TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
OPERATING ACTIVITIES
Net income (loss)	$ 51,329	$ 49,221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,754	68,034
Impairment charge	4,249	0
Amortization of deferred financing costs	1,861	1,695
Equity in earnings of unconsolidated joint ventures	(5,433)	(5,491)
Equity-based compensation expense	6,213	6,105
Amortization of debt discounts, net	413	357
Amortization (accretion) of market rent rate adjustments, net	(263)	228
Straight-line rent adjustments	(294)	12
Distributions of cumulative earnings from unconsolidated joint ventures	6,613	3,577
Changes in other assets and liabilities:
Other assets	(4,062)	2,945
Accounts payable and accrued expenses	(10,936)	(22,822)
Net cash provided by operating activities	123,444	103,861
INVESTING ACTIVITIES
Additions to rental property	(27,595)	(49,091)
Acquisition of real estate assets	(166,596)	0
Net Sales Proceeds	16,634	0
Proceeds from short-term investments	0	6,981
Additions to non-real estate assets	(3,077)	(5,738)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	2,266	1,617
Additions to deferred lease costs	(2,524)	(1,191)
Payments for other investing activities	(7,678)	(2,774)
Proceeds from other investing activities	3,039	2,557
Net cash used in investing activities	(185,531)	(47,639)
FINANCING ACTIVITIES
Cash dividends paid	(65,368)	(59,671)
Distributions to noncontrolling interests in Operating Partnership	2,657	2,605
Proceeds from revolving credit facility	205,000	219,000
Repayments of revolving credit facility	(113,000)	(197,000)
Proceeds from notes, mortgages and loans	10,000	0
Repayments of notes, mortgages and loans	(738)	(2,519)
Employee income taxes paid related to shares withheld upon vesting of equity awards	(7,261)	(10,524)
Additions to deferred financing costs	(544)	(6,876)
Proceeds from exercise of options	43	533
Payment for other financing activities	(574)	(574)
Contributions from noncontrolling interests in other consolidated partnerships	0	80
Net cash provided by (used in) financing activities	24,901	(60,156)
Effect of foreign currency rate changes on cash and cash equivalents	(65)	216
Net decrease in cash and cash equivalents	(37,251)	(3,718)
Cash and cash equivalents, beginning of period	46,992	12,778
Cash and cash equivalents, end of period	$ 9,741	$ 9,060

TANGER INC. 10-Q