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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) 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.
Tanger (NYSE: SKT), a leading owner and operator of outlet and open-air retail shopping destinations, has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its financial results for the quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the market close. Tanger will host a conference call for analysts, investors, and other interested parties on Thursday, November 7, 2024, at 8:30 a.m. Eastern Time.
To participate in the conference call, listeners can dial 1-877-605-1702. A live audio webcast will also be available on Tanger's Investor Relations website. A telephone replay of the call will be accessible from November 7, 2024, at 11:30 a.m. Eastern Time through November 21, 2024, by dialing 1-877-660-6853 with replay access code #13748540. An online archive of the webcast will be available until November 21, 2024.
Tanger (NYSE:SKT), a leading outlet and open-air retail shopping center operator, reported strong Q2 2024 results and raised full-year guidance. Key highlights include:
- Net income of $0.22 per share ($24.6 million)
- FFO of $0.53 per share ($60.9 million), up from $0.47 in Q2 2023
- Same Center NOI increased 8.0% to $89.6 million
- Occupancy stable at 96.5%, with 97.1% on a same-center basis
- Average tenant sales per square foot of $439 for trailing 12 months
- Positive blended average rental rates of 15.1% for comparable space
- Increased full-year 2024 FFO guidance to $2.04-$2.11 per share
Tanger continues to execute its strategic plan, focusing on tenant diversification and re-merchandising. The company's strong balance sheet, with no significant debt maturities until late 2026, provides flexibility for future growth opportunities.
SK Telecom (NYSE: SKM) has signed agreements to supply its AI-based veterinary diagnosis assistant, 'X Caliber', to Malaysia, Thailand, and Vietnam. The company partnered with My Vet Care in Malaysia, Happy Pet Hospital in Thailand, and Vet Sky Holdings in Vietnam to introduce the service. X Caliber aims to enhance pet disease diagnosis and promote efficient pet diagnostics in these rapidly growing markets. The Southeast Asian pet market was estimated at USD 3.3 billion in 2023, with a compound annual growth rate of 13% over the past five years. SK Telecom's expansion into these markets demonstrates its commitment to innovating pet care and promoting South Korea's AI technology globally.
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. The dividend is payable on August 15, 2024 to common shareholders of record on July 31, 2024. This announcement demonstrates Tanger's commitment to providing regular returns to its shareholders, reflecting the company's financial stability and confidence in its business model. The consistent dividend payout may attract income-focused investors and potentially support the stock's value.
Tanger (NYSE: SKT), a leading owner and operator of outlet and open-air retail shopping destinations, has been honored with the 2024 Nareit Investor CARE Gold Award for Excellence in Communications and Reporting.
The award, announced at the REITweek 2024 Investor Conference, recognizes Tanger's outstanding communication and reporting practices. An independent panel judged the company based on its online presence, SEC filings, and investor relations.
Stephen Yalof, CEO of Tanger, expressed pride in their investor engagement program and highlighted the company's commitment to transparency, accessibility, and delivering top-tier shareholder returns.
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