Tanger Reports Year End Results For 2012

                   Tanger Reports Year End Results For 2012

Funds From Operations Increases 16.2%

Same Center NOI Increases 6.0%

PR Newswire

GREENSBORO, N.C., Feb. 12, 2013

GREENSBORO, N.C., Feb.12, 2013 /PRNewswire/ --Tanger Factory Outlet Centers,
Inc. (NYSE:SKT) today reported its financial results for the quarter and year
ended December31, 2012. Funds from operations ("FFO") available to common
shareholders, a widely accepted supplemental measure of REIT performance,
increased 8.2% for the three months ended December31, 2012 to $44.7 million,
or $0.45 per share, as compared to FFO of $41.3 million, or $0.42 per share,
for the three months ended December31, 2011. For the year ended December31,
2012, FFO increased 16.2% to $160.9 million, or $1.63 per share, as compared
to FFO of $138.5 million, or $1.44 per share, for the year ended December31,
2011.

(Logo: http://photos.prnewswire.com/prnh/20120907/CL70706LOGO-b)

"The fourth quarter of 2012 capped off another great year at Tanger. Driven
by a 25.5% blended increase in base rental rates on space renewed and released
during the year, our consolidated portfolio of operating properties posted a
6.0% increase in same center net operating income. In addition to this solid
internal growth, we expanded our footprint by 8.1% during the year with the
delivery of two new developments in the United States and the acquisition of
two existing properties in Canada," commented Steven B. Tanger, President and
Chief Executive Officer. "With the most robust external growth pipeline in
our history, we enter 2013 with optimism. In our twentieth year as a public
company, outlet shopping is fashionable and the Tanger Outlets brand continues
to garner the respect of shoppers and retailers," he added.

FFO for all periods shown was impacted by a number of charges as described in
the summary below (in thousands, except per share amounts):



                                    Three months ended   Year ended
                                    December 31,         December 31,
                                    2012      2011       2012       2011
FFO as reported                     $ 44,740  $ 41,347   $ 160,879  $ 138,462
As adjusted for:
 Acquisition costs                  117       217        117        2,736
 Abandoned development costs        —         —          —          158
 AFFO adjustments from              478       —          1,370      —
 unconsolidated joint ventures ^(1)
 Impact of above adjustments to the
 allocation of earnings to          (6)       (2)        (14)       (26)
 participating securities
Adjusted FFO ("AFFO")               $ 45,329  $ 41,562   $ 162,352  $ 141,330
Diluted weighted average common     98,699    98,409     98,605     96,021
shares
AFFO per share                      $ 0.46    $ 0.42     $ 1.65     $ 1.47

(1) Includes our share of acquisition costs, abandoned development costs and
    gain on early extinguishment of debt from unconsolidated joint ventures.

Net income available to common shareholders for the three months ended
December31, 2012 increased 35.3% to $17.8 million or $0.19 per share, as
compared to net income of $13.2 million, or $0.15 per share for the three
months ended December31, 2011. For the year ended December31, 2012, net
income available to common shareholders increased 19.3% to $52.4 million, or
$0.57 per share, as compared to net income of $44.0 million, or $0.52 per
share for the year ended December31, 2011. Net income available to common
shareholders for the above periods was also impacted by the charges described
above.

Net income and FFO per share are on a diluted basis. FFO and AFFO are
supplemental non-GAAP financial measures used in the real estate industry to
measure and compare the operating performance of real estate companies.
Complete reconciliations containing adjustments from GAAP net income to FFO
and to AFFO are included in this release.

