
acquisition.
|
(2) |
For
a complete listing of all Debt Covenants related to the Company’s Senior
Unsecured Notes, as well as definitions of the above terms, please
refer
to the Company’s filings with the Securities and Exchange
Commission.
|
17
Future
Scheduled Principal Payments (dollars in thousands)
As
of March 31, 2007
|
|||
Year
|
Scheduled
Amortization
Payments
|
Balloon
Payments
|
Total
Scheduled
Payments
|
2007
|
$2,827
|
$
--
|
$
2,827
|
2008
|
2,328
|
270,351
|
272,679
|
2009
|
--
|
--
|
--
|
2010
|
--
|
--
|
--
|
2011
|
--
|
--
|
--
|
2012
|
--
|
--
|
--
|
2013
|
--
|
--
|
--
|
2014
|
--
|
--
|
--
|
2015
|
--
|
250,000
|
250,000
|
2016
& thereafter
|
--
|
149,500
(1)
|
149,500
|
$5,155
|
$669,851
|
$675,006
|
|
Net
Premium on Debt
|
2,042
|
||
$677,048
|
(1)
Of
this amount, $149.5 million represents our exchangeable, senior unsecured notes
issued in August 2006. On and after August 18, 2011, holders may exchange their
notes for cash in an amount equal to the lesser of the exchange value and the
aggregate principal amount of the notes to be exchanged, and, at our option,
Company common shares, cash or a combination thereof for any excess. Note
holders may exchange their notes prior to August 18, 2011 only upon the
occurrence of specified events. In addition, on August 18, 2011, August 15,
2016
or August 15, 2021, note holders may require us to repurchase the notes for
an
amount equal to the principal amount of the notes plus any accrued and unpaid
interest thereon.
18
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 6825
Fax:
(336) 297-0931
e-mail:
tangermail@tangeroutlet.com
Mail:
Tanger Factory Outlet Centers, Inc.
3200
Northline Avenue
Suite
360
Greensboro,
NC 27408
19