


| Section | |||||
| Portfolio Data: | |||||
| Geographic Diversification | |||||
| Property Summary - Occupancy at End of Each Period Shown | |||||
| Portfolio Occupancy at the End of Each Period | |||||
| Outlet Center Ranking | |||||
| Top 25 Tenants Based on Percentage of Total Annualized Base Rent | |||||
| Lease Expirations as of September 30, 2020 | |||||
| Capital Expenditures | |||||
| Leasing Activity | |||||
| Financial Data: | |||||
| Consolidated Balance Sheets | |||||
| Consolidated Statements of Operations | |||||
| Components of Rental Revenues | |||||
| Rental Revenues Collection Status | |||||
| Unconsolidated Joint Venture Information | |||||
| Debt Outstanding Summary | |||||
| Future Scheduled Principal Payments | |||||
| Senior Unsecured Notes Financial Covenants | |||||
| Enterprise Value, Net Debt, Liquidity, Debt Ratios and Credit Ratings | |||||
| Non-GAAP and Supplemental Measures: | |||||
| Non-GAAP Definitions | |||||
| FFO and FAD Analysis | |||||
| Portfolio NOI and Same Center NOI | |||||
| Adjusted EBITDA and EBITDAre | |||||
| Pro Rata Balance Sheet Information | |||||
| Pro Rata Statement of Operations Information | |||||
| Investor Information | |||||

| State | # of Centers | GLA | % of GLA | ||||||||||||||
| South Carolina | 5 | 1,604,510 | 13 | % | |||||||||||||
| New York | 2 | 1,468,388 | 12 | % | |||||||||||||
| Georgia | 3 | 1,121,579 | 9 | % | |||||||||||||
| Pennsylvania | 3 | 999,416 | 8 | % | |||||||||||||
| Texas | 2 | 823,557 | 7 | % | |||||||||||||
| Michigan | 2 | 671,557 | 6 | % | |||||||||||||
| Delaware | 1 | 557,353 | 5 | % | |||||||||||||
| Alabama | 1 | 554,587 | 5 | % | |||||||||||||
| New Jersey | 1 | 489,718 | 4 | % | |||||||||||||
| Tennessee | 1 | 447,810 | 4 | % | |||||||||||||
| North Carolina | 2 | 422,895 | 4 | % | |||||||||||||
| Ohio | 1 | 411,896 | 3 | % | |||||||||||||
| Arizona | 1 | 410,751 | 3 | % | |||||||||||||
| Florida | 1 | 351,721 | 3 | % | |||||||||||||
| Missouri | 1 | 329,861 | 3 | % | |||||||||||||
| Mississippi | 1 | 324,717 | 3 | % | |||||||||||||
| Louisiana | 1 | 321,066 | 3 | % | |||||||||||||
| Connecticut | 1 | 311,487 | 3 | % | |||||||||||||
| New Hampshire | 1 | 250,107 | 2 | % | |||||||||||||
| Total | 31 | 11,872,976 | 100 | % | |||||||||||||
| Unconsolidated Joint Venture Properties | |||||||||||||||||
| # of Centers | GLA | Ownership % | |||||||||||||||
| Charlotte, NC | 1 | 398,676 | 50.00 | % | |||||||||||||
| Ottawa, ON | 1 | 357,218 | 50.00 | % | |||||||||||||
| Columbus, OH | 1 | 355,245 | 50.00 | % | |||||||||||||
| Texas City, TX | 1 | 352,705 | 50.00 | % | |||||||||||||
| National Harbor, MD | 1 | 341,156 | 50.00 | % | |||||||||||||
| Cookstown, ON | 1 | 307,895 | 50.00 | % | |||||||||||||
| Saint-Sauveur, QC | 1 | 99,405 | 50.00 | % | |||||||||||||
| Total | 7 | 2,212,300 | |||||||||||||||
| Grand Total | 38 | 14,085,276 | |||||||||||||||

| Location | Total GLA 09/30/20 | % Occupied 09/30/20 | % Occupied 06/30/20 | % Occupied 09/30/19 | ||||||||||||||||||||||
| Deer Park, NY | 739,110 | 93 | % | 98 | % | 98 | % | |||||||||||||||||||
| Riverhead, NY | 729,278 | 92 | % | 93 | % | 97 | % | |||||||||||||||||||
| Rehoboth Beach, DE | 557,353 | 93 | % | 94 | % | 98 | % | |||||||||||||||||||
| Foley, AL | 554,587 | 89 | % | 89 | % | 90 | % | |||||||||||||||||||
| Atlantic City, NJ | 489,718 | 79 | % | 79 | % | 80 | % | |||||||||||||||||||
| San Marcos, TX | 471,816 | 93 | % | 96 | % | 94 | % | |||||||||||||||||||
| Sevierville, TN | 447,810 | 99 | % | 100 | % | 99 | % | |||||||||||||||||||
| Savannah, GA | 429,089 | 99 | % | 95 | % | 96 | % | |||||||||||||||||||
| Myrtle Beach Hwy 501, SC | 426,523 | 98 | % | 96 | % | 98 | % | |||||||||||||||||||
| Jeffersonville, OH | 411,896 | 80 | % | 83 | % | 92 | % | |||||||||||||||||||
| Glendale, AZ (Westgate) | 410,751 | 92 | % | 97 | % | 99 | % | |||||||||||||||||||
| Myrtle Beach Hwy 17, SC | 403,425 | 99 | % | 99 | % | 100 | % | |||||||||||||||||||
| Charleston, SC | 386,328 | 93 | % | 96 | % | 99 | % | |||||||||||||||||||
| Lancaster, PA | 375,857 | 97 | % | 91 | % | 88 | % | |||||||||||||||||||
| Pittsburgh, PA | 373,863 | 92 | % | 94 | % | 97 | % | |||||||||||||||||||
| Commerce, GA | 371,408 | 94 | % | 98 | % | 97 | % | |||||||||||||||||||
| Grand Rapids, MI | 357,119 | 89 | % | 90 | % | 96 | % | |||||||||||||||||||
| Fort Worth, TX | 351,741 | 99 | % | 98 | % | 99 | % | |||||||||||||||||||
| Daytona Beach, FL | 351,721 | 97 | % | 98 | % | 99 | % | |||||||||||||||||||
| Branson, MO | 329,861 | 100 | % | 99 | % | 100 | % | |||||||||||||||||||
| Southaven, MS | 324,717 | 97 | % | 98 | % | 98 | % | |||||||||||||||||||
| Locust Grove, GA | 321,082 | 98 | % | 95 | % | 97 | % | |||||||||||||||||||
| Gonzales, LA | 321,066 | 97 | % | 95 | % | 95 | % | |||||||||||||||||||
| Mebane, NC | 318,886 | 97 | % | 100 | % | 100 | % | |||||||||||||||||||
| Howell, MI | 314,438 | 80 | % | 84 | % | 93 | % | |||||||||||||||||||
| Mashantucket, CT (Foxwoods) | 311,487 | 88 | % | 91 | % | 95 | % | |||||||||||||||||||
| Tilton, NH | 250,107 | 87 | % | 89 | % | 97 | % | |||||||||||||||||||
| Hershey, PA | 249,696 | 100 | % | 99 | % | 100 | % | |||||||||||||||||||
| Hilton Head II, SC | 206,564 | 89 | % | 98 | % | 92 | % | |||||||||||||||||||
| Hilton Head I, SC | 181,670 | 93 | % | 97 | % | 100 | % | |||||||||||||||||||
| Blowing Rock, NC | 104,009 | 89 | % | 84 | % | 88 | % | |||||||||||||||||||
| Terrell, TX | N/A | N/A | 87 | % | 97 | % | ||||||||||||||||||||
| Total | 11,872,976 | 93 | % | 94 | % | 96 | % | |||||||||||||||||||

