EXHIBIT 99.1
Published on July 2, 2009
Exhibit
99.1
Note:
As discussed in Note 2 to the consolidated financial statements, effective
January 1, 2009, the Company adopted FSP APB 14-1, “Accounting
for Convertible Debt Instruments That May Be Settled in Cash upon Conversion
(Including Partial Cash Settlement)”, FASB No. 160, “No. 160
“Noncontrolling Interests in Consolidated Financial Statements, an amendment of
ARB No. 51” and FASB Staff Position EITF 03-6-1, “Determining Whether
Instruments Granted in Share-Based Payment Transactions Are Participating
Securities”. These accounting pronouncements all required
retrospective application.
Item
6. Selected Financial Data
|
2008
|
2007
|
2006
|
2005
|
2004
|
||||
|
(As
adjusted)
|
(As
adjusted)
|
(As
adjusted)
|
(As
adjusted)
|
(As
adjusted)
|
||||
|
(in
thousands, except per share and center data)
|
||||||||
|
OPERATING
DATA
|
||||||||
|
Total
revenues
|
$ 245,391
|
$ 228,765
|
$ 210,962
|
$ 197,949
|
$ 189,651
|
|||
|
Operating
income
|
78,901
|
71,565
|
68,942
|
73,769
|
68,961
|
|||
|
Income
from continuing operations
|
29,718
|
30,438
|
28,501
|
7,678
|
7,742
|
|||
|
Net
income
|
29,718
|
30,556
|
42,699
|
6,077
|
8,626
|
|||
|
SHARE
DATA
|
||||||||
|
Basic:
|
||||||||
|
Income
from continuing operations
|
$ .63
|
$ .65
|
$ .61
|
$ .06
|
$ .23
|
|||
|
Net
income available to common
|
||||||||
| shareholders |
$ .63
|
$ .65
|
$ 1.00
|
$ .15
|
$ .25
|
|||
|
Weighted
average common shares
|
31,084
|
30,821
|
30,599
|
28,380
|
27,044
|
|||
|
Diluted:
|
||||||||
|
Income
from continuing operations
|
$ .62
|
$ .64
|
$ .61
|
$ .06
|
$ .23
|
|||
|
Net
income available to common
|
||||||||
| shareholders |
$ .62
|
$ .64
|
$ .99
|
$ .15
|
$ .25
|
|||
|
Weighted
average common shares
|
31,220
|
31,513
|
30,956
|
28,573
|
27,231
|
|||
|
Common
dividends paid
|
$ 1.50
|
$ 1.42
|
$ 1.34
|
$ 1.28
|
$ 1.25
|
|||
|
BALANCE
SHEET DATA
|
||||||||
|
Real
estate assets, before depreciation
|
$
1,399,755
|
$
1,287,241
|
$
1,216,859
|
$
1,152,866
|
$1,077,393
|
|||
|
Total
assets
|
1,121,925
|
1,060,148
|
1,040,561
|
1,000,605
|
936,378
|
|||
|
Debt
|
786,863
|
695,002
|
664,518
|
663,607
|
488,007
|
|||
|
Tanger
Factory Outlet Centers, Inc.
|
||||||||
| shareholders’ equity |
235,211
|
258,596
|
286,174
|
250,214
|
161,133
|
|||
|
Total
equity
|
265,903
|
294,148
|
327,445
|
299,580
|
196,754
|
|||
|
OTHER
DATA
|
||||||||
|
Cash
flows provided by (used in):
|
||||||||
|
Operating
activities
|
$ 96,970
|
$
98,588
|
$
88,390
|
$ 83,902
|
$ 84,816
|
|||
|
Investing
activities
|
$
(133,483)
|
$
(84,803)
|
$
(63,336)
|
$
(336,563)
|
$ 2,607
|
|||
|
Financing
activities
|
$ 39,078
|
$
(19,826)
|
$
(19,531)
|
$ 251,488
|
$ (93,156)
|
|||
|
Gross
Leasable Area Open:
|
||||||||
|
Wholly-owned
|
8,820
|
8,398
|
8,388
|
8,261
|
5,066
|
|||
|
Partially-owned
(consolidated)
|
---
|
---
|
---
|
---
|
3,271
|
|||
|
Partially-owned
(unconsolidated)
|
1,352
|
667
|
667
|
402
|
402
|
|||
|
Managed
|
---
|
---
|
293
|
64
|
105
|
|||
|
Number
of outlet centers:
|
||||||||
|
Wholly-owned
|
30
|
29
|
30
|
31
|
23
|
|||
|
Partially-owned
(consolidated)
|
---
|
---
|
---
|
---
|
9
|
|||
|
Partially-owned
(unconsolidated)
|
3
|
2
|
2
|
1
|
1
|
|||
|
Managed
|
---
|
---
|
3
|
1
|
3
|
|||
|
|
In
December 2003, COROC Holdings, LLC, or COROC, a joint venture in which we
initially had a one-third ownership interest and consolidated for
financial reporting purposes under the provisions of FIN 46R, purchased
the 3.3 million square foot Charter Oak portfolio of outlet center
properties for $491.0 million. In November 2005, we purchased
for $286.0 million (including acquisition costs) the remaining two-thirds
interest in this joint venture. The transaction was funded with
a combination of common and preferred shares and senior unsecured
notes.
|