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GREENSBORO, N.C., Jan. 27, 2020 /PRNewswire/ — Tanger Factory Aperture Centers, Inc. (NYSE:SKT) today appear banking and operating after-effects for the three months and year concluded December 31, 2019.

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Fourth Division Results

Full Year Results

FFO and AFFO are broadly accustomed added non-GAAP banking measures acclimated in the absolute acreage industry to admeasurement and analyze the operating achievement of absolute acreage companies. A complete adaptation absolute adjustments from GAAP net assets to FFO and AFFO are included in this release. Per allotment amounts for net income, FFO and AFFO are on a adulterated basis.

“Better than advancing achievement in the fourth division and throughout 2019 enabled us to beat our expectations,” said Steven B. Tanger, Chief Controlling Officer. “With able leasing execution, we concluded the year with circumscribed portfolio ascendancy aloft that of the above-mentioned year at 97.0%, accidental to bigger than accustomed aforementioned centermost net operating income. Increases in cartage and sales validate consumers’ advancing admiration for the best brands, prices and arcade acquaintance at Tanger Outlets.”

“As we admission 2020, we are focused on architecture on aftermost year’s leasing success, as we accept this is the fastest way to restore centralized growth. Maintaining able ascendancy charcoal our top antecedence as our aggregation works to affected the challenges associated with the anamnesis of amplitude due to both ahead appear closures and any added amplitude that could appear aback from advancing negotiations with baddest tenants. Along with leasing, we will additionally abide to focus on our cardinal business efforts to added admission cartage and client engagement. However, absolution the recaptured amplitude will booty time. While we ahead abeyant near-term ascendancy and hire pressure, we plan to charter strategically to advancement our ascendancy and the customer acquaintance in acclimation to drive abiding growth. Cast name retailers abide committed to the aperture administration approach and abide to account from our amount proposition, including our low amount of occupancy,” Mr. Tanger added.

Operating Metrics

The Company’s key portfolio after-effects were as follows:

Same Centermost NOI is a added non-GAAP banking admeasurement of operating performance. A complete analogue of Aforementioned Centermost NOI and a adaptation to the abutting commensurable GAAP admeasurement is included in this release.

Leasing Activity

Total commenced leases for the abaft twelve months concluded December 31, 2019 that were renewed or re-leased for all acceding included 337 leases, accretion about 1.5 actor aboveboard feet.

As of January 22, 2020, Tanger had charter renewals accomplished or in action for 45.8% of the amplitude in the circumscribed portfolio appointed to expire during 2020 compared to 58.6% of the amplitude appointed to expire during 2019 that was accomplished or in action as of January 31, 2019.

Tanger recaptured about 198,000 aboveboard anxiety aural its circumscribed portfolio during 2019 accompanying to bankruptcies and brand-wide restructurings by retailers, including 3,000 aboveboard anxiety in the fourth quarter. During 2018, about 126,000 aboveboard anxiety were recaptured, including 3,000 aboveboard anxiety during the fourth quarter.

Dividend Increase

In January 2020, the Company’s Board of Directors accustomed a 0.7%, or $0.01 per share, admission in the annualized allotment on its accustomed shares to $1.43 per allotment and accompanying declared a anniversary allotment of $0.3575 per allotment for the aboriginal division concluded March 31, 2020. This banknote allotment will be payable on May 15, 2020 to holders of almanac on April 30, 2020. Back acceptable a accessible aggregation in May 1993, the Aggregation has paid a banknote allotment anniversary division and has added its allotment anniversary year, putting it amid a absolute baby accumulation of disinterestedness REITs to accomplish such a milestone.

Balance Sheet and Basic Bazaar Activity

As of December 31, 2019:

FAD payout arrangement is a added non-GAAP banking admeasurement of operating performance. A analogue of FAD payout arrangement is included in this release.

Tanger has bargain its outstanding circumscribed debt by $143.1 actor back December 31, 2018.

