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{{Short description|American real estate investment trust}}
{{Short description|American real estate investment trust}}
{{use mdy dates|cs1-dates=ly|date=November 2023}}
{{Infobox company
{{Infobox company
| name = Tanger Factory Outlet Centers, Inc.
| name = Tanger Inc.
| logo = Tanger Outlets Logo.jpg
| logo = Tanger logo.svg
| logo_size = 200px
| type = [[Public company]]
| type = [[Public company]]
| traded_as = {{nyse|SKT}}<br>[[List of S&P 600 companies| S&P 600]] component
| traded_as = {{nyse|SKT}}<br/>[[List of S&P 600 companies| S&P 600]] component
| industry = [[Real estate investment trust]]
| industry = [[Real estate investment trust]]
| foundation = {{Start date and age|1981}}
| foundation = {{Start date and age|1981}}
| location = [[Greensboro, North Carolina]]
| location = [[Greensboro, North Carolina]]
| founder = [[Stanley Tanger]]
| founder = [[Stanley Tanger]]
| key_people = - Steven B. Tanger - Chairman
| key_people = Steven B. Tanger, ([[Executive Chairman]])<BR>Stephen J. Yalof, (President and [[CEO]])<BR>David B. Henry, Lead Independent Director<BR>Michael Bilerman, [[CFO]] and Chief Investment Officer
- Stephen Yalof - Chief Executive Officer
| products = [[Shopping center]]s
| products = [[Shopping center]]s
| revenue = {{increase}} $442.6 million (2022)
| revenue = {{increase}} $442.6 million (2022)
| net_income = {{increase}} $87 million (2019)
| net_income = {{increase}} $201.8 million (2022)
| assets = {{decrease}} $2.285 billion (2019)
| assets = {{decrease}} $2.285 billion (2019)
| equity = {{decrease}} $456 million (2019)
| equity = {{decrease}} $456 million (2019)
| num_employees = 285 (2019)
| num_employees = 285 (2019)
| homepage = {{URL|https://www.tangeroutlet.com/}}
| homepage = {{URL|https://www.tanger.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/899715/000089971520000057/skt10k2019123119.htm | title=Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/899715/000089971520000057/skt10k2019123119.htm | title=Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
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[[Image:Tanger Outlets, San Marcos, TX IMG 3243.JPG|250px|right|thumb|Tanger Outlets tower in [[San Marcos, Texas]]]]
[[Image:Tanger Outlets, San Marcos, TX IMG 3243.JPG|250px|right|thumb|Tanger Outlets tower in [[San Marcos, Texas]]]]


'''Tanger Factory Outlet Centers, Inc.''' ({{IPAc-en|'|t|æ|ŋ|əɹ}} {{respell|TANG|ər}}) is a [[real estate investment trust]] headquartered in [[Greensboro, North Carolina]] that invests in [[shopping center]]s containing [[outlet store]]s in the United States and Canada.
'''Tanger Inc.''' is a [[real estate investment trust]] headquartered in [[Greensboro, North Carolina]], that invests in [[shopping center]]s containing upscale [[outlet store]]s in the United States and Canada.


As of May 2023, the company owns 37 shopping centers, comprising 14.0 million square feet and over 2,700 stores.<ref>{{cite web | url=https://investors.tanger.com/company-information | title=Company Information }}</ref>
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. <ref>{{cite web | url=https://investors.tanger.com/company-information | title=Company Information }}</ref>


The company's largest tenants are [[Gap (clothing retailer)|Gap]], [[Ascena Retail Group]], [[Nike, Inc.]], [[PVH (company)|PVH]], [[H&M]], [[Ralph Lauren Corporation]], and [[VF Corporation]].<ref name=10K/>
The company's largest tenants are [[Gap (clothing retailer)|Gap]], [[Ascena Retail Group]], [[Nike, Inc.]], [[PVH (company)|PVH]], [[H&M]], [[Ralph Lauren Corporation]], and [[VF Corporation]].<ref name=10K/>


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.<ref name=10K/>
Notable properties owned by the company include [[Tanger Outlets The Walk]], [[Tanger Outlets Southaven (Memphis)]], [[Tanger Outlets Pittsburgh]], and [[Tanger Outlets Cookstown]]. <ref name=10K/>


