Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. (/ˈtæŋər/ TANG-ər) is a real estate investment trust headquartered in Greensboro, North Carolina that invests in shopping centers containing outlet stores.

Tanger Factory Outlet Centers, Inc.
TypePublic company
NYSE: SKT
S&P 600 component
IndustryReal estate investment trust
Founded1981 (1981)
FounderStanley Tanger
HeadquartersGreensboro, North Carolina
Key people
Steven B. Tanger, (Executive Chairman)
Stephen J. Yalof, (President and CEO)
David B. Henry, Lead Independent Director
James F. Williams, CFO
ProductsShopping centers
Revenue $478 million (2019)
$87 million (2019)
Total assets $2.285 billion (2019)
Total equity $456 million (2019)
Number of employees
285 (2019)
Websitewww.tangeroutlet.com
Footnotes / references
[1]
Tanger Outlets in Deer Park, New York
Tanger Factory Outlet Center in Kittery, Maine
Tanger Outlets tower in San Marcos, Texas

As of December 31, 2019, the company owned 32 shopping centers comprising 12.0 million square feet and over 2,400 stores.[1]

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 Tanger Outlets Foxwoods, Tanger Outlets Ottawa and Tanger Outlets Columbus.[1]

History

In 1981, Stanley Tanger opened the Burlington Manufacturer's Outlet Center in Burlington, North Carolina.[2]

In May 1993, the company incorporated as a real estate investment trust and became a public company via an initial public offering.[3]

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.[2] That same year in September, founder Stanley K. Tanger resigned the position of chairman.[4]

In October 2010, the founder died at age 87.[2][4][5]

In January 2011, the company announced a 50/50 joint venture with RioCan Real Estate Investment Trust to develop outlet malls in Canada.[6] In June 2011, the company formed a joint venture with Simon Property Group to develop a shopping center south of Houston, Texas.[7]

In October 2015, the company sold 5 shopping centers for $150.7 million.[8] In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.[9]

References
  1. "Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Photo Release -- Tanger Outlet Centers Mourns the Passing of Their Founder, Stanley K. Tanger" (Press release). Globe Newswire. October 24, 2010.
  3. "Tanger Outlets Commemorates the 20th Anniversary of Its Initial Public Offering" (Press release). PR Newswire. May 28, 2013.
  4. "Business Briefs: Founder of Tanger centers has died, company says". Winston-Salem Journal. Retrieved 2021-03-09.{{cite web}}: CS1 maint: url-status (link)
  5. "Outlet developer Stanley Tanger dies". www.bizjournals.com. Retrieved 2021-03-09.{{cite web}}: CS1 maint: url-status (link)
  6. "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.
  7. "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.
  8. "Tanger Closes on the Sale of Five Non-Core Outlet Centers" (Press release). PR Newswire. October 5, 2015.
  9. Ryan, Meg (April 2, 2019). "Ocean City's Tanger outlet sold; new stores coming soon". Salisbury Daily Times. Retrieved August 2, 2019.
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