Core Viewpoint - The investment in Tanger Factory Outlet Centers has yielded over 500% returns since early 2020, indicating strong recovery and potential for further growth in the retail real estate sector [1]. Company Summary - Tanger Factory Outlet Centers was significantly impacted during the COVID-19 stock market crash, experiencing a sharper decline compared to other sectors [1]. - The investment in Tanger has proven to be highly profitable, with returns exceeding 500% not accounting for dividends [1]. Industry Summary - The retail real estate sector faced severe challenges during the initial COVID-19 pandemic, leading to substantial stock price declines [1]. - Despite the past challenges, there is optimism regarding the continued potential for growth in retail real estate investments [1].

Group 1 - The core viewpoint is that Tanger (SKT) has experienced significant selling pressure, resulting in a 7.2% decline over the past four weeks, but it is now in oversold territory, indicating potential for a rebound [2][6] - The Relative Strength Index (RSI) for SKT is currently at 29.46, suggesting that the stock is nearing a reversal point as the heavy selling appears to be exhausting itself [6] - Analysts have raised earnings estimates for SKT by 0.4% over the last 30 days, which typically correlates with price appreciation in the near term [4] Group 2 - SKT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [4] - The combination of technical indicators like RSI and positive earnings revisions suggests that SKT may soon return to its previous equilibrium of supply and demand [6]

Core Viewpoint - Tanger (SKT) shares have recently declined by 5.4% over the past two weeks, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1] Technical Analysis - The hammer chart pattern indicates a small candle body with a long lower wick, signaling that bears may be losing control and that a trend reversal could occur [3] - This pattern typically forms during a downtrend when the stock opens lower, makes a new low, but then closes near or above the opening price, suggesting buying interest [3] Fundamental Analysis - There has been a positive trend in earnings estimate revisions for SKT, with the consensus EPS estimate increasing by 0.4% over the last 30 days, indicating bullish sentiment among analysts [5] - SKT holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperforms the market [5] - The Zacks Rank serves as a timing indicator, suggesting that SKT's prospects are improving, further supporting the potential for a turnaround [5]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - Tanger Inc. (NYSE: SKT) has successfully navigated a reshuffling of the retail sector, indicating resilience in its business model [2] Group 2 - The article emphasizes the importance of performing due diligence and drawing personal conclusions before making investment decisions [4] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [5]

Financial Data and Key Metrics Changes - Core FFO for Q3 2024 reached $0.54 per share, an 8% increase from the prior year period, supported by a 4.3% increase in same-center NOI [5][13] - Net debt to adjusted EBITDA per share was 5 times for the 12 months ended September 30, down from 5.8 times at the end of last year [14][15] - The company raised its core FFO per share expectations for 2024 to a range of $2.09 to $2.13, representing core FFO growth of 7% to 9% [17] Business Line Data and Key Metrics Changes - Average tenant sales productivity remained steady at $438 per square foot for the trailing 12 months [6] - The leasing team executed 543 leases totaling 2.6 million square feet over the trailing 12 months, achieving a blended increase of 14% on comparable space [8] Market Data and Key Metrics Changes - The occupancy rate ended the quarter at 97.4% [8] - The company experienced positive momentum in sales, with a focus on attracting a broader, younger, and more affluent demographic [7] Company Strategy and Development Direction - The company is focused on remerchandising efforts to attract sought-after brands and diversify its tenant mix, which is driving consistent traffic to its centers [6][7] - The strategy includes enhancing digital marketing capabilities and community engagement initiatives to connect with younger shoppers [7] - The company is actively pursuing both marketed and off-market transactions across outlet and open-air lifestyle centers [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and the ability to deliver solid results, citing robust demand for space and a strong balance sheet [11][14] - The management noted that the early read on holiday shopping is positive, with consumers shopping early and a strong performance expected from discount channels [20] Other Important Information - The company successfully responded to recent hurricanes with minor physical impacts across its portfolio, and its Asheville Center served as a staging location for first responders [9][10] - The board welcomed Sonia Syngal, bringing nearly 30 years of retail industry experience, which is expected to strengthen the board's capabilities [11] Q&A Session Summary Question: Concerns about tariffs and lower US consumption - Management acknowledged the cyclical nature of the business but noted positive early signs for holiday shopping, with consumers shopping early and a strong performance expected from discount channels [20] Question: Progress on retaining aspirational brands - Management highlighted the success of Sephora as a new brand in their centers, attracting a younger customer base and driving traffic [22][25] Question: Future leasing spreads - Management indicated that they expect to continue generating positive leasing spreads, with opportunities to grow into low double digits [28] Question: Acquisition pipeline opportunities - Management noted ongoing activity in both marketed and off-market transactions across various types of centers [28] Question: Expense recoveries and trends - Management discussed the factors affecting expense recovery rates and expressed confidence in maintaining efficiency while driving revenue [31][34] Question: New brands and re-tenanting process - Management provided insights into the success of new brands like Birkenstock and the strategy for diversifying the tenant mix [37] Question: Capital deployment opportunities - Management emphasized the focus on activating peripheral land and the thoughtful approach to capital allocation [38] Question: Impact of hurricanes on Q4 - Management stated that there should be no significant impact on Q4 results due to the brief closure of the Asheville Center [52] Question: Target leverage range - Management confirmed a target net debt to EBITDA range of 5 times to 6 times [53]

