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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 Factory Outlet Centers (NYSE: SKT) will participate in the BofA Securities 2021 Global Real Estate Conference on September 21, 2021. The presentation by President and CEO Stephen Yalof is set for 10:30 AM Eastern Time. Interested parties can tune in via a live audio webcast at investors.tangeroutlets.com. A replay will be available until September 30, 2021.
Tanger operates 36 outlet centers across 20 states and Canada, encompassing approximately 13.6 million square feet and over 2,500 stores from more than 500 brands.
Tanger Factory Outlet Centers (NYSE: SKT) will announce its financial results for the quarter ended September 30, 2021, on November 1, 2021, post-market. A conference call for analysts and investors is scheduled for November 2, 2021, at 8:00 a.m. ET. Interested participants can join the call by dialing 1-877-605-1702, and a live audio webcast will be available on the company's Investor Relations website. A replay will also be accessible from November 2 until November 16, 2021.
Tanger Factory Outlet Centers (NYSE: SKT) released its fifth annual Environmental, Social and Governance (ESG) Report on August 31, 2021, highlighting key corporate responsibility initiatives and the company's pandemic response. Highlights include the formation of a Diversity, Equity, and Inclusion Council, energy reduction via LED lighting adoption in over 85% of its centers, and community engagement through partnerships with nonprofits. Additionally, Tanger provided support to employees during COVID-19, avoiding layoffs, and offered flexible shopping options to customers.
Tanger Factory Outlet Centers (NYSE: SKT) announced the appointment of Virginie Julie Schena as SVP, People and Culture. She brings over 20 years of experience and will report to Chad Perry, the Executive VP. Schena aims to enhance workplace diversity and foster a commitment to innovation and teamwork. Previously, she managed 26 operational sites across 17 states and Canada with Merlin Entertainments. Her role is pivotal to strengthening Tanger's reputation as a top employer and enhancing customer experience.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has completed a public offering of $400 million in senior notes due 2031, yielding 2.917% to maturity. The net proceeds of approximately $390.7 million will be used to redeem existing senior notes due 2023 and 2024, totaling $350 million. The company anticipates a $34.4 million charge in Q3 2021, impacting net income and FFO by $0.32 per share, although expected to stabilize Core FFO. The transaction extends the average debt maturity from 4.2 years to 6.1 years and reduces the effective interest rate from 3.3% to 3.0%.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced the pricing of $400 million in 2.75% senior notes due 2031, expected to close on August 10, 2021. The notes, priced at 98.552%, will yield 2.917% at maturity and pay interest semi-annually. Net proceeds of approximately $390.3 million will be used to redeem existing 3.875% senior notes due 2023 and 3.75% senior notes due 2024, totaling $350 million, with any remaining funds allocated for general corporate purposes.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) reported a net income of $2.3 million ($0.02 per share) for Q2 2021, compared to a net loss of $22.9 million in Q2 2020. Funds from Operations (FFO) increased to $32.4 million ($0.30 per share) from $10 million ($0.10 per share) in the prior year. The company recorded a 93.0% occupancy rate as of June 30, 2021, with tenant sales productivity rising to $424 per square foot, up 7.3% from 2019. The board declared a cash dividend of $0.1775 per share, payable on August 13, 2021.
Tanger Factory Outlet Centers (NYSE:SKT) announced the amendment and extension of its unsecured lines of credit, enhancing its financial flexibility. The maturity date has been pushed from October 2021 to July 2025, with an option for a one-year extension. The borrowing capacity is set at $520 million, with potential to increase to $1.22 billion with lender approval. Importantly, all financial covenants and pricing grids remain stable, and the agreement now includes sustainability metrics aimed at reducing interest rates as sustainability certifications improve.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has declared a cash dividend of $0.1775 per share, scheduled for payment on August 13, 2021. This dividend will benefit common shareholders on record as of July 30, 2021. Tanger, which operates upscale open-air outlet centers across 36 locations in 20 states and Canada, leases space to over 2,500 stores from more than 500 brands. The company's extensive experience in the outlet industry spans more than 40 years.
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