Tanger Factory Outlet Centers Inc Stock Research

Market Summary

USD19.26+0.29

Market Closed

1.53%

SKT Stock Price

SKT RSI Chart

SKT Valuation

Market Cap

2.0B

Price/Earnings (Trailing)

23.66

Price/Sales (Trailing)

4.36

EV/EBITDA

14.01

Price/Free Cashflow

12.28

SKT Price/Sales (Trailing)

SKT Profitability

EBT Margin

17.54%

Return on Equity

17.21%

Return on Assets

3.94%

Free Cashflow Yield

8.14%

SKT Fundamentals

SKT Revenue

Revenue Y/Y

-1.58%

Revenue Q/Q

0.46%

SKT Earnings

Earnings (TTM)

84.9M

Earnings Y/Y

320.02%

Earnings Q/Q

16.94%

Price Action

52 Week Range

13.0919.91

(Low)(High)

Last 7 days

5.1%

Last 30 days

9.5%

Last 90 days

7.6%

Trailing 12 Months

23.3%

SKT Financial Health

Debt/Equity

2.83

Debt/Cashflow

0.12

SKT Investor Care

Dividend Yield

4.03%

Dividend/Share (TTM)

0.78

Shares Dilution (1Y)

0.35%

Diluted EPS (TTM)

0.8

Peers (Alternatives to Tanger Factory Outlet Centers)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	52.5B	4.0B	7.67%	-8.93%	11.52	13.06	24.01%	170.44%
SPG	36.1B	4.0B	11.78%	-8.09%	14.04	7.05	-3.96%	-2.35%
DLR	32.0B	4.6B	11.98%	-21.93%	22.2	7	4.35%	106.20%
ARE	23.9B	2.5B	12.96%	-11.45%	44.1	9.58	24.01%	-42.18%
EQR	23.8B	2.7B	8.93%	-25.05%	20.82	8.78	11.91%	8.14%
KIM	13.1B	1.7B	-4.07%	-13.87%	50.83	7.71	40.37%	-73.28%
MID-CAP
FRT	9.0B	1.0B	11.82%	-6.19%	23.51	8.63	14.39%	59.45%
KRG	4.7B	760.3M	4.25%	8.52%	-42.67	6.22	172.75%	-1146.68%
VNO	4.5B	-	12.49%	-36.11%	28.41	13.26	-77.01%	441.99%
MAC	2.9B	828.2M	23.71%	-12.14%	-34.67	3.55	9.54%	46.68%
SLG	2.6B	-	20.65%	-40.24%	-39.69	2.65	-9.84%	-109.68%
SKT	2.0B	-	9.49%	23.30%	23.66	4.36	4.67%	1705.32%
SMALL-CAP
PGRE	1.4B	740.6M	12.63%	-22.19%	528.1	1.92	2.16%	107.41%
AIV	1.1B	195.1M	8.56%	15.83%	3.83	5.82	20.60%	1640.65%

Financials for Tanger Factory Outlet Centers

Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	NaN%	null	null	null	408	394
Operating Expenses	0.0%	314	314	309	312	-
S&GA Expenses	5.1%	70	66	61	63	-
EBITDA	23.2%	230	187	196	162	-
EBITDA Margin	14.6%	0.53*	0.46*	0.40*	-	-
Earnings Before Taxes	147.1%	80	32	7	-14.52	-
EBT Margin	97.4%	0.18*	0.09*	0.01*	-	-
Interest Expenses	-4.4%	46	49	51	55	-
Net Income	113.4%	85	40	17	-5.29	-
Net Income Margin	73.9%	0.19*	0.11*	0.03*	-	-
Free Cahsflow	-13.2%	164	189	158	183	-

* denotes actual numbers (not divided by Millions)

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.1%	2,158	2,155	2,134	2,157	-
Cash Equivalents	-6.9%	181	194	153	161	-
Liabilities	0.0%	1,642	1,643	1,624	1,658	-
Long Term Debt	0.0%	1,395	1,396	1,397	1,397	-
Shareholder's Equity	0.7%	493	490	511	478	-
Additional Paid-In Capital	0.3%	985	982	979	978	-
Shares Outstanding	0.0%	104	104	104	104	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q3	2021Q2
Cashflow From Operations	-13.2%	164	189	175	192	183
Share Based Compensation	0.1%	13	13	11	13	13
Cashflow From Investing	-123.6%	-41.83	-18.71	-10.65	-2.57	8
Cashflow From Financing	-22.0%	-95.77	-78.49	-253.97	-111.48	-145.52
Dividend Payments	4.1%	82	78	74	71	70

Risks for SKT

What is the probability of a big loss on SKT?

