Welcome to our dedicated page for Tanger news (Ticker: SKT), a resource for investors and traders seeking the latest updates and insights on Tanger stock.
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 broken ground on a new open-air shopping center in Nashville, scheduled to open in fall 2023. The 290,000-square-foot facility will feature over 70 brands and create approximately 1,100 jobs upon completion. Positioned on a 32-acre site, it aims to serve as a community hub, emphasizing local culture and partnerships. Tanger has committed to philanthropic efforts, including a donation to Friends of Mill Ridge Park. This center marks Tanger's third location in Tennessee, expanding its reach in the retail market.
Tanger Factory Outlet Centers (NYSE:SKT) reported strong financial and operational results for Q1 2022, including a net income of $0.19 per share and FFO of $0.45 per share. Occupancy rose to 94.3%, up from 92.0% year-over-year. Blended rent spreads turned positive, with tenant sales increasing 18.1% to $464 per square foot. The company raised its earnings guidance for 2022, estimating diluted net income per share between $0.69 and $0.77, and FFO per share between $1.71 and $1.79. Additionally, a 9.6% increase in the annual dividend was approved.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a 9.6% increase in its annual dividend from $0.73 to $0.80 per share. The Board declared a quarterly cash dividend of $0.20 per share, payable on May 13, 2022, to shareholders on record as of April 29, 2022. This dividend increase highlights the company’s commitment to returning value to its shareholders and reflects confidence in its ongoing performance.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced its financial results for the quarter ending March 31, 2022, will be released on May 5, 2022, after market close. A conference call for analysts and investors is scheduled for May 6, 2022, at 8:30 a.m. ET. Listeners can join by dialing 1-877-605-1702. A live audio webcast will also be available on the company's Investor Relations website. A telephone replay will be accessible from May 6, 2022, to May 20, 2022, using the provided dial-in information.
Volta Inc. (NYSE: VLTA) and Tanger Factory Outlet Centers (NYSE: SKT) announced a partnership to install EV charging stations across nine U.S. markets. This collaboration aligns with Tanger's sustainability goals and enhances Volta's expansion strategy, unlocking two new geographies. The deployment includes a mix of DC Fast and L2 charging solutions, aiming to provide reliable charging that caters to Tanger's shoppers. Volta's network, recognized for high utilization, also allows for advertising, potentially boosting customer engagement and retail traffic.
Tanger Outlets has launched the 2022 TangerKids Grants Program, inviting community leaders to identify local educational needs. Building on previous donations exceeding $3.1 million over 26 years, Tanger aims for a more inclusive approach by allowing customers to help direct grants. In 2021, they awarded $150,000 across various programs, with 45% enhancing inclusive classroom initiatives. For 2022, 55% of grants will focus on underserved schools. Applications are open until June 30, with recipients announced in August during TangerKIDS Day.
Tanger Factory Outlet Centers (NYSE: SKT) will participate in the Citi Global Property CEO Conference on March 7-8, 2022. The presentation will be led by Stephen Yalof, President and CEO, on March 7, 2022, at 5:00 PM Eastern time. Investors can access a live audio webcast at investors.tangeroutlet.com, with a replay available until March 18, 2022. Tanger operates a portfolio of 36 outlet centers across 20 states and Canada, totaling approximately 13.6 million square feet leased to over 2,700 stores.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) reported strong financial results for Q4 and the full year 2021. Net income available to common shareholders increased to $0.12 per share, with total tenant sales reaching $468 per square foot, an all-time high. Occupancy rose to 95.3%, up 310 basis points year over year. Funds From Operations (FFO) was $0.45 per share, though down from $0.54 in 2020. The company expects 2022 diluted net income per share between $0.66 and $0.74, with Same Center NOI growth projected at 1.5% to 3.5%. A quarterly dividend of $0.1825 per share was declared.
SK Telecom (NYSE:SKM) and Joby Aviation (NYSE:JOBY) have announced a partnership to launch emissions-free aerial ridesharing services in South Korea. SKT CEO Ryu Young-sang and Joby CEO JoeBen Bevirt signed a strategic collaboration agreement in Marina, California. This partnership aligns with South Korea's 'K-UAM' Roadmap for Urban Air Mobility, aiming to introduce a five-seat eVTOL aircraft with a range of 150 miles and a top speed of 200 mph. The integration of SK's T Map mobility platform with Joby's services is expected to enhance urban transportation.
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