| Location | Total GLA 09/30/20 | % Occupied 09/30/20 | % Occupied 06/30/20 | % Occupied 09/30/19 | ||||||||||||||||||||||
| Charlotte, NC | 398,676 | 98 | % | 96 | % | 99 | % | |||||||||||||||||||
| Ottawa, ON | 357,218 | 96 | % | 96 | % | 97 | % | |||||||||||||||||||
| Columbus, OH | 355,245 | 97 | % | 96 | % | 97 | % | |||||||||||||||||||
| Texas City, TX (Galveston/Houston) | 352,705 | 91 | % | 92 | % | 96 | % | |||||||||||||||||||
| National Harbor, MD | 341,156 | 99 | % | 97 | % | 97 | % | |||||||||||||||||||
| Cookstown, ON | 307,895 | 92 | % | 99 | % | 98 | % | |||||||||||||||||||
| Saint-Sauveur, QC | 99,405 | 87 | % | 88 | % | 96 | % | |||||||||||||||||||
| Total | 2,212,300 | 95 | % | 95 | % | 97 | % | |||||||||||||||||||



Ranking (2) | Period End Occupancy | Sq Ft (thousands) | % of Square Feet | % of Portfolio NOI (3) | |||||||||||||||||||
| Consolidated Centers | |||||||||||||||||||||||
| Centers 1 - 5 | 94 | % | 2,884 | 24 | % | 34 | % | ||||||||||||||||
| Centers 6 - 10 | 98 | % | 1,749 | 15 | % | 18 | % | ||||||||||||||||
| Centers 11 - 15 | 89 | % | 1,665 | 14 | % | 13 | % | ||||||||||||||||
| Centers 16 - 20 | 97 | % | 1,800 | 15 | % | 14 | % | ||||||||||||||||
| Centers 21 - 25 | 89 | % | 2,024 | 17 | % | 13 | % | ||||||||||||||||
| Centers 26 - 31 | 90 | % | 1,751 | 15 | % | 8 | % | ||||||||||||||||
Ranking (2) | Cumulative Period End Occupancy | Cumulative Sq Ft (thousands) | Cumulative % of Square Feet | Cumulative % of Portfolio NOI (3) | |||||||||||||||||||
| Consolidated Centers | |||||||||||||||||||||||
| Centers 1 - 5 | 94 | % | 2,884 | 24 | % | 34 | % | ||||||||||||||||
| Centers 1 - 10 | 95 | % | 4,633 | 39 | % | 52 | % | ||||||||||||||||
| Centers 1 - 15 | 94 | % | 6,298 | 53 | % | 65 | % | ||||||||||||||||
| Centers 1 - 20 | 94 | % | 8,098 | 68 | % | 79 | % | ||||||||||||||||
| Centers 1 - 25 | 93 | % | 10,122 | 85 | % | 92 | % | ||||||||||||||||
| Centers 1 - 31 | 93 | % | 11,873 | 100 | % | 100 | % | ||||||||||||||||
Unconsolidated centers (4) | 96 | % | 1,448 | n/a | n/a | ||||||||||||||||||
Domestic centers (5) | 93 | % | 13,321 | n/a | n/a | ||||||||||||||||||
| (1) | Centers are ranked by sales per square foot for the trailing twelve months ended September 30, 2020, and sales per square foot include stores that have been occupied for a minimum of 12 months and are less than 20,000 square feet. Due to the portfolio-wide store closures experienced during the second quarter of 2020 as a result of COVID-19 mandates, sales per square foot is not separately presented herein. | ||||||||||||||||||||||
| (2) | Outlet centers included in each ranking group above are as follows (in alphabetical order): | ||||||||||||||||||||||
| Centers 1 - 5: | Deer Park, NY | Glendale, AZ (Westgate) | Rehoboth Beach, DE | Riverhead, NY | Sevierville, TN | ||||||||||||||||||
| Centers 6 - 10: | Branson, MO | Lancaster, PA | Locust Grove, GA | Mebane, NC | Myrtle Beach Hwy 17, SC | ||||||||||||||||||
| Centers 11 - 15: | Atlantic City, NJ | Charleston, SC | Grand Rapids, MI | Hershey, PA | Hilton Head I, SC | ||||||||||||||||||
| Centers 16 - 20: | Fort Worth, TX | Gonzales, LA | Pittsburgh, PA | Savannah, GA | Southaven, MS | ||||||||||||||||||
| Centers 21 - 25: | Commerce, GA | Foley, AL | Howell, MI | Mashantucket, CT (Foxwoods) | San Marcos, TX | ||||||||||||||||||
| Centers 26 - 31: | Blowing Rock, NC | Daytona Beach, FL | Hilton Head II, SC | Jeffersonville, OH | Myrtle Beach Hwy 501, SC | Tilton, NH | |||||||||||||||||
| (3) | Based on the Company’s forecast of 2020 Portfolio NOI (see non-GAAP definitions), excluding centers not yet stabilized (none). The Company’s forecast is based on management’s estimates as of September 30, 2020 and may be considered a forward-looking statement that is subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the nine months ended September 30, 2020. | ||||||||||||||||||||||
| (4) | Includes domestic outlet centers open 12 full calendar months (in alphabetical order): | ||||||||||||||||||||||
| Unconsolidated: | Charlotte, NC | Columbus, OH | National Harbor, MD | Texas City, TX (Galveston/Houston) | |||||||||||||||||||
| (5) | Includes consolidated portfolio and domestic unconsolidated joint ventures. | ||||||||||||||||||||||

