$SKT
Tanger Inc

2024 Q4 Form 10-Q Financial Statement

#000089971524000145 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $133.0M
YoY Change 13.34%
Cost Of Revenue $40.25M
YoY Change 9.37%
Gross Profit $92.75M
YoY Change 15.08%
Gross Profit Margin 69.74%
Selling, General & Admin $18.22M
YoY Change -3.62%
% of Gross Profit 19.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.38M
YoY Change 39.28%
% of Gross Profit 38.14%
Operating Expenses $93.84M
YoY Change 15.75%
Operating Profit -$1.084M
YoY Change 131.13%
Interest Expense -$15.49M
YoY Change -232.55%
% of Operating Profit
Other Income/Expense, Net -$15.55M
YoY Change 58.8%
Pretax Income $23.62M
YoY Change -10.84%
Income Tax
% Of Pretax Income
Net Earnings $24.86M
YoY Change -10.02%
Net Earnings / Revenue 18.69%
Basic Earnings Per Share $0.23
Diluted Earnings Per Share $0.22
COMMON SHARES
Basic Shares Outstanding 110.7M shares 109.4M shares
Diluted Shares Outstanding 110.7M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.05M
YoY Change -94.14%
Cash & Equivalents $11.05M
Short-Term Investments
Other Short-Term Assets $117.1M
YoY Change 1.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $128.2M
YoY Change -57.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.999B
YoY Change 13.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $70.25M
YoY Change -17.84%
Other Assets $77.51M
YoY Change 43.27%
Total Long-Term Assets $2.147B
YoY Change 12.92%
TOTAL ASSETS
Total Short-Term Assets $128.2M
Total Long-Term Assets $2.147B
Total Assets $2.275B
YoY Change 3.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.76M
YoY Change -12.36%
Accrued Expenses $85.08M
YoY Change -1.76%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $171.8M
YoY Change -7.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.424B
YoY Change -0.17%
Other Long-Term Liabilities $86.43M
YoY Change 7.5%
Total Long-Term Liabilities $1.511B
YoY Change 0.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $171.8M
Total Long-Term Liabilities $1.511B
Total Liabilities $1.683B
YoY Change -0.6%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.102M
YoY Change 4.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $568.3M
YoY Change
Total Liabilities & Shareholders Equity $2.275B
YoY Change 3.17%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $24.86M
YoY Change -10.02%
Depreciation, Depletion And Amortization $35.38M
YoY Change 39.28%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Security12b Title
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dei Trading Symbol
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dei Entity Current Reporting Status
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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 Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and open-air retail centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust, which, through our controlling interest in Tanger Properties Limited Partnership and its subsidiaries, which we refer to as the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of September 30, 2024, we owned and operated 31 consolidated outlet centers and one open-air lifestyle center, with a total gross leasable area of approximately 12.7 million square feet, which were 97% occupied and contained over 2,500 stores representing approximately 660 store brands. We also had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada. The portfolio also includes two managed centers, totaling approximately 760,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited.</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 shopping centers and other assets are held by, and all of our operations are conducted by the Operating Partnership. Accordingly, the descriptions of our business, employees and assets are also descriptions of the business, employees and assets of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger 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. On November 16, 2023, we changed our legal name from Tanger Factory Outlet Centers, Inc. to Tanger Inc. We refer to Tanger Inc.’s current legal name throughout this Quarterly Report on Form 10-Q.</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, 2024, the Company and its wholly-owned subsidiaries owned 110,208,387 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,707,958 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 of the Operating Partnership, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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2850000 usd
CY2023Q3 skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
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2608000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
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7450000 usd
skt Equity Method Investment Companyand Operating Partnership Shareof Real Estate Related Depreciation
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7893000 usd
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0.275
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0.275
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skt Average Sale Stock Price Per Share
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24.89
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skt Gross Proceeds From Issuance Of Common Stock
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skt Gross Proceeds From Issuance Of Common Stock
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CY2024Q3 skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
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skt Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
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CY2023Q2 srt Stock Repurchase Program Authorized Amount1
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100000000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
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CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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100000000 usd
CY2024Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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232000 usd
CY2023Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
414000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
692000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
854000 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24624000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
27210000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
71417000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74513000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108972000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104461000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108675000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104308000 shares
CY2024Q3 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
799000 shares
CY2023Q3 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
1026000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
746000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
898000 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
933000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
832000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
925000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
783000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110704000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106319000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110346000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105989000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2875000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3388000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8980000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9040000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
26000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
72000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
179000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
194000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
23000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
23000 usd
CY2024Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
98879000 usd
CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
87315000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
294031000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
252017000 usd
CY2024Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
26342000 usd
CY2023Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
23520000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
71318000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
66988000 usd
CY2024Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
125221000 usd
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
110835000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
365349000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
319005000 usd
CY2024Q3 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
19059000 usd
CY2023Q3 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
29919000 usd
us-gaap Interest Paid Net
InterestPaidNet
49370000 usd
us-gaap Interest Paid Net
InterestPaidNet
39421000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0 usd
CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100000000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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