Highlights for 2012

  oSame center net operating income increased 4.7% during the quarter, 6.0%
    for the year, marking the 32nd consecutive quarter of same center net
    operating income growth
  o25.5% blended increase in average base rental rates on renewed and
    released space for 2012, compared to 23.4% in 2011
  oPeriod-end consolidated portfolio occupancy rate of 98.9% at December31,
    2012, up from 98.8% at December31, 2011 and 98.6% at September30, 2012,
    which marks the 32nd consecutive year of year-end consolidated occupancy
    of 95% or greater
  oComparable tenant sales for the consolidated portfolio of $376 per square
    foot for the year ended December31, 2012
  oConsolidated comparable tenant sales, excluding 8 centers that experienced
    closings of a day or more due to Hurricane Sandy, increased 1.4% for the
    quarter and 3.4% increase for the year ended December31, 2012
  oDebt-to-total market capitalization ratio of 24.4% as of December31,
    2012, compared to 26.3% last year
  oInterest coverage ratio of 4.18 times, compared to 4.07 times last year
  oTotal market capitalization increased 14.5% to $4.5 billion from $3.9
    billion last year
  oClosed on $250 million seven-year unsecured bank term loan, bearing
    interest at LIBOR plus 180 basis points, on February 24, 2012
  oIncreased quarterly common share cash dividend on April 5, 2012, from
    $0.20 to $0.21, $0.84 per share annualized, representing the 19th
    consecutive year of increased cash dividends
  oAnnounced the completion of the renovation of Tanger Outlets Ocean City on
    May 15, 2012, after having acquired the property in July 2011
  oReceived an upgrade in outlook from Moody's Investor Services on June 8,
    2012, from Baa2 Stable to Baa2 Positive
  oAnnounced a joint venture for the proposed development of a Tanger Outlet
    Center at Foxwoods Resort Casino in Mashantucket, Connecticut on June 18,
    2012
  oAnnounced the expansion of Tanger Outlets Gonzales in Gonzales, Louisiana
    on July 26, 2012
  oOpened Tanger Outlets Texas City in the Houston, Texas market on
    October19, 2012
  oClosed on the acquisition of two outlet centers in the Montreal, Quebec
    market; Saint-Sauveur on November 1, 2012, and Bromont on November 2, 2012
  oOpened the company's newest center, Tanger Outlets Westgate, in the
    Phoenix market near Glendale, Arizona on November15, 2012
  oAnnounced 50/50 joint ventures for the proposed development of outlet
    centers in the Charlotte, North Carolina and Columbus, Ohio markets on
    November 28, 2012
  oBroke ground on a new Tanger Outlet Center in the National Harbor
    development, on the Potomac Rivernear Washington D.C. in Prince George's
    County, Maryland on November29, 2012

Balance Sheet Summary

On February 24, 2012, the company closed on the $250 million seven-year
unsecured bank term loan. Based on Tanger's current credit ratings, the loan
bears interest at LIBOR plus 180 basis points. The facility matures February
2019, and is prepayable without penalty beginning February 2015. Proceeds
were used to reduce the outstanding balances on Tanger's unsecured lines of
credit and for general corporate purposes.

As of December31, 2012, Tanger had a total market capitalization of
approximately $4.5 billion including $1.1 billion of debt outstanding,
equating to a 24.4% debt-to-total market capitalization ratio. The company
had $178.3 million outstanding on its $520.0 million in available unsecured
lines of credit and 60.8% of Tanger's debt was at fixed interest rates.
During 2012, Tanger continued to maintain a strong interest coverage ratio of
4.18 times.

North American Portfolio Drives Operating Results

During 2012, Tanger executed 458 leases, totaling 1,986,065 square feet
throughout its consolidated portfolio. Lease renewals during the year
accounted for 1,536,212 square feet, which generated a 16.3% increase in
average base rental rates. For space re-tenanted during 2012, average base
rental rates increased 54.0% and accounted for the remaining 449,853 square
feet.

