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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.
On February 18, 2023, SK Telecom (NYSE:SKM, SKT) announced its participation in MWC Barcelona 2023 from February 27 to March 2. The company will showcase advancements in AI technologies, including the large language model 'A.', 'Vision AI', and 'SAPEON' AI semiconductors. SKT aims to highlight its evolution into an AI company and enhance global partnerships, with CEO Ryu Young-sang promoting collaborations in AI, metaverse, and telecommunications. The event will feature a life-scale UAM aircraft simulator and next-generation 6G technologies, emphasizing SKT's commitment to innovation and global market expansion.
Tanger Factory Outlet Centers (NYSE: SKT) announced significant sustainability achievements for 2022, advancing its commitment to becoming carbon neutral by 2050. Highlights include investment in renewable energy with the installation of 6.2 MW of solar panels across multiple centers, the addition of 165 electric vehicle charging stations, and progress towards electrifying its operational fleet by 2030. The company also achieved LEED Gold certification for over 50% of its properties and received the WELL Health-Safety Rating for all U.S. centers. These initiatives aim to enhance environmental responsibility and health and safety across its operations.
Tanger Factory Outlet Centers (NYSE:SKT) announced that its 2022 dividend distributions will be classified as ordinary income for tax purposes. Shareholders are advised to consult personal tax advisors regarding the tax treatment of these dividends. The total distributions per share for 2022 include amounts of $0.1825, $0.2000, $0.2000, and $0.2200, leading to a total distribution of $0.8025. All distributions are considered 100% ordinary income. Important dates include record dates from January 31 to October 31, 2022, and payable dates from February 15 to November 15, 2022.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has declared a quarterly cash dividend of $0.22 per share. This dividend is payable on February 15, 2023, to shareholders on record as of January 31, 2023. Tanger operates 36 outlet centers across 20 states and Canada, totaling approximately 13.9 million square feet, with over 2,700 stores from more than 600 brand name companies. The company has over 42 years of experience in the outlet industry, highlighting its solid presence in the market.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has successfully achieved the WELL Health-Safety Rating for Facility Operations and Management for all 36 of its properties. This certification emphasizes the company's commitment to ensuring health and safety for employees and shoppers. The process involved extensive policy updates and operational assessments, focusing on enhanced sanitation, emergency preparedness, and air quality management. This initiative aims to reassure patrons of the safety measures in place at Tanger's centers, reflecting a proactive approach to health in the retail environment.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) will release its financial results for Q4 and full year 2022 on February 21, 2023, after market close. Following this, a conference call will take place on February 22, 2023, at 8:00 a.m. ET, accessible by dialing 1-877-605-1702. A live webcast will also be available on the company's Investor Relations site. The replay of the call will be accessible starting February 22, 2023, until March 8, 2023. Tanger operates a portfolio of 36 outlet centers across the U.S. and Canada.
Tanger Factory Outlet Centers (NYSE: SKT) announces a festive holiday season with enhanced discounts at its 37 North American centers. Starting from Nov. 20, shoppers can enjoy an additional 15% off at selected retailers like Under Armour and Columbia, while TangerClub members benefit from discounts of up to 25%. The company underscores its commitment to providing value during this shopping season, aiming to attract consumers with its wide selection and new holiday pop-ups. Additionally, festive activities and events are scheduled to enhance community engagement.
Tanger Factory Outlet Centers (NYSE: SKT) reported robust Q3 2022 results, with a net income of $0.22 per share compared to a loss of $0.11 in the same period last year. Funds From Operations (FFO) increased to $0.47 per share from $0.16 year-over-year. The company raised its full-year earnings guidance, projecting net income between $0.75 and $0.80 per share. Additionally, occupancy rates climbed to 96.5%, a 210 basis point increase. A 10% dividend hike was also noted, enhancing shareholder returns.
Tanger Factory Outlet Centers (NYSE: SKT) announced the amendment of its $300 million unsecured term loan, increasing total capacity to $325 million and extending maturity to January 2027. The pricing margin was reduced from LIBOR plus 125 basis points to adjusted SOFR plus 120 basis points. This amendment, which includes a sustainability metric, enhances liquidity, with no unsecured debt maturities until 2026. Additionally, recent refinancings have increased the weighted average term to maturity of total outstanding debt from 4.8 years to 5.9 years.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a significant 10% increase in its annual dividend, raising it from $0.80 to $0.88 per share. A quarterly cash dividend of $0.22 per share will be paid on November 15, 2022, to shareholders of record by October 31, 2022. This increase reflects the company's financial strength and commitment to returning value to shareholders. Tanger operates 37 outlet centers across 20 states and Canada, totaling approximately 14.0 million square feet of retail space.
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