Tanger Inc. operates as a publicly traded REIT focused on outlet and open-air retail shopping destinations in the United States and Canada. Company news commonly covers portfolio leasing, tenant sales trends, remerchandising activity, occupancy drivers, and the performance of its outlet centers and open-air lifestyle centers.
Recurring updates also address quarterly operating results, same-center net operating income, dividend declarations, balance sheet capacity, unsecured financing activity, and capital allocation. Governance-related announcements include board leadership and transparency matters, reflecting Tanger’s status as a listed REIT with a portfolio of retail properties serving brand-name tenants and shoppers across tourist destinations and regional markets.
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.
Tanger Factory Outlet Centers (NYSE: SKT) announced the opening of its first Ulta Beauty store in Rehoboth Beach, Delaware. The 10,000-square-foot location opened on October 6, 2022, following a successful soft launch on September 30, drawing significant customer interest. This aligns with Tanger's strategy to diversify its brand portfolio, focusing on high-demand consumer categories like beauty. The addition of Ulta Beauty complements recent introductions of home décor and lifestyle brands, reinforcing Tanger's commitment to enhancing the shopping experience through innovation.
Tanger Factory Outlet Centers (NYSE: SKT) has launched its annual Pink campaign this October, continuing its commitment to breast cancer advocacy with an investment of $18.5 million over nearly 30 years. The company partners with the Breast Cancer Research Foundation (BCRF) and supports local organizations in 37 U.S. and Canadian communities. Since 2011, Tanger has contributed $4.2 million to BCRF, funding over 84,000 hours of research. The campaign encourages shoppers to participate via the Tanger Pink Savings Card, offering discounts at participating brands.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has appointed Michael Bilerman as EVP, Chief Financial Officer, and Chief Investment Officer, effective Q4 2022. Bilerman, with nearly 25 years of industry experience and a former Managing Director at Citi, aims to enhance strategic growth initiatives and lead finance and investment operations for Tanger. His expertise is anticipated to solidify the company's market position as it transitions from a real estate company to a customer experience leader. CEO Stephen Yalof expressed confidence in Bilerman's leadership capabilities.
Tanger Outlets announced the winners of its 2022 TangerKids Grants program, allocating $160,000 to classroom investments. Over half the funding supports teacher-led initiatives for underserved schools. Since its inception, the program has donated more than $3.1 million in grants. This year, Tanger included a Member Choice poll for TangerClub members to vote on grant recipients, resulting in additional funding for the top ten projects. The inaugural TangerKids Day on September 14 will feature events recognizing grant recipients and community participation.
Tanger Factory Outlet Centers (NYSE: SKT) reported significant leasing momentum with the addition of new brands to its portfolio, including Serena & Lily and Regatta Great Outdoors. This growth reflects a focus on innovative and digitally native labels, enhancing the shopping experience for customers. Tanger's strategy aims to maintain premier locations for accretive brands while exceeding pre-pandemic sales levels. The launch of Summersalt's pop-up shop showcases Tanger's commitment to diversifying offerings and enhancing digital marketing efforts.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) will release its financial results for the quarter ending September 30, 2022, on November 2, 2022, after market close. A conference call for analysts and investors is scheduled for November 3, 2022, at 8:30 a.m. ET, accessible by dialing 1-877-605-1702. A live audio webcast will be available on Tanger's Investor Relations website, and a telephone replay will be accessible until November 17, 2022. Tanger operates 37 outlet centers across 20 states and Canada, totaling approximately 14.0 million square feet with over 2,700 stores from 600+ brand companies.
Tanger Factory Outlet Centers (NYSE: SKT) has released its sixth annual Environmental, Social and Governance (ESG) Report, showcasing its commitment to integrating ESG principles into its operations. Key highlights include efforts to establish a diverse workforce, support small minority- and women-owned businesses, and enhance employee well-being through improved health benefits. Additionally, the company donated over $740,000 to community charities in 2021 and produced 6.2 million kilowatt hours of solar energy. The report underscores Tanger's dedication to responsible corporate citizenship and sustainable practices.