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]

Core Viewpoint - Tanger Inc. is a growing shopping center-focused real estate investment trust (REIT) with strong core funds from operations (FFO) and a low dividend payout ratio, indicating potential for future dividend increases [3][18][19] Financial Performance - In the second quarter, Tanger earned $60.9 million in core FFO, representing a 16% year-over-year increase [7] - The REIT's core FFO per share was $0.53, which comfortably covered the raised dividend payout of $27.50 per share [10] - Tanger revised its 2024 FFO guidance upward to a range of $2.05 to $2.12 per share [13] Dividend Policy - The company maintains a dividend payout ratio of approximately 50% of its core FFO, having raised its dividend twice in the past year [10][19] - The anticipated dividend hikes are supported by a low payout ratio, which provides a margin of safety for passive income investors [11][19] Portfolio Overview - Tanger owns about 15.6 million square feet across 40 properties in North America, with a high occupancy rate of 97.1% in its same-store portfolio [5][6] - The portfolio is primarily open-air shopping centers located in large metropolitan areas, attracting major brands like Nike and The Gap [5] Market Valuation - The stock is currently trading at a 15.0x FFO multiple, which is competitive compared to peers like Kimco Realty and Realty Income [13][19] - There is potential for Tanger to achieve a higher valuation multiple of 16x FFO, suggesting an intrinsic value of $33.30 per share [14] Growth Drivers - The company benefits from re-tenanting its properties, with new leases generating higher rents than previous ones, driving organic FFO growth [8] - Strong lease metrics and positive leasing activity have contributed to the growth in same-store net operating income [4]

Core Insights - Tanger Inc. (NYSE:SKT) is positioned as a strong investment opportunity due to its unique business model and consistent performance in the retail sector [1][6] - The company has demonstrated robust same-store NOI growth and high occupancy rates, which contribute to its appeal for income-focused investors [2][6] Company Overview - Tanger Inc. is the largest pure-play owner of open-air outlet centers in the U.S. and Canada, with a portfolio of 40 strategically located retail centers [2] - The outlet model has proven resilient against the retail apocalypse, attracting bargain-seeking customers and maintaining a simple, low-maintenance business structure [2] Financial Performance - In Q2 2024, Tanger achieved 8% year-over-year same-store NOI growth, driven by strong retailer demand and a 15% average rent spread on new and renewal leases [2][3] - The company reported a 13% year-over-year growth in FFO per share, reaching $0.53, supported by the addition of three new centers [2][3] Guidance and Future Prospects - Management raised guidance for full-year Core FFO per share growth to 6.5%, with a midpoint target of $2.07, and increased same-store NOI growth expectations to 4.0% [3] - The company is actively attracting popular brands, including six new Sephora stores, enhancing its portfolio and consumer appeal [3] Risk Management - Despite potential risks from higher interest rates and retail sector challenges, Tanger is well-prepared to manage tenant issues and maintain occupancy rates [3] - The company has a strong balance sheet with a net debt to EBITDAre ratio of 5.4x, below the safe threshold for REITs, and expects to reduce leverage further [3] Dividend and Valuation - Tanger offers a 3.6% dividend yield, with a payout ratio of 51%, allowing for retained capital for growth and future dividend increases [4] - The stock's forward P/FFO is 14.6, slightly below its historical average, indicating reasonable valuation for potential investors [4][5] Investment Appeal - Tanger presents a quality opportunity for income-focused investors, combining stability and growth potential through its strong portfolio and consistent financial performance [6] - The current valuation, alongside a reasonable dividend yield and expected FFO growth, makes it an attractive option in the current market [5][6]

GREENSBORO, N.C., Aug. 21, 2024 /PRNewswire/ -- Tanger® (NYSE: SKT), a leading owner and operator of outlet and open-air retail shopping destinations, announced today that its financial results for the quarter ended September 30, 2024 will be released on Wednesday, November 6, 2024 after the market close. The Company will host its conference call for analysts, investors, and other interested parties on Thursday, November 7, 2024 at 8:30 a.m. Eastern Time. To access the conference call, listeners should dial ...

