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) announced the appointment of Virginie Julie Schena as SVP, People and Culture. She brings over 20 years of experience and will report to Chad Perry, the Executive VP. Schena aims to enhance workplace diversity and foster a commitment to innovation and teamwork. Previously, she managed 26 operational sites across 17 states and Canada with Merlin Entertainments. Her role is pivotal to strengthening Tanger's reputation as a top employer and enhancing customer experience.
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Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has completed a public offering of $400 million in senior notes due 2031, yielding 2.917% to maturity. The net proceeds of approximately $390.7 million will be used to redeem existing senior notes due 2023 and 2024, totaling $350 million. The company anticipates a $34.4 million charge in Q3 2021, impacting net income and FFO by $0.32 per share, although expected to stabilize Core FFO. The transaction extends the average debt maturity from 4.2 years to 6.1 years and reduces the effective interest rate from 3.3% to 3.0%.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced the pricing of $400 million in 2.75% senior notes due 2031, expected to close on August 10, 2021. The notes, priced at 98.552%, will yield 2.917% at maturity and pay interest semi-annually. Net proceeds of approximately $390.3 million will be used to redeem existing 3.875% senior notes due 2023 and 3.75% senior notes due 2024, totaling $350 million, with any remaining funds allocated for general corporate purposes.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) reported a net income of $2.3 million ($0.02 per share) for Q2 2021, compared to a net loss of $22.9 million in Q2 2020. Funds from Operations (FFO) increased to $32.4 million ($0.30 per share) from $10 million ($0.10 per share) in the prior year. The company recorded a 93.0% occupancy rate as of June 30, 2021, with tenant sales productivity rising to $424 per square foot, up 7.3% from 2019. The board declared a cash dividend of $0.1775 per share, payable on August 13, 2021.
Tanger Factory Outlet Centers (NYSE:SKT) announced the amendment and extension of its unsecured lines of credit, enhancing its financial flexibility. The maturity date has been pushed from October 2021 to July 2025, with an option for a one-year extension. The borrowing capacity is set at $520 million, with potential to increase to $1.22 billion with lender approval. Importantly, all financial covenants and pricing grids remain stable, and the agreement now includes sustainability metrics aimed at reducing interest rates as sustainability certifications improve.
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) has declared a cash dividend of $0.1775 per share, scheduled for payment on August 13, 2021. This dividend will benefit common shareholders on record as of July 30, 2021. Tanger, which operates upscale open-air outlet centers across 36 locations in 20 states and Canada, leases space to over 2,500 stores from more than 500 brands. The company's extensive experience in the outlet industry spans more than 40 years.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced that it will release its financial results for the quarter ending June 30, 2021, on August 3, 2021, after market close. A conference call for analysts and investors will be held on August 4, 2021, at 8:30 a.m. ET. Listeners can join by dialing 1-844-492-3729. A live audio webcast will be available on Tanger's Investor Relations website, with a replay option following the call. Tanger operates 36 outlet centers across 20 states and Canada, totaling approximately 13.6 million square feet.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has appointed Sandeep Mathrani to its Board of Directors, effective immediately. Mathrani, the current CEO of WeWork, has over 30 years of experience, including leadership roles at Brookfield Properties and GGP Inc. He is recognized for executing a strategic turnaround at WeWork and was instrumental in GGP’s successful growth and acquisition. Tanger's President Stephen Yalof anticipates Mathrani will enhance the Board's talent, aligning with the company's growth and development goals in the retail real estate sector.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has announced that its President and CEO, Stephen J. Yalof, will present at the Nareit REITweek 2021 Virtual Investor Conference on June 9, 2021, at 10:15 am EDT. Registration for the conference is free and can be accessed through the provided link. Tanger currently operates 36 outlet centers across 20 states and Canada, totaling approximately 13.6 million square feet with over 2,500 stores from more than 500 brands.