Core Viewpoint - Tanger (SKT) reported quarterly funds from operations (FFO) of $0.54 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, and showing an increase from $0.50 per share a year ago [1][2] Financial Performance - The company achieved revenues of $125.22 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.42%, compared to $110.84 million in the same quarter last year [2] - Over the last four quarters, Tanger has consistently exceeded consensus FFO estimates [2] Stock Performance - Tanger shares have increased approximately 20.8% since the beginning of the year, while the S&P 500 has gained 21.2% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.52, with expected revenues of $128.42 million, and for the current fiscal year, the estimate is $2.10 on revenues of $493.24 million [7] - The estimate revisions trend for Tanger is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry is currently ranked in the top 37% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Company Overview - Tanger (SKT) currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Price Performance - Over the past week, SKT shares increased by 0.66%, outperforming the Zacks REIT and Equity Trust - Retail industry, which rose by 0.09% [5] - In the last month, SKT's price change was 8.44%, significantly higher than the industry's 0.89% [5] - Over the past quarter, SKT shares have risen by 17.21%, and over the last year, they have increased by 42.81%, compared to the S&P 500's gains of 3.56% and 36.11%, respectively [6] Trading Volume - SKT's average 20-day trading volume is 713,554 shares, which serves as a baseline for price-to-volume analysis [7] Earnings Outlook - In the past two months, one earnings estimate for SKT has moved higher, while none have moved lower, resulting in an increase in the consensus estimate from $2.09 to $2.10 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [9] Conclusion - Considering the positive price trends, trading volume, and earnings estimate revisions, SKT is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [9]

Core Insights - Tanger has elected Sonia Syngal as a director, expanding its board from nine to ten members, effective September 23, 2024 [1] Company Overview - Tanger Inc. is a leading operator of outlet and open-air retail shopping destinations with over 43 years of expertise in the retail and outlet shopping industries [5] - The company operates a portfolio of 38 outlet centers, one adjacent managed center, and one open-air lifestyle center, totaling over 15 million square feet across 20 U.S. states and Canada [5] - Tanger has been a publicly traded REIT since 1993, with over 3,000 stores operated by more than 700 different brand name companies [5] Leadership Background - Sonia Syngal, the new board member, is the former CEO of Gap Inc. with nearly 30 years of industry experience in global supply chain operations, brand management, and product-to-market innovation [2][3] - During her tenure as CEO of Gap Inc. from 2020 to 2022, Syngal financially stabilized the company and doubled e-commerce revenue across its portfolio of brands [3] - Syngal has also held leadership roles at Old Navy and has experience with Sun Microsystems and Ford Motor Company [3] Board Statements - Stephen Yalof, President and CEO of Tanger, expressed confidence that Syngal's expertise will strengthen the board's capabilities and support the company's growth strategies [4] - Bridget Ryan-Berman, lead independent director, welcomed Syngal's extensive experience in the global fashion industry, which will aid in refreshing and growing the board's expertise [4] - Syngal expressed excitement about contributing to Tanger's vision for growth and enhancing the shopping experience for customers [4]

P i i and and and and the was and t 4 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | I | I | | | | | | | | | I 1 1 E urbancow Tanger Inc. (NYSE:SKT), incorporated in 1981 and headquartered in Greensboro, NC, develops, acquires, owns, leases, manages, and operates outlet and open-air centers across the ...

1 11 8 1999 I 1988 IFTER I Walter Bibikow Tanger Inc. (NYSE:SKT) is a growing shopping center-focused real estate investment trust that produces a very substantial amount of excess dividend coverage and strong core funds from operation from its large-scale property portfolio in North America. Tanger only pays out 50% of its funds from operations and revised its guidance for 2024 core funds from operations upward in the last quarter. In addition, Tanger has strong lease metrics and continues to grow its FFO. ...