TANGER INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Schedule IIIReal Estate and Accumulated Depreciation
| TANGER INC. AND SUBSIDIARIES | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES | |||||||||||
| SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||
| For the Year Ended December 31, 2023 (in thousands) | |||||||||||
| Description · Initial cost to Company · Costs CapitalizedSubsequent to Acquisition(Improvements) (1) · Gross Amount Carried at Close of PeriodDecember 31, 2023 (2) | |||||||||||
| Center Name | Location | Encumbrances (3) | Land | Buildings,Improvements & Fixtures | Land | Buildings,Improvements & Fixtures | Land | Buildings,Improvements & Fixtures | Total | AccumulatedDepreciation (1)(4) | Date ofConstruction or Acquisition |
| Asheville | Asheville, NC | $— | $6,092 | $56,326 | $— | $— | $6,092 | $56,326 | $62,418 | $523 | 2023 (5) |
| Atlantic City | Atlantic City, NJ | 12,613 | — | 125,988 | — | 18,435 | — | 144,423 | 144,423 | 56,067 | 2011 (5) |
| Branson | Branson, MO | — | 4,407 | 25,040 | 396 | 27,932 | 4,803 | 52,972 | 57,775 | 39,241 | 1994 |
| Charleston | Charleston, SC | — | 10,353 | 48,877 | — | 23,141 | 10,353 | 72,018 | 82,371 | 41,578 | 2006 |
| Commerce | Commerce, GA | — | 1,262 | 14,046 | 707 | 39,569 | 1,969 | 53,615 | 55,584 | 41,022 | 1995 |
| Daytona Beach | Daytona Beach, FL | — | 9,913 | 80,410 | — | 9,989 | 9,913 | 90,399 | 100,312 | 32,478 | 2016 |
| Deer Park | Deer Park, NY | — | 82,413 | 173,044 | — | 32,765 | 82,413 | 205,809 | 288,222 | 76,385 | 2013 (5) |
| Foley | Foley, AL | — | 4,400 | 82,410 | 693 | 41,094 | 5,093 | 123,504 | 128,597 | 73,460 | 2003 (5) |
| Fort Worth | Fort Worth, TX | — | 11,157 | 87,025 | — | 2,214 | 11,157 | 89,239 | 100,396 | 28,188 | 2017 |
| Foxwoods (6) | Mashantucket, CT | — | — | 130,941 | — | (96,392) | — | 34,549 | 34,549 | 3,829 | 2015 |
| Gonzales | Gonzales, LA | — | 679 | 15,895 | — | 34,897 | 679 | 50,792 | 51,471 | 40,361 | 1992 |
| Grand Rapids | Grand Rapids, MI | — | 8,180 | 75,420 | — | 4,740 | 8,180 | 80,160 | 88,340 | 33,016 | 2015 |
| Hershey | Hershey, PA | — | 3,673 | 48,186 | — | 16,898 | 3,673 | 65,084 | 68,757 | 24,985 | 2011(5) |
| Hilton Head I | Bluffton, SC | — | 4,753 | — | — | 34,183 | 4,753 | 34,183 | 38,936 | 20,620 | 2011 |
| Hilton Head II | Bluffton, SC | — | 5,128 | 20,668 | — | 18,608 | 5,128 | 39,276 | 44,404 | 24,350 | 2003 (5) |
| Howell | Howell, MI | — | 2,250 | 35,250 | — | 18,383 | 2,250 | 53,633 | 55,883 | 33,890 | 2002 (5) |
| Huntsville | Huntsville, AL | — | 22,432 | 145,990 | — | — | 22,432 | 145,990 | 168,422 | 1,427 | 2023 (5) |
| Lancaster | Lancaster, PA | — | 3,691 | 19,907 | 6,656 | 66,253 | 10,347 | 86,160 | 96,507 | 44,323 | 1994 (5) |
| Locust Grove | Locust Grove, GA | — | 2,558 | 11,801 | 57 | 35,739 | 2,615 | 47,540 | 50,155 | 33,423 | 1994 |
| Mebane | Mebane, NC | — | 8,821 | 53,362 | — | 9,590 | 8,821 | 62,952 | 71,773 | 37,819 | 2010 |
| Myrtle Beach Hwy 17 | Myrtle Beach, SC | — | — | 80,733 | — | 33,414 | — | 114,147 | 114,147 | 53,115 | 2009 (5) |
| Myrtle Beach Hwy 501 | Myrtle Beach, SC | — | 8,781 | 56,798 | — | 44,565 | 8,781 | 101,363 | 110,144 | 60,868 | 2003 (5) |
| Nashville | Nashville, TN | — | 8,772 | 133,641 | — | — | 8,772 | 133,641 | 142,413 | 1,390 | 2023 |
| TANGER INC. AND SUBSIDIARIES | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES | |||||||||||
| SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||
