Tanger Inc. Files Q2 2024 10-Q
Ticker: SKT · Form: 10-Q · Filed: Aug 5, 2024 · CIK: 899715
Sentiment: neutral
Topics: 10-Q, REIT, real-estate, financials
TL;DR
Tanger's Q2 10-Q is in: financials and outlet center ops updated.
AI Summary
Tanger Inc. filed its 10-Q for the period ending June 30, 2024. The company, a real estate investment trust, reported financial results for the second quarter. Key financial details and operational metrics for their outlet centers are included in the filing.
Why It Matters
This filing provides investors with an update on Tanger Inc.'s financial performance and operational status for the second quarter of 2024, crucial for understanding the REIT's current health.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.
Key Numbers
- 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
- 2024 Q2 — Reporting Period (Specifies the quarter for which financial results are reported.)
Key Players & Entities
- TANGER INC. (company) — Filer
- TANGER PROPERTIES LTD PARTNERSHIP /NC/ (company) — Related Filer
- 20240630 (date) — Reporting Period End Date
- 20240805 (date) — Filing Date
- 3362923010 (phone_number) — Business Phone
FAQ
What is Tanger Inc.'s primary business activity?
Tanger Inc. is a real estate investment trust (REIT) primarily involved with outlet centers.
What is the Central Index Key (CIK) for Tanger Inc.?
The CIK for Tanger Inc. is 0000899715.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 5, 2024.
What is the state of incorporation for Tanger Inc.?
Tanger Inc. is incorporated in North Carolina (NC).
What is the SEC file number for Tanger Inc.?
The SEC file number for Tanger Inc. is 001-11986.
Filing Stats: 4,646 words · 19 min read · ~15 pages · Grade level 18.9 · Accepted 2024-08-05 08:02:11
Key Financial Figures
- $0.01 — ge on which registered Common Shares, $0.01 par value SKT New York Stock Exchange
Filing Documents
- skt-20240630.htm (10-Q) — 2539KB
- skt10q06302024ex311.htm (EX-31.1) — 9KB
- skt10q06302024ex312.htm (EX-31.2) — 8KB
- skt10q06302024ex313.htm (EX-31.3) — 12KB
- skt10q06302024ex314.htm (EX-31.4) — 12KB
- skt10q06302024ex321.htm (EX-32.1) — 4KB
- skt10q06302024ex322.htm (EX-32.2) — 4KB
- skt10q06302024ex323.htm (EX-32.3) — 5KB
- skt10q06302024ex324.htm (EX-32.4) — 5KB
- 0000899715-24-000119.txt ( ) — 12162KB
- skt-20240630.xsd (EX-101.SCH) — 73KB
- skt-20240630_cal.xml (EX-101.CAL) — 80KB
- skt-20240630_def.xml (EX-101.DEF) — 510KB
- skt-20240630_lab.xml (EX-101.LAB) — 759KB
- skt-20240630_pre.xml (EX-101.PRE) — 726KB
- skt-20240630_htm.xml (XML) — 1842KB
Financial Information
Part I. Financial Information Item 1.
