| Tanger Inc. | |
| Type: | Public company |
| Traded As: | S&P 600 component |
| Industry: | Real estate investment trust |
| Location: | Greensboro, North Carolina |
| Founder: | Stanley Tanger |
| Key People: | - Steven B. Tanger - Chairman- Stephen Yalof - Chief Executive Officer |
| Products: | Shopping centers |
| Revenue: | $442.6 million (2022) |
| Net Income: | $201.8 million (2022) |
| Assets: | $2.285 billion (2019) |
| Equity: | $456 million (2019) |
| Num Employees: | 285 (2019) |
| Footnotes: | [1] |
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.
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]
In 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.
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]