$SKT
Tanger Inc

2023 Q4 Form 10-Q Financial Statement

#000089971523000157 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $127.5M $117.3M
YoY Change 9.46% 5.29%
Cost Of Revenue $41.93M $36.80M
YoY Change 9.18% 2.01%
Gross Profit $85.55M $80.60M
YoY Change 9.6% 6.94%
Gross Profit Margin 67.11% 68.69%
Selling, General & Admin $21.46M $18.90M
YoY Change 10.79% 8.81%
% of Gross Profit 25.08% 23.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.23M $25.40M
YoY Change -5.19% -0.18%
% of Gross Profit 37.68% 31.51%
Operating Expenses $53.69M $81.07M
YoY Change 0.61% 2.76%
Operating Profit $31.86M -$469.0K
YoY Change 29.02% -86.68%
Interest Expense -$11.93M $11.69M
YoY Change -1.37% 0.24%
% of Operating Profit -37.45%
Other Income/Expense, Net $2.706M -$9.789M
YoY Change 44.32% -4.64%
Pretax Income $22.64M $26.49M
YoY Change 30.04% 18.83%
Income Tax
% Of Pretax Income
Net Earnings $23.45M $27.62M
YoY Change 29.11% 18.68%
Net Earnings / Revenue 18.4% 23.54%
Basic Earnings Per Share $0.26
Diluted Earnings Per Share $0.22 $0.26
COMMON SHARES
Basic Shares Outstanding 105.4M shares 105.2M shares
Diluted Shares Outstanding 106.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.78M $188.5M
YoY Change -93.98% 4.31%
Cash & Equivalents $12.78M $188.5M
Short-Term Investments
Other Short-Term Assets $108.6M $115.4M
YoY Change -2.3% -10.3%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $121.4M $303.9M
YoY Change -62.45% -1.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.030B $1.762B
YoY Change 18.77% 3.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $81.09M $85.50M
YoY Change -35.78% 14.45%
Other Assets $91.27M $54.10M
YoY Change 55.82% -15.46%
Total Long-Term Assets $2.203B $1.901B
YoY Change 16.28% 2.87%
TOTAL ASSETS
Total Short-Term Assets $121.4M $303.9M
Total Long-Term Assets $2.203B $1.901B
Total Assets $2.324B $2.205B
YoY Change 4.8% 2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.5M $99.00M
YoY Change 13.14% 29.43%
Accrued Expenses $86.08M $86.60M
YoY Change -1.66% -1.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $204.6M $185.6M
YoY Change 6.4% 12.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.439B $1.427B
YoY Change 0.75% 2.25%
Other Long-Term Liabilities $89.02M $80.40M
YoY Change 7.3% -1.99%
Total Long-Term Liabilities $1.528B $1.507B
YoY Change 1.11% 2.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.6M $185.6M
Total Long-Term Liabilities $1.528B $1.507B
Total Liabilities $1.757B $1.693B
YoY Change 1.81% 3.1%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.088M $1.053M
YoY Change 4.11% 0.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $566.8M $490.7M
YoY Change
Total Liabilities & Shareholders Equity $2.324B $2.205B
YoY Change 4.8% 2.21%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $23.45M $27.62M
YoY Change 29.11% 18.68%
Depreciation, Depletion And Amortization $32.23M $25.40M
YoY Change -5.19% -0.18%
Cash From Operating Activities $77.71M $53.00M
YoY Change -14.81% 57.43%
INVESTING ACTIVITIES
Capital Expenditures $331.5M $53.20M
YoY Change 897.5% -345.95%
Acquisitions
YoY Change
Other Investing Activities $8.997M $1.200M
YoY Change -126.29% -172.9%
Cash From Investing Activities -$322.5M -$52.10M
YoY Change 378.1% 123.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.02M -25.70M
YoY Change 800.95% 7.96%
NET CHANGE
Cash From Operating Activities 77.71M 53.00M
Cash From Investing Activities -322.5M -52.10M
Cash From Financing Activities 69.02M -25.70M
Net Change In Cash -175.7M -24.80M
YoY Change -659.05% 84.85%
FREE CASH FLOW
Cash From Operating Activities $77.71M $53.00M
Capital Expenditures $331.5M $53.20M
Free Cash Flow -$253.8M -$200.0K
YoY Change -537.58% -100.36%

Facts In Submission

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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 predominantly on developing, acquiring, owning, operating and managing outlet shopping centers. As of September 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 98% occupied and contained approximately 2,300 stores representing approximately 600 store brands, as well as one center under construction that opened in October 2023. 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 two managed centers totaling approximately 800,000 square feet. Each of our outlet centers, except one joint venture property and one managed 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 September 30, 2023, the Company and its wholly-owned subsidiaries owned 105,331,191 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.
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CY2023Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2389000 usd
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2055000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6030000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6795000 usd
CY2023Q3 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
2608000 usd
CY2022Q3 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
2871000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
7893000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
EquityMethodInvestmentCompanyandOperatingPartnershipShareofRealEstateRelatedDepreciation
8416000 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
CY2023Q3 skt At Market Stock Remaining Available For Sale
AtMarketStockRemainingAvailableForSale
57400000 usd
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
106615 shares
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
106615 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2023Q3 skt Average Sale Stock Price Per Share
AverageSaleStockPricePerShare
24.89
CY2022Q3 skt Average Sale Stock Price Per Share
AverageSaleStockPricePerShare
0
skt Average Sale Stock Price Per Share
AverageSaleStockPricePerShare
24.89
skt Average Sale Stock Price Per Share
AverageSaleStockPricePerShare
0
CY2023Q3 skt Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
2654000 usd
CY2022Q3 skt Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
0 usd
skt Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
2654000 usd
skt Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
0 usd
CY2023Q3 skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
2621000 usd
CY2022Q3 skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
0 usd
skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
2621000 usd
skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
0 usd
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
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
27624000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23276000 usd
us-gaap Net Income Loss
NetIncomeLoss
75367000 usd
us-gaap Net Income Loss
NetIncomeLoss
63699000 usd
CY2023Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
414000 usd
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
232000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
854000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
669000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
27210000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23044000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74513000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
63030000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104461000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103749000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104308000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103655000 shares
CY2023Q3 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
1026000 shares
CY2022Q3 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
527000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
898000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
473000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
832000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
661000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
783000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
701000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106319000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104937000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105989000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104829000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2023Q3 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
0 shares
CY2022Q3 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
601000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
333300 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
274000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
333300 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3388000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3006000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9040000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9965000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
72000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
51000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
194000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
137000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
6300000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
76656000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
77908000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 usd

Files In Submission

Name View Source Status
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skt-20230930_lab.xml Edgar Link unprocessable
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