During 2019, the Aggregation repurchased about 1,209,000 accustomed shares for absolute application of about $20.0 million. As of December 31, 2019, $80.0 actor charcoal beneath the accustomed repurchase authorization, which is accurate through May 2021.

Guidance for 2020

Based on the Company’s centralized allotment action and its appearance on accustomed bazaar conditions, administration currently believes the Company’s net assets and FFO per allotment for 2020 will be as follows:

For the year concluded December 31, 2020:

Low Range

High Range

Estimated adulterated net assets per share

$0.65

$0.73

Depreciation and acquittal of absolute acreage assets – circumscribed and the Company’s allotment of unconsolidated collective ventures

1.31

1.31

Estimated adulterated FFO per share

$1.96

$2.04

Tanger’s estimates reflect the afterward key assumptions:

The afterward table provides a arch from the Company’s 2019 absolute FFO per adulterated allotment to the low and aerial ranges of the Company’s 2020 adulterated FFO per allotment guidance:

Low Range

High Range

2019 adulterated FFO per share

$2.27

$2.27

2019 advantage accompanying to controlling administrator retirement

0.04

0.04

2019 adulterated AFFO per share

2.31

2.31

Same Centermost NOI decline

(0.26)

(0.22)

Dilutive appulse of 2019 asset sales

(0.04)

(0.04)

Change in accustomed and authoritative expense

(0.01)

0.01

Decreased absorption expense, including about $0.01 at the collective adventure level

0.03

0.03

Net abatement in non-cash rents (1)

(0.07)

(0.05)

Estimated 2020 adulterated FFO per share

$1.96

$2.04

(1)  Includes straight-line and bazaar hire adjustments

Fourth Division and Abounding Year Appointment Call

Tanger will host a appointment alarm to altercate its fourth division and abounding year after-effects for analysts, investors and added absorbed parties on Monday, January 27, 2020, at 8:30 a.m. Eastern Time. To admission the appointment call, admirers should punch 1-877-277-5113 and accommodate appointment ID # 8599609 to be affiliated to the Tanger Factory Aperture Centers Fourth Division 2019 Banking After-effects call. Alternatively, a alive audio webcast of this alarm will be accessible to the accessible on Tanger’s Investor Relations website, investors.tangeroutlets.com, hosted by S&P Global Bazaar Intelligence. A blast epitomize of the alarm will be accessible from January 27, 2020 at 11:30 a.m. through February 3, 2020 at 11:59 p.m. by dialing 1-855-859-2056, appointment ID # 8599609. An online annal of the webcast will additionally be accessible through February 3, 2020.

About Tanger Factory Aperture Centers, Inc.

Tanger Factory Aperture Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that anon operates and owns, or has an buying absorption in, a portfolio of 39 flush aperture arcade centers. Tanger’s operating backdrop are amid in 20 states and in Canada, accretion about 14.3 actor aboveboard feet, busy to over 2,800 food which are operated by added than 510 altered cast name companies. The Aggregation has added than 39 years of acquaintance in the aperture industry. Tanger Aperture Centers abide to allure added than 181 actor visitors annually. Tanger is accommodation a Form 8-K with the Balance and Exchange Commission that includes a added advice amalgamation for the division and year concluded December 31, 2019. For added advice on Tanger Aperture Centers, alarm 1-800-4TANGER or appointment the Company’s website at www.tangeroutlets.com.

Safe Anchorage Statement

This account absolution contains assertive advanced statements aural the acceptation of Area 27A of the Balance Act of 1933, as amended, and Area 21E of the Balance Exchange Act of 1934, as amended. The Aggregation intends such advanced statements to be covered by the safe anchorage accoutrement for advanced statements independent in the Private Balance Litigation Reform Act of 1995 and includes this account for purposes of acknowledging with the safe anchorage provisions. Advanced statements, which are based on assertive assumptions and call the Company’s approaching plans, strategies and expectations, are about identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “forecast” or agnate expressions, and accommodate the Company’s expectations apropos its banking after-effects and the assumptions acclimated to anticipation such accustomed results, our leasing action and amount hypothesis to retailers, ascendancy and hire pressures, business programs, uses of capital, liquidity, allotment payments, banknote flows, bushing abandoned amplitude and allotment repurchases.

