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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, 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.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced that it will release its financial results for the quarter ending June 30, 2021, on August 3, 2021, after market close. A conference call for analysts and investors will be held on August 4, 2021, at 8:30 a.m. ET. Listeners can join by dialing 1-844-492-3729. A live audio webcast will be available on Tanger's Investor Relations website, with a replay option following the call. Tanger operates 36 outlet centers across 20 states and Canada, totaling approximately 13.6 million square feet.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has appointed Sandeep Mathrani to its Board of Directors, effective immediately. Mathrani, the current CEO of WeWork, has over 30 years of experience, including leadership roles at Brookfield Properties and GGP Inc. He is recognized for executing a strategic turnaround at WeWork and was instrumental in GGP’s successful growth and acquisition. Tanger's President Stephen Yalof anticipates Mathrani will enhance the Board's talent, aligning with the company's growth and development goals in the retail real estate sector.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has announced that its President and CEO, Stephen J. Yalof, will present at the Nareit REITweek 2021 Virtual Investor Conference on June 9, 2021, at 10:15 am EDT. Registration for the conference is free and can be accessed through the provided link. Tanger currently operates 36 outlet centers across 20 states and Canada, totaling approximately 13.6 million square feet with over 2,500 stores from more than 500 brands.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced the appointment of Steve Dworkin as Senior Vice President of Real Estate and Steven Silverstein as Assistant Vice President of Leasing. Dworkin brings over 20 years of experience in real estate development while Silverstein contributes over 30 years in leasing strategies. Their roles aim to enhance Tanger's growth, improve tenant prospecting, and strengthen the company’s competitive position in the outlet industry. The leadership changes are expected to deliver concrete results and drive future success.
Tanger Factory Outlet Centers (NYSE: SKT) reported Q1 2021 results, showing promising recovery with traffic reaching 97% of 2019 levels. Net income was $3.9 million ($0.04/share), a significant improvement from a net loss of $27.4 million last year. However, Funds From Operations (FFO) fell to $0.38 per share from $0.50. The occupancy rate remained stable at 91.7%, but blended rental rates declined by 2.8% on a straight-line basis. The company raised nearly $130 million through equity issuance and reduced debt by $175 million, enhancing liquidity. A dividend of $0.1775 per share was declared for May 2021.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a cash dividend of $0.1775 per share, payable on May 14, 2021, to shareholders on record as of April 30, 2021.
The company operates 36 outlet centers across 20 states and Canada, leasing approximately 13.6 million square feet to over 2,500 stores. With more than 40 years in the outlet industry, Tanger is a publicly traded REIT.
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