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 Index 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 Tangier 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]

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.[4]

In June 2011, the company formed a joint venture with Simon Property Group to develop a shopping center south of Houston, Texas.[5]

In October 2015, the company sold 5 shopping centers for $150.7 million.[6] In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.[7]

References

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