TANGER FACTORY OUTLET CENTERS, INC - FORM 8-K - EX-99.2 - 6.30.2012SUPPLEMENT

Attached files

file	filename
8-K - TANGER FACTORY OUTLET CENTERS, INC	a8kpressreleasejune302012.htm
EX-99.1 - 6.30.2012EARNINGSRELEASE - TANGER FACTORY OUTLET CENTERS, INC	skt8kex991june302012.htm

Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

June 30, 2012

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

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, 2011.

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.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Table of Contents



Section

Portfolio Data:

Geographic Diversification	4
Property Summary - Occupancy at End of Each Period Shown	5
Portfolio Occupancy at the End of Each Period	7
Major Tenants	8
Lease Expirations as of June 30, 2012	9
Leasing Activity	10


Financial Data:

Consolidated Balance Sheets	11
Consolidated Statements of Operations	12
FFO and FAD Analysis	13
Unconsolidated Joint Venture Information	14
Debt Outstanding Summary	16
Future Scheduled Principal Payments	17
Senior Unsecured Notes Financial Covenants	17

Investor Information	18

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Geographic Diversification



As of June 30, 2012


State	# of Centers	GLA	% of GLA

South Carolina	5	1,576,873	15	%
Pennsylvania	3	874,422	8	%
New York	1	729,736	7	%
Georgia	2	691,582	6	%
Texas	2	619,729	6	%
Delaware	1	568,975	5	%
Alabama	1	557,228	5	%
North Carolina	3	505,293	5	%
New Jersey	1	489,762	4	%
Michigan	2	437,202	4	%
Tennessee	1	419,038	4	%
Ohio	1	406,969	4	%
Missouri	1	302,922	3	%
Utah	1	298,379	3	%
Connecticut	1	289,950	3	%
Louisiana	1	282,403	3	%
Iowa	1	277,230	2	%
Oregon	1	270,212	2	%
Illinois	1	250,439	2	%
New Hampshire	1	245,698	2	%
Maryland	1	199,243	2	%
Florida	1	198,877	2	%
California	1	171,300	2	%
Maine	2	82,286	1	%
Total ⁽¹⁾	36	10,745,748	100	%

(1)

Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, Wisconsin and a 155,522 square foot center in Cookstown, Ontario). Also, excludes one 741,976 square foot shopping center and one 29,253 square foot warehouse in Deer Park, New York, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Property Summary - Occupancy at End of Each Period Shown