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited)
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited) Consolidated Balance Sheets - as of June 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations - for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Shareholders' Equity - for the three and six months ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows - for the six months ended June 30, 2024 and 2023 11
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) Consolidated Balance Sheets - as of June 30, 2024 and December 31, 2023 12 Consolidated Statements of Operations - for the three and six months ended June 30, 2024 and 2023 13 Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2024 and 2023 14 Consolidated Statements of Equity - for the three and six months ended June 30, 2024 and 2023 15 Consolidated Statements of Cash Flows - for the six months ended June 30, 2024 and 2023 17
Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership 18
Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership 18
Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Quantitative and Qualitative Disclosures about Market Risk 63
Item 3. Quantitative and Qualitative Disclosures about Market Risk 63
Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 64
Item 4. Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 64
Other Information
Part II. Other Information
Legal Proceedings 65
Item 1. Legal Proceedings 65
Risk Factors 65
Item 1A. Risk Factors 65
Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 66
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 66
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 66
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 66
Other Information 66
Item 5. Other Information 66
Exhibits 67
Item 6. Exhibits 67 Signatures 68 4
- FINANCIAL INFORMATION
PART I. - FINANCIAL INFORMATION
- Financial Statements of Tanger Inc
Item 1 - Financial Statements of Tanger Inc. TANGER INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data, unaudited) June 30, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 2,982,741 2,938,434 Construction in progress 17,059 29,201 3,303,405 3,271,240 Accumulated depreciation ( 1,376,022 ) ( 1,318,264 ) Total rental property, net 1,927,383 1,952,976 Cash and cash equivalents 9,060 12,778 Short-term investments 2,206 9,187 Investments in unconsolidated joint ventures 72,079 71,900 Deferred lease costs and other intangibles, net 81,864 91,269 Operating lease right-of-use assets 76,759 77,400 Prepaids and other assets 124,205 108,609 Total assets $ 2,293,556 $ 2,324,119 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,040,772 $ 1,039,840 Unsecured term loan, net 322,752 322,322 Mortgages payable, net 61,487 64,041 Unsecured lines of credit 35,000 13,000 Total debt 1,460,011 1,439,203 Accounts payable and accrued expenses 85,991 118,505 Operating lease liabilities 85,423 86,076 Other liabilities 84,551 89,022 Total liabilities 1,715,976 1,732,806 Commitments and contingencies Equity Tanger Inc.: Common shares, $ 0.01 par value, 300,000,000 shares authorized, 109,353,536 and 108,793,251 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,094 1,088 Paid in capital 1,075,902 1,079,387 Accumulated distributions in excess of net income ( 502,589 ) ( 490,171 ) Accumulated other comprehensive loss ( 20,667 ) ( 23,519 ) Equity attributable to Tanger Inc. 553,740 566,785 Equity attributable to noncontrolling interests: Noncontrolling interests in Operating Partnership 23,840 24,528 Noncontrolling interests in other consolidated partnerships — — Total equity 577,580 591,313 Total liabilities and equity $ 2,293,556 $ 2,324,119 The accompanying notes are an integral part of these conso
- Financial Statements of Tanger Properties Limited Partnership
Item 1 - Financial Statements of Tanger Properties Limited Partnership TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except unit data, unaudited) June 30, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 2,982,741 2,938,434 Construction in progress 17,059 29,201 3,303,405 3,271,240 Accumulated depreciation ( 1,376,022 ) ( 1,318,264 ) Total rental property, net 1,927,383 1,952,976 Cash and cash equivalents 9,010 12,572 Short-term investments 2,206 9,187 Investments in unconsolidated joint ventures 72,079 71,900 Deferred lease costs and other intangibles, net 81,864 91,269 Operating lease right-of-use assets 76,759 77,400 Prepaids and other assets 124,134 108,157 Total assets $ 2,293,435 $ 2,323,461 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,040,772 $ 1,039,840 Unsecured term loan, net 322,752 322,322 Mortgages payable, net 61,487 64,041 Unsecured lines of credit 35,000 13,000 Total debt 1,460,011 1,439,203 Accounts payable and accrued expenses 85,870 117,847 Operating lease liabilities 85,423 86,076 Other liabilities 84,551 89,022 Total liabilities 1,715,855 1,732,148 Commitments and contingencies Equity Partners' Equity: General partner, 1,150,000 units outstanding at June 30, 2024 and 1,150,000 units outstanding at December 31, 2023, respectively 5,656 5,776 Limited partners, 4,707,958 and 4,707,958 Class A common units, and 108,203,536 and 107,643,251 Class B common units outstanding at June 30, 2024 and December 31, 2023, respectively 593,742 610,330 Accumulated other comprehensive loss ( 21,818 ) ( 24,793 ) Total partners' equity 577,580 591,313 Noncontrolling interests in consolidated partnerships — — Total equity 577,580 591,313 Total liabilities and equity $ 2,293,435 $ 2,323,461 The accompanying notes are an integral part of these consolidated financial statements. 12