| Consolidated | Unconsolidated | |||||||||||||||||||||||||||||||
| Tenant | Brands | # of Stores | GLA | % of Total GLA | % of Total Annualized Base Rent (2) | # of Stores | ||||||||||||||||||||||||||
| The Gap, Inc. | Gap, Banana Republic, Janie & Jack, Old Navy | 94 | 926,819 | 7.8 | % | 6.3 | % | 19 | ||||||||||||||||||||||||
| PVH Corp. | Tommy Hilfiger, Van Heusen, Calvin Klein | 61 | 384,621 | 3.2 | % | 4.4 | % | 14 | ||||||||||||||||||||||||
| Ascena Retail Group, Inc. | LOFT, Ann Taylor, Justice, Lane Bryant | 65 | 388,277 | 3.3 | % | 3.6 | % | 8 | ||||||||||||||||||||||||
| Under Armour, Inc. | Under Armour, Under Armour Kids | 30 | 233,877 | 2.0 | % | 2.9 | % | 6 | ||||||||||||||||||||||||
| American Eagle Outfitters, Inc. | American Eagle Outfitters, Aerie | 40 | 276,204 | 2.3 | % | 2.9 | % | 7 | ||||||||||||||||||||||||
| Nike, Inc. | Nike, Converse, Hurley | 35 | 404,195 | 3.4 | % | 2.8 | % | 9 | ||||||||||||||||||||||||
| Tapestry, Inc. | Coach, Kate Spade, Stuart Weitzman | 48 | 226,624 | 1.9 | % | 2.8 | % | 11 | ||||||||||||||||||||||||
| Carter’s, Inc. | Carters, OshKosh B Gosh | 48 | 211,701 | 1.8 | % | 2.4 | % | 10 | ||||||||||||||||||||||||
| Hanesbrands Inc. | Hanesbrands, Maidenform, Champion | 37 | 178,607 | 1.5 | % | 2.1 | % | 2 | ||||||||||||||||||||||||
| Capri Holdings Limited | Michael Kors, Michael Kors Men’s | 28 | 138,454 | 1.2 | % | 2.1 | % | 5 | ||||||||||||||||||||||||
| Columbia Sportswear Company | Columbia Sportswear | 20 | 154,145 | 1.3 | % | 2.1 | % | 6 | ||||||||||||||||||||||||
| Signet Jewelers Limited | Kay Jewelers, Zales, Jared Vault | 49 | 110,986 | 0.9 | % | 2.0 | % | 8 | ||||||||||||||||||||||||
| Adidas AG | Adidas, Reebok | 29 | 180,155 | 1.5 | % | 2.0 | % | 9 | ||||||||||||||||||||||||
| Chico’s, FAS Inc. | Chicos, White House/Black Market, Soma Intimates | 40 | 116,231 | 1.0 | % | 1.9 | % | 5 | ||||||||||||||||||||||||
| Skechers USA, Inc. | Skechers | 28 | 143,167 | 1.2 | % | 1.7 | % | 6 | ||||||||||||||||||||||||
| V. F. Corporation | The North Face, Vans, Timberland, Dickies | 26 | 138,846 | 1.2 | % | 1.7 | % | 2 | ||||||||||||||||||||||||
| Express Inc. | Express Factory | 24 | 168,000 | 1.4 | % | 1.7 | % | 4 | ||||||||||||||||||||||||
| Ralph Lauren Corporation | Polo Ralph Lauren, Polo Children, Polo Ralph Lauren Big & Tall, Club Monaco | 32 | 352,836 | 3.0 | % | 1.6 | % | 6 | ||||||||||||||||||||||||
| Caleres Inc. | Famous Footwear, Naturalizer, Allen Edmonds | 31 | 160,018 | 1.3 | % | 1.6 | % | 10 | ||||||||||||||||||||||||
| Levi Strauss & Co. | Levi's | 28 | 116,486 | 1.0 | % | 1.6 | % | 5 | ||||||||||||||||||||||||
| Rack Room Shoes, Inc. | Rack Room Shoes | 22 | 129,699 | 1.1 | % | 1.6 | % | 2 | ||||||||||||||||||||||||
| Luxottica Group S.p.A. | Sunglass Hut, Oakley, Lenscrafters | 51 | 74,228 | 0.6 | % | 1.5 | % | 10 | ||||||||||||||||||||||||
| L Brands, Inc. | Bath & Body Works, Victoria's Secret, Pink by Victoria's Secret | 29 | 112,662 | 0.9 | % | 1.5 | % | 7 | ||||||||||||||||||||||||
| Authentic Brands Group | Aeropostale, Forever 21, Nautica | 31 | 213,963 | 1.8 | % | 1.5 | % | 4 | ||||||||||||||||||||||||
| G-III Apparel Group, Ltd. | Bass, Wilsons Leather, DKNY, Karl Lagerfeld Paris | 33 | 152,850 | 1.4 | % | 1.4 | % | 4 | ||||||||||||||||||||||||
| Total of Top 25 tenants | 959 | 5,693,651 | 48.0 | % | 57.7 | % | 179 | |||||||||||||||||||||||||




| Nine months ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Value-enhancing: | ||||||||||||||
| New center developments and expansions | $ | 1,967 | $ | 6,913 | ||||||||||
| Other | 673 | 1,377 | ||||||||||||
| 2,640 | 8,290 | |||||||||||||
| Recurring capital expenditures: | ||||||||||||||
| Second generation tenant allowances | 8,549 | 15,171 | ||||||||||||
| Operational capital expenditures | 6,764 | 13,758 | ||||||||||||
| Renovations | 5,217 | 919 | ||||||||||||
| 20,530 | 29,848 | |||||||||||||
| Total additions to rental property-accrual basis | 23,170 | 38,138 | ||||||||||||
| Conversion from accrual to cash basis | (98) | (2,930) | ||||||||||||
| Total additions to rental property-cash basis | $ | 23,072 | $ | 35,208 | ||||||||||
Re-tenant(1) | ||||||||||||||||||||
| Trailing twelve months ended: | # of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
| 9/30/2020 | 83 | 387 | $ | 32.85 | $ | 63.66 | 7.17 | $ | 23.97 | |||||||||||
| 9/30/2019 | 106 | 520 | $ | 34.02 | $ | 42.35 | 8.41 | $ | 28.98 | |||||||||||
Renewal(1) | ||||||||||||||||||||
| Trailing twelve months ended: | # of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
| 9/30/2020 | 177 | 889 | $ | 27.32 | $ | 0.90 | 3.85 | $ | 27.09 | |||||||||||
| 9/30/2019 | 239 | 1,147 | $ | 34.02 | $ | 0.55 | 3.81 | $ | 33.88 | |||||||||||
Total(1) | ||||||||||||||||||||
| Trailing twelve months ended: | # of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
| 9/30/2020 | 260 | 1,275 | $ | 29.00 | $ | 19.93 | 4.86 | $ | 24.90 | |||||||||||
| 9/30/2019 | 345 | 1,667 | $ | 34.02 | $ | 13.59 | 5.24 | $ | 31.43 | |||||||||||

