Profile: Tanger Factory Outlet Centers Inc (SKT)
9 Dec 2013
Tanger Factory Outlet Centers, Inc., incorporated on March 9, 1993, is a fully integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. Its outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership (the Operating Partnership) and subsidiaries. As of February 1, 2013, the Company owned and operated 36 outlet centers, with a total gross leasable area of approximately 10.7 million square feet in 24 states. These outlet centers were 99% occupied and contained over 2,300 stores, representing approximately 400 store brands. The Company also had partial ownership interests in seven outlet centers totaling approximately 2.2 million square feet, including three outlet centers in Canada. The Company owns the majority of the units of partnership interest issued by the Tanger Properties Limited Partnership through its two wholly owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Effective August 30, 2013, Tanger Factory Outlet Centers Inc (TFO), through its wholly owned subsidiary, raised its interest to 66.66% from 33.33%, by acquiring a further 33.33% stake in Tanger Outlets.
The Company's centers range in size from 24,619 to 729,734 square feet. In May 2012, the Company formed a joint venture for the development of a Tanger Outlet Center in Glendale, Arizona. On November 15, 2012, the center opening occurred and features over 80 brand name and designer outlet stores in the first phase of approximately 332,000 square feet, with room for expansion for a total build out of approximately 410,000 square feet.
In November 2012, through Its 50/50 co-ownership agreement with RioCan Real Estate Investment Trust, The Company acquired two existing outlet centers in the Montreal, Quebec market. Each of its outlet centers carries the Tanger brand name. The Company’s outlet centers range in size from 24,619 to 729,736 square feet. As of December 31, 2012, the Company’s tenant base consisted of approximately 400 national designer or brand name concepts, such as Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach Leatherware, Eddie Bauer, GAP, J. Crew, Juicy, Kate Spade, Lucky Brand Jeans, Michael Kors, Nike, Old Navy, Polo Ralph Lauren, Saks Fifth Avenue - Off Fifth, Tommy Hilfiger, Under Armour and others.
Tanger Factory Outlet Centers Inc
3200 Northline Avenue
GREENSBORO NC 27408