Consolidated properties
Location	Total GLA 6/30/12	% Occupied 6/30/12		% Occupied 3/31/12		% Occupied 12/31/11		% Occupied 9/30/11		% Occupied 6/30/11
Riverhead, NY	729,736	100	%	98	%	99	%	99	%	100	%
Rehoboth Beach, DE	568,975	99	%	100	%	100	%	99	%	98	%
Foley, AL	557,228	97	%	98	%	97	%	96	%	98	%
Atlantic City, NJ ⁽²⁾	489,762	97	%	98	%	99	%	99	%	N/A
San Marcos, TX	441,929	100	%	99	%	100	%	100	%	97	%
Myrtle Beach Hwy 501, SC	425,247	99	%	97	%	99	%	98	%	99	%
Sevierville, TN	419,038	99	%	99	%	100	%	100	%	100	%
Jeffersonville, OH	406,969	99	%	95	%	99	%	99	%	99	%
Myrtle Beach Hwy 17, SC	402,791	100	%	99	%	99	%	99	%	97	%
Washington, PA	372,972	99	%	98	%	99	%	99	%	99	%
Commerce II, GA	370,512	100	%	98	%	100	%	100	%	99	%
Charleston, SC	365,107	96	%	97	%	99	%	99	%	93	%
Howell, MI	324,632	94	%	97	%	98	%	98	%	98	%
Locust Grove, GA	321,070	99	%	98	%	100	%	100	%	99	%
Mebane, NC	318,910	100	%	100	%	100	%	99	%	100	%
Branson, MO	302,922	97	%	98	%	100	%	100	%	98	%
Park City, UT	298,379	100	%	99	%	100	%	100	%	100	%
Westbrook, CT	289,950	97	%	98	%	100	%	98	%	98	%
Gonzales, LA	282,403	100	%	99	%	100	%	99	%	99	%
Williamsburg, IA	277,230	99	%	98	%	99	%	99	%	97	%
Lincoln City, OR	270,212	97	%	95	%	96	%	95	%	98	%
Lancaster, PA	254,002	100	%	100	%	100	%	100	%	100	%
Tuscola, IL	250,439	90	%	90	%	90	%	90	%	87	%
Hershey, PA ⁽³⁾	247,448	100	%	97	%	100	%	100	%	N/A
Tilton, NH	245,698	99	%	99	%	100	%	100	%	100	%
Hilton Head II, SC	206,529	100	%	100	%	98	%	96	%	98	%
Ocean City, MD ⁽²⁾	199,243	89	%	91	%	92	%	92	%	N/A
Fort Myers, FL	198,877	89	%	92	%	92	%	85	%	85	%
Terrell, TX	177,800	94	%	94	%	94	%	94	%	94	%
Hilton Head I, SC	177,199	100	%	100	%	98	%	96	%	96	%
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,570	100	%	96	%	96	%	100	%	100	%
Blowing Rock, NC	104,154	97	%	98	%	100	%	100	%	100	%
Nags Head, NC	82,229	100	%	100	%	100	%	100	%	100	%
Kittery I, ME	57,667	100	%	100	%	100	%	100	%	93	%
Kittery II, ME	24,619	100	%	100	%	100	%	100	%	100	%
Total	10,745,748	98	%	97	%	99	%	98% ⁽¹⁾		98% ⁽¹⁾

Unconsolidated joint venture properties
Deer Park, NY ⁽⁴⁾	771,229	91	%	91	%	90	%	89	%	88	%
Wisconsin Dells, WI	265,086	99	%	98	%	98	%	98	%	99	%
Cookstown, ON ⁽⁵⁾	155,522	99	%	91	%	100	%	N/A		N/A

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12


(1)	Excludes the occupancy rate at our Hilton Head I, South Carolina center which opened March 31, 2011 and had not

yet stabilized.


(2)	Center acquired in July 2011.


(3)	Center acquired in September 2011.


(4)	Includes a 29,253 square foot warehouse adjacent to the shopping center.


(5)	Center acquired in December 2011 and located in Ontario, Canada.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Portfolio Occupancy at the End of Each Period (1)


(1)	Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,976 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures.


(2)	Excludes the occupancy rate at our Hilton Head I, SC center which opened during the first quarter of 2011 and had not yet stabilized.


(3)	Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010 and subsequently sold on July 7, 2010.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Major Tenants (1)



Ten Largest Tenants As of June 30, 2012
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	79	846,025	7.9	%
Phillips-Van Heusen	131	680,400	6.3	%
Dress Barn, Inc.	62	379,600	3.5	%
Nike	34	364,887	3.4	%
Adidas	43	328,292	3.1	%
VF Outlet, Inc.	32	323,049	3.0	%
Ann Taylor	42	295,371	2.7	%
Polo Ralph Lauren	29	286,851	2.7	%
Carter's	59	276,641	2.6	%
Hanesbrands Direct, LLC	43	245,663	2.3	%
Total of All Listed Above	554	4,026,779	37.5	%


(1)	Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,976 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Lease Expirations as of June 30, 2012

(1) Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,976 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Leasing Activity (1)



	3/31/2012			6/30/2012			9/30/2012	12/31/2012	Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases	60			32					92			132
Gross leasable area	220,237			98,393					318,630			468,703
New initial base rent per square foot	$	30.01		$	28.07				$	29.41		$	26.31
Prior expiring base rent per square foot	$	20.84		$	21.25				$	20.97		$	19.23
Percent increase	44.0		%	32.1		%			40.3		%	36.8		%

New straight line base rent per square foot	$	32.53		$	30.52				$	31.91		$	28.26
Prior straight line base rent per square foot	$	20.60		$	20.78				$	20.66		$	18.89
Percent increase	57.9		%	46.9		%			54.5		%	51.5		%

Renewed Space:
Number of leases	188			54					242			241
Gross leasable area	920,436			268,841					1,189,277			1,191,651
New initial base rent per square foot	$	21.27		$	20.19				$	21.02		$	20.23
Prior expiring base rent per square foot	$	19.38		$	18.49				$	19.18		$	18.63
Percent increase	9.7		%	9.2		%			9.6		%	8.6		%

New straight line base rent per square foot	$	21.97		$	20.94				$	21.74		$	20.85
Prior straight line base rent per square foot	$	19.18		$	18.14				$	18.96		$	18.15
Percent increase	14.5		%	15.4		%			14.7		%	14.9		%

Total Re-tenanted and Renewed Space:
Number of leases	248			86					334			373
Gross leasable area	1,140,673			367,234					1,507,907			1,660,354
New initial base rent per square foot	$	22.96		$	22.30				$	22.80		$	21.94
Prior expiring base rent per square foot	$	19.66		$	19.23				$	19.56		$	18.80
Percent increase	16.7		%	16.0		%			16.6		%	16.7		%

New straight line base rent per square foot	$	24.01		$	23.51				$	23.89		$	23.04
Prior straight line base rent per square foot	$	19.46		$	18.85				$	19.32		$	18.36
Percent increase	23.4		%	24.7		%			23.7		%	25.5		%


(1)	Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,976 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Consolidated Balance Sheets (dollars in thousands)



	6/30/2012			3/31/2012			12/31/2011			9/30/2011			6/30/2011
Assets
Rental property
Land	$	148,002		$	148,002		$	148,002		$	148,002		$	144,329
Buildings, improvements and fixtures	1,787,050			1,773,055			1,764,494			1,747,149			1,560,920
Construction in progress	—			4,545			3,549			1,800			3,367
	1,935,052			1,925,602			1,916,045			1,896,951			1,708,616
Accumulated depreciation	(547,167		)	(530,150		)	(512,485		)	(494,518		)	(477,687		)
Total rental property, net	1,387,885			1,395,452			1,403,560			1,402,433			1,230,929
Cash and cash equivalents	11,855			10,787			7,894			3,694			18,438
Investments in unconsolidated joint ventures	72,394			48,483			28,481			9,447			4,592
Deferred lease costs and other intangibles, net	109,850			115,157			120,636			120,933			56,166
Deferred debt origination costs, net	10,219			10,775			8,861			6,327			6,783
Prepaids and other assets	50,172			54,304			52,383			50,856			50,681
Total assets	$	1,642,375		$	1,634,958		$	1,621,815		$	1,593,690		$	1,367,589
Liabilities and equity
Liabilities
Debt
Senior, unsecured notes, net of discounts	$	547,896		$	547,829		$	547,763		$	547,698		$	554,644
Unsecured term loans, net of discounts	259,380			259,344			9,308			—			—
Unsecured bridge loan	—			—			—			150,000			150,000
Mortgages payable, including premiums	109,583			110,483			111,379			112,235			—
Unsecured lines of credit	141,224			121,073			357,092			172,300			182,000
Total debt	1,058,083			1,038,729			1,025,542			982,233			886,644
Construction trade payables	14,746			15,698			13,656			19,331			27,333
Accounts payable & accruals	38,011			43,165			37,757			44,127			27,129
Other liabilities	16,283			16,399			16,428			16,249			16,170
Total liabilities	1,127,123			1,113,991			1,093,383			1,061,940			957,276
Commitments and contingencies
Equity
Tanger Factory Outlet Centers, Inc. equity
Common shares	935			926			867			867			813
Paid in capital	758,381			751,633			720,073			718,318			607,756
Accumulated distributions in excess of net income	(279,657		)	(271,941		)	(261,913		)	(257,930		)	(253,213		)
Accumulated other comprehensive income	1,405			1,449			1,535			1,516			1,683
Equity attributable to Tanger Factory Outlet Centers, Inc.	481,064			482,067			460,562			462,771			357,039
Equity attributable to noncontrolling interests
Noncontrolling interests in Operating Partnership	27,386			32,068			61,027			61,344			53,274
Noncontrolling interest in other consolidated partnerships	6,802			6,832			6,843			7,635			—
Total equity	515,252			520,967			528,432			531,750			410,313
Total liabilities and equity	$	1,642,375		$	1,634,958		$	1,621,815		$	1,593,690		$	1,367,589

