Tanger Inc. Files Q3 2024 10-Q
Ticker: SKT · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 899715
Sentiment: neutral
Topics: 10-Q, real-estate, REIT
TL;DR
**TANGER INC. 10-Q FILED: Q3 2024 UPDATE OUT.**
AI Summary
Tanger Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported its financial performance and operational details. Tanger Inc. is headquartered in Greensboro, NC, and operates under the SIC code 6798.
Why It Matters
This filing provides investors with an update on Tanger Inc.'s financial health and operational status for the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.
Key Numbers
- 20240930 — Period End Date (The filing covers financial performance up to this date.)
- 20241107 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- TANGER INC. (company) — Filer
- 20240930 (date) — Period of Report
- 20241107 (date) — Filing Date
- Greensboro, NC (location) — Business Address
- 0000899715 (company) — Central Index Key for TANGER INC.
- TANGER PROPERTIES LTD PARTNERSHIP /NC/ (company) — Related Entity
FAQ
What is the primary business of Tanger Inc. as indicated by its SIC code?
Tanger Inc. is classified under SIC code 6798, which corresponds to Real Estate Investment Trusts.
Where is Tanger Inc. headquartered?
Tanger Inc. is headquartered in Greensboro, NC, with its business and mailing address listed as 3200 Northline Avenue, Suite 360.
What is the reporting period for this 10-Q filing?
The conforming period of report for this 10-Q filing is September 30, 2024.
What was Tanger Inc.'s former company name?
Tanger Inc. was formerly known as TANGER FACTORY OUTLET CENTERS, INC. and TANGER FACTORY OUTLET CENTERS INC.
What is the SEC file number for Tanger Inc.?
The SEC file number for Tanger Inc. is 001-11986.
Filing Stats: 4,659 words · 19 min read · ~16 pages · Grade level 19 · Accepted 2024-11-07 16:14:20
Key Financial Figures
- $0.01 — ge on which registered Common Shares, $0.01 par value SKT New York Stock Exchange
Filing Documents
- skt-20240930.htm (10-Q) — 2615KB
- skt10q09302024ex311.htm (EX-31.1) — 9KB
- skt10q09302024ex312.htm (EX-31.2) — 9KB
- skt10q09302024ex313.htm (EX-31.3) — 13KB
- skt10q09302024ex314.htm (EX-31.4) — 13KB
- skt10q09302024ex321.htm (EX-32.1) — 4KB
- skt10q09302024ex322.htm (EX-32.2) — 4KB
- skt10q09302024ex323.htm (EX-32.3) — 5KB
- skt10q09302024ex324.htm (EX-32.4) — 5KB
- 0000899715-24-000145.txt ( ) — 12436KB
- skt-20240930.xsd (EX-101.SCH) — 73KB
- skt-20240930_cal.xml (EX-101.CAL) — 81KB
- skt-20240930_def.xml (EX-101.DEF) — 521KB
- skt-20240930_lab.xml (EX-101.LAB) — 760KB
- skt-20240930_pre.xml (EX-101.PRE) — 736KB
- skt-20240930_htm.xml (XML) — 1889KB
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 September 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations - for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2024 and 2023 7 Consolidated Statements of Shareholders' Equity - for the three and nine months ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows - for the nine months ended September 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 September 30, 2024 and December 31, 2023 12 Consolidated Statements of Operations - for the three and nine months ended September 30, 2024 and 2023 13 Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2024 and 2023 14 Consolidated Statements of Equity - for the three and nine months ended September 30, 2024 and 2023 15 Consolidated Statements of Cash Flows - for the nine months ended September 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 64
Item 3. Quantitative and Qualitative Disclosures about Market Risk 64
Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 65
Item 4. Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership) 65
Other Information
Part II. Other Information
Legal Proceedings 66
Item 1. Legal Proceedings 66
Risk Factors 66
Item 1A. Risk Factors 66
Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 67
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 67
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 67
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 67
Other Information 67
Item 5. Other Information 67
Exhibits 68
Item 6. Exhibits 68 Signatures 69 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) September 30, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 3,011,234 2,938,434 Construction in progress 9,421 29,201 3,324,260 3,271,240 Accumulated depreciation ( 1,401,334 ) ( 1,318,264 ) Total rental property, net 1,922,926 1,952,976 Cash and cash equivalents 11,053 12,778 Short-term investments — 9,187 Investments in unconsolidated joint ventures 70,245 71,900 Deferred lease costs and other intangibles, net 77,508 91,269 Operating lease right-of-use assets 76,431 77,400 Prepaids and other assets 117,128 108,609 Total assets $ 2,275,291 $ 2,324,119 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,041,240 $ 1,039,840 Unsecured term loan, net 322,967 322,322 Mortgages payable, net 60,186 64,041 Unsecured lines of credit — 13,000 Total debt 1,424,393 1,439,203 Accounts payable and accrued expenses 86,761 118,505 Operating lease liabilities 85,079 86,076 Other liabilities 86,426 89,022 Total liabilities 1,682,659 1,732,806 Commitments and contingencies Equity Tanger Inc.: Common shares, $ 0.01 par value, 300,000,000 shares authorized, 110,208,387 and 108,793,251 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,102 1,088 Paid in capital 1,102,443 1,079,387 Accumulated distributions in excess of net income ( 507,833 ) ( 490,171 ) Accumulated other comprehensive loss ( 27,418 ) ( 23,519 ) Equity attributable to Tanger Inc. 568,294 566,785 Equity attributable to noncontrolling interests: Noncontrolling interests in Operating Partnership 24,338 24,528 Noncontrolling interests in other consolidated partnerships — — Total equity 592,632 591,313 Total liabilities and equity $ 2,275,291 $ 2,324,119 The accompanying notes are an integral part of these cons
- 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) September 30, 2024 December 31, 2023 Assets Rental property: Land $ 303,605 $ 303,605 Buildings, improvements and fixtures 3,011,234 2,938,434 Construction in progress 9,421 29,201 3,324,260 3,271,240 Accumulated depreciation ( 1,401,334 ) ( 1,318,264 ) Total rental property, net 1,922,926 1,952,976 Cash and cash equivalents 10,830 12,572 Short-term investments — 9,187 Investments in unconsolidated joint ventures 70,245 71,900 Deferred lease costs and other intangibles, net 77,508 91,269 Operating lease right-of-use assets 76,431 77,400 Prepaids and other assets 116,714 108,157 Total assets $ 2,274,654 $ 2,323,461 Liabilities and Equity Liabilities Debt: Senior, unsecured notes, net $ 1,041,240 $ 1,039,840 Unsecured term loan, net 322,967 322,322 Mortgages payable, net 60,186 64,041 Unsecured lines of credit — 13,000 Total debt 1,424,393 1,439,203 Accounts payable and accrued expenses 86,124 117,847 Operating lease liabilities 85,079 86,076 Other liabilities 86,426 89,022 Total liabilities 1,682,022 1,732,148 Commitments and contingencies Equity Partners' Equity: General partner, 1,150,000 units outstanding at September 30, 2024 and 1,150,000 units outstanding at December 31, 2023, respectively 5,599 5,776 Limited partners, 4,707,958 and 4,707,958 Class A common units, and 109,058,387 and 107,643,251 Class B common units outstanding at September 30, 2024 and December 31, 2023, respectively 615,884 610,330 Accumulated other comprehensive loss ( 28,851 ) ( 24,793 ) Total partners' equity 592,632 591,313 Noncontrolling interests in consolidated partnerships — — Total equity 592,632 591,313 Total liabilities and equity $ 2,274,654 $ 2,323,461 The accompanying notes are an integral part of these consolidated financial statements.