81.2%

Probability that Tanger Factory Outlet Centers stock will be more than 20% underwater in next one year

51.9%

Probability that Tanger Factory Outlet Centers stock will be more than 30% underwater in next one year.

20%

Probability that Tanger Factory Outlet Centers stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SKT drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Tanger Factory Outlet Centers was unfortunately bought at previous high price.

Drawdowns

Returns for SKT

Cumulative Returns on SKT

-1.4%

10-Year Cumulative Returns

-1.9%

7-Year Cumulative Returns

0.3%

5-Year Cumulative Returns

14.9%

3-Year Cumulative Returns

What are the long-term rolling returns for SKT?

FIve years rolling returns for Tanger Factory Outlet Centers.

Annualized Returns

Which funds bought or sold SKT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-01-26	Sightline Wealth Advisors, LLC	new	-	1,269,510	1,269,510	1.37%
2023-01-26	STRS OHIO	added	14.3	991,000	2,977,000	0.01%
2023-01-26	COMERICA BANK	reduced	-22.58	-241,000	1,133,000	0.01%
2023-01-26	Accel Wealth Management	unchanged	-	2,401	13,401	0.01%
2023-01-26	Inspire Investing, LLC	reduced	-12.91	29,162	236,162	0.03%
2023-01-26	State of Tennessee, Treasury Department	added	5.26	12,000	998,000	-%
2023-01-26	Sumitomo Mitsui DS Asset Management Company, Ltd	unchanged	-	65,128	275,128	0.01%
2023-01-26	Eagle Bay Advisors LLC	reduced	-87.1	-34,824	7,176	-%
2023-01-26	OREGON PUBLIC EMPLOYEES RETIREMENT FUND	added	0.95	152,195	622,195	0.01%
2023-01-26	DUPONT CAPITAL MANAGEMENT CORP	sold off	-100	-337,000	-	-%

Latest Funds Activity

Are funds buying SKT calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SKT

No. of Funds

Tanger Factory Outlet Centers News

Schedule 13G FIlings of Tanger Factory Outlet Centers

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Jan 23, 2023	blackrock inc.	18.0%	18,770,386	SC 13G/A
Feb 14, 2022	state street corp	5.34%	5,551,704	SC 13G/A
Feb 10, 2022	vanguard group inc	16.19%	16,839,838	SC 13G/A
Jan 27, 2022	blackrock inc.	18.0%	18,684,681	SC 13G/A
Jan 26, 2022	blackrock inc.	18.0%	18,684,681	SC 13G
Feb 11, 2021	state street corp	5.01%	4,680,374	SC 13G
Feb 10, 2021	vanguard group inc	15.97%	14,928,210	SC 13G/A
Jan 25, 2021	blackrock inc.	17.6%	16,438,383	SC 13G
Feb 14, 2020	state street corp	31.91%	29,643,729	SC 13G
Feb 11, 2020	vanguard group inc	16.46%	15,292,191	SC 13G/A

SKT Fair Value

Recent SEC filings of Tanger Factory Outlet Centers

View All Filings

Date Filed	Form Type	Document
Jan 23, 2023	SC 13G/A	Major Ownership Report
Jan 09, 2023	8-K	Current Report
Dec 21, 2022	4	Insider Trading
Dec 01, 2022	3	Insider Trading
Dec 01, 2022	4	Insider Trading
Nov 28, 2022	10-K/A	Annual Report
Nov 28, 2022	10-Q/A	Quarterly Report
Nov 28, 2022	10-Q/A	Quarterly Report
Nov 16, 2022	4	Insider Trading
Nov 16, 2022	4	Insider Trading