==History==
==History==
In 1981, [[Stanley Tanger]] opened the Burlington Manufacturer's Outlet Center in [[Burlington, North Carolina]].<ref name=mourns>{{cite press release | url=https://globenewswire.com/news-release/2010/10/25/432295/204611/en/Photo-Release-Tanger-Outlet-Centers-Mourns-the-Passing-of-Their-Founder-Stanley-K-Tanger.html | title=Photo Release -- Tanger Outlet Centers Mourns the Passing of Their Founder, Stanley K. Tanger | publisher=[[Globe Newswire]] | date=October 24, 2010}}</ref>
In 1981, [[Stanley Tanger]] opened the Burlington Manufacturer's Outlet Center in [[Burlington, North Carolina]].<ref name=mourns>{{cite press release | url=https://globenewswire.com/news-release/2010/10/25/432295/204611/en/Photo-Release-Tanger-Outlet-Centers-Mourns-the-Passing-of-Their-Founder-Stanley-K-Tanger.html | title=Photo Release -- Tanger Outlet Centers Mourns the Passing of Their Founder, Stanley K. Tanger | publisher=[[Globe Newswire]] | date=October 24, 2010}}</ref>


In May 1993, the company incorporated as a real estate investment trust and became a [[public company]] via an [[initial public offering]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/tanger-outlets-commemorates-the-20th-anniversary-of-its-initial-public-offering-209193461.html | title=Tanger Outlets Commemorates the 20th Anniversary of Its Initial Public Offering | publisher=[[PR Newswire]] | date=May 28, 2013}}</ref>
In May 1993, the company was incorporated as a real estate investment trust and became a [[public company]] via an [[initial public offering]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/tanger-outlets-commemorates-the-20th-anniversary-of-its-initial-public-offering-209193461.html | title=Tanger Outlets Commemorates the 20th Anniversary of Its Initial Public Offering | publisher=[[PR Newswire]] | date=May 28, 2013}}</ref>


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.<ref name=mourns/> That same year in September, founder Stanley K. Tanger resigned the position of chairman.<ref name=":0" />
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.<ref name=mourns/> That same year, in September, founder Stanley K. Tanger resigned from the position of chairman.<ref name=":0" />


In October 2010, the founder died at age 87.<ref name=mourns/><ref name=":0">{{Cite web|title=Business Briefs: Founder of Tanger centers has died, company says|url=https://journalnow.com/business/business-briefs-founder-of-tanger-centers-has-died-company-says/article_01ea3e79-b417-5cbb-944e-ff7ae27e2999.html|url-status=live|access-date=2021-03-09|website=Winston-Salem Journal|date=26 October 2010 |language=en}}</ref><ref>{{Cite web|title=Outlet developer Stanley Tanger dies|url=https://www.bizjournals.com/triad/news/2010/10/25/outlet-developer-stanley-tanger-dies.html|url-status=live|access-date=2021-03-09|website=www.bizjournals.com}}</ref>
In October 2010, the founder died at age 87.<ref name=mourns/><ref name=":0">{{Cite web|title=Business Briefs: Founder of Tanger centers has died, company says |url=https://journalnow.com/business/business-briefs-founder-of-tanger-centers-has-died-company-says/article_01ea3e79-b417-5cbb-944e-ff7ae27e2999.html|access-date=2021-03-09 |website=Winston-Salem Journal|date=26 October 2010 |language=en}}</ref><ref>{{Cite web |title=Outlet developer Stanley Tanger dies |url=https://www.bizjournals.com/triad/news/2010/10/25/outlet-developer-stanley-tanger-dies.html |access-date=2021-03-09|website=www.bizjournals.com}}</ref>


In January 2011, the company announced a 50/50 [[joint venture]] with [[RioCan Real Estate Investment Trust]] to develop outlet malls in Canada.<ref>{{cite press release | url=https://globenewswire.com/news-release/2011/01/24/438306/211666/en/RioCan-Real-Estate-Investment-Trust-and-Tanger-Factory-Outlet-Centers-Inc-Announce-Joint-Venture-Agreement-to-Develop-Outlet-Mall-Concepts-in-Canada.html | title=RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers, Inc. Announce Joint Venture Agreement to Develop Outlet Mall Concepts in Canada | publisher=[[Globe Newswire]] | date=January 24, 2011}}</ref> In June 2011, the company formed a joint venture with [[Simon Property Group]] to develop a shopping center south of [[Houston, Texas]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/tanger-outlet-centers-and-simon-property-group-announce-a-joint-venture-to-develop-a-tanger-outlet-center-south-of-houston-texas-124804824.html | title=Tanger Outlet Centers and Simon Property Group Announce a Joint Venture to Develop a Tanger Outlet Center South of Houston, Texas | publisher=[[PR Newswire]] | date=June 30, 2011}}</ref>
In January 2011, the company announced a 50/50 [[joint venture]] with [[RioCan Real Estate Investment Trust]] to develop outlet malls in Canada.<ref>{{cite press release |url=https://globenewswire.com/news-release/2011/01/24/438306/211666/en/RioCan-Real-Estate-Investment-Trust-and-Tanger-Factory-Outlet-Centers-Inc-Announce-Joint-Venture-Agreement-to-Develop-Outlet-Mall-Concepts-in-Canada.html |title=RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers, Inc. Announce Joint Venture Agreement to Develop Outlet Mall Concepts in Canada |publisher=[[Globe Newswire]] |date=January 24, 2011}}</ref> In June 2011, the company formed a joint venture with [[Simon Property Group]] to develop a shopping center south of [[Houston, Texas]].<ref>{{cite press release |url=https://www.prnewswire.com/news-releases/tanger-outlet-centers-and-simon-property-group-announce-a-joint-venture-to-develop-a-tanger-outlet-center-south-of-houston-texas-124804824.html |title=Tanger Outlet Centers and Simon Property Group Announce a Joint Venture to Develop a Tanger Outlet Center South of Houston, Texas |publisher=[[PR Newswire]] |date=June 30, 2011}}</ref>


