Tanger Management

Management criteria checks 3/4

Tanger's CEO is Steve Yalof, appointed in Apr 2020, has a tenure of 4.58 years. total yearly compensation is $6.10M, comprised of 13.9% salary and 86.1% bonuses, including company stock and options. directly owns 0.66% of the company’s shares, worth €26.73M. The average tenure of the management team and the board of directors is 3.1 years and 7.6 years respectively.

Key information

Steve Yalof

Chief executive officer

US$6.1m

Total compensation

CEO salary percentage	13.9%
CEO tenure	4.6yrs
CEO ownership	0.7%
Management average tenure	3.1yrs
Board average tenure	7.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Steve Yalof's remuneration changed compared to Tanger's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$95m
Jun 30 2024	n/a	n/a	US$97m
Mar 31 2024	n/a	n/a	US$97m
Dec 31 2023	US$6m	US$850k	US$98m
Sep 30 2023	n/a	n/a	US$90m
Jun 30 2023	n/a	n/a	US$87m
Mar 31 2023	n/a	n/a	US$84m
Dec 31 2022	US$5m	US$850k	US$81m
Sep 30 2022	n/a	n/a	US$79m
Jun 30 2022	n/a	n/a	US$44m
Mar 31 2022	n/a	n/a	US$25m
Dec 31 2021	US$5m	US$850k	US$8m
Sep 30 2021	n/a	n/a	-US$5m
Jun 30 2021	n/a	n/a	US$20m
Mar 31 2021	n/a	n/a	-US$6m
Dec 31 2020	US$6m	US$535k	-US$37m

Compensation vs Market: Steve's total compensation ($USD6.10M) is above average for companies of similar size in the German market ($USD1.93M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.

CEO

Steve Yalof (61 yo)

4.6yrs

Tenure

US$6,100,202

Compensation

Mr. Stephen J. Yalof, also known as Steve, serves as Chief Executive Officer at Tanger Inc. since January 1, 2021, serves as its President since April 10, 2020 and served as its Chief Operating Officer sin...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Stephen Yalof	President	4.6yrs	US$6.10m	0.66% € 26.7m
Michael Bilerman	Executive VP	2yrs	US$2.85m	0.16% € 6.6m
Leslie A. Gallardo	Executive VP & COO	2.9yrs	US$1.50m	0.077% € 3.1m
Thomas Guerrieri	Senior VP & Chief Accounting Officer	7.5yrs	US$721.94k	0.054% € 2.2m
Jessica Norman	Executive VP	1.2yrs	no data	0.028% € 1.1m
Regina Campbell	Senior Vice President of Marketing	no data	no data	no data
Christi Downes	Senior Vice President of People	no data	no data	no data
Brian Auger	Senior Vice President of Legal & Corporate Counsel	no data	no data	no data
Joshua Cox	Senior Vice President of Tax	no data	no data	no data
Craig Wise	Senior Vice President of Digital Strategy	no data	no data	no data
Steve Dworkin	Senior Vice President of Real Estate	3.5yrs	no data	no data
Justin Stein	Executive Vice President of Leasing	3.1yrs	no data	0.032% € 1.3m

3.1yrs

Average Tenure

50yo

Average Age

Experienced Management: T6O's management team is considered experienced (3.1 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Stephen Yalof	President	4.3yrs	US$6.10m	0.66% € 26.7m
Thomas Reddin	Independent Director	14.3yrs	US$267.14k	0.042% € 1.7m
Steven Tanger	Non-Executive Chair of the Board	31.5yrs	US$2.29m	0.84% € 33.9m
Jeffrey Citrin	Independent Director	10.3yrs	US$242.14k	0.0018% € 73.4k
David Henry	Independent Director	8.8yrs	US$267.14k	0.075% € 3.1m
Bridget Ryan-Berman	Lead Independent Director	15.8yrs	US$267.14k	0.088% € 3.6m
Sandeep Mathrani	Independent Director	3.4yrs	US$238.49k	0.023% € 948.4k
Susan Skerritt	Independent Director	6.3yrs	US$267.14k	0.013% € 522.5k
Luis Ubinas	Independent Director	5.3yrs	US$257.14k	no data
Sonia Syngal	Director	less than a year	no data	no data

7.6yrs

Average Tenure

63yo

Average Age

Experienced Board: T6O's board of directors are considered experienced (7.6 years average tenure).

