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Tanger Inc. (NYSE: SKT) is a prominent owner and operator of outlet and open-air retail shopping destinations, headquartered in Greensboro, North Carolina. Established over 43 years ago, Tanger has built a robust portfolio that includes 38 outlet centers, one adjacent managed center, and one open-air lifestyle center, comprising over 15 million square feet across 20 U.S. states and Canada. Renowned for offering first-quality, in-season merchandise, Tanger Outlet Centers attract over 180 million savvy shoppers annually, making them major tourist attractions.
Tanger Inc.'s business model focuses on providing the latest fashion trends from top brand names and designer outlets directly from manufacturers, ensuring consumers enjoy significant savings. The company's innovative approach to retail includes diversifying tenant mix and enhancing the shopping experience, leading to the operation of over 3,000 stores by more than 700 different brand name companies.
As a publicly traded Real Estate Investment Trust (REIT) since 1993, Tanger has been a pioneer in the retail outlet industry. The company continually adapts to market trends and consumer behavior, ensuring sustained growth and relevance in a competitive market. With a solid balance sheet, strategic partnerships, and a commitment to long-term growth, Tanger Inc. remains well-positioned to unlock additional value for all stakeholders.
Recent achievements include the amendment and extension of its unsecured lines of credit, enhancing financial flexibility and reducing interest expenses. Tanger has also been recognized with the 2024 Nareit Investor CARE Gold Award, highlighting its excellence in investor communications and transparency. Additionally, the company reported a positive financial outlook and operational metrics for the first quarter of 2024, including a 6% dividend increase and robust leasing activity.
Looking ahead, Tanger Inc. aims to continue its strategic focus on portfolio enhancement, tenant diversification, and innovative retail experiences. The company's proactive approach to financial management and investor relations ensures a strong foundation for future growth and value creation.
Tanger (NYSE:SKT), a leading owner and operator of outlet and open-air retail shopping destinations, reported strong financial results for Q4 and the full year ending December 31, 2024. Net income available to common shareholders was $0.23 per share for Q4, up from $0.22 per share in the prior year, and $0.88 per share for the full year, down from $0.92 per share in the prior year. Funds From Operations (FFO) was $0.54 per share for Q4 and $2.12 per share for the full year, showing growth from $0.52 and $1.96 per share respectively. Core FFO was $0.54 per share for Q4 and $2.13 per share for the full year, up from $0.52 and $1.96 per share respectively.
Key portfolio metrics include a 98.0% occupancy rate at year-end, up from 97.3% the previous year. Same Center NOI increased by 3.0% in Q4 and 5.1% for the full year. Average tenant sales per square foot also rose to $444. Tanger acquired two shopping centers: The Promenade at Chenal for $73.1 million and Pinecrest for $167.0 million, both expected to deliver an 8% return in the first year.
During Q4, Tanger sold 2.6 million common shares generating $90.9 million. The company also entered into forward sale agreements for 1.9 million shares, with gross proceeds of $69.7 million. As of December 31, 2024, net debt to Adjusted EBITDAre was 4.8x, and the interest coverage ratio was 4.6x. Cash and cash equivalents totaled $55.7 million with full availability on the $620.0 million unsecured lines of credit.
For 2025, Tanger's guidance estimates net income and FFO per share to reflect the recent acquisition of Pinecrest and other market conditions. The board authorized a quarterly cash dividend of $0.275 per share, payable on February 14, 2025.
Tanger (NYSE: SKT) has acquired Pinecrest, a 640,000-square-foot open-air, mixed-use center in Cleveland, Ohio, for approximately $167 million. The acquisition was funded using cash on hand and available liquidity, with management estimating an 8% return in the first year.
Pinecrest, opened in 2018, is anchored by Whole Foods Market and features a mix of national retailers including Alo Yoga, UNTUCKit, Madewell, Sephora, Nike, and others. The property includes retail, dining, entertainment, residential, and office components, with an AC Hotel under separate ownership.
This marks Tanger's third full-price, market-dominant shopping center acquisition, following The Promenade at Chenal in Little Rock and Bridge Street Town Centre in Huntsville. Located in Cleveland's affluent eastern corridor, Pinecrest serves as the sole market presence for many popular brands in the region.
Tanger Inc. (NYSE: SKT) has released its 2024 tax reporting information for dividend distributions. The company's dividend distributions for tax purposes should be treated as 99.29% ordinary income and 0.71% capital gain distribution.