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Consolidated Statements of Operations (dollars and shares in thousands)



				Three Months Ended												YTD
	6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			6/30/12			6/30/11
Revenues
Base rentals	$	58,583		$	57,219		$	58,007		$	55,018		$	48,393		$	115,802		$	94,612
Percentage rentals	1,618			1,744			3,872			2,684			1,137			3,362			2,528
Expense reimbursements	24,989			23,476			24,826			22,973			20,616			48,465			41,821
Other income	2,145			1,804			2,435			2,568			1,955			3,949			3,879
Total revenues	87,335			84,243			89,140			83,243			72,101			171,578			142,840
Expenses
Property operating	27,977			26,088			27,192			25,181			23,765			54,065			47,873
General & administrative	8,699			10,020			8,237			7,943			7,185			18,719			13,952
Acquisition costs	—			—			217			978			974			—			1,541
Abandoned development costs	—			—			—			—			—			—			158
Depreciation and amortization	24,923			25,515			25,228			22,964			17,858			50,438			35,823
Total expenses	61,599			61,623			60,874			57,066			49,782			123,222			99,347
Operating income	25,736			22,620			28,266			26,177			22,319			48,356			43,493
Interest expense	12,411			12,334			12,386			11,958			10,713			24,745			21,038
Income before equity in losses of unconsolidated joint ventures	13,325			10,286			15,880			14,219			11,606			23,611			22,455
Equity in losses of unconsolidated joint ventures	(867		)	(1,452		)	(742		)	(27		)	(764		)	(2,319		)	(796		)
Net income	12,458			8,834			15,138			14,192			10,842			21,292			21,659
Noncontrolling interests in Operating Partnership	(766		)	(713		)	(1,787		)	(1,730		)	(1,420		)	(1,479		)	(2,839		)
Noncontrolling interests in other consolidated partnerships	25			7			6			2			—			32			—
Net income attributable to Tanger Factory Outlet Centers, Inc.	11,717			8,128			13,357			12,464			9,422			19,845			18,820
Allocation to participating securities	(209		)	(158		)	(163		)	(164		)	(165		)	(367		)	(357		)
Net income available to common shareholders	$	11,508		$	7,970		$	13,194		$	12,300		$	9,257		$	19,478		$	18,463
Basic earnings per common share:
Net income	$	0.13		$	0.09		$	0.15		$	0.14		$	0.11		$	0.21		$	0.23
Diluted earnings per common share:
Net income	$	0.12		$	0.09		$	0.15		$	0.14		$	0.11		$	0.21		$	0.23
Weighted average common shares:
Basic	91,717			89,671			85,891			85,171			80,483			90,694			80,418
Diluted	92,816			90,832			86,917			85,992			81,104			91,775			81,039

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

FFO and FAD Analysis (dollars and shares in thousands)