Revenue and Income - Rental revenues for Q2 2024 increased to $122.3 million, up 16.9% from $104.6 million in Q2 2023[26] - Total revenues for the six months ended June 30, 2024, reached $252.3 million, a 14.9% increase compared to $219.6 million for the same period in 2023[26] - Net income attributable to Tanger Inc. for Q2 2024 was $24.8 million, compared to $24.2 million in Q2 2023, reflecting a 2.7% increase[26] - Comprehensive income for Q2 2024 was $26.6 million, slightly up from $26.2 million in Q2 2023[29] - Net income for the six months ended June 30, 2024, was $49,221,000, compared to $50,160,000 for the same period in 2023, reflecting a decrease of approximately 1.9%[40] - Net income for Q2 2024 was $25.9 million, slightly up from $25.3 million in Q2 2023, resulting in basic earnings per common unit of $0.23[44] - Comprehensive income for the six months ended June 30, 2024, was $52.2 million, compared to $47.8 million for the same period in 2023[47] Assets and Liabilities - Total assets decreased to $2.29 billion as of June 30, 2024, down from $2.32 billion at the end of 2023[24] - Total debt increased to $1.46 billion as of June 30, 2024, compared to $1.44 billion at the end of 2023[24] - Total liabilities as of June 30, 2024, were $1.73 billion, up from $1.72 billion at the end of 2023[42] - The equity attributable to Tanger Inc. decreased to $553.7 million as of June 30, 2024, from $566.8 million at the end of 2023[24] - The total equity attributable to Tanger Inc. was $553,740,000 as of June 30, 2024, compared to $566,785,000 at the end of 2023, indicating a decrease of about 2.3%[37] Cash Flow and Dividends - Total cash dividends paid amounted to $59,671,000 for the six months ended June 30, 2024, an increase from $50,459,000 in the prior year, representing a growth of about 18.8%[40] - Net cash provided by operating activities was $103,861,000 for the six months ended June 30, 2024, compared to $98,919,000 in 2023, indicating an increase of approximately 5%[40] - Cash distributions paid during the six months ended June 30, 2024, amounted to $62,276,000, compared to $52,667,000 in 2023, indicating an increase of approximately 18.3%[54] - The Company declared a cash dividend of $0.275 per common share, payable on May 15, 2024, to shareholders of record on April 30, 2024[92] - The Company declared a cash dividend of $0.275 per common share, payable on August 15, 2024, to shareholders of record on July 31, 2024[129] Expenses - Depreciation and amortization expenses for the six months ended June 30, 2024, were $68,034,000, compared to $51,282,000 in 2023, representing an increase of approximately 32.7%[40] - Interest paid, net of interest capitalized, was $26,681,000 for the six months ended June 30, 2024, compared to $20,527,000 in the same period of 2023, reflecting a 29.9% increase[124] - General and administrative expenses rose by approximately $509,000 to $18.8 million in 2024 from $18.3 million in 2023, primarily due to higher information technology costs[152] - Property operating expenses increased by approximately $3.8 million to $37.5 million in 2024 compared to $33.7 million in 2023, driven by new developments and acquired properties[151] Shareholder Information - The Company had approximately 108.824 million total limited partnership units outstanding as of June 30, 2023, which increased to approximately 112.911 million by June 30, 2024[98] - The Company authorized a share repurchase program of up to $100.0 million through May 31, 2025, with no repurchases made in the first two quarters of 2024 or 2023[95] - The Company has an at-the-market stock offering program with a gross sales price of up to $250.0 million, with approximately $220.1 million remaining available for sale as of June 30, 2024[93] Joint Ventures and Investments - The company had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada[56] - Revenues from unconsolidated joint ventures for the three months ended June 30, 2024, were $23.2 million, an increase from $21.8 million in the same period of 2023, representing a growth of approximately 6.4%[75] - The net income from unconsolidated joint ventures for the six months ended June 30, 2024, was $10.98 million, compared to $7.44 million in 2023, indicating a year-over-year increase of approximately 47.5%[75] Debt and Financing - The Company guarantees the Operating Partnership's unsecured lines of credit, which have a total borrowing capacity of $620.0 million as of June 30, 2024[76] - The outstanding principal amounts on the debt guaranteed by the Company include $35.0 million in unsecured lines of credit and $325.0 million in an unsecured term loan as of June 30, 2024[77] - The Operating Partnership's unsecured lines of credit increased from $520 million to $620 million, with a potential to reach $1.2 billion through an accordion feature[80] - The company maintained compliance with all debt covenants as of June 30, 2024[82] - The total unencumbered assets to unsecured debt ratio is 250%, exceeding the required minimum of 150%[216] Future Outlook - The company plans to continue expanding its rental property portfolio and enhancing operational efficiencies to drive future growth[44] - The company intends to continue growing its portfolio through new developments, expansions, and acquisitions, although future projects may not be completed as scheduled[189] - The company anticipates adequate cash to fund operating expenses, debt service obligations, and dividend payments in both the short- and long-term[208] - The company is evaluating the impact of new accounting standards issued by the FASB, including ASU 2023-05, which may affect future financial statements[126]