Tanger Management

Management criteria checks 3/4

Key information

Recent management updates

Tanger Inc. Appoints Sonia Syngal to Its Board of Directors

Executive VP & COO recently sold €498k worth of stock

Independent Director recently sold €331k worth of stock

Tanger Inc., Annual General Meeting, May 17, 2024

Tanger Factory Outlet Centers, Inc. Announces Transition of Steven B. Tanger from Executive Chair of the Board of Directors to Non-Executive Chair, Effective January 1, 2024

Tanger Factory Outlet Centers, Inc. Appoints Jessica K. Norman as EVP and General Counsel

Recent updates

New major risk - Revenue and earnings growth

Third quarter 2024 earnings released: EPS: US$0.23 (vs US$0.27 in 3Q 2023)

Tanger Inc. Revises Earnings Guidance for the Year Ending December 31, 2024

Second quarter dividend of US$0.28 announced

Tanger Inc. Declares Quarterly Cash Dividend, Payable on November 15, 2024

Tanger Inc. Appoints Sonia Syngal to Its Board of Directors

New minor risk - Shareholder dilution

Executive VP & COO recently sold €498k worth of stock

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Tanger Inc. to Report Q3, 2024 Results on Nov 06, 2024

Second quarter 2024 earnings released: EPS: US$0.23 (vs US$0.25 in 2Q 2023)

Tanger Inc. Revises Earnings Guidance for the Year Ending December 31, 2024

First quarter dividend of US$0.28 announced

New minor risk - Shareholder dilution

Tanger Inc. Declares Quarterly Cash Dividend, Payable on August 15, 2024

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Tanger Inc. to Report Q2, 2024 Results on Aug 01, 2024

Independent Director recently sold €331k worth of stock

First quarter 2024 earnings released: EPS: US$0.20 (vs US$0.22 in 1Q 2023)

Upcoming dividend of US$0.28 per share

Now 20% undervalued

Fourth quarter dividend of US$0.28 announced

Tanger Inc. Approves Quarterly Cash Dividend, Payable on May 15, 2024

Tanger Inc., Annual General Meeting, May 17, 2024

Tanger Inc. to Report Q1, 2024 Results on Apr 30, 2024

New minor risk - Shareholder dilution

New major risk - Revenue and earnings growth

Tanger Provides Earnings Guidance for the Year Ending December 31, 2024

Full year 2023 earnings released: EPS: US$0.94 (vs US$0.78 in FY 2022)

Upcoming dividend of US$0.26 per share at 3.8% yield

New minor risk - Shareholder dilution

Third quarter dividend of US$0.26 announced

Tanger Inc. Declares Quarterly Cash Dividend, Payable on February 15, 2024

Tanger Inc. to Report Q4, 2023 Results on Feb 15, 2024

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Tanger Inc. has filed a Follow-on Equity Offering in the amount of $250 million.

Tanger Inc. (NYSE:SKT) acquired 825,000 square foot Bridge Street Town Centre in Huntsville, Alabama for approximately $190 million.

New major risk - Revenue and earnings growth

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) acquired Asheville Outlets for $70 million.

Tanger Factory Outlet Centers, Inc. Announces Transition of Steven B. Tanger from Executive Chair of the Board of Directors to Non-Executive Chair, Effective January 1, 2024

Third quarter 2023 earnings released: EPS: US$0.26 (vs US$0.22 in 3Q 2022)

Now 20% undervalued after recent price drop

Upcoming dividend of US$0.26 per share at 4.5% yield

Tanger® Outlets Approves 6.1% Increase in the Dividend on Its Common Shares, Payable on November 15, 2023

Now 20% undervalued

Tanger Factory Outlet Centers, Inc. Appoints Jessica K. Norman as EVP and General Counsel

Tanger Factory Outlet Centers, Inc. to Report Q3, 2023 Results on Nov 06, 2023

Now 21% undervalued

Second quarter 2023 earnings released: EPS: US$0.23 (vs US$0.19 in 2Q 2022)

Insufficient new directors

Upcoming dividend of US$0.24 per share at 4.1% yield

Tanger Factory Outlet Centers, Inc. Declares Cash Dividend, Payable on August 15, 2023

Tanger Outlets Announces Board Changes

Tanger Factory Outlet Centers, Inc. to Report Q2, 2023 Results on Aug 03, 2023

Independent Director recently sold €92k worth of stock

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announces an Equity Buyback for $100 million worth of its shares.

First quarter 2023 earnings released: FFO per share: US$0.5 (vs US$0.48 in 1Q 2022)

Now 20% undervalued after recent price drop

Upcoming dividend of US$0.24 per share at 5.1% yield

Full year 2022 earnings released: FFO per share: US$1.9 (vs US$1.38 in FY 2021)

Tanger Factory Outlet Centers, Inc. Declares Quarterly Dividend, Payable on February 15, 2023

Tanger Factory Outlet Centers, Inc. Announces Resignation of Chad D. Perry as Executive Vice President, General Counsel and Secretary, Effective April 3, 2023

Tanger Factory Outlet Centers, Inc. to Report Q4, 2022 Results on Feb 21, 2023

Third quarter 2022 earnings released: EPS: US$0.22 (vs US$0.11 loss in 3Q 2021)

Upcoming dividend of US$0.22 per share

Tanger Factory Outlet Centers, Inc. Declares Quarterly Dividend, Payable on November 15, 2022