Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc.
Public company
Traded as NYSE: SKT
S&P 400 Index component
Industry Real estate investment trust
Founded 1981 (1981)
Founder Stanley Tanger
Headquarters Greensboro, North Carolina
Key people
 Steven B. Tanger, (CEO)
Thomas J. Reddin, Chairman
James F. Williams, CFO
Products Shopping centers
Revenue Increase $0.488 billion (2017)
Decrease $0.071 billion (2017)
Total assets Increase $2.540 billion (2017)
Total equity Decrease $0.612 billion (2017)
Number of employees
 287 (2018)
Website www.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

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.

As of December 31, 2017, the company owned 36 shopping centers comprising 12.9 million square feet and over 2,600 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), and Tanger Outlets Pittsburgh.

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 April 1998, the company acquired Dalton Factory Stores in Dalton, Georgia for $17 million.[4]

In September 2002, the company acquired a property in Howell, Michigan for $37.5 million.[5]

In November 2002, the company sold a property in Bourne, Massachusetts for $3.4 million.[6]

In June 2004, the company sold 2 properties in New Hampshire for $7 million.[7]

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]

In October 2010, the founder died.[2]

In January 2011, the company announced a 50/50 joint venture with RioCan Real Estate Investment Trust to develop outlet malls in Canada.[8]

In June 2011, the company formed a joint venture with Simon Property Group to develop a shopping center south of Houston, Texas.[9]

In October 2015, the company sold 5 shopping centers for $150.7 million.[10]

References

  1. 1 2 3 "Tanger Factory Outlet Centers, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 "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. ↑ "Tanger acquires Dalton Factory Stores". American City Business Journals. April 2, 1998.
  5. ↑ "Tanger buys Detroit-area shopping center". American City Business Journals. September 11, 2002.
  6. ↑ "Tanger sells property for $3.4M". American City Business Journals. November 27, 2002.
  7. ↑ "Tanger sells properties in New Hampshire for $7M". American City Business Journals. June 8, 2004.
  8. ↑ "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.
  9. ↑ "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.
  10. ↑ "Tanger Closes on the Sale of Five Non-Core Outlet Centers" (Press release). PR Newswire. October 5, 2015.
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