In October 2015, the company sold 5 shopping centers for $150.7 million.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/tanger-closes-on-the-sale-of-five-non-core-outlet-centers-300154429.html | title=Tanger Closes on the Sale of Five Non-Core Outlet Centers | publisher=[[PR Newswire]] | date=October 5, 2015}}</ref> In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.<ref>{{cite news|last=Ryan|first=Meg|title=Ocean City's Tanger outlet sold; new stores coming soon|work=Salisbury Daily Times|date=April 2, 2019|url=https://www.delmarvanow.com/story/news/local/maryland/2019/04/02/ocean-city-factory-tanger-outlet-location-sold-rehoboth-beach/3336540002/|access-date=August 2, 2019}}</ref>
In October 2015, the company sold 5 shopping centers for $150.7 million.<ref>{{cite press release |url=https://www.prnewswire.com/news-releases/tanger-closes-on-the-sale-of-five-non-core-outlet-centers-300154429.html |title=Tanger Closes on the Sale of Five Non-Core Outlet Centers |publisher=[[PR Newswire]] |date=October 5, 2015}}</ref> In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.<ref>{{cite news|last=Ryan|first=Meg|title=Ocean City's Tanger outlet sold; new stores coming soon |work=Salisbury Daily Times |date=April 2, 2019 |url=https://www.delmarvanow.com/story/news/local/maryland/2019/04/02/ocean-city-factory-tanger-outlet-location-sold-rehoboth-beach/3336540002/|access-date=August 2, 2019}}</ref>

In October 2023, the company opened its newest center in [[Nashville, Tennessee]].<ref>{{Cite press release |title=Tanger Announces Grand Opening of Tanger Outlets Nashville |url=https://www.prnewswire.com/news-releases/tanger-announces-grand-opening-of-tanger-outlets-nashville-301968139.html |access-date=2023-11-16 |publisher=[[PR Newswire]] |date=26 Oct 2023}}</ref>

In November 2023, Tanger announced its purchase of [[Tanger Outlets Asheville|Asheville Outlets]] in [[Asheville, North Carolina]].<ref>{{Cite news |title=Tanger acquires Asheville Outlets in $70 million deal, plans to enhance shopping experience |url=https://wlos.com/news/local/tanger-acquires-asheville-outlets-in-70-million-deal-plans-to-enhance-shopping-experience |last=Kepley-Steward |first=Kristy |access-date=2023-12-12 |work=[[WLOS]] |date=15 November 2023}}</ref>

In December 2023, Tanger purchased [[Bridge Street Town Centre]] in [[Huntsville, Alabama]].<ref>{{Cite web |last=Gattis |first=Paul |date=2023-12-01 |title=Tanger buys Huntsville’s Bridge Street Town Centre for $193 million |url=https://www.al.com/news/2023/12/tanger-buys-huntsvilles-bridge-street-town-centre-for-193-million.html |access-date=2024-02-14 |website=al |language=en}}</ref>


==References==
==References==
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{{Authority control}}
{{Authority control}}


[[Category:Tanger| ]]
[[Category:1981 establishments in North Carolina]]
[[Category:1981 establishments in North Carolina]]
[[Category:American companies established in 1981]]
[[Category:American companies established in 1981]]

Latest revision as of 17:54, 16 December 2024

Tanger Inc.
Company typePublic company
NYSE: SKT
S&P 600 component
IndustryReal estate investment trust
Founded1981; 44 years ago (1981)
FounderStanley Tanger
HeadquartersGreensboro, North Carolina
Key people
- Steven B. Tanger - Chairman - Stephen Yalof - Chief Executive Officer
ProductsShopping centers
RevenueIncrease $442.6 million (2022)
Increase $201.8 million (2022)
Total assetsDecrease $2.285 billion (2019)
Total equityDecrease $456 million (2019)
Number of employees
285 (2019)
Websitewww.tanger.com
Footnotes / references
[1]
Tanger Outlets in Deer Park, New York
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.

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

[edit]

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]

References

[edit]
  1. ^ a b c "Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Company Information".
  3. ^ a b c "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. ^ a b "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.
[edit]
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  • Business data for Tanger Factory Outlet Centers, Inc.:
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