You should not await on advanced statements back they absorb accustomed and alien risks, uncertainties and added important factors which are, in some cases, aloft our ascendancy and which could materially affect our absolute results, achievement or achievements. Important factors which may account absolute after-effects to alter materially from accustomed expectations include, but are not bound to: our disability to advance new aperture centers or aggrandize absolute aperture centers successfully; risks accompanying to the bread-and-butter achievement and bazaar amount of our aperture centers; the about illiquidity of absolute acreage investments; crime accuse affecting our properties; our dispositions of assets may not accomplish advancing results; antagonism for the accretion and development of aperture centers, and our disability to complete aperture centers we accept identified; the defalcation of one or added of the retailers in our centers; the actuality assertive of our charter agreements accommodate co-tenancy and/or sales-based accoutrement that may acquiesce a addressee to pay bargain hire and/or abolish a charter above-mentioned to its accustomed expiration; ecology regulations affecting our business; risks associated with accessible agitator action or added acts or threats of abandon and threats to accessible safety; our affirmation on rental assets from absolute property; our affirmation on the after-effects of operations of our retailers; the actuality that assertive of our backdrop are accountable to buying interests captivated by third parties, whose interests may battle with ours; risks accompanying to uninsured losses; the accident that consumer, travel, arcade and spending habits may change; risks associated with our Canadian investments; risks associated with alluring and application key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or added abutment we may accommodate to, collective adventure properties; the capability of our absorption amount ambiguity arrangements; ambiguity apropos to the abeyant phasing out of LIBOR; our abeyant abortion to authorize as a REIT; our acknowledged obligation to accomplish distributions to our shareholders; aldermanic or authoritative accomplishments that could abnormally affect our shareholders, including the contempo changes in the U.S. federal assets taxation of U.S. businesses; our affirmation on distributions from the Operating Affiliation to accommodated our banking obligations, including dividends; the accident of a cyber-attack or an act of cyber-terrorism and added important factors set alternating beneath Item 1A – “Risk Factors” in the Company’s and the Operating Partnership’s Anniversary Address on Form 10-K for the year concluded December 31, 2018, as may be adapted or supplemented in the Company’s Anniversary Reports on Form 10-Q and the Company’s added filings with the SEC. Accordingly, there is no affirmation that the Company’s expectations will be realized. The Aggregation disclaims any ambition or obligation to amend the advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. You are brash to accredit to any added disclosures the Aggregation makes or accompanying accommodation in the Company’s Accustomed Reports on Form 8-K that the Aggregation files with the SEC.

Investor Contact Information

Cyndi Holt                                                            

Jim Williams

VP, Investor Relations                                          

EVP & CFO

336-834-6892                                                      

336-834-6800                                                                                                                  

[email protected]                               

[email protected]

Media Contact Information

Quentin Pell

VP, Accumulated Communications and Action Accident Management

336-834-6827                                                        

[email protected]                             

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per allotment data)

(Unaudited)

Three months ended

Year ended

December 31,

December 31,

2019

2018

2019

2018

Revenues:

Rental revenues (1)

$

116,557

$

123,256

$

463,946

$

480,707

Management, leasing and added casework (2)

1,476

1,415

5,419

4,995

Other revenues

2,459

2,528

8,983

8,979

Total revenues

120,492

127,199

478,348

494,681

Expenses:

Property operating

39,482

40,640

157,734

160,457

General and authoritative (3), (4)

12,880

11,306

53,790

44,167

Impairment charge

37,610

37,610

49,739

Depreciation and amortization

30,305

33,055

123,314

131,722

Total expenses

120,277

85,001

372,448

386,085

Other assets (expense):

Interest expense

(15,034)

(16,473)

(61,672)

(64,821)

Gain on auction of assets

43,422

Other assets (expense) (5)

205

203

(2,761)

864

Total added assets (expense)

(14,829)

(16,270)

(21,011)

(63,957)

Income (loss) afore disinterestedness in balance (losses) of unconsolidated collective ventures

(14,614)

25,928

84,889

44,639

Equity in balance (losses) of unconsolidated collective ventures

2,235

(5,309)

7,839

924

Net assets (loss)

(12,379)

20,619

92,728

45,563

Noncontrolling interests in Operating Partnership

630

(1,055)

(4,678)

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(2,329)

Noncontrolling interests in added circumscribed partnerships

143

(195)

421

Net assets (loss) attributable to Tanger Factory Aperture Centers, Inc.

(11,749)

19,707

87,855

43,655

Allocation of balance to accommodating securities

(306)

(322)

(1,336)

(1,211)

Net assets (loss) accessible to accustomed shareholders of

Tanger Factory Aperture Centers, Inc.

$

(12,055)

$

19,385

$

86,519

$

42,444

Basic balance per accustomed share:

Net assets (loss)

$

(0.13)

$

0.21

$

0.93

$

0.45

Diluted balance per accustomed share:

Net assets (loss)

$

(0.13)

$

0.21

$

0.93

$

0.45

(1)  In affiliation with the acceptance of ASC 842 on January 1, 2019, rental revenues includes abject rentals, allotment rentals, and amount reimbursements for all periods presented. Additionally, for the three months and year concluded December 31, 2019, rental revenues is presented net of uncollectible addressee revenues and includes a straight-line hire acclimation of $1.5 actor and $6.4 million, respectively, to almanac acknowledged payments accustomed as application from assertive executory costs on a straight-line basis.

(2)  Upon acceptance of ASC 842, amount reimbursements from collective ventures of $745,000 and $2.5 million, respectively, ahead included in amount reimbursements for the three months and year concluded December 31, 2018, which are not accompanying to leases, accept been reclassified to management, leasing and added casework on the circumscribed statements of operations to accommodate to the accustomed year presentation.

(3)  Upon acceptance of ASC 842, aberrant centralized leasing costs ahead capitalized are now expensed. For the three months and year concluded December 31, 2019, charter costs of about $1.5 actor and $4.9 million, respectively, were expensed as accustomed and authoritative costs which would accept been capitalized beneath the antecedent accounting standard.

(4)  The year concluded December 31, 2019 includes $4.4 actor accompanying to the accelerated acceptance of advantage amount advantaged to be accustomed by the Company’s aloft President and Chief Operating Administrator per the acceding of a alteration acceding accomplished in affiliation with his retirement.

(5)  The year concluded December 31, 2019 includes a $3.6 actor allegation accompanying to the adopted bill aftereffect of the auction of the Bromont, Quebec acreage by the RioCan Canada collective venture.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except allotment data)

(Unaudited)

December 31,

December 31,

2019

2018

Assets

   Rental property:

   Land

$

266,537

$

278,428

   Buildings, improvements and fixtures

2,630,357

2,764,649

   Architecture in progress

3,102

2,896,894

3,046,179

   Accumulated depreciation

(1,009,951)

(981,305)

      Absolute rental property, net

1,886,943

2,064,874

   Banknote and banknote equivalents

16,672

9,083

   Investments in unconsolidated collective ventures

94,691

95,969

   Deferred charter costs and added intangibles, net

96,712

116,874

   Operating charter right-of-use assets (1)

86,575

   Prepaids and added assets

103,618

98,102

         Absolute assets

$

2,285,211

$

2,384,902

Liabilities and Equity

Liabilities

   Debt:

Senior, apart notes, net

$

1,138,603

$

1,136,663

Unsecured appellation loan, net

347,367

346,799

Mortgages payable, net

83,803

87,471

Unsecured curve of credit, net

141,985

Total debt

1,569,773

1,712,918

Accounts payable and accrued expenses

79,562

82,676

Operating charter liabilities (1)

91,237

Other liabilities

88,530

83,773

         Absolute liabilities

1,829,102

1,879,367

Commitments and contingencies

Equity

Tanger Factory Aperture Centers, Inc.:

Common shares, $.01 par value, 300,000,000 shares authorized, 92,892,849 and 93,941,783 shares issued and outstanding at December 31, 2019 and 2018, respectively

929

939

   Paid in capital

775,035

778,845

   Accumulated distributions in balance of net income

(317,263)

(272,454)

   Accumulated added absolute loss

(25,495)

(27,151)

         Disinterestedness attributable to Tanger Factory Aperture Centers, Inc.

433,206

480,179

Equity attributable to noncontrolling interests:

Noncontrolling interests in Operating Partnership

22,903

25,356

Noncontrolling interests in added circumscribed partnerships

         Absolute equity

456,109

505,535

            Absolute liabilities and equity

$

2,285,211

$

2,384,902

(1)  In affiliation with the acceptance of ASC 842 on January 1, 2019, operating charter right-of-use assets and operating charter liabilities were recorded.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CENTER INFORMATION

(Unaudited)

December 31,

2019

2018

Gross leasable breadth accessible at end of aeon (in thousands):

Consolidated

12,048

12,923

Partially endemic – unconsolidated

2,212

2,371

Total

14,260

15,294

Outlet centers in operation at end of period:

Consolidated

32

36

Partially endemic – unconsolidated

7

8

Total

39

44

States operated in at end of aeon (1)

19

22

Occupancy at end of aeon (1), (2)

97.0

%

96.8

%

(1)  Excludes the centers in which the Aggregation has buying interests but are captivated in unconsolidated collective ventures.

(2)  Excludes centers not yet counterbalanced at aeon end. The 2018 aeon excludes the Fort Worth aperture centermost (which opened during the fourth division of 2017).

NON-GAAP SUPPLEMENTAL MEASURES

Funds From Operations

Funds From Operations (“FFO”) is a broadly acclimated admeasurement of the operating achievement for absolute acreage companies that supplements net assets (loss) bent in accordance with GAAP. We actuate FFO based on the analogue set alternating by the National Association of Absolute Acreage Investment Trusts (“NAREIT”), of which we are a member. In December 2018, NAREIT issued “NAREIT Funds From Operations White Paper – 2018 Restatement” which clarifies, area necessary, absolute advice and consolidates alerts and action bulletins into a distinct certificate for affluence of use. NAREIT defines FFO as net income/(loss) accessible to the Company’s accustomed shareholders computed in accordance with about accustomed accounting attempt in the United States (“GAAP”), excluding (i) abrasion and acquittal accompanying to absolute estate, (ii) assets or losses from sales of assertive absolute acreage assets, (iii) assets and losses from change in control, (iv) crime write-downs of assertive absolute acreage assets and investments in entities back the crime is anon attributable to decreases in the amount of depreciable absolute acreage captivated by the article and (v) afterwards adjustments for unconsolidated partnerships and collective ventures affected to reflect FFO on the aforementioned basis.

FFO is advised to exclude actual amount abrasion of absolute acreage as adapted by GAAP which assumes that the amount of absolute acreage assets diminishes ratably over time. Historically, however, absolute acreage ethics accept risen or collapsed with bazaar conditions. Because FFO excludes abrasion and acquittal of absolute acreage assets, assets and losses from acreage dispositions and amazing items, it provides a achievement admeasurement that, back compared year over year, reflects the appulse to operations from trends in ascendancy rates, rental rates, operating costs, development activities and absorption costs, accouterment angle not anon credible from net income.

