$SKT
Tanger Inc

2023 Q2 Form 10-Q Financial Statement

#000089971523000094 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $110.6M $108.9M $116.5M
YoY Change 4.54% 0.07% 3.9%
Cost Of Revenue $33.71M $33.15M $38.41M
YoY Change 3.1% -9.82% 3.83%
Gross Profit $76.93M $75.80M $78.06M
YoY Change 5.18% 5.11% 3.93%
Gross Profit Margin 69.53% 69.57% 67.02%
Selling, General & Admin $18.30M $17.43M $19.37M
YoY Change -5.3% 12.72% 4.64%
% of Gross Profit 23.79% 23.0% 24.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.39M $25.89M $34.00M
YoY Change -3.17% -1.33% 25.07%
% of Gross Profit 33.0% 34.16% 43.55%
Operating Expenses $77.41M $76.48M $53.36M
YoY Change -1.07% -2.54% 16.79%
Operating Profit -$476.0K -$680.0K $24.69M
YoY Change -90.68% -89.3% -16.05%
Interest Expense $11.97M $12.34M -$12.10M
YoY Change 3.37% 6.09% 1.79%
% of Operating Profit -48.99%
Other Income/Expense, Net -$9.642M -$9.543M $1.875M
YoY Change 7.13% -16.66% 86.94%
Pretax Income $23.59M $22.93M $17.41M
YoY Change 26.9% 20.98% 50.77%
Income Tax
% Of Pretax Income
Net Earnings $24.20M $23.54M $18.16M
YoY Change 21.59% 14.73% 38.8%
Net Earnings / Revenue 21.87% 21.61% 15.6%
Basic Earnings Per Share $0.23 $0.22
Diluted Earnings Per Share $0.23 $0.22 $0.17
COMMON SHARES
Basic Shares Outstanding 105.2M shares 104.5M shares 104.3M shares
Diluted Shares Outstanding 105.9M shares 105.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $213.0M $202.8M $212.1M
YoY Change 9.69% 32.7% 31.55%
Cash & Equivalents $213.0M $202.8M $212.1M
Short-Term Investments
Other Short-Term Assets $102.5M $100.8M $111.2M
YoY Change 6.84% -10.48% 6.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $315.5M $303.6M $323.3M
YoY Change 8.74% 14.38% 21.61%
LONG-TERM ASSETS
Property, Plant & Equipment $1.735B $1.719B $1.710B
YoY Change 1.02% 0.16% -1.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.83M $106.3M $126.3M
YoY Change 12.23% 28.16% 52.77%
Other Assets $55.59M $56.82M $58.57M
YoY Change -17.63% -18.67% -20.55%
Total Long-Term Assets $1.880B $1.882B $1.894B
YoY Change 0.82% 0.7% 0.15%
TOTAL ASSETS
Total Short-Term Assets $315.5M $303.6M $323.3M
Total Long-Term Assets $1.880B $1.882B $1.894B
Total Assets $2.196B $2.185B $2.218B
YoY Change 1.89% 2.4% 2.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.90M $79.40M $104.7M
YoY Change 20.11% 36.86% 12.63%
Accrued Expenses $86.93M $87.23M $87.53M
YoY Change -1.59% -1.55% -1.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $178.8M $166.6M $192.3M
YoY Change 8.48% 13.65% 5.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.427B $1.428B $1.428B
YoY Change 2.25% 2.25% 2.25%
Other Long-Term Liabilities $81.99M $84.51M $82.97M
YoY Change 0.21% 4.99% 5.49%
Total Long-Term Liabilities $1.509B $1.512B $1.511B
YoY Change 2.13% 2.4% 2.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $178.8M $166.6M $192.3M
Total Long-Term Liabilities $1.509B $1.512B $1.511B
Total Liabilities $1.688B $1.679B $1.726B
YoY Change 2.77% 3.41% 4.13%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.052M $1.053M $1.045M
YoY Change 0.77% 0.86% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $485.9M $484.5M $491.6M
YoY Change
Total Liabilities & Shareholders Equity $2.196B $2.185B $2.218B
YoY Change 1.89% 2.4% 2.79%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $24.20M $23.54M $18.16M
YoY Change 21.59% 14.73% 38.8%
Depreciation, Depletion And Amortization $25.39M $25.89M $34.00M
YoY Change -3.17% -1.33% 25.07%
Cash From Operating Activities $73.35M $25.57M $91.22M
YoY Change 4.45% 35.64% 23.66%
INVESTING ACTIVITIES
Capital Expenditures $47.66M $26.31M $33.23M
YoY Change -315.61% -437.7% -244.4%
Acquisitions
YoY Change
Other Investing Activities $14.49M -$3.071M -$34.22M
YoY Change -16.46% 82.15% -1655.32%
Cash From Investing Activities -$33.16M -$1.873M -$67.45M
YoY Change 597.46% -43.92% 224.09%
FINANCING ACTIVITIES
Cash Dividend Paid $24.62M
YoY Change 27.48%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.64M -$33.01M 7.661M
YoY Change 22.95% 38.04% -122.03%
NET CHANGE
Cash From Operating Activities 73.35M $25.57M 91.22M
Cash From Investing Activities -33.16M -$1.873M -67.45M
Cash From Financing Activities -29.64M -$33.01M 7.661M
Net Change In Cash 10.54M -$9.303M 31.43M
YoY Change -74.51% 10.64% 72.86%
FREE CASH FLOW
Cash From Operating Activities $73.35M $25.57M $91.22M
Capital Expenditures $47.66M $26.31M $33.23M
Free Cash Flow $25.69M -$736.0K $57.99M
YoY Change -72.17% -102.76% -40.08%

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CY2023Q1 us-gaap Nature Of Operations
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Business<div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2023, we owned and operated 29 consolidated outlet centers, with a total gross leasable area of approximately 11.4 million square feet, which were 97% occupied and contained over 2,200 stores representing approximately 600 store brands, as well as one center under construction. We also had partial ownership interests in six unconsolidated outlet centers totaling approximately 2.1 million square feet, including two outlet centers in Canada. Our portfolio also includes one managed center totaling approximately 500,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.</span></div>The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of March 31, 2023, the Company and its wholly-owned subsidiaries owned 105,316,253 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,737,982 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.
CY2023Q1 skt Numberof Operating Partnership Units Ownedbythe Company
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CY2023Q1 skt Exchange Ratioof Partnership Unitsfor Common Shares
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CY2023Q1 us-gaap Straight Line Rent Adjustments
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CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
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AtMarketStockRemainingAvailableForSale
60100000 usd
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StockIssuedDuringPeriodSharesNewIssues
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CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Stock Repurchased During Period Shares
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CY2022Q1 us-gaap Stock Repurchased During Period Shares
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 skt Incremental Common Shares Attributable To Notional Units
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
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CY2022Q1 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
297000 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2271000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2708000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
52000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
38000 usd
CY2023Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
10900000 usd
CY2023Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
10900000 usd
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
21695000 usd
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
23297000 usd
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
103582000 usd
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
104609000 usd
CY2023Q1 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
30331000 usd
CY2022Q1 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
9539000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
18352000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
19552000 usd

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