The total distribution per share for 2024 amounts to $1.085, distributed across four payments: $0.26 (February), $0.275 (May), $0.275 (August), and $0.275 (November). Of the total distribution, $1.077334 qualifies as ordinary dividends (Box 1a) and $0.007666 as capital gain distributions (Box 2a). The Section 199A dividends amount matches the ordinary dividends at $1.077334.
Tanger (NYSE: SKT), which operates outlet and open-air retail shopping destinations, has announced a quarterly cash dividend of $0.275 per share. The dividend will be paid on February 14, 2025, to shareholders who are on record as of January 31, 2025.
Tanger (NYSE: SKT), a leading owner and operator of outlet and open-air retail shopping destinations, has announced the schedule for its fourth quarter and full year 2024 financial results release. The earnings report will be released on Wednesday, February 19, 2025, after market close.
The company will host a conference call for analysts, investors, and interested parties on Thursday, February 20, 2025, at 8:30 a.m. Eastern Time. Participants can access the call by dialing 1-877-605-1702. A live audio webcast will be available on Tanger's Investor Relations website. A telephone replay will be accessible from February 20 at 11:30 a.m. until March 6, 2025, using replay code #13750572.
Tanger (NYSE: SKT) has acquired The Promenade at Chenal, a 270,000-square-foot upscale, open-air lifestyle shopping center in Little Rock, Arkansas, for approximately $73 million. This marks Tanger's first location in Arkansas and second full-price, open-air lifestyle center following the Bridge Street Town Centre acquisition in Huntsville.
The center features exclusive national brands including Apple, Anthropologie, and Urban Outfitters - the only locations in Arkansas. Other notable tenants include Lululemon, Sephora, Athleta, and an AMC IMAX Theatre. Management estimates an 8% return in the first year, with potential for additional growth. The property is located in the affluent Chenal Valley neighborhood, benefiting from the area's continued densification since 2020.
Tanger (NYSE: SKT), a leading outlet and open-air retail shopping destination operator, has achieved significant sustainability milestones. The company now has 20 LEED-certified centers, representing 58% of its portfolio by gross leasable area. Tanger Outlets Nashville became the latest center to achieve LEED Silver® certification, featuring sustainable elements like on-site solar energy and water reduction systems.
The company has also earned StormReady® recognition from the National Weather Service and maintained WELL Health-Safety Ratings across its U.S. portfolio, demonstrating commitment to weather preparedness and community well-being. These certifications align with Tanger's mission to deliver optimal experiences while prioritizing sustainable and healthy operations.
Tanger (NYSE: SKT) reported its financial results for the third quarter and the first nine months of 2024, highlighting strong performance and an increase in full-year guidance. Net income per share for Q3 was $0.22, down from $0.26 in the prior year, while FFO per share rose to $0.54 from $0.50. Core FFO per share also increased to $0.54 from $0.50. Year-to-date, net income per share was $0.65, down from $0.70, but FFO per share increased to $1.58 from $1.45.
Occupancy was 97.4% as of September 30, 2024, and Same Center NOI grew by 4.3% in Q3. The company achieved its 11th consecutive quarter of positive rent spreads at 14.4%. Tanger also reported a quarterly dividend of $0.275 per share and significant liquidity with $18.8 million in cash and full availability on its $620.0 million credit lines.
Management raised its 2024 guidance, expecting FFO per share between $2.08 and $2.12, up from $2.04 to $2.11. Same Center NOI growth is now projected between 4.25% and 5.00%.
Tanger (NYSE: SKT), a prominent owner and operator of outlet and open-air retail shopping destinations, has announced a quarterly cash dividend of $0.275 per share. This dividend will be payable on November 15, 2024 to common shareholders of record as of October 31, 2024. The announcement comes from the company's Board of Directors, demonstrating Tanger's commitment to providing returns to its shareholders.
Tanger (NYSE: SKT), a leading operator of outlet and open-air retail shopping destinations, has elected Sonia Syngal to its board of directors, effective September 23, 2024. This expands the board from nine to ten members. Syngal, the former CEO of Gap Inc., brings nearly 30 years of industry experience in global supply chain operations, brand management, and product-to-market innovation.
As CEO of Gap Inc. from 2020 to 2022, Syngal led the company through challenging times, financially stabilizing it and doubling e-commerce revenue. She previously served as CEO of Old Navy, leading its strategic turnaround. Syngal's expertise is expected to strengthen Tanger's board capabilities, particularly in implementing business strategies, omni-channel growth, and change management.
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