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Acquisition of Rental Property (Tables) | 12 Months Ended
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Dec. 31, 2014
Acquisition of Rental Property [Abstract] |
Schedule of Business Acquisitions | The following table illustrates the fair value of the total consideration transferred and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands):
Cash transferred | $ | 13,939 |
Common limited partnership units issued | 13,981 |
Fair value of total consideration transferred to acquire one-third interest | 27,920 |
Fair value of our previously held one-third interest | 27,920 |
Fair value of noncontrolling interest | 27,920 |
Fair value of net assets acquired | $ | 83,760 |
Schedule of Purchase Price Allocation | The aggregate purchase price of the property was allocated as follows:
|  | Fair Value (in thousands) |  | Weighted-Average Amortization Period (in years)
Land |  | $ | 82,413 |  |  |
Buildings, improvements and fixtures |  | 172,694 |  |  |
Deferred lease costs and other intangibles |  |  |  |
Above market lease value |  | 18,807 |  |  | 11.9
Below market lease value |  | (12,658 | ) |  | 18.5
Lease in place value |  | 28,846 |  |  | 7.6
Tenant relationships |  | 27,594 |  |  | 19.0
Lease and legal costs |  | 1,724 |  |  | 8.9
Total deferred lease costs and other intangibles, net |  | 64,313 |  |  |
Other identifiable assets acquired and liabilities assumed, net |  | 2,265 |  |  |
Debt |  | (237,925 | ) |  |
Total fair value of net assets acquired |  | $ | 83,760 |  |  |
Business Acquisition, Pro Forma Information | The following unaudited condensed pro forma financial information for the years ended December 31, 2013 and 2012 is presented as if the acquisition had been consummated as of January 1, 2012, the beginning of the previous reporting period (in thousands, except per share data):
|  | (unaudited)
|  | (Pro forma)
|  | Year ended
|  | December 31,
|  | 2013 |  | 2012
Total Revenue |  | $ | 408,333 |  |  | $ | 381,388 |
Income from continuing operations |  | 85,836 |  |  | 78,347 |
Net income attributable to Tanger Factory Outlet Centers, Inc. |  | 80,621 |  |  | 73,219 |
Basic earnings per common share |  | 0.86 |  |  | 0.80 |
Diluted earnings per common share |  | 0.86 |  |  | 0.79 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472 + Details
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