Same center net operating income increased 6.0% in 2012, compared to 5.3% last
year. For the fourth quarter of 2012, same center net operating income
increased 4.7%. Approximately 25.0% of the company's consolidated portfolio
was affected by closings related to Hurricane Sandy, including Atlantic City,
New Jersey; Kittery, Maine; Nags Head, North Carolina; Ocean City, Maryland;
Rehoboth Beach, Delaware; Riverhead, New York; Tilton, New Hampshire and
Westbrook, Connecticut. Excluding these properties, reported tenant
comparable sales for Tanger's consolidated portfolio increased 3.4% for the
year ended and 1.4% for the three months ended December31, 2012. Including
these centers, consolidated tenant comparable sales increased 2.9% to $376
per square foot for the year, and decreased 0.9% for the fourth quarter.

Investment Activities Provide Potential Future Growth

Tanger Outlets Texas City was the first of two new Tanger Outlet Centers to
open during the year. The project is a 50/50 joint venture with Simon
Property Group, and is located approximately 30 miles south of Houston and 20
miles north of Galveston on the highly traveled Interstate 45, off Exit 17 at
Holland Road. The center opened 97% leased on October19, 2012 and was well
received by shoppers and tenants. Over 85 brand name and designer outlet
stores are featured, including American Eagle, Banana Republic, Brooks
Brothers, Coach, Columbia, Gap, J. Crew, Kenneth Cole, Levi's, Michael Kors,
Nike, Nine West, Polo Ralph Lauren, Puma, Skechers, Under Armour and more.
The center currently totals approximately 353,000 square feet, with ample room
to expand to a total build out of approximately 470,000 square feet.

Tanger Outlets Westgate opened 92% leased on November15, 2012 in the Phoenix
market, just in time for the holiday shopping season. The project is a joint
venture in which Tanger owns a 58% interest. Located in Glendale, Arizona on
the Loop 101 and Glendale Avenue, the center is adjacent to Westgate City
Center, Jobing.com Arena, home of the NHL's Phoenix Coyotes, University of
Phoenix Stadium, home of the NFL's Arizona Cardinals, Cabela's and The
Renaissance Glendale Hotel and Spa. Over 80 brand name and designer outlet
stores are featured, including American Eagle, Banana Republic Factory Store,
Brooks Brothers Factory Store, Calvin Klein, Coach Factory Store, Cole Hahn,
Fossil, Gap Outlet, GUESS, Gymboree, H&M, IZOD, J.Crew, Michael Kors, Nike
Factory Store, Nine West, Puma, Skechers, Tommy Hilfiger, Under Armour, White
House Black Market and more. The center currently totals approximately
332,000 square feet, with ample room to expand to a total build out of
approximately 410,000 square feet.

Acquired in July 2011, Tanger Outlets Ocean City, was one of two construction
projects at existing Tanger centers during 2012. On May 15, 2012, the company
announced the completion of this $3 million renovation. The re-branding and
renovation of the center upgraded its tenant mix, attracting great brands
including Coach, Chico's, and Under Armour. As a testament to the company's
commitment to customer service, a shopper services area was also added to the
center.

On July 26, 2012, the company announced an $8 million expansion of Tanger
Outlets Gonzales in Gonzales, Louisiana. The project will add approximately
40,000 sf to the center, including new stores such as American Eagle, Ann
Taylor Loft, Brooks Brothers, J. Crew, Talbots, and Under Armour. We
currently expect the expansion will open in the spring of 2013.

Currently under construction, we expect Tanger Outlets National Harbor will be
the next new Tanger Outlet Center to be delivered to tenants and shoppers.
Originally announced in May 2011, Tanger and its 50/50 joint venture partner,
The Peterson Companies, broke ground on the project on November29, 2012.
Located within the National Harbor waterfront resort in the Washington D.C.
Metro area, the site is accessible from I-95, I-295, I-495, and the Woodrow
Wilson Bridge. The nation's capital welcomes approximately 33 million tourist
visitors annually. When complete, the center will include approximately
340,000 square feet and feature approximately 80 brand name and designer
outlet stores.

