Tanger Management

Management criteria checks 4/4

Tanger's CEO is Steve Yalof, appointed in Apr 2020, has a tenure of 3.75 years. total yearly compensation is $6.10M, comprised of 13.9% salary and 86.1% bonuses, including company stock and options. directly owns 0.67% of the company’s shares, worth $21.97M. The average tenure of the management team and the board of directors is 2.5 years and 8.3 years respectively.

Key information

Steve Yalof

Chief executive officer

US$6.1m

Total compensation

CEO salary percentage	13.9%
CEO tenure	4yrs
CEO ownership	0.7%
Management average tenure	2.5yrs
Board average tenure	8.3yrs

Recent management updates

Recent updates

Tanger Factory FFO of $0.47 beats by $0.02, revenue of $116.46M beats by $7.45M, guidance in-line

Feb 21

Dividend Cut Risk For Tanger But SWAN With Simon

Jan 30

Tanger Factory Outlet: 5 Reasons Why You Should Sell This REIT

Jan 16

Simon Says, Sell Tanger Factory Outlets

Dec 19

Tanger Factory: Secure A 4.5% Yield For Tough Times

Dec 07

Tanger increases loan capacity by $25M, extends maturity

Oct 17

Tanger Factory hikes dividend by 10% to $0.22

Oct 11

Tanger Factory Outlet appoints Michael Bilerman as CFO, chief investment officer

Sep 19

Tanger Factory Outlet narrows year core FFO guidance after Q2 revenue beat

Aug 08

It's Tanger Time

Aug 02

Buy Tanger Factory Outlet's Solid 5.5% Yield

Jul 11

Tanger Factory Outlet: Continued Upside Exists Despite Its Meteoric Rise

Jul 01

CEO Compensation Analysis

How has Steve Yalof's remuneration changed compared to Tanger's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$6m	US$850k	US$98m
Sep 30 2023	n/a	n/a	US$93m
Jun 30 2023	n/a	n/a	US$89m
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 ($USD6.10M) is about average for companies of similar size in the US market ($USD6.59M).

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

CEO

Steve Yalof (60 yo)

4yrs

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	4yrs	US$6.10m	0.67% $ 22.0m
Michael Bilerman	Executive VP	1.4yrs	US$2.85m	0.17% $ 5.4m
Leslie A. Gallardo	Executive VP & COO	2.3yrs	US$1.50m	0.095% $ 3.1m
Thomas Guerrieri	Senior VP & Chief Accounting Officer	6.9yrs	US$721.94k	0.057% $ 1.9m
Jessica Norman	Executive VP	less than a year	no data	0.029% $ 961.5k
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	2.9yrs	no data	no data
Justin Stein	Executive Vice President of Leasing	2.5yrs	no data	0.035% $ 1.1m

2.5yrs

Average Tenure

49yo

Average Age

Experienced Management: SKT's management team is considered experienced (2.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Stephen Yalof	President	3.8yrs	US$6.10m	0.67% $ 22.0m
Thomas Reddin	Independent Director	13.8yrs	US$267.14k	0.043% $ 1.4m
Steven Tanger	Non-Executive Chair of the Board	30.9yrs	US$2.29m	0.85% $ 27.9m
Jeffrey Citrin	Independent Director	9.8yrs	US$242.14k	0.0018% $ 60.2k
David Henry	Independent Director	8.3yrs	US$267.14k	0.077% $ 2.5m
Bridget Ryan-Berman	Lead Independent Director	15.3yrs	US$267.14k	0.099% $ 3.3m
Sandeep Mathrani	Independent Director	2.8yrs	US$238.49k	0.024% $ 779.4k
Susan Skerritt	Independent Director	5.8yrs	US$267.14k	0.022% $ 712.6k
Luis Ubinas	Independent Director	4.8yrs	US$257.14k	no data

8.3yrs

Average Tenure

62yo

Average Age

Experienced Board: SKT's board of directors are considered experienced (8.3 years average tenure).

Tanger Management

Management criteria checks 4/4

Key information

Recent management updates

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

Non-Executive Chair of the Board exercised options and sold US$1.8m worth of stock

Executive Chair of the Board notifies of intention to sell stock

Executive Chair of the Board notifies of intention to sell stock

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

Upcoming dividend of US$0.28 per share

Tanger Factory Outlets: Still Growing While Beating 2020 Expectations

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: Sustained Growth With Desirable Locations

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

New minor risk - Shareholder dilution

Non-Executive Chair of the Board exercised options and sold US$1.8m worth of stock

Consensus EPS estimates increase by 28%

New major risk - Revenue and earnings growth

Full year 2023 earnings: EPS and revenues exceed analyst expectations

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

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: A Well-Covered 4% Dividend Plus Growth Potential

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

New minor risk - Shareholder dilution

New minor risk - Shareholder dilution

Executive Chair of the Board notifies of intention to sell stock

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.

Executive Chair of the Board notifies of intention to sell stock

After Fantastic Upside, Tanger Is No Longer On Sale (Rating Downgrade)

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

Consensus EPS estimates increase by 18%

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

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

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

Tanger Factory: A Quality 'Buy' At The Right Price

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 20% undervalued

New major risk - Revenue and earnings growth

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

Insufficient new directors

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

Tanger Factory Outlet: Flush With Cash, 4.2% Dividend Yield, A Buy?

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

Tanger Outlets Announces Board Changes

Executive Chair of the Board notifies of intention to sell stock

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

Independent Director recently sold US$100k worth of stock

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

Independent Director notifies of intention to sell stock

Consensus EPS estimates increase by 43%, revenue downgraded

First quarter 2023 earnings: EPS exceeds analyst expectations

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

Price target increased by 8.5% to US$19.71

Consensus EPS estimates fall by 11%, revenue upgraded

Now 20% undervalued after recent price drop

Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat

Tanger Factory FFO of $0.47 beats by $0.02, revenue of $116.46M beats by $7.45M, guidance in-line

Executive Chair of the Board exercised options and sold US$1.8m worth of stock

Executive Chair of the Board notifies of intention to sell stock

Dividend Cut Risk For Tanger But SWAN With Simon

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

Tanger Factory Outlet: 5 Reasons Why You Should Sell This REIT

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

Simon Says, Sell Tanger Factory Outlets

Price target increased to US$18.17

Tanger Factory: Secure A 4.5% Yield For Tough Times

Executive Chair of the Board notifies of intention to sell stock

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Upcoming dividend of US$0.22 per share