We present FFO because we accede it an important added admeasurement of our operating performance. In addition, a allocation of banknote benefit advantage to assertive associates of administration is based on our FFO or Adapted Funds From Operations (“AFFO”), which is declared in the area below. We accept it is advantageous for investors to accept added accuracy into how we appraise our achievement and that of our management. In addition, FFO is frequently acclimated by balance analysts, investors and added absorbed parties in the appraisal of REITs, abounding of which present FFO back advertisement their results. FFO is additionally broadly acclimated by us and others in our industry to appraise and amount abeyant accretion candidates. We accept that FFO payout ratio, which represents approved distributions to accustomed shareholders and assemblage holders of the Operating Affiliation bidding as a allotment of FFO, is advantageous to investors because it facilitates the allegory of allotment advantage amid REITs. NAREIT has encouraged its affiliate companies to address their FFO as a supplemental, industry-wide accustomed admeasurement of REIT operating performance.

FFO has cogent limitations as an analytic tool, and you should not accede it in isolation, or as a acting for assay of our after-effects as appear beneath GAAP. Some of these limitations are:

Because of these limitations, FFO should not be advised as a admeasurement of arbitrary banknote accessible to us to advance in the advance of our business or our allotment advantageous capacity. We atone for these limitations by relying primarily on our GAAP after-effects and application FFO alone as a added measure.

Adjusted Funds From Operations

We present AFFO as a added admeasurement of our performance. We ascertain AFFO as FFO added adapted to annihilate the appulse of assertive items that we do not accede apocalyptic of our advancing operating performance. These added adjustments are itemized in the table below. You are encouraged to appraise these adjustments and the affidavit we accede them adapted for added analysis. In evaluating AFFO you should be acquainted that in the approaching we may acquire costs that are the aforementioned as or agnate to some of the adjustments in this presentation. Our presentation of AFFO should not be construed as an inference that our approaching after-effects will be artless by abnormal or non-recurring items.

We present AFFO because we accept it assists investors and analysts in comparing our achievement beyond advertisement periods on a constant abject by excluding items that we do not accept are apocalyptic of our amount operating performance. In addition, we accept it is advantageous for investors to accept added accuracy into how we appraise management’s achievement and the capability of our business strategies. We use AFFO back assertive material, adventitious affairs action as a agency in evaluating management’s achievement and to appraise the capability of our business strategies, and may use AFFO back free allurement compensation.

AFFO has limitations as an analytic tool. Some of these limitations are:

Because of these limitations, AFFO should not be advised in abreast or as a acting for achievement measures affected in accordance with GAAP. We atone for these limitations by relying primarily on our GAAP after-effects and application AFFO alone as a added measure.

Funds Accessible for Distribution

Funds Accessible for Administration (“FAD”) is a non-GAAP banking admeasurement that we ascertain as FFO, excluding accumulated depreciation, acquittal of accounts costs, acquittal of net debt abatement (premium), acquittal of equity-based compensation, straight-line hire amounts, bazaar hire amounts, additional bearing addressee allowances, basic advance expenditures, and our allotment of the items listed aloft for our unconsolidated collective ventures. Investors, analysts and the Aggregation advance FAD as an indicator of accustomed allotment potential. The FAD payout ratio, which represents approved distributions to accustomed shareholders and assemblage holders of the Operating Affiliation bidding as a allotment of FAD, facilitates the allegory of allotment advantage amid REITs.

We accept that net assets (loss) is the best anon commensurable GAAP banking admeasurement to FAD. FAD does not represent banknote generated from operating activities in accordance with GAAP and should not be advised as an another to net assets (loss) as an adumbration of our achievement or to banknote flows as a admeasurement of clamminess or our adeptness to accomplish distributions. Added companies in our industry may account FAD abnormally than we do, attached its account as a allusive measure.

Portfolio Net Operating Assets and Aforementioned Centermost Net Operating Income

We present portfolio net operating assets (“Portfolio NOI”) and aforementioned centermost net operating assets (“Same Centermost NOI”) as added measures of our operating performance.  Portfolio NOI represents our acreage akin net operating assets which is authentic as absolute operating revenues beneath acreage operating costs and excludes abortion fees and non-cash adjustments including straight-line rent, net aloft and beneath bazaar hire amortization, crime accuse and assets or losses on the auction of assets accustomed during the periods presented. We ascertain Aforementioned Centermost NOI as Portfolio NOI for the backdrop that were operational for the absolute allocation of both commensurable advertisement periods and which were not acquired, or accountable to a actual amplification or non-recurring event, such as a accustomed disaster, during the commensurable advertisement periods.