During 2012, the company also announced three new domestic development
projects. On June 18, 2012, Tanger announced plans for Tanger Outlets
Foxwoods, to be located at Foxwoods Resort Casino in Mashantucket, Connecticut
on the Mashantucket Pequot Indian Reservation. The proposed 312,000 square
foot center is designed to connect the casino floors of the resort's two
casinos, the MGM Grand and the Grand Pequot Casino. Foxwoods attracts
approximately 16 million visitors annually and has more gaming square footage
than any other casino in the country. Tanger's ownership interest in the
project is expected to be approximately two-thirds.

On November 28, 2012, Tanger and Simon Property Group announced plans for two
proposed 50/50 joint venture projects. In the Charlotte, North Carolina
market, the partners plan to build an outlet center at Tanger's previously
announced site, located 8 miles southwest of uptown Charlotte at the
interchange of the two major thoroughfares for the city, I-485 and Steele
Creek Road (NC Highway 160). When complete, the center will include
approximately 400,000 square feet. The partners also plan to develop in the
Columbus, Ohio market, located off the heavily traveled I-71, 20 miles north
of downtown and 11 miles north of I-270. When complete, the center will
include approximately 350,000 square feet, with ample space to expand to a
total build out of approximately 400,000 square feet.

For the Charlotte project, Tanger will provide site development and
construction supervision services, Simon will provide management and marketing
services, and the center will be branded Charlotte Premium Outlets. In
Columbus,Tanger will provide marketing and management services, Simon will
provide site development and construction supervision services, and the center
will be branded Tanger Outlets Columbus.Both partners willjointly provide
leasing services for the projects, which currently are expected to open in
2014.

Tanger has previously announced development sites in Scottsdale, Arizona;
Kanata, Ontario in the Ottawa market; and Mississauga, Ontario in the western
Toronto market, as well as plans to expand each of its existing Canadian
centers in Cookstown, Saint-Sauveur, and Bromont. All of these projects are
currently in the predevelopment phase.

In November 2012, Tanger and RioCan Real Estate Investment Trust, through
their 50/50 co-ownership agreement, completed the previously announced
acquisitions of two existing outlet centers in the Montreal, Quebec market.
Les Factoreries Saint-Sauveur is located approximately 35 miles northwest of
Montreal adjacent to Highway 15 in the town of Saint-Sauveur, Quebec and is
approximately 116,000 square feet with the potential to expand the center to
approximately 136,000 square feet. Bromont Outlet Mall is located
approximately 50 miles east of Montreal near the eastern townships adjacent to
Highway 10 in the town of Bromont, Quebec. The property was built in 2004 and
expanded through 2011, and is approximately 163,000 square feet.

The aggregate total purchase price was approximately $94.8 million, including
the assumption of in place financing of $18.7 million at Les Factoreries
Saint-Sauveur, which carries a weighted average interest rate of 5.7% and
matures in 2015 and 2020. Tanger is providing leasing and marketing services
and RioCan is providing development and property management services. The
co-owners intend to add value by expanding the properties, rebranding them
under the Tanger Outlets flag, implementing the co-owners' operational and
marketing programs, and over time, improving the tenant mix through the
utilization of Tanger's strong outlet retailer relationships.

Tanger Expects Solid FFO Per Share In 2013

Based on Tanger's internal budgeting process, the company's view on current
market conditions, and the strength and stability of its core portfolio,
management currently believes its net income available to common shareholders
for 2013 will be between $0.76 and $0.81 per share and its FFO available to
common shareholders for 2013 will be between $1.76 and $1.81 per share.

