NYSE:SKT

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Tanger Factory Outlet Centers

Executive Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers.


Snowflake Analysis

Slightly overvalued with worrying balance sheet.


Similar Companies

Share Price & News

How has Tanger Factory Outlet Centers's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SKT's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

33.8%

SKT

4.6%

US REITs

2.9%

US Market


1 Year Return

-49.9%

SKT

-7.2%

US REITs

8.9%

US Market

Return vs Industry: SKT underperformed the US REITs industry which returned -7.2% over the past year.

Return vs Market: SKT underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

SKTIndustryMarket
7 Day33.8%4.6%2.9%
30 Day37.4%11.3%10.6%
90 Day-30.7%-9.8%5.1%
1 Year-43.7%-49.9%-3.3%-7.2%11.4%8.9%
3 Year-59.6%-68.2%16.7%2.3%34.3%25.4%
5 Year-65.7%-75.0%47.8%17.6%60.7%42.7%

Price Volatility Vs. Market

How volatile is Tanger Factory Outlet Centers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Tanger Factory Outlet Centers undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SKT ($8.23) is trading below our estimate of fair value ($23.25)

Significantly Below Fair Value: SKT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: SKT is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: SKT is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SKT's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: SKT is overvalued based on its PB Ratio (2.3x) compared to the US REITs industry average (1.5x).


Next Steps

Future Growth

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

137.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SKT is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: SKT is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: SKT is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: SKT's revenue is expected to decline over the next 3 years (-25.3% per year).

High Growth Revenue: SKT's revenue is forecast to decline over the next 3 years (-25.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if SKT's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

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

-23.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SKT is currently unprofitable.

Growing Profit Margin: SKT is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: SKT is unprofitable, and losses have increased over the past 5 years at a rate of -23.6% per year.

Accelerating Growth: Unable to compare SKT's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: SKT is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (5.2%).


Return on Equity

High ROE: SKT has a negative Return on Equity (-0.35%), as it is currently unprofitable.


Next Steps

Financial Health

How is Tanger Factory Outlet Centers's financial position?


Financial Position Analysis

Short Term Liabilities: SKT's short term assets ($701.1M) exceed its short term liabilities ($94.4M).

Long Term Liabilities: SKT's short term assets ($701.1M) do not cover its long term liabilities ($2.3B).


Debt to Equity History and Analysis

Debt Level: SKT's debt to equity ratio (625.2%) is considered high.

Reducing Debt: SKT's debt to equity ratio has increased from 277.9% to 625.2% over the past 5 years.

Debt Coverage: SKT's debt is not well covered by operating cash flow (9.9%).

Interest Coverage: SKT is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

12.75%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate SKT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SKT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SKT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SKT's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: SKT is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of SKT's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.5yrs

Average management tenure


CEO

Steve Tanger (70yo)

11.42yrs

Tenure

US$6,569,699

Compensation

Mr. Steven B. Tanger, also known as Steve, serves as a Director of Tanger Factory Outlet Centers, Inc. since May 13, 1993 and serves as its Chief Executive Officer since January 1, 2009. He also served as  ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD6.57M) is above average for companies of similar size in the US market ($USD3.11M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Steven Tanger
CEO & Director11.42yrsUS$6.57m2.59% $18.8m
James Williams
Executive VP & CFO4.08yrsUS$1.68m0.10% $758.6k
Chad Perry
Executive VP8.5yrsUS$2.06m0.11% $825.9k
Lisa Morrison
Executive Vice President of Leasing19.08yrsUS$989.73k0.056% $409.6k
Stephen Yalof
President & COO0.17yrno data0.42% $3.0m
Thomas Guerrieri
VP, Chief Accounting Officer & Controller3.08yrsno data0.040% $290.9k
Cyndi Holt
Vice President of Investor Relationsno datano datano data
Quentin Pell
Vice President of Corporate Communications & Enterprise Risk Managementno datano datano data
Carrie Warren
Senior VP & Chief Marketing Officer8.42yrsUS$370.07k0.066% $479.1k
Mary Williams
Vice President of Human Resources13.08yrsno datano data

8.5yrs

Average Tenure

55yo

Average Age

Experienced Management: SKT's management team is seasoned and experienced (8.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Steven Tanger
CEO & Director11.42yrsUS$6.57m2.59% $18.8m
Thomas Reddin
Independent Director9.92yrsUS$276.81k0.058% $424.5k
Jeffrey Citrin
Independent Director5.92yrsUS$267.43k0.0021% $15.6k
David Henry
Independent Non-Executive Chair of the Board1.08yrsUS$283.06k0.050% $361.9k
Bridget Ryan-Berman
Independent Director11.42yrsUS$257.43k0.076% $553.7k
Susan Skerritt
Independent Director1.92yrsUS$233.25kno data
Luis Ubiñas
Independent Director0.92yrUS$25.44kno data

5.9yrs

Average Tenure

61yo

Average Age

Experienced Board: SKT's board of directors are considered experienced (5.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SKT insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Tanger Factory Outlet Centers, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tanger Factory Outlet Centers, Inc.
  • Ticker: SKT
  • Exchange: NYSE
  • Founded: 1981
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$728.975m
  • Market Cap: US$769.225m
  • Shares outstanding: 98.38m
  • Website: https://www.tangeroutlets.com

Number of Employees


Location

  • Tanger Factory Outlet Centers, Inc.
  • 3200 Northline Avenue
  • Suite 360
  • Greensboro
  • North Carolina
  • 27408
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SKTNYSE (New York Stock Exchange)YesCommon SharesUSUSDMay 1993
T6ODB (Deutsche Boerse AG)YesCommon SharesDEEURMay 1993
0LD4LSE (London Stock Exchange)YesCommon SharesGBUSDMay 1993
SKT.PRCCNYSE (New York Stock Exchange)PFD CUSUSDNov 2005

Biography

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.3 million square feet, leased to over 2,800 stores which are operated by more than 510 different brand name companies. The Company has more than 39 years of experience in the outlet industry. Tanger Outlet Centers continue to attract more than 181 million visitors annually. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended March 31, 2020. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 03:27
End of Day Share Price2020/06/04 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.