| For the Year Ended December 31, 2023 (in thousands) | |||||||||||
| Description · Initial cost to Company · Costs CapitalizedSubsequent to Acquisition(Improvements) (1) · Gross Amount Carried at Close of PeriodDecember 31, 2023(2) | |||||||||||
| Center Name | Location | Encumbrances (3) | Land | Buildings,Improvements & Fixtures | Land | Buildings,Improvements & Fixtures | Land | Buildings,Improvements & Fixtures | Total | AccumulatedDepreciation (1)(4) | Date ofConstruction or Acquisition |
| Pittsburgh | Pittsburgh, PA | — | 5,528 | 91,288 | 3 | 18,086 | 5,531 | 109,374 | 114,905 | 76,811 | 2008 |
| Rehoboth Beach | Rehoboth Beach, DE | — | 20,600 | 74,209 | 1,876 | 67,860 | 22,476 | 142,069 | 164,545 | 74,123 | 2003 (5) |
| Riverhead | Riverhead, NY | — | — | 36,374 | 6,152 | 144,602 | 6,152 | 180,976 | 187,128 | 125,084 | 1993 |
| San Marcos | San Marcos, TX | — | 1,801 | 9,440 | 2,301 | 66,925 | 4,102 | 76,365 | 80,467 | 52,230 | 1993 |
| Savannah | Pooler, GA | — | 8,432 | 167,780 | — | 19,313 | 8,432 | 187,093 | 195,525 | 47,734 | 2016 (5) |
| Sevierville | Sevierville, TN | — | — | 18,495 | — | 57,470 | — | 75,965 | 75,965 | 50,809 | 1997 (5) |
| Southaven | Southaven, MS | 51,428 | 14,959 | 50,511 | — | (1,669) | 14,959 | 48,842 | 63,801 | 26,034 | 2015 |
| Tilton | Tilton, NH | — | 1,800 | 24,838 | 28 | 17,732 | 1,828 | 42,570 | 44,398 | 24,692 | 2003 (5) |
| Westgate | Glendale, AZ | — | 19,037 | 140,337 | 2,558 | 24,746 | 21,595 | 165,083 | 186,678 | 37,214 | 2016 (5) |
| Other | Various | — | 306 | 1,495 | — | 28 | 306 | 1,523 | 1,829 | 1,175 | Various |
| $64,041 | $282,178 | $2,136,525 | $21,427 | $831,110 | $303,605 | $2,967,635 | $3,271,240 | $1,318,264 | |||
(1)Includes impairment charges that reduce the asset value.
(2)Aggregate cost for federal income tax purposes is approximately $3.4 billion.
(3)Including premiums and net of debt origination costs.
(4)We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet.
(5)Represents year acquired.
(6)Amounts net of $6.4 million impairment charges taken during 2021 consisting of a write-off of approximately $8.6 million of building and improvement cost and $2.2 million of accumulated depreciation. Amounts net of $60.1 million impairment charges taken during 2020 consisting of a write-off of approximately $89.8 million of building and improvement cost and $29.7 million of accumulated depreciation.
TANGER INC. and SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES
SCHEDULE III - (Continued)
REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Year Ended December 31, 2023
The changes in total real estate for the years ended December 31, 2023, 2022 and 2021 are as follows:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance, beginning of year | $2,855,871 | $2,800,758 | $2,793,372 |
| Improvements | 188,863 | 92,828 | 37,218 |
| Impairment charges | — | — | (8,574) |
| Acquisitions | 230,840 | — | — |
| Dispositions and other | (4,334) | (37,715) | (21,258) |
| Balance, end of year | $3,271,240 | $2,855,871 | $2,800,758 |
The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows:
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance, beginning of year | $1,224,962 | $1,145,388 | $1,054,993 |
| Depreciation for the period | 97,636 | 97,916 | 96,990 |
| Impairment charges | — | — | (2,160) |
| Dispositions and other | (4,334) | (18,342) | (4,435) |
| Balance, end of year | $1,318,264 | $1,224,962 | $1,145,388 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.