The company's earnings estimates reflect a projected increase in same-center
net operating income of approximately 4%, and average general and
administrative expense of approximately $9.5 million to $10.0million per
quarter. The company's estimates do not include the impact of any rent
termination fees, any potential refinancing transactions, the sale of any out
parcels of land, or the sale or acquisition of any properties. The following
table provides a reconciliation of estimated diluted net income per share to
estimated diluted FFO per share:



For the year ended December 31, 2013:
                                                          Low Range High Range
Estimated diluted net income per share                    $0.76     $0.81
Noncontrolling interest, gain/loss on acquisition of real
    estate, depreciation and amortization uniquely
    significant to real estate including noncontrolling
    interest share and our share of joint ventures        $1.00     $1.00
Estimated diluted FFO per share                           $1.76     $1.81



Year End Conference Call

Tanger will host a conference call to discuss its 2012 year end results for
analysts, investors and other interested parties on Wednesday, February 13,
2013, at 10 a.m. eastern time. To access the conference call, listeners
should dial 1-877-277-5113 and request to be connected to the Tanger Factory
Outlet Centers 2012 Year End Financial Results call. Alternatively, the call
will be web cast by SNL IR Solutions and can be accessed at Tanger Factory
Outlet Centers, Inc.'s web site by clicking the Investor Relations link on
www.tangeroutlet.com. A telephone replay of the call will be available from
February 13, 2013 at 1:00 p.m. eastern time through 11:59 p.m., February 20,
2013 by dialing 1-855-859-2056, conference ID # 85796683. An online archive
of the broadcast will also be available through February 20, 2013.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT
headquartered in Greensboro, North Carolina that presently operates and owns,
or has an ownership interest in, a portfolio of 43 upscale outlet shopping
centers in 26 states coast to coast and in Canada, totaling approximately 12.9
million square feet leased to over 2,700 stores operated by more than 460
different brand name companies. More than 175 million shoppers visit Tanger
Factory Outlet Centers, Inc. annually. Tanger is filing a Form 8-K with the
Securities and Exchange Commission that includes a supplemental information
package for the quarter ended December31, 2012. For more information on
Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at
www.tangeroutlet.com.

This news release contains forward-looking statements within the meaning of
federal securities laws.These statements include, but are not limited to,
estimates of future net income per share, FFO per share, same center net
operating income and general and administrative expenses, as well as other
statements regarding plans for new developments and expansions, the expected
timing of the commencement of construction and the grand openings of the
current developments, the company's intention and plans to improve two outlet
centers in Montreal, Quebec through a joint venture with RioCan Real Estate
Investment Trust, the renewal and re-tenanting of space, tenant sales and
sales trends, interest rates, coverage of the current dividend and
management's beliefs, plans, estimates, intentions, and similar statements
concerning anticipated future events, results, circumstances, performance or
expectations that are not historical facts.

These forward-looking statements are 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 in the United States and Canada,
the company's ability to meet its obligations on existing indebtedness or
refinance existing indebtedness on favorable terms, the availability and cost
of capital, whether projects in our pipeline convert into successful
developments, the company's ability to lease its properties, the company's
ability to implement its plans and strategies for joint venture properties
that it does not fully control, the company's inability to collect rent due to
the bankruptcy or insolvency of tenants or otherwise, and competition.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 years ended December 31, 2011, and
December 31, 2012 when available.

CONTACT:
Frank C. Marchisello, Jr.
Executive Vice President and CFO
(336) 834-6834



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
                                  Three months ended    Year ended
                                  December 31,          December 31,
                                  2012       2011       2012        2011
REVENUES
Base rentals (a)                  $ 59,769   $ 58,007   $ 235,233   $ 207,637
Percentage rentals                4,630      3,872      11,172      9,084
Expense reimbursements            26,963     24,826     100,074     89,620
Other income                      3,574      2,435      10,518      8,882
Total revenues                    94,936     89,140     356,997     315,223
EXPENSES
Property operating                29,481     27,192     111,160     100,246
General and administrative        9,715      8,237      37,452      30,132
Acquisition costs (b)             117        217        117         2,736
Abandoned development costs (c)   —          —          —           158
Depreciation and amortization     23,436     25,228     98,683      84,015
Total expenses                    62,749     60,874     247,412     217,287
Operating income                  32,187     28,266     109,585     97,936
Interest expense                  12,752     12,386     49,814      45,382
Income before equity in losses
of unconsolidated                 19,435     15,880     59,771      52,554