				Three Months Ended												YTD
	6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			6/30/12			6/30/11
Funds from operations:
Net income	$	12,458		$	8,834		$	15,138		$	14,192		$	10,842		$	21,292		$	21,659
Adjusted for -
Depreciation and amortization uniquely significant to real estate - consolidated properties	24,710			25,301			25,019			22,763			17,686			50,011			35,493
Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures	1,653			1,815			1,253			1,280			1,336			3,468			2,642
Impairment charge - unconsolidated joint ventures	140			—			300			—			—			140			—
Funds from operations	38,961			35,950			41,710			38,235			29,864			74,911			59,794
FFO attributable to noncontrolling interests in other consolidated partnerships	16			(2		)	(18		)	(19		)	—			14			—
Allocation to participating securities	(391		)	(308		)	(345		)	(320		)	(264		)	(698		)	(572		)
Funds from operations available to common shareholders	$	38,586		$	35,640		$	41,347		$	37,896		$	29,600		$	74,227		$	59,222
Funds from operations per share	$	0.39		$	0.36		$	0.42		$	0.39		$	0.32		$	0.75		$	0.64
Funds available for distribution to common shareholders:
Funds from operations	$	38,586		$	35,640		$	41,347		$	37,896		$	29,600		$	74,227		$	59,222
Adjusted for -
Corporate depreciation excluded above	214			214			209			201			172			428			330
Amortization of finance costs	585			561			603			592			482			1,146			948
Amortization of net debt discount (premium)	(252		)	(248		)	(262		)	(97		)	22			(500		)	45
Amortization of share-based compensation	2,313			3,306			1,756			1,887			1,615			5,619			3,413
Straight line rent adjustment	(860		)	(997		)	(787		)	(1,009		)	(1,240		)	(1,857		)	(2,033		)
Market rent adjustment	(196		)	(234		)	(176		)	79			(202		)	(430		)	(357		)
2^nd generation tenant allowances	(3,179		)	(5,537		)	(2,796		)	(5,766		)	(2,979		)	(8,716		)	(5,422		)
Capital improvements	(2,500		)	(891		)	(1,181		)	(3,419		)	(4,334		)	(3,391		)	(5,932		)
Adjustments from unconsolidated joint ventures	78			168			(62		)	(87		)	(14		)	246			(49		)
Funds available for distribution	$	34,789		$	31,982		$	38,651		$	30,277		$	23,122		$	66,772		$	50,165
Funds available for distribution per share	$	0.35		$	0.32		$	0.39		$	0.31		$	0.25		$	0.68		$	0.54
Dividends paid per share	$	0.21		$	0.20		$	0.20		$	0.20		$	0.20		$	0.41		$	0.39
FFO payout ratio	54		%	56		%	48		%	51		%	63		%	55		%	61		%
FAD payout ratio	60		%	63		%	51		%	65		%	80		%	60		%	72		%
Diluted weighted average common shs.	98,812			98,690			98,409			97,811			93,237			98,702			93,172

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Unconsolidated Joint Venture Information

The following table details certain information as of and for the quarter ended June 30, 2012 about various unconsolidated real estate joint ventures in which we have an ownership interest (dollars in millions):



Joint Venture	Center Location	Ownership %		Square Feet	Tanger's Share of Total Assets		Tanger's Share of NOI		Tanger's Share of Debt
Deer Park	Deer Park, Long Island NY	33.3	%	741,976	$	88.6	$	3.0	$	82.3

Deer Park Warehouse	Deer Park, Long Island NY	33.3	%	29,253	$	0.6	$	—	$	0.6

Galveston/Houston ⁽¹⁾	Texas City, TX	50.0	%	—	$	26.2	$	—	$	—

National Harbor ⁽²⁾	Washington D.C. Metro Area	50.0	%	—	$	0.8	$	—	$	—

RioCan Canada ⁽³⁾	Various	50.0	%	155,522	$	31.5	$	0.8	$	—

Westgate ⁽¹⁾	Phoenix, AZ	58.0	%	—	$	20.5	$	—	$	—

Wisconsin Dells	Wisconsin Dells, Wisconsin	50.0	%	265,086	$	16.7	$	1.1	$	12.1

Other					$	0.2	$	—	$	—

Total					$	185.1	$	4.9	$	95.0

(1) Center is under construction and expected to open during the fourth quarter of 2012.

