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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) reported its financial results for Q4 and the year ending December 31, 2020. In Q4, net income was $0.00 per share, recovering from a net loss of $0.13 per share in the prior year. Traffic improved to 90% of prior year levels, with rent collections at 95%. The company's liquidity remains strong with $684 million total liquidity. However, the full year net loss was $0.40 per share, impacted by $70.3 million in impairment charges due to COVID-19. The company plans to pay a cash dividend of $0.1775 per share on February 12, 2021.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has announced that it will release its financial results for the quarter ending December 31, 2020, on February 17, 2021, after market close. A conference call for analysts and investors will follow on February 18, 2021, at 8:00 a.m. ET. The call can be accessed at 1-844-492-3729, or through a live audio webcast on Tanger's Investor Relations website. A replay will be available from February 18 to March 4, 2021.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced that its 2020 dividend distributions will be treated as 100% ordinary income for tax purposes. Shareholders received a total of $0.7125 per share in dividends for the year. The distributions were paid for two record dates: January 31 and April 30, 2020, with corresponding ex-dividend dates of January 30 and April 29, 2020. The company advises shareholders to consult their tax advisors regarding specific tax treatments of these distributions.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has declared a cash dividend of $0.1775 per share, payable on February 12, 2021, to shareholders of record on January 29, 2021. The announcement reflects the company's strong liquidity position, with over $80 million in cash and $600 million in undrawn lines of credit. This dividend aims to meet minimum taxable income distribution requirements for maintaining REIT status.
Tanger Factory Outlet Centers (NYSE:SKT) reported significant liquidity updates on January 11, 2021. As of January 6, liquidity surpassed $680 million, with over $80 million in cash and $600 million in unused credit lines. The company noted that rent collections exceeded 90% for Q4 2020, and traffic was at approximately 90% of prior year levels. Portfolio occupancy stood at 91.9% as of December 31, 2020, despite tenant bankruptcies. A voluntary early retirement plan was initiated, incurring a $2.3 million charge. CEO Stephen Yalof will discuss updates at the ICR Conference.
Tanger Factory Outlet Centers (NYSE: SKT) has announced that CEO Stephen Yalof will participate in a fireside chat at the 23rd Annual ICR Conference on January 11, 2021, starting at 10:30 am EST. A live webcast of the event will be accessible through their Investor Relations website. Tanger operates 38 outlet centers across 20 states and Canada, encompassing approximately 14.1 million square feet leased to over 2,700 stores.
Tanger Factory Outlets (NYSE: SKT) announced an executive succession plan effective January 1, 2021. Steven B. Tanger transitions to Executive Chair after 36 years, while Stephen Yalof takes over as CEO. Under Tanger's leadership, the company expanded from 7 centers to 38 in the U.S. and Canada, covering 14.1 million square feet. Yalof, previously President and COO, has extensive retail experience, including leading Simon Premium Outlets. The transition marks a strategic move to adapt to the evolving retail landscape.
Tanger Factory Outlet Centers (NYSE: SKT) has appointed Deanna Dancy as Vice President of Field Marketing, effective immediately. Dancy, who has over 25 years of experience in the real estate industry, previously served as Senior Vice President at Simon Property Group. Her role at Tanger will focus on developing marketing strategies to enhance traffic, sales, and profitability at Tanger locations through various promotional avenues. The company also announced seven internal promotions within its marketing and operations teams.
Tanger Factory Outlet Centers (NYSE: SKT) announced a partnership with Delivering Good to aid families in need this holiday season. They will sell limited edition "Goodness Gives" beanies at Tanger centers across the U.S. for $15, with $10 from each sale going to Delivering Good. Additionally, Tanger is donating at least 1,000 hats to various nonprofit partners. This initiative aims to support those impacted by poverty, particularly during the COVID-19 pandemic, and underscores Tanger's commitment to corporate social responsibility.
Tanger Factory Outlet Centers (NYSE: SKT) has partnered with LugLess to facilitate holiday shopping by allowing customers to ship purchases directly from stores to any domestic address. This service, called Shop. Ship. Smile, aims to enhance the overall shopping experience by eliminating the need for additional trips to the post office. Launching at the National Harbor location on November 20, 2020, the program offers complimentary shipping supplies and personalized letters for gifts, showcasing a commitment to innovative customer service.
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