Latest Insider Trading transactions for SKT

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-12-20	Wingrove Andrew R	sold (taxes)	-157,970	18.12	-8,718	evp, chief commercial officer
2022-11-29	Bilerman Michael J	acquired	-	-	129,066	see remarks
2022-11-15	CITRIN JEFFREY B	acquired	8,750.02	19.15	456.92	-
2022-11-14	TANGER STEVEN B	sold	-975,000	19.5	-50,000	executive chair of the board
2022-11-04	Stein Justin C	sold (taxes)	-25,170.2	18.84	-1,336	evp, leasing
2022-11-03	TANGER STEVEN B	sold	-950,000	19	-50,000	executive chair of the board
2022-08-15	CITRIN JEFFREY B	acquired	-	-	1,192.48	-
2022-07-01	Williams James Floyd	sold (taxes)	-331,511	14.22	-23,313	executive vp & cfo
2022-05-17	REDDIN THOMAS	sold	-96,000	19.2	-5,000	-
2022-05-16	REDDIN THOMAS	sold	-180,000	18	-10,000	-

About Tanger Factory Outlet Centers

Stephen J. Yalof

www.tangeroutlet.com

570

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies. The Company has more than 39 years of experience in the outlet industry and is a publicly-traded REIT. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission ("SEC") that includes a supplemental information package for the quarter ended September 30, 2020.

SKT Income Statement

2021-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenues	$ 407,766	$ 377,932	$ 463,946
Management, leasing and other services	6,411	4,936	5,419
Other income (expense):
Gain on sale of assets			43,422
Tanger Factory Outlet Centers, Inc. [Member]
Revenues:
Rental revenues	407,766	377,932	463,946
Management, leasing and other services	6,411	4,936	5,419
Other revenues	12,348	7,123	8,983
Total revenues	426,525	389,991	478,348
Expenses:
Property operating	140,736	137,135	157,734
General and administrative	65,817	47,733	53,790
Impairment charges	6,989	67,226	37,610
Depreciation and amortization	110,008	117,143	123,314
Total expenses	323,550	369,237	372,448
Other income (expense):
Interest expense	(52,866)	(63,142)	(61,672)
Loss on early extinguishment of debt	(47,860)	0	0
Gain on sale of assets	0	2,324	43,422
Other income (expense)	(1,595)	925	(2,761)
Total other income (expense)	(102,321)	(59,893)	(21,011)
Income (loss) before equity in earnings of unconsolidated joint ventures	654	(39,139)	84,889
Equity in earnings of unconsolidated joint ventures	8,904	1,126	7,839
Net income (loss)	9,558	(38,013)	92,728
Noncontrolling interests in Operating Partnership	(440)	1,925	(4,678)
Noncontrolling interests in other consolidated partnerships	0	(190)	(195)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.	$ 9,118	$ (36,278)	$ 87,855
Basic earnings per common share:
Net income (loss) (in dollars per share)	$ 0.08	$ (0.40)	$ 0.93
Diluted earnings per common share:
Net income (loss) (in dollars per share)	$ 0.08	$ (0.40)	$ 0.93
Tanger Properties Limited Partnership [Member]
Revenues:
Rental revenues	$ 407,766	$ 377,932	$ 463,946
Management, leasing and other services	6,411	4,936	5,419
Other revenues	12,348	7,123	8,983
Total revenues	426,525	389,991	478,348
Expenses:
Property operating	140,736	137,135	157,734
General and administrative	65,817	47,733	53,790
Impairment charges	6,989	67,226	37,610
Depreciation and amortization	110,008	117,143	123,314
Total expenses	323,550	369,237	372,448
Other income (expense):
Interest expense	(52,866)	(63,142)	(61,672)
Loss on early extinguishment of debt	(47,860)	0	0
Gain on sale of assets	0	2,324	43,422
Other income (expense)	(1,595)	925	(2,761)
Total other income (expense)	(102,321)	(59,893)	(21,011)
Income (loss) before equity in earnings of unconsolidated joint ventures	654	(39,139)	84,889
Equity in earnings of unconsolidated joint ventures	8,904	1,126	7,839
Net income (loss)	9,558	(38,013)	92,728
Noncontrolling interests in consolidated partnerships	0	(190)	(195)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.	9,558	(38,203)	92,533
Net income (loss) available to limited partners	9,458	(37,815)	91,597
Net income (loss) available to general partner	$ 100	$ (388)	$ 936
Basic earnings per common share:
Net income (loss) (in dollars per share)	$ 0.08	$ (0.40)	$ 0.93
Diluted earnings per common share:
Net income (loss) (in dollars per share)	$ 0.08	$ (0.40)	$ 0.93