| TTM ended | TTM ended | |||||||
| All Lease Terms | 9/30/2020 | 9/30/2019 | ||||||
| Re-tenanted Space: | ||||||||
| Number of leases | 83 | 106 | ||||||
| Gross leasable area | 386,721 | 520,342 | ||||||
| New initial rent per square foot | $ | 29.80 | $ | 31.09 | ||||
| Prior expiring rent per square foot | $ | 34.39 | $ | 33.06 | ||||
| Percent decrease | (13.4) | % | (5.9) | % | ||||
| New straight-line rent per square foot | $ | 32.85 | $ | 34.02 | ||||
| Prior straight-line rent per square foot | $ | 33.40 | $ | 32.71 | ||||
| Percent increase (decrease) | (1.6) | % | 4.0 | % | ||||
| Renewed Space: | ||||||||
| Number of leases | 177 | 239 | ||||||
| Gross leasable area | 888,507 | 1,146,943 | ||||||
| New initial rent per square foot | $ | 26.62 | $ | 32.92 | ||||
| Prior expiring rent per square foot | $ | 29.61 | $ | 32.97 | ||||
| Percent decrease | (10.1) | % | (0.1) | % | ||||
| New straight-line rent per square foot | $ | 27.32 | $ | 34.02 | ||||
| Prior straight-line rent per square foot | $ | 29.90 | $ | 33.40 | ||||
| Percent increase (decrease) | (8.6) | % | 1.9 | % | ||||
| Total Re-tenanted and Renewed Space: | ||||||||
| Number of leases | 260 | 345 | ||||||
| Gross leasable area | 1,275,228 | 1,667,285 | ||||||
| New initial rent per square foot | $ | 27.59 | $ | 32.35 | ||||
| Prior expiring rent per square foot | $ | 31.06 | $ | 33.00 | ||||
| Percent decrease | (11.2) | % | (2.0) | % | ||||
| New straight-line rent per square foot | $ | 29.00 | $ | 34.02 | ||||
| Prior straight-line rent per square foot | $ | 30.96 | $ | 33.18 | ||||
| Percent increase (decrease) | (6.3) | % | 2.5 | % | ||||

| TTM ended | TTM ended | |||||||
| Terms of More Than 12 Months | 9/30/2020 | 9/30/2019 | ||||||
| Re-tenanted Space: | ||||||||
| Number of leases | 81 | 105 | ||||||
| Gross leasable area | 379,223 | 517,592 | ||||||
| New initial rent per square foot | $ | 29.97 | $ | 31.11 | ||||
| Prior expiring rent per square foot | $ | 34.30 | $ | 32.98 | ||||
| Percent decrease | (12.6) | % | (5.7) | % | ||||
| New straight-line rent per square foot | $ | 33.08 | $ | 34.05 | ||||
| Prior straight-line rent per square foot | $ | 33.34 | $ | 32.63 | ||||
| Percent increase (decrease) | (0.8) | % | 4.4 | % | ||||
| Renewed Space: | ||||||||
| Number of leases | 135 | 209 | ||||||
| Gross leasable area | 734,583 | 1,007,057 | ||||||
| New initial rent per square foot | $ | 27.34 | $ | 34.48 | ||||
| Prior expiring rent per square foot | $ | 29.18 | $ | 34.04 | ||||
| Percent increase (decrease) | (6.3) | % | 1.3 | % | ||||
| New straight-line rent per square foot | $ | 28.20 | $ | 35.73 | ||||
| Prior straight-line rent per square foot | $ | 29.73 | $ | 34.54 | ||||
| Percent increase (decrease) | (5.1) | % | 3.4 | % | ||||
| Total Re-tenanted and Renewed Space: | ||||||||
| Number of leases | 216 | 314 | ||||||
| Gross leasable area | 1,113,806 | 1,524,649 | ||||||
| New initial rent per square foot | $ | 28.23 | $ | 33.33 | ||||
| Prior expiring rent per square foot | $ | 30.92 | $ | 33.68 | ||||
| Percent decrease | (8.7) | % | (1.0) | % | ||||
| New straight-line rent per square foot | $ | 29.86 | $ | 35.16 | ||||
| Prior straight-line rent per square foot | $ | 30.95 | $ | 33.89 | ||||
| Percent increase (decrease) | (3.5) | % | 3.7 | % | ||||

| September 30, | December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Rental property: | |||||||||||
| Land | $ | 266,014 | $ | 266,537 | |||||||
| Buildings, improvements and fixtures | 2,545,111 | 2,630,357 | |||||||||
| 2,811,125 | 2,896,894 | ||||||||||
| Accumulated depreciation | (1,034,670) | (1,009,951) | |||||||||
| Total rental property, net | 1,776,455 | 1,886,943 | |||||||||
| Cash and cash equivalents | 19,793 | 16,672 | |||||||||
| Investments in unconsolidated joint ventures | 92,537 | 94,691 | |||||||||
| Deferred lease costs and other intangibles, net | 88,183 | 96,712 | |||||||||
| Operating lease right-of-use assets | 83,210 | 86,575 | |||||||||
| Prepaids and other assets | 125,297 | 103,618 | |||||||||
| Total assets | $ | 2,185,475 | $ | 2,285,211 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Debt: | |||||||||||
| Senior, unsecured notes, net | $ | 1,140,080 | $ | 1,138,603 | |||||||
| Unsecured term loan, net | 347,213 | 347,367 | |||||||||
| Mortgages payable, net | 80,924 | 83,803 | |||||||||
Unsecured lines of credit, net | — | — | |||||||||
Total debt | 1,568,217 | 1,569,773 | |||||||||
| Accounts payable and accrued expenses | 85,712 | 79,562 | |||||||||
Operating lease liabilities (1) | 90,566 | 91,237 | |||||||||
| Other liabilities | 91,495 | 88,530 | |||||||||
| Total liabilities | 1,835,990 | 1,829,102 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity | |||||||||||
| Tanger Factory Outlet Centers, Inc.: | |||||||||||
Common shares, $0.01 par value, 300,000,000 shares authorized, 93,453,271 and 92,892,260 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 935 | 929 | |||||||||
| Paid in capital | 783,815 | 775,035 | |||||||||
| Accumulated distributions in excess of net income | (420,367) | (317,263) | |||||||||
| Accumulated other comprehensive loss | (32,347) | (25,495) | |||||||||
| Equity attributable to Tanger Factory Outlet Centers, Inc. | 332,036 | 433,206 | |||||||||
| Equity attributable to noncontrolling interests: | |||||||||||
| Noncontrolling interests in Operating Partnership | 17,449 | 22,903 | |||||||||
| Noncontrolling interests in other consolidated partnerships | — | — | |||||||||
| Total equity | 349,485 | 456,109 | |||||||||
| Total liabilities and equity | $ | 2,185,475 | $ | 2,285,211 | |||||||

| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenues | $ | 100,251 | $ | 115,050 | $ | 271,082 | $ | 347,389 | |||||||||||||||
| Management, leasing and other services | 1,194 | 1,356 | 3,362 | 3,943 | |||||||||||||||||||
| Other revenues | 1,768 | 2,588 | 4,392 | 6,524 | |||||||||||||||||||
| Total revenues | 103,213 | 118,994 | 278,836 | 357,856 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating | 35,206 | 39,149 | 101,991 | 118,252 | |||||||||||||||||||
| General and administrative | 11,181 | 12,292 | 35,331 | 40,910 | |||||||||||||||||||
| Impairment charge | — | — | 45,675 | — | |||||||||||||||||||
| Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | |||||||||||||||||||
| Total expenses | 76,290 | 81,544 | 270,963 | 252,171 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (15,647) | (15,197) | (47,786) | (46,638) | |||||||||||||||||||
| Gain on sale of assets | 2,324 | — | 2,324 | 43,422 | |||||||||||||||||||
| Other income (expense) | 161 | 227 | 789 | (2,966) | |||||||||||||||||||
| Total other income (expense) | (13,162) | (14,970) | (44,673) | (6,182) | |||||||||||||||||||
| Income (loss) before equity in earnings of unconsolidated joint ventures | 13,761 | 22,480 | (36,800) | 99,503 | |||||||||||||||||||
| Equity in earnings (losses) of unconsolidated joint ventures | (42) | 2,329 | (1,490) | 5,604 | |||||||||||||||||||
| Net income (loss) | 13,719 | 24,809 | (38,290) | 105,107 | |||||||||||||||||||
| Noncontrolling interests in Operating Partnership | (690) | (1,263) | 1,939 | (5,308) | |||||||||||||||||||
| Noncontrolling interests in other consolidated partnerships | — | — | (190) | (195) | |||||||||||||||||||
| Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | 13,029 | 23,546 | (36,541) | 99,604 | |||||||||||||||||||
| Allocation of earnings to participating securities | (146) | (305) | (692) | (1,030) | |||||||||||||||||||
| Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 12,883 | $ | 23,241 | $ | (37,233) | $ | 98,574 | |||||||||||||||
| Basic earnings per common share: | |||||||||||||||||||||||
| Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | |||||||||||||||
| Diluted earnings per common share: | |||||||||||||||||||||||
| Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | |||||||||||||||

| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Rental revenues: | |||||||||||||||||||||||
Base rentals | $ | 70,908 | $ | 76,776 | $ | 195,885 | $ | 231,924 | |||||||||||||||
| Percentage rentals | 1,095 | 3,413 | 3,245 | 6,996 | |||||||||||||||||||
| Tenant expense reimbursements | 29,312 | 33,214 | 83,416 | 101,741 | |||||||||||||||||||
| Lease termination fees | 6,323 | 127 | 8,000 | 1,526 | |||||||||||||||||||
| Market rent adjustments | (2,057) | (221) | (2,282) | (771) | |||||||||||||||||||
| Straight-line rent adjustments | (1,740) | 2,052 | (2,417) | 6,938 | |||||||||||||||||||
| Uncollectible tenant revenues | (3,590) | (311) | (14,765) | (965) | |||||||||||||||||||
| Rental revenues | $ | 100,251 | $ | 115,050 | $ | 271,082 | $ | 347,389 | |||||||||||||||

| 3Q20 | 2Q20 | |||||||||||||
Rents Billed (1) | % of Billed | Rents Billed (1) | % of Billed | |||||||||||
Collection Status (as of October 31, 2020) | ||||||||||||||
| Paid | $ | 84,329 | 89 | % | $ | 41,963 | 43 | % | ||||||
| Expected | 3,056 | 3 | % | 4,044 | 4 | % | ||||||||
| Payment received or expected | $ | 87,385 | 92 | % | $ | 46,007 | 47 | % | ||||||
| Deferred | 618 | 1 | % | 25,327 | 26 | % | ||||||||
| Under negotiation | 1,589 | 2 | % | 2,739 | 3 | % | ||||||||
| Deferred or under negotiation | $ | 2,207 | 3 | % | $ | 28,066 | 29 | % | ||||||
| Net rents recognized before reserves & straight-line adjustments | $ | 89,592 | 95 | % | $ | 74,073 | 76 | % | ||||||
| One-time rent concessions in exchange for landlord-favorable amendments to lease structure | 1,544 | 2 | % | 13,176 | 13 | % | ||||||||
| Bankruptcy related, primarily pre-petition rents | 2,258 | 2 | % | 8,719 | 9 | % | ||||||||
| At risk due to tenant financial weakness | 1,407 | 1 | % | 1,540 | 2 | % | ||||||||
| Do not expect to collect (written off) | $ | 5,209 | 5 | % | $ | 23,435 | 24 | % | ||||||
| Total rents billed | $ | 94,801 | 100 | % | $ | 97,508 | 100 | % | ||||||
| (1) Excludes variable revenue which is derived from tenant sales and lease termination fees. | ||||||||||||||
| Written Off | Reserved | Total Impact | |||||||||
| Rental Revenue Impact - 3Q 2020 | |||||||||||
| Base rentals | $ | 606 | $ | 1,506 | $ | 2,112 | |||||
| Tenant reimbursements | 261 | 645 | 906 | ||||||||
| Uncollectible tenant rents | 3,584 | — | 3,584 | ||||||||
| Total before straight-line rent adjustments | $ | 4,451 | $ | 2,151 | $ | 6,602 | |||||
| Straight-line rent adjustments | 2,377 | — | 2,377 | ||||||||
| Total rental revenues impact | $ | 6,828 | $ | 2,151 | $ | 8,979 | |||||
| Rental Revenue Impact - Combined 2Q & 3Q | |||||||||||
| Base rentals | $ | 10,303 | $ | 8,266 | $ | 18,569 | |||||
| Tenant reimbursements | 4,416 | 3,542 | 7,958 | ||||||||
| Uncollectible tenant rents | 13,925 | — | 13,925 | ||||||||
| Total before straight-line rent adjustments | $ | 28,644 | $ | 11,808 | $ | 40,452 | |||||
| Percentage of total rents billed | 15 | % | 6 | % | 21 | % | |||||
| Percentage of deferred or under negotiation | 39 | % | |||||||||
| Straight-line rent adjustments | 6,103 | — | 6,103 | ||||||||
| Total rental revenues impact | $ | 34,747 | $ | 11,808 | $ | 46,555 | |||||

| Joint Venture | Center Location | Tanger’s Ownership % | Square Feet | Tanger’s Share of Total Assets | Tanger’s Share of NOI | Tanger’s Share of Net Debt (1) | ||||||||||||||||||||||||||||||||
| Charlotte | Charlotte, NC | 50.0 | % | 398,676 | $ | 39.6 | $ | 4.1 | $ | 49.8 | ||||||||||||||||||||||||||||
| Columbus | Columbus, OH | 50.0 | % | 355,245 | 39.4 | 3.2 | 42.5 | |||||||||||||||||||||||||||||||
| Galveston/Houston | Texas City, TX | 50.0 | % | 352,705 | 21.0 | 2.2 | 40.0 | |||||||||||||||||||||||||||||||
| National Harbor | National Harbor, MD | 50.0 | % | 341,156 | 39.2 | 2.8 | 47.2 | |||||||||||||||||||||||||||||||
RioCan Canada (2) | Various | 50.0 | % | 764,518 | 92.0 | 3.3 | — | |||||||||||||||||||||||||||||||
| Total | 2,212,300 | $ | 231.2 | $ | 15.6 | $ | 179.5 | |||||||||||||||||||||||||||||||

