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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) 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.
Tanger Factory Outlet Centers (NYSE: SKT) announced that its management team will present at the Nareit's REITworld 2020 Virtual Annual Conference on November 18th at 8:45 am EST. Registration for the conference is complimentary and available on the REITworld website. Additionally, the latest management presentation can be accessed on Tanger's Investor Relations website.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has kicked off the holiday shopping season with exclusive sales running throughout November. The company aims to enhance customer experiences while ensuring safety amid the pandemic. Highlights include a 20% off promotion, the Pre-Thanksgiving Merry Sale, a $5,000 holiday shopping package giveaway, and Super Sale Days during Thanksgiving week. A new virtual Santa experience will also be available from November 13 to December 26, offering gift cards for participants. For more details, visit www.tangeroutlets.com.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) reported Q3 2020 financial results, highlighting a net income per share of $0.14, down from $0.25 in Q3 2019, due to COVID-19 impacts. Rent collections improved to 89% of billed amounts. The company has $640 million in liquidity, with 99% of stores reopened. Third-quarter funds from operations (FFO) were $0.44 per share, down from $0.58 YoY. The occupancy rate was 92.9%, declining from 95.9% a year prior. Dividend distributions were suspended to conserve cash amid ongoing pandemic uncertainties.
Tanger Factory Outlet Centers (NYSE: SKT) has published its 2019 Corporate Responsibility Report, showcasing significant achievements in environmental, social, and governance (ESG) practices. Key highlights include a 5.7% reduction in greenhouse gas emissions at stable centers and an 11.4% decrease since 2016. Over 30% of its centers have received LEED Gold certification. The company reported that women represent 87% of field employees and 53% of the Executive Leadership Team. In charitable initiatives, Tanger contributed over $1.2 million in 2019, totaling more than $20.4 million since 1994.
Tanger Factory Outlet Centers (NYSE: SKT) announced its participation in the Civic Alliance, a non-partisan coalition aimed at promoting safe elections. The company will support the Power the Polls initiative to recruit poll workers, encouraging employees to volunteer with paid time off. This effort aligns with Tanger's commitment to civic engagement, including a recent partnership with HeadCount to facilitate voter registration at its locations. Tanger emphasizes the importance of voting and civic participation ahead of the November election.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has appointed Leslie Swanson as Executive Vice President of Operations, effective immediately. Swanson will oversee Tanger's outlet portfolio, enhancing operational strategies and driving revenue opportunities. Reporting directly to Stephen Yalof, President and COO, she brings over 25 years of experience in shopping center management, notably achieving eight consecutive years of NOI growth at Simon Premium Outlets. Swanson expressed excitement about leveraging her expertise to foster growth and operational efficiencies at Tanger.
On September 30, 2020, Tanger Factory Outlet Centers (NYSE: SKT) launched its 27th annual Tanger Pink campaign to support breast cancer research. Running from October 1 to 31, the campaign offers shoppers a digital Pink Savings card providing 25% off at participating stores. Proceeds will benefit the Breast Cancer Research Foundation and local organizations. In 2019, Tanger raised $935,000 for breast cancer research. The campaign aims to provide a safe shopping experience amid COVID-19, including the option for a virtual 5K race during the week of October 11.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) will release its financial results for Q3 2020 on November 5, 2020, after market close. A conference call for analysts and investors will be held on November 6, 2020, at 8:30 a.m. ET. Listeners can access the call by dialing 1-844-492-3729 or via a live audio webcast on Tanger's Investor Relations website. A replay of the call will be available from November 6 to November 20, 2020.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) reported positive developments in liquidity and operations as of August. The company generated positive cash flow, fully repaid its unsecured credit lines, and maintained a liquidity of approximately $606.6 million. Rent collections improved to 85% of billed rents, up from 81% in July. Occupancy stood at 93.7%, with traffic averaging 89% of prior year levels. Tanger will participate in the Bank of America Securities Real Estate Virtual Conference on September 15-16, 2020.
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