joint ventures
Equity in losses of               (421)      (742)      (3,295)     (1,565)
unconsolidated joint ventures
Net income                        19,014     15,138     56,476      50,989
Noncontrolling interests in       (952)      (1,787)    (3,267)     (6,356)
Operating Partnership
Noncontrolling interests in       (6)        6          19          8
other consolidated partnerships
Net income attributable to
Tanger Factory Outlet Centers,    18,056     13,357     53,228      44,641
Inc.
Allocation of earnings to         (208)      (163)      (784)       (684)
participating securities
Net income available to common
shareholders of Tanger Factory    $ 17,848   $ 13,194   $ 52,444    $ 43,957
Outlet Centers, Inc.
Basic earnings per common share:
Net income                        $ 0.19     $ 0.15     $ 0.57      $ 0.53
Diluted earnings per common
share:
Net income                        $ 0.19     $ 0.15     $ 0.57      $ 0.52

    Includes straight-line rent and market rent adjustments of $757 and $969
    for the three months
a.
    ended and $4,452 and $4,526 for the years ended December31, 2012 and
    2011, respectively.
    Represents potential acquisition related expenses incurred for the three
b. months ended and for the years ended December 31, 2012 and December 31,
    2011, respectively.
c. Represents the write-off of costs associated with abandoned development
    projects for the year ended December 31, 2011.





TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
                                                    December 31,  December31,
                                                    2012          2011
ASSETS
Rental property
Land                                                $ 148,002     $ 148,002
Buildings, improvements and fixtures                1,796,042     1,764,494
Construction in progress                            3,308         3,549
                                                    1,947,352     1,916,045
Accumulated depreciation                            (582,859)     (512,485)
 Total rental property, net                       1,364,493     1,403,560
Cash and cash equivalents                           10,335        7,894
Investments in unconsolidated joint ventures       126,632       28,481
Deferred lease costs and other intangibles, net     101,040       120,636
Deferred debt origination costs, net                9,083         8,861
Prepaids and other assets                           60,842        52,383
Total assets                                        $ 1,672,425   $ 1,621,815
LIABILITIES AND EQUITY
Liabilities
Debt
 Senior, unsecured notes (net of discount of    $ 548,033     $ 547,763
$1,967 and $2,237, respectively)
 Unsecured term loans (net of discount of $547  259,453       9,308
and $692, respectively)
 Mortgages payable (including premium of $6,362 107,745       111,379
and $7,434, respectively)
Unsecured lines of credit                          178,306       357,092
 Total debt                                     1,093,537     1,025,542
Construction trade payables                         7,084         13,656
Accounts payable and accrued expenses               41,149        37,757
Other liabilities                                   16,780        16,428
Total liabilities                                   1,158,550     1,093,383
Commitments and contingencies
Equity
Tanger Factory Outlet Centers, Inc.
Common shares, $.01 par value, 300,000,000 shares
authorized,

94,061,384 and 86,727,656 shares issued and         941           867
outstanding at December 31,

2012 and December 31, 2011, respectively ^(1)
 Paid in capital ^(1)                             766,056       720,073
 Accumulated distributions in excess of net income (285,5880)    (261,913)
 Accumulated other comprehensive income            1,200         1,535
Equity attributable to Tanger Factory Outlet        482,609       460,562
Centers, Inc.
Equity attributable to noncontrolling interests
Noncontrolling interests in Operating Partnership   24,432        61,027
^(1)
Noncontrolling interests in other consolidated      6,834         6,843
partnerships
Total equity                                        513,875       528,432
Total liabilities and equity                        $ 1,672,425   $ 1,621,815