| Total Debt Outstanding | Our Share of Debt | Stated Interest Rate | End of Period Effective Interest Rate(1) | Maturity Date (2) | Weighted Average Years to Maturity (2) | ||||||||||||||||||||||||||||||
| Consolidated Debt: | |||||||||||||||||||||||||||||||||||
| Unsecured debt: | |||||||||||||||||||||||||||||||||||
Unsecured lines of credit(3) | $ | — | $ | — | LIBOR(4) + 1.0% | 1.3 | % | 10/28/2022 | 2.1 | ||||||||||||||||||||||||||
| 2023 Senior unsecured notes | 250,000 | 250,000 | 3.875% | 4.1 | % | 12/1/2023 | 3.2 | ||||||||||||||||||||||||||||
| 2024 Senior unsecured notes | 250,000 | 250,000 | 3.75 | % | 3.8 | % | 12/1/2024 | 4.2 | |||||||||||||||||||||||||||
| 2026 Senior unsecured notes | 350,000 | 350,000 | 3.125 | % | 3.2 | % | 9/1/2026 | 5.9 | |||||||||||||||||||||||||||
| 2027 Senior unsecured notes | 300,000 | 300,000 | 3.875 | % | 3.9 | % | 7/15/2027 | 6.8 | |||||||||||||||||||||||||||
| Unsecured term loan | 350,000 | 350,000 | LIBOR(4) + 1.0% | 2.6 | % | 4/22/2024 | 3.6 | ||||||||||||||||||||||||||||
| Net debt discounts and debt origination costs | (12,707) | (12,707) | |||||||||||||||||||||||||||||||||
| Total net unsecured debt | 1,487,293 | 1,487,293 | 3.5 | % | 4.8 | ||||||||||||||||||||||||||||||
| Secured mortgage debt: | |||||||||||||||||||||||||||||||||||
| Atlantic City, NJ | 28,253 | 28,253 | 5.14% - 7.65% | 5.1 | % | 11/15/2021 - 12/8/2026 | 4.6 | ||||||||||||||||||||||||||||
| Southaven, MS | 51,400 | 51,400 | LIBOR + 1.80% | 3.8 | % | 4/29/2023 | 2.6 | ||||||||||||||||||||||||||||
| Debt premium and debt origination costs | 1,271 | 1,271 | |||||||||||||||||||||||||||||||||
| Total net secured mortgage debt | 80,924 | 80,924 | 4.2 | % | 3.3 | ||||||||||||||||||||||||||||||
| Total consolidated debt | 1,568,217 | 1,568,217 | 3.6 | % | 4.7 | ||||||||||||||||||||||||||||||
| Unconsolidated JV debt: | |||||||||||||||||||||||||||||||||||
| Charlotte | 100,000 | 50,000 | 4.27 | % | 4.3% | 7/1/2028 | 7.8 | ||||||||||||||||||||||||||||
| Columbus | 85,000 | 42,500 | LIBOR + 1.65% | 1.8% | 11/28/2021 | 1.2 | |||||||||||||||||||||||||||||
| Galveston/Houston | 80,000 | 40,000 | LIBOR + 1.65% | 1.8% | 7/1/2022 | 1.8 | |||||||||||||||||||||||||||||
| National Harbor | 95,000 | 47,500 | 4.63 | % | 4.6% | 1/5/2030 | 9.3 | ||||||||||||||||||||||||||||
| Debt origination costs | (1,060) | (530) | |||||||||||||||||||||||||||||||||
| Total unconsolidated JV net debt | 358,940 | 179,470 | 3.2 | % | 5.3 | ||||||||||||||||||||||||||||||
| Total | $ | 1,927,157 | $ | 1,747,687 | 3.5 | % | 4.8 | ||||||||||||||||||||||||||||

| Total Debt % | Our Share of Debt | End of Period Effective Interest Rate | Average Years to Maturity (1) | ||||||||||||||||||||
| Consolidated: | |||||||||||||||||||||||
Fixed (2) | 99 | % | $ | 1,556,871 | 3.6 | % | 4.7 | ||||||||||||||||
| Variable | 1 | % | 11,346 | 1.9 | % | 2.6 | |||||||||||||||||
| 100 | % | 1,568,217 | 3.6 | % | 4.7 | ||||||||||||||||||
| Unconsolidated Joint ventures: | |||||||||||||||||||||||
| Fixed | 54 | % | $ | 97,037 | 4.4 | % | 8.5 | ||||||||||||||||
| Variable | 46 | % | 82,433 | 1.8 | % | 1.5 | |||||||||||||||||
| 100 | % | 179,470 | 3.2 | % | 5.3 | ||||||||||||||||||
| Total: | |||||||||||||||||||||||
| Fixed | 95 | % | $ | 1,653,908 | 3.7 | % | 5.2 | ||||||||||||||||
| Variable | 5 | % | 93,779 | 1.8 | % | 1.5 | |||||||||||||||||
| Total share of debt | 100 | % | $ | 1,747,687 | 3.5 | % | 4.8 | ||||||||||||||||
| Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | |||||||||||||||||||||||||
| Interest rate swaps: | |||||||||||||||||||||||||||||
| April 13, 2016 | January 1, 2021 | $ | 175,000 | 1 | month LIBOR | 1.03 | % | ||||||||||||||||||||||
| March 1, 2018 | January 31, 2021 | 40,000 | 1 | month LIBOR | 2.47 | % | |||||||||||||||||||||||
| August 14, 2018 | January 1, 2021 | 150,000 | 1 | month LIBOR | 2.20 | % | |||||||||||||||||||||||
| July 1, 2019 | February 1, 2024 | 25,000 | 1 | month LIBOR | 1.75 | % | |||||||||||||||||||||||
| Total | $ | 390,000 | |||||||||||||||||||||||||||
| Forward starting interest rate swap agreements: | |||||||||||||||||||||||||||||
| January 1, 2021 | February 1, 2024 | $ | 150,000 | 1 | month LIBOR | 0.60 | % | ||||||||||||||||||||||
| January 1, 2021 | February 1, 2024 | $ | 100,000 | 1 | month LIBOR | 0.22 | % | ||||||||||||||||||||||

| Year | Tanger Consolidated Payments | Tanger’s Share of Unconsolidated JV Payments | Total Scheduled Payments | ||||||||||||||
| 2020 | $ | 910 | $ | — | $ | 910 | |||||||||||
| 2021 | 5,793 | 42,500 | 48,293 | ||||||||||||||
| 2022 | 4,436 | 40,000 | 44,436 | ||||||||||||||
| 2023 | 306,168 | 1,031 | 307,199 | ||||||||||||||
| 2024 | 605,140 | 1,636 | 606,776 | ||||||||||||||
| 2025 | 1,501 | 1,710 | 3,211 | ||||||||||||||
| 2026 | 355,705 | 1,788 | 357,493 | ||||||||||||||
| 2027 | 300,000 | 1,869 | 301,869 | ||||||||||||||
| 2028 | — | 46,944 | 46,944 | ||||||||||||||
| 2029 | — | 984 | 984 | ||||||||||||||
| 2030 & thereafter | — | 41,538 | 41,538 | ||||||||||||||
| $ | 1,579,653 | $ | 180,000 | $ | 1,759,653 | ||||||||||||
| Net debt discounts and debt origination costs | (11,436) | (530) | (11,966) | ||||||||||||||
| $ | 1,568,217 | $ | 179,470 | $ | 1,747,687 | ||||||||||||
| Required | Actual | Compliance | |||||||||||||||
| Total Consolidated Debt to Adjusted Total Assets | <60% | 47 | % | Yes | |||||||||||||
| Total Secured Debt to Adjusted Total Assets | <40% | 3 | % | Yes | |||||||||||||
| Total Unencumbered Assets to Unsecured Debt | >150% | 203 | % | Yes | |||||||||||||
| Consolidated Income Available for Debt Service to Annual Debt Service Charge | >1.5 | 3.9 | Yes | ||||||||||||||
| Required | Actual | Compliance | |||||||||||||||
| Total Liabilities to Total Adjusted Asset Value | <60% | 45 | % | Yes | |||||||||||||
| Secured Indebtedness to Adjusted Unencumbered Asset Value | <35% | 6 | % | Yes | |||||||||||||
| EBITDA to Fixed Charges | >1.5 | 3.4 | Yes | ||||||||||||||
| Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value | <60% | 41 | % | Yes | |||||||||||||
| Unencumbered Interest Coverage Ratio | >1.5 | 3.9 | Yes | ||||||||||||||