SKT Balance Sheet

2021-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Rental property:
Operating lease right-of-use assets	$ 79,800	$ 81,500
Debt:
Operating lease liabilities	88,874	90,100
Tanger Factory Outlet Centers, Inc. [Member]
Rental property:
Land	268,269	265,968
Buildings, improvements and fixtures	2,532,489	2,527,404
Total rental property, at cost	2,800,758	2,793,372
Accumulated depreciation	(1,145,388)	(1,054,993)
Total rental property, net	1,655,370	1,738,379
Cash and cash equivalents	161,255	84,832
Investments in unconsolidated joint ventures	82,647	94,579
Deferred lease costs and other intangibles, net	73,720	84,960
Operating lease right-of-use assets	79,807	81,499
Prepaids and other assets	104,585	105,282
Total assets	2,157,384	2,189,531
Debt:
Senior, unsecured notes, net	1,036,181	1,140,576
Unsecured term loans, net	298,421	347,370
Mortgages payable, net	62,474	79,940
Unsecured lines of credit	0	0
Total debt	1,397,076	1,567,886
Accounts payable and accrued expenses	92,995	88,253
Operating lease liabilities	88,874	90,105
Other liabilities	78,650	84,404
Total liabilities	1,657,595	1,830,648
Commitments and contingencies (Note 21)
Tanger Factory Outlet Centers, Inc.:
Common shares, $0.01 par value, 300,000,000 shares authorized, 104,084,734 and 93,569,801 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	1,041	936
Paid in capital	978,054	787,143
Accumulated distributions in excess of net income	(483,409)	(420,104)
Partners' Equity
Accumulated other comprehensive loss	(17,761)	(26,585)
Equity attributable to Tanger Factory Outlet Centers, Inc.	477,925	341,390
Noncontrolling interests in Operating Partnership	21,864	17,493
Noncontrolling interests in other consolidated partnerships	0	0
Total equity	499,789	358,883
Total liabilities and equity	2,157,384	2,189,531
Tanger Properties Limited Partnership [Member]
Rental property:
Land	268,269	265,968
Buildings, improvements and fixtures	2,532,489	2,527,404
Total rental property, at cost	2,800,758	2,793,372
Accumulated depreciation	(1,145,388)	(1,054,993)
Total rental property, net	1,655,370	1,738,379
Cash and cash equivalents	161,152	84,750
Investments in unconsolidated joint ventures	82,647	94,579
Deferred lease costs and other intangibles, net	73,720	84,960
Operating lease right-of-use assets	79,807	81,499
Prepaids and other assets	104,362	104,800
Total assets	2,157,058	2,188,967
Debt:
Senior, unsecured notes, net	1,036,181	1,140,576
Unsecured term loans, net	298,421	347,370
Mortgages payable, net	62,474	79,940
Unsecured lines of credit	0	0
Total debt	1,397,076	1,567,886
Accounts payable and accrued expenses	92,669	87,689
Operating lease liabilities	88,874	90,105
Other liabilities	78,650	84,404
Total liabilities	1,657,269	1,830,084
Commitments and contingencies (Note 21)
Partners' Equity
General partner, 1,100,000 and 1,000,000 units outstanding at December 31, 2021 and December 31, 2020, respectively	4,539	3,334
Limited partners, 4,761,559 and 4,794,643 Class A common units, and 102,984,734 and 92,569,801 Class B common units outstanding at December 31, 2021 and December 31, 2020, respectively	514,023	383,588
Accumulated other comprehensive loss	(18,773)	(28,039)
Total partners' equity	499,789	358,883
Noncontrolling interests in other consolidated partnerships	0	0
Total equity	499,789	358,883
Total liabilities and equity	$ 2,157,058	$ 2,188,967