(2) Center is in the development stage.

(3) Includes a 155,522 square foot center in Cookstown, ON as well as investments related to due diligence costs for additional potential sites in Canada.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Unconsolidated Joint Venture Information

Summary Balance Sheets (dollars in thousands)



	6/30/2012		3/31/2012		12/31/2011		9/30/2011		6/30/2011		Tanger's Share as of 6/30/12
Assets
Investment properties at cost - net	$	338,144	$	332,073	$	332,822	$	286,727	$	284,076	$	128,587
Construction in progress	66,263		25,284		11,276		2,591		—		33,132
Assets held for sale ⁽¹⁾	1,800		—		—		—		—		600
Cash and cash equivalents	16,855		9,621		7,582		16,141		15,682		7,821
Deferred lease costs, net	13,514		14,294		14,815		2,840		2,877		6,397
Deferred debt origination costs, net	6,566		6,626		7,566		724		970		2,334
Prepaids and other assets	16,386		15,663		11,687		9,969		8,555		6,262
Total assets	$	459,528	$	403,561	$	385,748	$	318,992	$	312,160	$	185,133

Liabilities & Owners' Equity
Mortgages payable	$	273,034	$	273,534	$	303,230	$	293,534	$	293,534	$	95,053
Construction trade payables	23,135		7,719		2,669		4,958		6,034		11,511
Accounts payable & other liabilities	25,641		24,788		27,246		5,378		6,937		11,188
Total liabilities	321,810		306,041		333,145		303,870		306,505		117,752
Owners' equity	137,718		97,520		52,603		15,122		5,655		67,381
Total liabilities & owners' equity	$	459,528	$	403,561	$	385,748	$	318,992	$	312,160	$	185,133

(1) Assets related to our Deer Park Warehouse joint venture, which is currently for sale.

Summary Statements of Operations (dollars in thousands)



				Three Months Ended												YTD
	6/30/12			3/31/12			12/31/11			9/30/11			6/30/11			6/30/12			6/30/11
Revenues	$	11,606		$	11,658		$	10,045		$	9,488		$	9,752		$	23,264		$	19,314
Expenses
Property operating	5,083			4,891			4,742			4,718			4,473			9,974			8,574
General & administrative	237			163			136			58			(131		)	400			56
Acquisition costs	—			704			—			—			—			704			—
Abandoned development costs	436			954			—			—			—			1,310			—
Impairment charge	420			—			900			—			—			420			—
Depreciation & amortization	4,300			4,608			3,470			3,534			3,627			8,908			7,238
Total expenses	10,476			11,320			9,248			8,310			7,969			21,716			15,868
Operating income	1,130			338			797			1,178			1,783			1,548			3,446
Interest expense	3,598			3,829			3,146			1,381			4,126			7,427			5,929
Net loss	$	(2,468	)	$	(3,491	)	$	(2,349	)	$	(203	)	$	(2,343	)	$	(5,879	)	$	(2,483	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	2,379		$	2,526		$	2,196		$	1,751		$	1,984		$	4,905		$	3,896
Net loss	$	(867	)	$	(1,452	)	$	(742	)	$	(27	)	$	(764	)	$	(2,319	)	$	(796	)
Depreciation (real estate related)	$	1,793		$	1,815		$	1,553		$	1,280		$	1,336		$	3,608		$	2,642

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Debt Outstanding Summary (dollars in thousands)



