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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) announced it will release its financial results for the second quarter of 2024 on August 1, 2024, after market close. A conference call for analysts, investors, and other interested parties will be held on August 2, 2024, at 8:30 a.m. Eastern Time. The call can be accessed by dialing 1-877-605-1702, and a live audio webcast will be available on Tanger's Investor Relations website. A telephone replay will be accessible from August 2 to August 16, 2024, by dialing 1-877-660-6853, replay access code #13746825. An online archive of the webcast will also be available through August 16, 2024.
Tanger reported strong first-quarter results with a 9th consecutive quarter of positive rent spreads. They raised full-year 2024 guidance and increased dividends by 6%. Operating metrics improved, and leasing activity was robust. Balance sheet and liquidity metrics strengthened, and guidance for 2024 was increased.
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