$SKT
Tanger Inc

2023 Q3 Form 10-Q Financial Statement

#000089971523000130 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $117.3M $110.6M
YoY Change 5.29% 4.54%
Cost Of Revenue $36.80M $33.71M
YoY Change 2.01% 3.1%
Gross Profit $80.60M $76.93M
YoY Change 6.94% 5.18%
Gross Profit Margin 68.69% 69.53%
Selling, General & Admin $18.90M $18.30M
YoY Change 8.81% -5.3%
% of Gross Profit 23.45% 23.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.40M $25.39M
YoY Change -0.18% -3.17%
% of Gross Profit 31.51% 33.0%
Operating Expenses $81.07M $77.41M
YoY Change 2.76% -1.07%
Operating Profit -$469.0K -$476.0K
YoY Change -86.68% -90.68%
Interest Expense $11.69M $11.97M
YoY Change 0.24% 3.37%
% of Operating Profit
Other Income/Expense, Net -$9.789M -$9.642M
YoY Change -4.64% 7.13%
Pretax Income $26.49M $23.59M
YoY Change 18.83% 26.9%
Income Tax
% Of Pretax Income
Net Earnings $27.62M $24.20M
YoY Change 18.68% 21.59%
Net Earnings / Revenue 23.54% 21.87%
Basic Earnings Per Share $0.26 $0.23
Diluted Earnings Per Share $0.26 $0.23
COMMON SHARES
Basic Shares Outstanding 105.2M shares 105.2M shares
Diluted Shares Outstanding 106.3M shares 105.9M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.5M $213.0M
YoY Change 4.31% 9.69%
Cash & Equivalents $188.5M $213.0M
Short-Term Investments
Other Short-Term Assets $115.4M $102.5M
YoY Change -10.3% 6.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $303.9M $315.5M
YoY Change -1.76% 8.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.762B $1.735B
YoY Change 3.06% 1.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $85.50M $89.83M
YoY Change 14.45% 12.23%
Other Assets $54.10M $55.59M
YoY Change -15.46% -17.63%
Total Long-Term Assets $1.901B $1.880B
YoY Change 2.87% 0.82%
TOTAL ASSETS
Total Short-Term Assets $303.9M $315.5M
Total Long-Term Assets $1.901B $1.880B
Total Assets $2.205B $2.196B
YoY Change 2.21% 1.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.00M $91.90M
YoY Change 29.43% 20.11%
Accrued Expenses $86.60M $86.93M
YoY Change -1.64% -1.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $185.6M $178.8M
YoY Change 12.8% 8.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.427B $1.427B
YoY Change 2.25% 2.25%
Other Long-Term Liabilities $80.40M $81.99M
YoY Change -1.99% 0.21%
Total Long-Term Liabilities $1.507B $1.509B
YoY Change 2.01% 2.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.6M $178.8M
Total Long-Term Liabilities $1.507B $1.509B
Total Liabilities $1.693B $1.688B
YoY Change 3.1% 2.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.053M $1.052M
YoY Change 0.96% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $490.7M $485.9M
YoY Change
Total Liabilities & Shareholders Equity $2.205B $2.196B
YoY Change 2.21% 1.89%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $27.62M $24.20M
YoY Change 18.68% 21.59%
Depreciation, Depletion And Amortization $25.40M $25.39M
YoY Change -0.18% -3.17%
Cash From Operating Activities $53.00M $73.35M
YoY Change 57.43% 4.45%
INVESTING ACTIVITIES
Capital Expenditures $53.20M $47.66M
YoY Change -345.95% -315.61%
Acquisitions
YoY Change
Other Investing Activities $1.200M $14.49M
YoY Change -172.9% -16.46%
Cash From Investing Activities -$52.10M -$33.16M
YoY Change 123.84% 597.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.70M -29.64M
YoY Change 7.96% 22.95%
NET CHANGE
Cash From Operating Activities 53.00M 73.35M
Cash From Investing Activities -52.10M -33.16M
Cash From Financing Activities -25.70M -29.64M
Net Change In Cash -24.80M 10.54M
YoY Change 84.85% -74.51%
FREE CASH FLOW
Cash From Operating Activities $53.00M $73.35M
Capital Expenditures $53.20M $47.66M
Free Cash Flow -$200.0K $25.69M
YoY Change -100.36% -72.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 June 30, 2023, we owned and operated 29 consolidated outlet centers, with a total gross leasable area of approximately 11.3 million square feet, which were 97% occupied and contained approximately 2,300 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 June 30, 2023, the Company and its wholly-owned subsidiaries owned 105,185,781 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.
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
105185781 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
105185781 shares
CY2023Q2 skt Numberof Operating Partnership Units Ownedbythe Company
NumberofOperatingPartnershipUnitsOwnedbytheCompany
105185781 shares
CY2023Q2 skt Exchange Ratioof Partnership Unitsfor Common Shares
ExchangeRatioofPartnershipUnitsforCommonShares
1
CY2023Q2 skt Straight Line Rent Receivable
StraightLineRentReceivable
50100000 usd
CY2023Q2 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
3100000 usd
CY2022Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
3200000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1706000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2227000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3641000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4740000 usd
CY2023Q2 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
2615000 usd
CY2022Q2 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
2791000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
5285000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
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CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
222000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.245
CY2023Q2 us-gaap Distributions Per Limited Partnership Unit Outstanding
DistributionsPerLimitedPartnershipUnitOutstanding
0.245
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 skt At Market Stock Aggregate Gross Sales Price Of Common Shares
AtMarketStockAggregateGrossSalesPriceOfCommonShares
250000000 usd
CY2023Q2 skt At Market Stock Remaining Available For Sale
AtMarketStockRemainingAvailableForSale
60100000 usd
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
80000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 usd
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NetIncomeLoss
24202000 usd
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NetIncomeLoss
19905000 usd
us-gaap Net Income Loss
NetIncomeLoss
47743000 usd
us-gaap Net Income Loss
NetIncomeLoss
40423000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
257000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
456000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
437000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23945000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19683000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
47287000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39986000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104367000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103630000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103607000 shares
CY2023Q2 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
722000 shares
CY2022Q2 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
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skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
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skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
413000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
773000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
703000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
758000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
720000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105862000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104754000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105654000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104740000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2023Q2 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
0 shares
CY2022Q2 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
499700 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
282000 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3381000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4251000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5652000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6959000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
71000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
47000 usd
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
123000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
86000 usd
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
104588000 usd
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
101409000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
208170000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
206018000 usd
CY2022Q2 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
15223000 usd
us-gaap Interest Paid Net
InterestPaidNet
20527000 usd
CY2023Q2 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
24953000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
9300000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
9300000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
82815000 usd
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
78682000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
164702000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
159991000 usd
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
21773000 usd
CY2022Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
22727000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
43468000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
46027000 usd
us-gaap Interest Paid Net
InterestPaidNet
21586000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
24202000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2022Q2 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
62007 shares

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