We accept Portfolio NOI and Aforementioned Centermost NOI are non-GAAP metrics acclimated by industry analysts, investors and administration to admeasurement the operating achievement of our backdrop because they accommodate achievement measures anon accompanying to the revenues and costs complex in owning and operating absolute acreage assets and accommodate a angle not anon credible from net income, FFO or AFFO. Because Aforementioned Centermost NOI excludes backdrop developed, redeveloped, acquired and sold; as able-bodied as non-cash adjustments, assets or losses on the auction of outparcels and abortion rents; it highlights operating trends such as ascendancy levels, rental ante and operating costs on backdrop that were operational for both commensurable periods. Added REITs may use altered methodologies for artful Portfolio NOI and Aforementioned Centermost NOI, and accordingly, our Portfolio NOI and Aforementioned Centermost NOI may not be commensurable to added REITs.

Portfolio NOI and Aforementioned Centermost NOI should not be advised alternatives to net assets (loss) or as an indicator of our banking achievement back they do not reflect the absolute operations of our portfolio, nor do they reflect the appulse of accustomed and authoritative expenses, acquisition-related expenses, absorption expense, abrasion and acquittal costs, added non-property assets and losses, the akin of basic expenditures and leasing costs all-important to advance the operating achievement of our properties, or trends in development and architecture activities which are cogent bread-and-butter costs and activities that could materially appulse our after-effects from operations. Because of these limitations, Portfolio NOI and Aforementioned Centermost NOI should not be beheld in abreast or as a acting for achievement measures affected in accordance with GAAP. We atone for these limitations by relying primarily on our GAAP after-effects and application Portfolio NOI and Aforementioned Centermost NOI alone as added measures.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTAL MEASURES

(in thousands, except per share)

(Unaudited)

Below is a adaptation of net assets to FFO and AFFO:

Three months ended

Year ended

December 31,

December 31,

2019

2018

2019

2018

Net assets (loss)

$

(12,379)

$

20,619

$

92,728

$

45,563

Adjusted for:

Depreciation and acquittal of absolute acreage assets – consolidated

29,707

32,440

120,856

129,281

Depreciation and acquittal of absolute acreage assets – unconsolidated collective ventures

3,059

3,294

12,512

13,314

Impairment allegation – consolidated

37,610

37,610

49,739

Impairment allegation – unconsolidated collective ventures

7,180

7,180

Foreign bill accident from auction of collective adventure property

3,641

Gain on auction of assets

(43,422)

FFO

57,997

63,533

223,925

245,077

FFO attributable to noncontrolling interests in added circumscribed partnerships

143

(195)

421

Allocation of balance to accommodating securities

(489)

(580)

(1,991)

(2,151)

FFO accessible to accustomed shareholders (1)

$

57,508

$

63,096

$

221,739

$

243,347

As added adapted for:

Compensation accompanying to controlling administrator retirement (2)

$

$

$

4,371

$

Impact of aloft acclimation to the allocation of balance to accommodating securities

(35)

AFFO accessible to accustomed shareholders (1)

$

57,508

$

63,096

$

226,075

$

243,347

FFO accessible to accustomed shareholders per allotment – adulterated (1)

$

0.59

$

0.64

$

2.27

$

2.48

AFFO accessible to accustomed shareholders per allotment – adulterated (1)

$

0.59

$

0.64

$

2.31

$

2.48

Weighted Boilerplate Shares:

Basic abounding boilerplate accustomed shares

92,243

93,123

92,808

93,309

Effect of outstanding options and assertive belted accustomed shares

1

Diluted abounding boilerplate accustomed shares (for balance per allotment computations)

92,243

93,123

92,808

93,310

Exchangeable operating affiliation units

4,949

4,983

4,958

4,993

Diluted abounding boilerplate accustomed shares (for FFO and AFFO per allotment computations) (1)

97,192

98,106

97,766

98,303

(1)  Assumes the Class A accustomed bound affiliation units of the Operating Affiliation captivated by the noncontrolling interests are exchanged for accustomed shares of the Company. Anniversary Class A accustomed bound affiliation assemblage is changeable for one of the Company’s accustomed shares, accountable to assertive limitations to bottle the Company’s REIT status.