    For the year ended December31, 2012, reflects the exchange of 1,682,507
    units of the Operating Partnership
(1)
    owned by noncontrolling interests into 6,730,028 common shares of the
    company.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands, except per share, state and center information)
(Unaudited)
                              Three months ended      Year ended
                              December 31,            December 31,
                              2012        2011        2012         2011
FUNDS FROM OPERATIONS (a)
Net income                    $ 19,014    $ 15,138    $ 56,476     $ 50,989
Adjusted for:
Depreciation and
amortization uniquely
significant to                23,217      25,019      97,760       83,275

real estate - consolidated
Depreciation and
amortization uniquely
significant to                2,996       1,253       8,105        5,175

real estate - unconsolidated
joint ventures
Impairment charge -           —           300         140          300
unconsolidated joint venture
Funds from operations (FFO)   45,227      41,710      162,481      139,739
FFO attributable to
noncontrolling interests in
other                         (36)        (18)        (26)         (37)

consolidated partnerships
Allocation of earnings to     (451)       (345)       (1,576)      (1,240)
participating securities
Funds from operations
available to common           $ 44,740    $ 41,347    $ 160,879    $ 138,462

shareholders
Funds from operations
available to common
                              $ 0.45      $ 0.42      $ 1.63       $ 1.44
shareholders per share -
diluted
WEIGHTED AVERAGE SHARES
Basic weighted average        92,845      85,891      91,733       83,000
common shares
Effect of notional units      868         964         846          965
Effect of exchangeable notes  —           —           —            93
Effect of outstanding         94          62          82           71
options
Diluted weighted average
common shares (for
                              93,807      86,917      92,661       84,129
earnings per share
computations)
Exchangeable operating        4,892       11,492      5,944        11,892
partnership units (b)
Diluted weighted average
common shares (for funds
                              98,699      98,409      98,605       96,021
from operations per share
computations)
OTHER INFORMATION
Gross leasable area open at
end of period -
Consolidated                  10,737      10,724      10,737       10,724
Partially owned -             2,156       1,111       2,156        1,111
unconsolidated
Outlet centers in operation
at end of period -
Consolidated                  36          36          36           36
Partially owned -             7           3           7            3
unconsolidated
States operated in at end of  24          24          24           24
period (c)
Occupancy at end of period    98.9     %  98.8     %  98.9      %  98.8      %
(c)

   FFO is a non-GAAP financial measure. The most directly comparable GAAP
   measure is net income (loss), to which it is reconciled. We believe that
   for a clear understanding of our operating results, FFO should be
   considered along with net income as presented elsewhere in this report.
   FFO is presented because it is a widely accepted financial indicator used
   by certain investors and analysts to analyze and compare one equity REIT
   with another on the basis of operating performance. FFO is generally
   defined as net income (loss), computed in accordance with generally
   accepted accounting principles, before extraordinary items and gains
   (losses) on sale or disposal of depreciable operating properties, plus
   depreciation and amortization uniquely significant to real estate,
   impairment losses on depreciable real estate of consolidated real estate
a. and after adjustments for unconsolidated partnerships and joint ventures,
   including depreciation and amortization, and impairment losses on
   investments in unconsolidated joint ventures driven by a measurable
   decrease in the fair value of depreciable real estate held by the
   unconsolidated joint ventures. We caution that the calculation of FFO may
   vary from entity to entity and as such the presentation of FFO by us may
   not be comparable to other similarly titled measures of other reporting
   companies. FFO does not represent net income or cash flow from operations
   as defined by accounting principles generally accepted in the United States
   of America and should not be considered an alternative to net income as an
   indication of operating performance or to cash flows from operations as a
   measure of liquidity. FFO is not necessarily indicative of cash flows
   available to fund dividends to shareholders and other cash needs.
   The exchangeable operating partnership units (noncontrolling interest in
b. operating partnership) are not dilutive on earnings per share computed in
   accordance with generally accepted accounting principles.
c. Excludes the centers in which we have ownership interests in but are held
   in unconsolidated joint ventures.





SOURCE Tanger Factory Outlet Centers, Inc.

Website: http://www.tangeroutlet.com
 
Press spacebar to pause and continue. Press esc to stop.