As of June 30, 2012
	Principal Balance			Stated Interest Rate		Effective Interest Rate		Maturity Date
Unsecured debt:
Unsecured lines of credit ⁽¹⁾	$	141,224		Libor + 1.25%				11/10/2015
2015 Senior unsecured notes	250,000			6.15	%			11/15/2015
2020 Senior unsecured notes	300,000			6.125	%			6/1/2020
Unsecured term loan	250,000			Libor + 1.80%				2/23/2019
Unsecured note	10,000			1.50	%	3.153	%	6/30/2016
Net debt discounts	(2,724		)
Total unsecured debt	948,500
Secured mortgage debt: ⁽²⁾
Atlantic City, NJ (including premium of $4,697)	57,727			5.14% - 7.65%		5.05	%	11/15/2021 - 12/8/2026
Ocean City, MD (including premium of $331)	19,036			5.24	%	4.68	%	1/6/2016
Hershey, PA (including premium of $1,874)	32,820			5.17% - 8.00%		3.40	%	8/1/2015
Total secured mortgage debt	109,583
Tanger's share of unconsolidated JV debt:
Deer Park	82,315			Libor + 3.50 - 5.00%				5/17/2014
Deer Park Warehouse ⁽³⁾	613			8.75	%			5/17/2011
Westgate ⁽⁴⁾	—			Libor + 1.75%				6/27/2012
Wisconsin Dells	12,125			Libor + 3.00%				12/18/2012
Total Tanger's share of unconsolidated JV debt	$	95,053


(1)	The Company has an unsecured, syndicated credit line with a borrowing capacity totaling $500.0 million and a separate cash management line of credit with a borrowing capacity of $20.0 million with one of the participants in the syndication. Both lines expire on November 10, 2015. Facility fees of 25 basis points annually are charged in arrears based on the amount of the commitment.


(2)	Represents mortgages assumed in the acquisitions of various properties owned by joint ventures which are consolidated for financial reporting purposes.

(3)

The interest only mortgage loan secured by the warehouse matured on May 17, 2011 and the joint venture did not qualify for the one- year extension option. As a result, on June 1, 2012 the joint venture reduced the outstanding principal balance by $500,000 to $1.8 million and entered into a Loan Forbearance Agreement with the lender whereby the lender agreed that it will not enforce its rights under the Loan Documents until the Forbearance Termination Date of October 1, 2012 unless extended. Additional interest accrues at a rate of Prime + 5.5% less the amount paid. During this time, the joint venture committed to continue making monthly debt service payments pursuant to the Forbearance and the Loan Documents at a pay rate of Libor + 1.85%, to maintain the property and to list the property for sale.


(4)	On June 27, 2012, the joint venture closed on a construction loan with the ability to borrow up to $43.8 million (our share $25.4 million), which carries an interest rate of LIBOR + 1.75%. As of June 30, 2012 our balance on the loan was zero as no draws were made during the second quarter of 2012.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

Future Scheduled Principal Payments (dollars in thousands)



As of June 30, 2012
Year	Tanger Consolidated Payments		Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2012	$	1,298	$	12,739	$	14,037
2013	4,633		—		4,633
2014	3,599		82,314		85,913
2015	423,563		—		423,563
2016	30,279		—		30,279
2017	3,004		—		3,004
2018	3,179		—		3,179
2019	253,365		—		253,365
2020	303,561		—		303,561
2021	5,788		—		5,788
2022 & thereafter	21,636		—		21,636
	$	1,053,905	$	95,053	$	1,148,958
Net Premiums on Debt	4,178		—		4,178
	$	1,058,083	$	95,053	$	1,153,136

Senior Unsecured Notes Financial Covenants (1)



As of June 30, 2012
	Required	Actual		Compliance
Total Consolidated Debt to Adjusted Total Assets	<60%	47	%	Yes
Total Secured Debt to Adjusted Total Assets	<40%	5	%	Yes
Total Unencumbered Assets to Unsecured Debt	>135%	204	%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	>1.5	4.43		Yes


(1)	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.

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

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

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/12

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