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.
 | |
| Company type | Public company |
|---|---|
| NYSE: SKT S&P 600 component | |
| Industry | Real estate investment trust |
| Founded | 1981 |
| Founder | Stanley Tanger |
| Headquarters | Greensboro, North Carolina |
Key people | - Steven B. Tanger - Chairman - Stephen Yalof - Chief Executive Officer |
| Products | Shopping centers |
| Revenue |  $442.6 million (2022) |
| $201.8 million (2022) | |
| Total assets |  $2.285 billion (2019) |
| Total equity | $456 million (2019) |
Number of employees | 285 (2019) |
| Website | www |
| Footnotes / references [1] | |
As of November 2023, the company owns and manages 38 shopping centers 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
editIn 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- ^ a b c "Tanger Factory Outlet Centers, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Company Information".
- ^ a b c "Photo Release -- Tanger Outlet Centers Mourns the Passing of Their Founder, Stanley K. Tanger" (Press release). Globe Newswire. October 24, 2010.
- ^ "Tanger Outlets Commemorates the 20th Anniversary of Its Initial Public Offering" (Press release). PR Newswire. May 28, 2013.
- ^ a b "Business Briefs: Founder of Tanger centers has died, company says". Winston-Salem Journal. October 26, 2010. Retrieved 2021-03-09.
- ^ "Outlet developer Stanley Tanger dies". www.bizjournals.com. Retrieved 2021-03-09.
- ^ "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.
- ^ "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.
- ^ "Tanger Closes on the Sale of Five Non-Core Outlet Centers" (Press release). PR Newswire. October 5, 2015.
- ^ Ryan, Meg (April 2, 2019). "Ocean City's Tanger outlet sold; new stores coming soon". Salisbury Daily Times. Retrieved 2019-08-02.
- ^ "Tanger Announces Grand Opening of Tanger Outlets Nashville" (Press release). PR Newswire. October 26, 2023. Retrieved 2023-11-16.
- ^ Kepley-Steward, Kristy (November 15, 2023). "Tanger acquires Asheville Outlets in $70 million deal, plans to enhance shopping experience". WLOS. Retrieved 2023-12-12.
- ^ Gattis, Paul (December 1, 2023). "Tanger buys Huntsville's Bridge Street Town Centre for $193 million". al. Retrieved 2024-02-14.
External links
edit
- Business data for Tanger Factory Outlet Centers, Inc.: