Loading...

Tanger Factory Outlet Centers

NYSE:SKT
Snowflake Description

6 star dividend payer with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SKT
NYSE
$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. The last earnings update was 30 days ago. More info.


Add to Portfolio Compare Print
SKT Share Price and Events
7 Day Returns
1.2%
NYSE:SKT
0.5%
US REITs
-1.1%
US Market
1 Year Returns
-5.9%
NYSE:SKT
17.4%
US REITs
6.4%
US Market
SKT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tanger Factory Outlet Centers (SKT) 1.2% -4.8% -0.3% -5.9% -41.9% -41.3%
US REITs 0.5% 1.7% 14% 17.4% 12.3% 29.2%
US Market -1.1% 0.3% 16.7% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • SKT underperformed the REITs industry which returned 17.4% over the past year.
  • SKT underperformed the Market in United States of America which returned 6.4% over the past year.
Price Volatility
SKT
Industry
5yr Volatility vs Market

SKT Value

 Is Tanger Factory Outlet Centers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tanger Factory Outlet Centers to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tanger Factory Outlet Centers.

NYSE:SKT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SKT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.543 (1 + (1- 21%) (85.54%))
0.94
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.94 * 5.96%)
8.33%

Discounted Cash Flow Calculation for NYSE:SKT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Tanger Factory Outlet Centers is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Tanger Factory Outlet Centers is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:SKT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.33%)
2019 201.44 Analyst x2 185.95
2020 200.87 Analyst x2 171.16
2021 211.86 Analyst x1 166.65
2022 213.90 Est @ 0.96% 155.30
2023 217.08 Est @ 1.49% 145.50
2024 221.13 Est @ 1.86% 136.81
2025 225.82 Est @ 2.12% 128.97
2026 231.02 Est @ 2.3% 121.79
2027 236.64 Est @ 2.43% 115.16
2028 242.61 Est @ 2.52% 108.99
Present value of next 10 years cash flows $1,436.27
NYSE:SKT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $242.61 × (1 + 2.73%) ÷ (8.33% – 2.73%)
$4,449.54
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,449.54 ÷ (1 + 8.33%)10
$1,998.82
NYSE:SKT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,436.27 + $1,998.82
$3,435.09
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,435.09 / 98.06
$35.03
NYSE:SKT Discount to Share Price
Calculation Result
Value per share (USD) From above. $35.03
Current discount Discount to share price of $20.42
= -1 x ($20.42 - $35.03) / $35.03
41.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tanger Factory Outlet Centers is available for.
Intrinsic value
42%
Share price is $20.42 vs Future cash flow value of $35.03
Current Discount Checks
For Tanger Factory Outlet Centers to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tanger Factory Outlet Centers's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tanger Factory Outlet Centers's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tanger Factory Outlet Centers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tanger Factory Outlet Centers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SKT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.45
NYSE:SKT Share Price ** NYSE (2019-03-22) in USD $20.42
United States of America REITs Industry PE Ratio Median Figure of 152 Publicly-Listed REITs Companies 30.93x
United States of America Market PE Ratio Median Figure of 3,061 Publicly-Listed Companies 17.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tanger Factory Outlet Centers.

NYSE:SKT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SKT Share Price ÷ EPS (both in USD)

= 20.42 ÷ 0.45

44.89x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tanger Factory Outlet Centers is overvalued based on earnings compared to the US REITs industry average.
  • Tanger Factory Outlet Centers is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Tanger Factory Outlet Centers's expected growth come at a high price?
Raw Data
NYSE:SKT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 44.89x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
22.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 139 Publicly-Listed REITs Companies -0.18x
United States of America Market PEG Ratio Median Figure of 2,104 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

NYSE:SKT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 44.89x ÷ 22.5%

1.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tanger Factory Outlet Centers is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Tanger Factory Outlet Centers's assets?
Raw Data
NYSE:SKT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $5.16
NYSE:SKT Share Price * NYSE (2019-03-22) in USD $20.42
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.84x
United States of America Market PB Ratio Median Figure of 5,164 Publicly-Listed Companies 1.84x
NYSE:SKT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SKT Share Price ÷ Book Value per Share (both in USD)

= 20.42 ÷ 5.16

3.96x

* Primary Listing of Tanger Factory Outlet Centers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tanger Factory Outlet Centers is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Tanger Factory Outlet Centers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Tanger Factory Outlet Centers has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SKT Future Performance

 How is Tanger Factory Outlet Centers expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tanger Factory Outlet Centers expected to grow at an attractive rate?
  • Tanger Factory Outlet Centers's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Tanger Factory Outlet Centers's earnings growth is expected to exceed the United States of America market average.
  • Tanger Factory Outlet Centers's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SKT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SKT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 22.5%
NYSE:SKT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -0.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 0.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SKT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SKT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 483 88 1
2020-12-31 483 82 2
2019-12-31 484 82 2
NYSE:SKT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 496 258 42
2018-09-30 494 252 54
2018-06-30 492 258 61
2018-03-31 492 247 67
2017-12-31 499 253 67
2017-09-30 494 243 59
2017-06-30 493 245 143
2017-03-31 486 242 187
2016-12-31 480 239 192
2016-09-30 468 223 275
2016-06-30 462 225 250
2016-03-31 457 220 202

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tanger Factory Outlet Centers's earnings are expected to grow significantly at over 20% yearly.
  • Tanger Factory Outlet Centers's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SKT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Tanger Factory Outlet Centers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SKT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.93 0.93 0.93 1.00
2020-12-31 0.87 0.92 0.79 4.00
2019-12-31 0.86 0.91 0.74 4.00
NYSE:SKT Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.45
2018-09-30 0.58
2018-06-30 0.65
2018-03-31 0.72
2017-12-31 0.71
2017-09-30 0.63
2017-06-30 1.51
2017-03-31 1.96
2016-12-31 2.02
2016-09-30 2.89
2016-06-30 2.64
2016-03-31 2.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tanger Factory Outlet Centers is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Tanger Factory Outlet Centers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tanger Factory Outlet Centers has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SKT Past Performance

  How has Tanger Factory Outlet Centers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tanger Factory Outlet Centers's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tanger Factory Outlet Centers's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Tanger Factory Outlet Centers's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tanger Factory Outlet Centers's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Tanger Factory Outlet Centers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tanger Factory Outlet Centers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SKT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 495.61 42.44 71.23
2018-09-30 494.34 54.25 72.07
2018-06-30 492.14 60.90 72.25
2018-03-31 492.21 67.33 72.75
2017-12-31 499.17 66.79 73.05
2017-09-30 494.40 59.40 74.26
2017-06-30 493.28 143.40 74.57
2017-03-31 486.09 187.00 74.45
2016-12-31 479.61 191.82 74.60
2016-09-30 467.84 274.96 73.37
2016-06-30 461.71 250.06 73.64
2016-03-31 456.69 201.54 73.87
2015-12-31 450.85 208.79 73.61
2015-09-30 446.10 118.92 71.51
2015-06-30 437.15 97.86 71.33
2015-03-31 431.37 92.06 70.48
2014-12-31 427.61 72.14 69.90
2014-09-30 424.53 76.82 66.73
2014-06-30 423.78 107.09 65.15
2014-03-31 411.30 105.37 64.30
2013-12-31 395.86 106.43 63.15
2013-09-30 382.23 102.54 62.01
2013-06-30 365.24 64.87 61.27
2013-03-31 360.19 59.72 60.06
2012-12-31 353.71 52.44 60.50
2012-09-30 347.59 47.79 57.85
2012-06-30 340.87 44.97 56.78
2012-03-31 325.74 42.72 55.27

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tanger Factory Outlet Centers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tanger Factory Outlet Centers used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Tanger Factory Outlet Centers's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tanger Factory Outlet Centers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tanger Factory Outlet Centers has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SKT Health

 How is Tanger Factory Outlet Centers's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tanger Factory Outlet Centers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tanger Factory Outlet Centers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tanger Factory Outlet Centers's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tanger Factory Outlet Centers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tanger Factory Outlet Centers Company Filings, last reported 2 months ago.

NYSE:SKT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 505.54 1,712.92 14.84
2018-09-30 524.48 1,747.66 13.84
2018-06-30 575.66 1,768.21 13.19
2018-03-31 593.49 1,772.09 11.54
2017-12-31 612.30 1,763.84 11.63
2017-09-30 609.04 1,773.98 12.98
2017-06-30 661.13 1,729.00 12.53
2017-03-31 698.00 1,699.46 11.94
2016-12-31 705.44 1,687.87 16.22
2016-09-30 705.65 1,726.86 25.90
2016-06-30 660.41 1,607.29 27.11
2016-03-31 615.57 1,477.67 18.88
2015-12-31 606.03 1,552.54 21.56
2015-09-30 541.28 1,541.17 20.66
2015-06-30 531.44 1,515.28 16.95
2015-03-31 526.85 1,463.00 14.66
2014-12-31 523.89 1,443.19 16.97
2014-09-30 554.21 1,448.99 11.82
2014-06-30 554.16 1,401.28 13.28
2014-03-31 551.83 1,357.87 17.97
2013-12-31 557.60 1,328.05 16.62
2013-09-30 560.96 1,325.85 10.48
2013-06-30 510.29 1,125.04 5.45
2013-03-31 511.44 1,087.86 2.69
2012-12-31 513.88 1,093.54 10.34
2012-09-30 513.10 1,052.82 9.51
2012-06-30 515.25 1,058.08 11.86
2012-03-31 520.97 1,038.73 10.79
  • Tanger Factory Outlet Centers's level of debt (338.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (238.3% vs 338.8% today).
  • Debt is not well covered by operating cash flow (15.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Tanger Factory Outlet Centers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tanger Factory Outlet Centers has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SKT Dividends

 What is Tanger Factory Outlet Centers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.95%
Current annual income from Tanger Factory Outlet Centers dividends. Estimated to be 7.09% next year.
If you bought $2,000 of Tanger Factory Outlet Centers shares you are expected to receive $139 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tanger Factory Outlet Centers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • Tanger Factory Outlet Centers's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment

Purchase Tanger Factory Outlet Centers on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SKT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SKT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.44 3.00
2020-12-31 1.47 6.00
2019-12-31 1.43 6.00
NYSE:SKT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-21 1.420 6.818
2019-02-13 1.420 6.541
2019-01-10 1.400 6.255
2018-10-11 1.400 6.255
2018-07-12 1.400 6.003
2018-04-12 1.400 6.343
2018-01-11 1.370 5.946
2017-10-05 1.370 5.526
2017-07-06 1.370 5.441
2017-04-06 1.370 4.920
2017-01-06 1.300 3.869
2016-10-06 1.300 3.689
2016-07-08 1.300 3.237
2016-04-07 1.300 3.547
2015-12-10 1.140 3.446
2015-10-08 1.140 3.331
2015-07-09 1.140 3.492
2015-05-06 1.140 3.420
2015-04-28 1.140 3.373
2015-01-08 0.960 2.630
2014-10-09 0.960 2.656
2014-07-10 0.960 2.795
2014-04-10 0.960 2.701
2014-01-09 0.900 2.630
2013-10-10 0.900 2.706
2013-07-11 0.900 2.758
2013-04-04 0.900 2.524
2013-01-03 0.840 2.369
2012-10-04 0.840 2.581
2012-07-05 0.840 2.559
2012-04-05 0.840 2.701
2012-01-05 0.800 2.723
2011-10-06 0.800 2.863
2011-07-07 0.800 2.976
2011-04-07 0.800 2.991
2011-02-22 0.775 2.992
2010-11-04 0.775 3.069
2010-10-26 0.775 3.189
2010-10-07 0.775 3.229
2010-08-06 0.775 3.349
2010-07-28 0.775 3.409
2010-07-08 0.775 3.525
2010-04-08 0.775 3.719
2010-03-01 0.765 3.535
2010-02-23 0.765 3.631
2010-01-07 0.765 3.903
2009-11-06 0.765 3.870
2009-10-27 0.765 4.059
2009-10-08 0.765 4.089
2009-08-07 0.765 4.138
2009-07-28 0.765 4.182
2009-07-09 0.765 4.590
2009-04-09 0.765 4.797
2009-03-24 0.760 4.906

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Tanger Factory Outlet Centers's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (161.8x coverage).
X
Income/ dividend checks
We assess Tanger Factory Outlet Centers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tanger Factory Outlet Centers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tanger Factory Outlet Centers has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SKT Management

 What is the CEO of Tanger Factory Outlet Centers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Tanger
COMPENSATION $7,024,948
AGE 69
TENURE AS CEO 10.2 years
CEO Bio

Mr. Steven B. Tanger, also known as Steve, serves as a Director of Tanger Factory Outlet Centers, Inc., one of the largest owners and operators of outlet centers in the U.S. and Canada that is publicly traded on the New York Stock Exchange, since May 13, 1993 and as its Chief Executive Officer since January 1, 2009. He also served as its President from January 1, 2009 to May 2017. Prior to that, he served as President and Chief Operating Officer of Tanger Factory Outlet Centers, Inc. from January 1995 to December 2008 and Executive Vice President from 1986 to December 1994. Mr. Tanger previously served on the Board of Directors of The Fresh Market, Inc., a publicly traded company on the NASDAQ Global Select Market, from June 2012 until its acquisition by Pomegranate Holdings, Inc. in April 2016. Mr. Tanger also currently serves as a member of the Mount Sinai Advisory Board of Trustees and previously served as a member of the Board of Trustees of the International Council of Shopping Centers. Mr. Tanger received a B.S.B.A. degree in business from the University of North Carolina.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year.
  • Steve's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Tanger Factory Outlet Centers management team in years:

6
Average Tenure
55
Average Age
  • The average tenure for the Tanger Factory Outlet Centers management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Steve Tanger

TITLE
CEO & Director
COMPENSATION
$7M
AGE
69
TENURE
10.2 yrs

Tom McDonough

TITLE
President & COO
COMPENSATION
$3M
AGE
60
TENURE
1.8 yrs

Jim Williams

TITLE
Executive VP & CFO
COMPENSATION
$1M
AGE
53
TENURE
2.8 yrs

Gareth Taylor

TITLE
Executive VP
COMPENSATION
$2M
TENURE
7.3 yrs

Lisa Morrison

TITLE
Executive Vice President of Leasing
COMPENSATION
$983K
AGE
58
TENURE
17.8 yrs

Tom Guerrieri

TITLE
VP, Chief Accounting Officer & Controller
AGE
45
TENURE
1.8 yrs

Cyndi Holt

TITLE
Vice President

Quentin Pell

TITLE
Vice President of Corporate Communications & Enterprise Risk Management

Carrie Warren

TITLE
Senior VP & Chief Marketing Officer
COMPENSATION
$502K
AGE
55
TENURE
7.2 yrs

Charles Worsham

TITLE
Senior Vice President of Construction & Development
AGE
46
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Tanger Factory Outlet Centers board of directors in years:

10.2
Average Tenure
69
Average Age
  • The average tenure for the Tanger Factory Outlet Centers board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Tom Reddin

TITLE
Non-Executive Chairman
COMPENSATION
$286K
AGE
57
TENURE
2.8 yrs

Steve Tanger

TITLE
CEO & Director
COMPENSATION
$7M
AGE
69
TENURE
25.8 yrs

Bridget Ryan-Berman

TITLE
Director
COMPENSATION
$251K
AGE
57
TENURE
10.2 yrs

Jeffrey Citrin

TITLE
Director
COMPENSATION
$261K
AGE
60
TENURE
4.7 yrs

Dave Henry

TITLE
Director
COMPENSATION
$234K
AGE
69
TENURE
3.2 yrs

Tom Robinson

TITLE
Independent Director
COMPENSATION
$236K
AGE
70
TENURE
25.2 yrs

William Benton

TITLE
Director
COMPENSATION
$236K
AGE
72
TENURE
25.8 yrs

Allan Schuman

TITLE
Independent Director
COMPENSATION
$261K
AGE
83
TENURE
14.6 yrs

Susan Skerritt

TITLE
Director
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
30. Nov 18 Sell Charles Worsham Individual 27. Nov 18 27. Nov 18 -3,550 $23.63 $-83,869
30. Nov 18 Sell Carrie Warren Individual 29. Nov 18 29. Nov 18 -1,596 $23.34 $-37,244
27. Nov 18 Sell Gareth Taylor Individual 26. Nov 18 26. Nov 18 -2,500 $23.26 $-58,153
13. Nov 18 Sell Lisa Morrison Individual 12. Nov 18 12. Nov 18 -8,500 $23.89 $-203,091
31. Aug 18 Sell Carrie Warren Individual 30. Aug 18 30. Aug 18 -2,000 $24.14 $-48,288
10. Aug 18 Sell Gareth Taylor Individual 10. Aug 18 10. Aug 18 -2,000 $23.76 $-47,510
06. Aug 18 Sell Thomas Guerrieri Individual 03. Aug 18 03. Aug 18 -500 $24.26 $-12,131
31. May 18 Sell Charles Worsham Individual 29. May 18 29. May 18 -4,400 $21.12 $-92,928
22. May 18 Sell Carrie Warren Individual 22. May 18 22. May 18 -2,357 $20.80 $-49,026
X
Management checks
We assess Tanger Factory Outlet Centers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tanger Factory Outlet Centers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SKT News

Simply Wall St News

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Insiders Have Been Selling

So shareholders might well want to know whether insiders have been buying or selling shares in Tanger Factory Outlet Centers, Inc. … All up, insiders sold more shares in Tanger Factory Outlet Centers than they bought, over the last year … It's not particularly great to see insiders were selling shares around current prices

Simply Wall St -

Will Tanger Factory Outlet Centers, Inc.'s (NYSE:SKT) Earnings Grow In The Next Couple Of Years?

In December 2018, Tanger Factory Outlet Centers, Inc. … (NYSE:SKT) released its most recent earnings announcement, whicha

Simply Wall St -

Should You Be Impressed By Tanger Factory Outlet Centers, Inc.'s (NYSE:SKT) ROE?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Tanger Factory Outlet Centers, Inc. … Over the last twelve months Tanger Factory Outlet Centers has recorded a ROE of 11%. … View our latest analysis for Tanger Factory Outlet Centers?

Simply Wall St -

What You Need To Know Before Investing In Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

real estate investment trust (REIT) based in Greensboro, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

These Fundamentals Make Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Truly Worth Looking At

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Tanger Factory Outlet Centers, Inc.

Simply Wall St -

Our Take On Tanger Factory Outlet Centers Inc's (NYSE:SKT) CEO Salary

Steve Tanger has been the CEO of Tanger Factory Outlet Centers Inc (NYSE:SKT) since 2009. … How Does Steve Tanger's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Tanger Factory Outlet Centers Inc has a market cap of US$2.3b, and is paying total annual CEO compensation of US$7.0m

Simply Wall St -

Should We Be Delighted With Tanger Factory Outlet Centers Inc's (NYSE:SKT) ROE Of 11%?

By way of learning-by-doing, we'll look at ROE to gain a better understanding Tanger Factory Outlet Centers Inc (NYSE:SKT). … Over the last twelve months Tanger Factory Outlet Centers has recorded a ROE of 11%. … Check out our latest analysis for Tanger Factory Outlet Centers?

Simply Wall St -

Does Tanger Factory Outlet Centers Inc's (NYSE:SKT) CEO Salary Reflect Performance?

Steve Tanger took the helm as Tanger Factory Outlet Centers Inc's (NYSE:SKT) CEO and grew market cap to US$2.37b recently. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … Check out our latest analysis for Tanger Factory Outlet Centers

Simply Wall St -

Interested In Tanger Factory Outlet Centers Inc (NYSE:SKT)’s Upcoming $0.35 Dividend? You Have 3 Days Left

Check out our latest analysis for Tanger Factory Outlet Centers How I analyze a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is their annual yield among the top 25% of dividend payers? … NYSE:SKT Historical Dividend Yield Apr 23rd 18 How well does Tanger Factory Outlet Centers fit our criteria? … Next Steps: Taking into account the dividend metrics, Tanger Factory Outlet Centers ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers.

Simply Wall St -

Top Picks For Real Estate Dividend Rockstars

During these times, companies such as Tanger Factory Outlet Centers and National Health Investors generate high dividend income to shareholders. … NYSE:SKT Historical Dividend Yield Apr 16th 18 National Health Investors, Inc. … NYSE:NHI Historical Dividend Yield Apr 16th 18 Senior Housing Properties Trust (NASDAQ:SNH) SNH has a substantial dividend yield of 10.26% with a generous payout ratio.

Simply Wall St -

SKT Company Info

Description

Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 530 different brand name companies. The Company has more than 38 years of experience in the outlet industry. Tanger Outlet Centers continue to attract more than 189 million shoppers annually. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended December 31, 2018.

Details
Name: Tanger Factory Outlet Centers, Inc.
SKT
Exchange: NYSE
Founded: 1981
$2,002,393,102
$1,901,095,935
98,060,387
Website: http://www.tangeroutlet.com
Address: Tanger Factory Outlet Centers, Inc.
3200 Northline Avenue,
Suite 360,
Greensboro,
North Carolina, 27408,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SKT Common Shares New York Stock Exchange US USD 28. May 1993
DB T6O Common Shares Deutsche Boerse AG DE EUR 28. May 1993
LSE 0LD4 Common Shares London Stock Exchange GB USD 28. May 1993
Number of employees
Current staff
Staff numbers
464
Tanger Factory Outlet Centers employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/23 23:43
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/22
Last earnings filing: 2019/02/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.