Tanger Inc.

Last updated

Tanger Inc.
Company type Public company
NYSE:  SKT
S&P 600 component
Industry Real estate investment trust
Founded1981;43 years ago (1981)
Founder Stanley Tanger
Headquarters Greensboro, North Carolina
Key people
- Steven B. Tanger - Chairman - Stephen Yalof - Chief Executive Officer
Products Shopping centers
RevenueIncrease2.svg $442.6 million (2022)
Increase2.svg $201.8 million (2022)
Total assets Decrease2.svg $2.285 billion (2019)
Total equity Decrease2.svg $456 million (2019)
Number of employees
285 (2019)
Website www.tanger.com
Footnotes /references
[1]
Tanger Outlets in Deer Park, New York Center Courtyard and Ice Skating Rink Deer Park NY Tanger.jpg
Tanger Outlets in Deer Park, New York
Tanger Outlets tower in San Marcos, Texas Tanger Outlets, San Marcos, TX IMG 3243.JPG
Tanger Outlets tower in San Marcos, Texas

Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina, that invests in shopping centers containing upscale outlet stores in the United States and Canada.

Contents

As of November 2023, the company owns and manages 36 outlet centers across the US and Canada comprising 14.0 million square feet and more than 3,000 stores. [2]

The company's largest tenants are Gap, Ascena Retail Group, Nike, Inc., PVH, H&M, Ralph Lauren Corporation, and VF Corporation. [1]

Notable properties owned by the company include Tanger Outlets The Walk, Tanger Outlets Southaven (Memphis), Tanger Outlets Pittsburgh, and Tanger Outlets Cookstown. [1]

History

In 1981, Stanley Tanger opened the Burlington Manufacturer's Outlet Center in Burlington, North Carolina. [3]

In May 1993, the company was incorporated as a real estate investment trust and became a public company via an initial public offering. [4]

In January 2009, Steven B. Tanger, the son of the founder and the namesake of the Steven Tanger Center for the Performing Arts, became president and CEO of the company. [3] That same year, in September, founder Stanley K. Tanger resigned from the position of chairman. [5]

In October 2010, the founder died at age 87. [3] [5] [6]

In January 2011, the company announced a 50/50 joint venture with RioCan Real Estate Investment Trust to develop outlet malls in Canada. [7] In June 2011, the company formed a joint venture with Simon Property Group to develop a shopping center south of Houston, Texas. [8]

In October 2015, the company sold 5 shopping centers for $150.7 million. [9] In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million. [10]

In October 2023, the company opened its newest center in Nashville, Tennessee. [11]

In November 2023, Tanger announced its purchase of Asheville Outlets in Asheville, North Carolina. [12]

In December 2023, Tanger purchased Bridge Street Town Centre in Huntsville, Alabama. [13]

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References

  1. 1 2 3 "Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Company Information".
  3. 1 2 3 "Photo Release -- Tanger Outlet Centers Mourns the Passing of Their Founder, Stanley K. Tanger" (Press release). Globe Newswire. October 24, 2010.
  4. ↑ "Tanger Outlets Commemorates the 20th Anniversary of Its Initial Public Offering" (Press release). PR Newswire. May 28, 2013.
  5. 1 2 "Business Briefs: Founder of Tanger centers has died, company says". Winston-Salem Journal. October 26, 2010. Retrieved 2021-03-09.
  6. ↑ "Outlet developer Stanley Tanger dies". www.bizjournals.com. Retrieved 2021-03-09.
  7. ↑ "RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers, Inc. Announce Joint Venture Agreement to Develop Outlet Mall Concepts in Canada" (Press release). Globe Newswire. January 24, 2011.
  8. ↑ "Tanger Outlet Centers and Simon Property Group Announce a Joint Venture to Develop a Tanger Outlet Center South of Houston, Texas" (Press release). PR Newswire. June 30, 2011.
  9. ↑ "Tanger Closes on the Sale of Five Non-Core Outlet Centers" (Press release). PR Newswire. October 5, 2015.
  10. ↑ Ryan, Meg (April 2, 2019). "Ocean City's Tanger outlet sold; new stores coming soon". Salisbury Daily Times. Retrieved 2019-08-02.
  11. ↑ "Tanger Announces Grand Opening of Tanger Outlets Nashville" (Press release). PR Newswire. October 26, 2023. Retrieved 2023-11-16.
  12. ↑ Kepley-Steward, Kristy (November 15, 2023). "Tanger acquires Asheville Outlets in $70 million deal, plans to enhance shopping experience". WLOS . Retrieved 2023-12-12.
  13. ↑ Gattis, Paul (December 1, 2023). "Tanger buys Huntsville's Bridge Street Town Centre for $193 million". al. Retrieved 2024-02-14.
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