| September 30, | December 31, | |||||||||||||
| 2020 | 2019 | |||||||||||||
| Enterprise Value: | ||||||||||||||
| Market value: | ||||||||||||||
| Common shares outstanding | 93,453 | 92,892 | ||||||||||||
| Exchangeable operating partnership units | 4,911 | 4,911 | ||||||||||||
| Total shares | 98,364 | 97,803 | ||||||||||||
| Common share price | $ | 6.03 | $ | 14.73 | ||||||||||
Total market value (1) | $ | 593,138 | $ | 1,440,645 | ||||||||||
| Debt: | ||||||||||||||
| Senior, unsecured notes | $ | 1,150,000 | $ | 1,150,000 | ||||||||||
| Unsecured term loans | 350,000 | 350,000 | ||||||||||||
| Mortgages payable | 79,653 | 82,309 | ||||||||||||
| Unsecured lines of credit | — | — | ||||||||||||
| Total principal debt | 1,579,653 | 1,582,309 | ||||||||||||
| Less: Net debt discounts | (2,976) | (3,334) | ||||||||||||
| Less: Debt origination costs | (8,460) | (9,202) | ||||||||||||
| Total debt | 1,568,217 | 1,569,773 | ||||||||||||
| Total enterprise value | $ | 2,161,355 | $ | 3,010,418 | ||||||||||
| Net Debt: | ||||||||||||||
| Total debt | $ | 1,568,217 | $ | 1,569,773 | ||||||||||
| Less: Cash and cash equivalents | (19,793) | (16,672) | ||||||||||||
| Net debt | $ | 1,548,424 | $ | 1,553,101 | ||||||||||
| Liquidity: | ||||||||||||||
| Cash and cash equivalents | $ | 19,793 | $ | 16,672 | ||||||||||
Unused capacity under unsecured lines of credit (2) | 600,000 | 599,830 | ||||||||||||
| Total liquidity | $ | 619,793 | $ | 616,502 | ||||||||||
Ratios (3): | ||||||||||||||
Net debt to Adjusted EBITDA (4) | 7.2 | x | 5.5 | x | ||||||||||
Interest coverage (Adjusted EBITDA / interest expense) (4) | 3.4 | x | 4.5 | x | ||||||||||
| Credit Ratings and Outlook: | |||||||||||
| Moody’s Investors Services | Baa2 | Negative | |||||||||
| Standard & Poor’s Ratings Services | BBB | Negative | |||||||||





| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
| Adjusted for: | ||||||||||||||||||||||||||
| Depreciation and amortization of real estate assets - consolidated | 28,676 | 29,451 | 85,534 | 91,149 | ||||||||||||||||||||||
| Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,003 | 3,058 | 9,038 | 9,453 | ||||||||||||||||||||||
| Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
| Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
| Foreign currency loss from sale of joint venture property | — | — | — | 3,641 | ||||||||||||||||||||||
| Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
| FFO | 43,074 | 57,318 | 102,724 | 165,928 | ||||||||||||||||||||||
| FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | (190) | (195) | ||||||||||||||||||||||
| Allocation of earnings to participating securities | (461) | (481) | (1,153) | (1,502) | ||||||||||||||||||||||
FFO available to common shareholders (1) | $ | 42,613 | $ | 56,837 | $ | 101,381 | $ | 164,231 | ||||||||||||||||||
| As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to executive officer retirement (2) | — | — | — | 4,371 | ||||||||||||||||||||||
| Impact of above adjustment to the allocation of earnings to participating securities | — | — | — | (35) | ||||||||||||||||||||||
Core FFO available to common shareholders (1) | $ | 42,613 | $ | 56,837 | $ | 101,381 | $ | 168,567 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.44 | $ | 0.58 | $ | 1.04 | $ | 1.68 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (1) | $ | 0.44 | $ | 0.58 | $ | 1.04 | $ | 1.72 | ||||||||||||||||||
| Weighted Average Shares: | ||||||||||||||||||||||||||
| Basic weighted average common shares | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
| Diluted weighted average common shares (for earnings per share computations) | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
| Exchangeable operating partnership units | 4,911 | 4,960 | 4,911 | 4,960 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO per share computations) (1) | 97,560 | 97,474 | 97,507 | 97,959 | ||||||||||||||||||||||

| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| FFO available to common shareholders | $ | 42,613 | $ | 56,837 | $ | 101,381 | $ | 164,231 | ||||||||||||||||||
| Adjusted for: | ||||||||||||||||||||||||||
| Corporate depreciation excluded above | 1,227 | 652 | 2,432 | 1,860 | ||||||||||||||||||||||
| Amortization of finance costs | 996 | 749 | 2,586 | 2,246 | ||||||||||||||||||||||
| Amortization of net debt discount | 122 | 113 | 359 | 333 | ||||||||||||||||||||||
| Amortization of equity-based compensation | 2,347 | 3,571 | 9,566 | 14,371 | ||||||||||||||||||||||
| Straight-line rent adjustments | 1,741 | (2,518) | 2,418 | (7,404) | ||||||||||||||||||||||
| Market rent adjustments | 2,149 | 314 | 2,560 | 1,067 | ||||||||||||||||||||||
| Second generation tenant allowances and lease incentives | (2,181) | (9,121) | (13,719) | (15,171) | ||||||||||||||||||||||
| Capital improvements | (2,788) | (4,781) | (11,980) | (14,678) | ||||||||||||||||||||||
| Adjustments from unconsolidated joint ventures | (358) | (50) | (479) | (1,254) | ||||||||||||||||||||||
FAD available to common shareholders (1) | $ | 45,868 | $ | 45,766 | $ | 95,124 | $ | 145,601 | ||||||||||||||||||
| Dividends per share | $ | — | $ | 0.3550 | $ | 0.7125 | $ | 1.0600 | ||||||||||||||||||
| FFO payout ratio | — | % | 61 | % | 69 | % | 63 | % | ||||||||||||||||||
| FAD payout ratio | — | % | 76 | % | 73 | % | 71 | % | ||||||||||||||||||
Diluted weighted average common shares (1) | 97,560 | 97,474 | 97,507 | 97,959 | ||||||||||||||||||||||

| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
| Adjusted to exclude: | ||||||||||||||||||||||||||
| Equity in (earnings) losses of unconsolidated joint ventures | 42 | (2,329) | 1,490 | (5,604) | ||||||||||||||||||||||
| Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
| Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
| Other (income) expense | (161) | (227) | (789) | 2,966 | ||||||||||||||||||||||
| Impairment charge | — | — | 45,675 | — | ||||||||||||||||||||||
| Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
| Other non-property expenses | 704 | 160 | 1,162 | 491 | ||||||||||||||||||||||
| Corporate general and administrative expenses | 11,463 | 12,265 | 35,759 | 41,032 | ||||||||||||||||||||||
Non-cash adjustments (1) | 3,913 | (1,729) | 5,032 | (5,829) | ||||||||||||||||||||||
| Lease termination fees | (6,323) | (127) | (8,000) | (1,526) | ||||||||||||||||||||||
| Portfolio NOI | 66,583 | 78,122 | 175,467 | 232,862 | ||||||||||||||||||||||
Non-same center NOI (2) | 65 | (576) | (398) | (5,610) | ||||||||||||||||||||||
| Same Center NOI | $ | 66,648 | $ | 77,546 | $ | 175,069 | $ | 227,252 | ||||||||||||||||||
| Outlet centers sold: | |||||
Nags Head, Ocean City, Park City, and Williamsburg | March 2019 | ||||
| Terrell | August 2020 | ||||
| Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
| September 30, | % | September 30, | % | |||||||||||||||||||||||||||||
| 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||||||||||||
| Same Center Revenues: | ||||||||||||||||||||||||||||||||
| Rental revenues | $ | 97,615 | $ | 112,070 | -12.9 | % | $ | 266,391 | $ | 330,275 | -19.3 | % | ||||||||||||||||||||
| Other revenues | 1,939 | 2,884 | -32.8 | % | 4,916 | 6,940 | -29.2 | % | ||||||||||||||||||||||||
| Total same center revenues | 99,554 | 114,954 | -13.4 | % | 271,307 | 337,215 | -19.5 | % | ||||||||||||||||||||||||
| Same Center Expenses: | ||||||||||||||||||||||||||||||||
| Property operating | 32,900 | 37,382 | -12.0 | % | 96,214 | 109,891 | -12.4 | % | ||||||||||||||||||||||||
| General and administrative | 6 | 26 | -76.9 | % | 24 | 72 | -66.7 | % | ||||||||||||||||||||||||
| Total same center expenses | 32,906 | 37,408 | -12.0 | % | 96,238 | 109,963 | -12.5 | % | ||||||||||||||||||||||||
| Same Center NOI | $ | 66,648 | $ | 77,546 | -14.1 | % | $ | 175,069 | $ | 227,252 | -23.0 | % | ||||||||||||||||||||

| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
| Adjusted to exclude: | ||||||||||||||||||||||||||
| Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
| Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
| Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
| Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
| Loss on sale of joint venture property, including foreign currency effect | — | — | — | 3,641 | ||||||||||||||||||||||
| Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
| Compensation related to executive officer retirement | — | — | — | 4,371 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 56,945 | $ | 70,109 | $ | 143,904 | $ | 209,344 | ||||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
| Adjusted to exclude: | ||||||||||||||||||||||||||
| Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
| Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
| Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
| Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
| Loss on sale of joint venture property, including foreign currency effect | — | — | — | 3,641 | ||||||||||||||||||||||
| Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
| Pro-rata share of interest expense - unconsolidated joint ventures | 1,512 | 2,029 | 4,995 | 6,165 | ||||||||||||||||||||||
| Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 3,003 | 3,057 | 9,038 | 9,400 | ||||||||||||||||||||||
| EBITDAre | $ | 61,460 | $ | 75,195 | $ | 157,937 | $ | 220,538 | ||||||||||||||||||
| Compensation related to executive officer retirement | — | — | — | 4,371 | ||||||||||||||||||||||
| Adjusted EBITDAre | $ | 61,460 | $ | 75,195 | $ | 157,937 | $ | 224,909 | ||||||||||||||||||

| Non-GAAP | |||||
Pro Rata Portion Unconsolidated Joint Ventures (1) | |||||
| Assets | |||||
| Rental property: | |||||
| Land | $ | 44,156 | |||
| Buildings, improvements and fixtures | 230,797 | ||||
| Construction in progress | 2,400 | ||||
| 277,353 | |||||
| Accumulated depreciation | (69,311) | ||||
| Total rental property, net | 208,042 | ||||
| Cash and cash equivalents | 8,258 | ||||
| Deferred lease costs and other intangibles, net | 2,567 | ||||
| Prepaids and other assets | 12,303 | ||||
| Total assets | $ | 231,170 | |||
| Liabilities and Owners’ Equity | |||||
| Liabilities | |||||
| Mortgages payable, net | $ | 179,470 | |||
| Accounts payable and accruals | 7,957 | ||||
| Total liabilities | 187,427 | ||||
| Owners’ equity | 43,743 | ||||
| Total liabilities and owners’ equity | $ | 231,170 | |||

| Non-GAAP Pro Rata Portion | |||||||||||
| Noncontrolling Interests | Unconsolidated Joint Ventures | ||||||||||
| Revenues: | |||||||||||
Rental revenues | $ | — | $ | 27,516 | |||||||
| Other revenues | — | 219 | |||||||||
| Total revenues | — | 27,735 | |||||||||
| Expense: | |||||||||||
| Property operating | — | 12,012 | |||||||||
| General and administrative | — | 172 | |||||||||
| Depreciation and amortization | — | 9,038 | |||||||||
| Impairment charge | — | 3,091 | |||||||||
| Total expenses | — | 24,313 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | — | (4,995) | |||||||||
| Other income (expenses) | (190) | 83 | |||||||||
| Total other income (expense) | $ | (190) | $ | (4,912) | |||||||
| Net income (loss) | $ | (190) | $ | (1,490) | |||||||
| Non-GAAP Pro Rata Portion | |||||||||||
| Noncontrolling Interests | Unconsolidated Joint Ventures | ||||||||||
| Rental revenues: | |||||||||||
Base rentals | $ | — | $ | 16,570 | |||||||
| Percentage rentals | — | 685 | |||||||||
| Tenant expense reimbursements | — | 11,111 | |||||||||
| Lease termination fees | — | 389 | |||||||||
| Market rent adjustments | — | (58) | |||||||||
| Straight-line rent adjustments | — | 52 | |||||||||
| Uncollectible tenant revenues | — | (1,233) | |||||||||
| Rental revenues | $ | — | $ | 27,516 | |||||||

| Tanger Factory Outlet Centers, Inc. | |||||
| Investor Relations | |||||
| Phone: | (336) 834-6892 | ||||
| Fax: | (336) 297-0931 | ||||
| e-mail: | tangerir@tangeroutlet.com | ||||
| Mail: | Tanger Factory Outlet Centers, Inc. | ||||
| 3200 Northline Avenue | |||||
| Suite 360 | |||||
| Greensboro, NC 27408 | |||||
