Tanger Inc. Files 2023 Annual Report on Form 10-K
Ticker: SKT · Form: 10-K · Filed: Feb 21, 2024 · CIK: 899715
Sentiment: neutral
Topics: Tanger Inc., 10-K, Annual Report, Real Estate Investment Trusts, Financials
TL;DR
<b>Tanger Inc. has submitted its 2023 10-K filing, detailing its financial performance and corporate structure.</b>
AI Summary
TANGER INC. (SKT) filed a Annual Report (10-K) with the SEC on February 21, 2024. Tanger Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing covers Tanger Inc. and its subsidiary, Tanger Properties Ltd Partnership. The company's fiscal year ends on December 31st. Tanger Inc. is incorporated in North Carolina. The company's SIC code is 6798 for Real Estate Investment Trusts.
Why It Matters
For investors and stakeholders tracking TANGER INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tanger Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. Understanding the details within this filing is essential for evaluating Tanger Inc.'s position within the Real Estate Investment Trusts sector and its adherence to regulatory requirements.
Risk Assessment
Risk Level: low — TANGER INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine corporate reporting.
Analyst Insight
Review the detailed financial statements and risk factors within the 10-K to understand Tanger Inc.'s performance and strategic direction for the upcoming fiscal year.
Key Numbers
- 2023-12-31 — Fiscal Year End (TANGER INC.)
- 2024-02-21 — Filing Date (TANGER INC.)
- 6798 — SIC Code (TANGER INC.)
- NC — State of Incorporation (TANGER INC.)
Key Players & Entities
- TANGER INC. (company) — Filer name
- TANGER PROPERTIES LTD PARTNERSHIP /NC/ (company) — Subsidiary name
- 20231231 (date) — Fiscal year end
- 20240221 (date) — Filing date
- NC (location) — State of incorporation
- 6798 (industry_code) — Standard Industrial Classification
- 3362923010 (phone_number) — Business phone number
- 1934 Act (regulation) — SEC Act
FAQ
When did TANGER INC. file this 10-K?
TANGER INC. filed this Annual Report (10-K) with the SEC on February 21, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by TANGER INC. (SKT).
Where can I read the original 10-K filing from TANGER INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TANGER INC..
What are the key takeaways from TANGER INC.'s 10-K?
TANGER INC. filed this 10-K on February 21, 2024. Key takeaways: Tanger Inc. filed its annual report for the fiscal year ending December 31, 2023.. The filing covers Tanger Inc. and its subsidiary, Tanger Properties Ltd Partnership.. The company's fiscal year ends on December 31st..
Is TANGER INC. a risky investment based on this filing?
Based on this 10-K, TANGER INC. presents a relatively low-risk profile. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine corporate reporting.
What should investors do after reading TANGER INC.'s 10-K?
Review the detailed financial statements and risk factors within the 10-K to understand Tanger Inc.'s performance and strategic direction for the upcoming fiscal year. The overall sentiment from this filing is neutral.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
- 2024-02-21: Filing Date — Date Tanger Inc. officially submitted its 10-K to the SEC.
Glossary
- 10-K
- An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Tanger Inc.)
- SIC Code
- Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates Tanger Inc.'s classification as a Real Estate Investment Trust.)
Filing Stats: 4,457 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-02-21 16:08:59
Key Financial Figures
- $70 million — center in Asheville, North Carolina for $70 million. The established center is occupied by
- $193.5 million — style center in Huntsville, Alabama for $193.5 million. The center serves as the dominant shop
- $25.75 — program at a weighted average price of $25.75 per share, generating gross proceeds of
- $90.0 million — per share, generating gross proceeds of $90.0 million. As of December 31, 2023, we have a rem
- $220.1 million — 3, we have a remaining authorization of $220.1 million under the ATM Offering. Derivatives
- $325.0 million — tives Throughout 2023, we entered into $325.0 million of forward starting daily Secured Overn
- $300.0 million — o January 1, 2027. These swaps replaced $300.0 million of existing swaps that expired on Febru
- $58.0 million — the refinance of its mortgage. The new $58.0 million loan has a maturity date of June 2026 a
- $29.0 million — nance, the joint venture entered into a $29.0 million interest rate swap that fixes Daily SOF
Filing Documents
- skt-20231231.htm (10-K) — 3734KB
- skt10k12312023ex211.htm (EX-21.1) — 17KB
- skt10k12312023ex212.htm (EX-21.2) — 15KB
- skt10k12312023exhibit231.htm (EX-23.1) — 2KB
- skt10k12312023exhibit232.htm (EX-23.2) — 2KB
- skt10k12312023ex311.htm (EX-31.1) — 9KB
- skt10k12312023ex312.htm (EX-31.2) — 8KB
- skt10k12312023ex313.htm (EX-31.3) — 12KB
- skt10k12312023ex314.htm (EX-31.4) — 12KB
- skt10k12312023ex321.htm (EX-32.1) — 4KB
- skt10k12312023ex322.htm (EX-32.2) — 4KB
- skt10k12312023ex323.htm (EX-32.3) — 5KB
- skt10k12312023ex324.htm (EX-32.4) — 5KB
- exhibit971-policyxclawba.htm (EX-97.1) — 18KB
- exhibit971-policyxclawba001.jpg (GRAPHIC) — 246KB
- exhibit971-policyxclawba002.jpg (GRAPHIC) — 254KB
- exhibit971-policyxclawba003.jpg (GRAPHIC) — 239KB
- exhibit971-policyxclawba004.jpg (GRAPHIC) — 271KB
- exhibit971-policyxclawba005.jpg (GRAPHIC) — 56KB
- exhibit971-policyxclawba006.jpg (GRAPHIC) — 221KB
- exhibit971-policyxclawba007.jpg (GRAPHIC) — 37KB
- skt-20231231_g1.jpg (GRAPHIC) — 144KB
- 0000899715-24-000044.txt ( ) — 19792KB
- skt-20231231.xsd (EX-101.SCH) — 111KB
- skt-20231231_cal.xml (EX-101.CAL) — 120KB
- skt-20231231_def.xml (EX-101.DEF) — 900KB
- skt-20231231_lab.xml (EX-101.LAB) — 1263KB
- skt-20231231_pre.xml (EX-101.PRE) — 1076KB
- skt-20231231_htm.xml (XML) — 2846KB
Business
Item 1. Business 8 I tem 1 A. Risk Factors 16
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 30
Cybersecurity
Item 1C. Cybersecurity 31
Properties
Item 2. Properties 33 I tem 3. Legal Proceedings 40
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 40 Information about our Executive Officers 40 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42
[Reserved]
Item 6. [Reserved] 45
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46
Qualitative and Quantitative Disclosure About Market Risk
Item 7A. Qualitative and Quantitative Disclosure About Market Risk 69
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 70
Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 70
Controls and Procedures
Item 9A. Controls and Procedures 70
Other Information
Item 9B. Other Information 72 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 73
Executive Compensation
Item 11. Executive Compensation 74
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74
Certain R e lationships , Related Transactions, and Director Independence
Item 13. Certain R e lationships , Related Transactions, and Director Independence 74
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 75 Part IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 75
Form 10 - K Summary
Item 16. Form 10 - K Summary 80 7
BUSINESS
ITEM 1. BUSINESS The Company and the Operating Partnership 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 centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of December 31, 2023, our consolidated portfolio consisted of 31 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 2,400 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. Our 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. Our shopping centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and its subsidiaries, which we refer to collectively as the Operating Partnership. 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 in the Operating Partnership. As of December 31, 2023, the Company and its wholly-owned subsidiaries owned 108,793,251 units of the Operating Partnership and 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 status as a REIT for