(2)  Represents the accelerated acceptance of advantage amount advantaged to be accustomed by the Company’s aloft President and Chief Operating Administrator per the acceding of a alteration acceding accomplished in affiliation with his retirement.

Reconciliation of FFO to FAD (dollars and shares in thousands)

Three months ended

Year ended

December 31,

December 31,

2019

2018

2019

2018

FFO accessible to accustomed shareholders

$

57,508

$

63,096

$

221,739

$

243,347

Adjusted for:

Corporate abrasion afar above

598

615

2,458

2,441

Amortization of accounts costs

758

778

3,004

3,058

Amortization of net debt abatement (premium)

115

107

448

416

Amortization of equity-based compensation

3,749

3,855

18,120

14,669

Straight-line hire adjustments

(317)

(1,100)

(7,721)

(5,844)

Market hire adjustments

365

597

1,432

2,577

Second bearing addressee allowances

(3,018)

(4,141)

(18,189)

(15,729)

Capital improvements

(6,800)

(5,564)

(21,478)

(22,047)

Adjustments from unconsolidated collective ventures

(408)

94

(1,662)

(780)

FAD accessible to accustomed shareholders (1)

$

52,550

$

58,337

$

198,151

$

222,108

Dividends per share

$

0.3550

$

0.3500

$

1.4150

$

1.3925

FFO payout ratio

60

%

55

%

62

%

56

%

FAD payout ratio

66

%

59

%

70

%

62

%

Diluted abounding boilerplate accustomed shares (1)

97,192

98,106

97,766

98,303

(1)  Assumes the Class A accustomed bound affiliation units of the Operating Affiliation captivated by the noncontrolling interests are exchanged for accustomed shares of the Company. Anniversary Class A accustomed bound affiliation assemblage is changeable for one of the Company’s accustomed shares, accountable to assertive limitations to bottle the Company’s REIT status.

Below is a adaptation of net assets to Portfolio NOI and Aforementioned Centermost NOI for the circumscribed portfolio:

Three months ended

Year ended

December 31,

December 31,

2019

2018

2019

2018

Net assets (loss)

$

(12,379)

$

20,619

$

92,728

$

45,563

Adjusted to exclude:

Equity in (earnings) losses of unconsolidated collective ventures

(2,235)

5,309

(7,839)

(924)

Interest expense

15,034

16,473

61,672

64,821

Gain on auction of assets

(43,422)

Other non-operating (income) expense

(205)

(203)

2,761

(864)

Impairment charge

37,610

37,610

49,739

Depreciation and amortization

30,305

33,055

123,314

131,722

Other non-property expenses

555

166

1,049

1,001

Corporate accustomed and authoritative expenses

12,852

11,072

53,881

43,291

Non-cash adjustments (1)

(409)

(485)

(6,237)

(3,191)

Lease abortion fees

(89)

(112)

(1,615)

(1,246)

Portfolio NOI

81,039

85,894

313,902

329,912

Non-same centermost NOI (2)

165

(4,398)

(4,024)

(17,900)

Same Centermost NOI

$

81,204

$

81,496

$

309,878

$

312,012

(1)  Non-cash items accommodate straight-line rent, aloft and beneath bazaar hire amortization, straight-line hire amount on acreage leases and assets or losses on outparcel sales, as applicable. 

(2)  Afar from Aforementioned Centermost NOI:

Outlet centers sold:

Nags Head, Ocean City, Park City, and Williamsburg

March 2019

SOURCE Tanger Factory Aperture Centers, Inc.

http://www.tangeroutlet.com

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