NYSE : SKT
Tanger Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 36.76 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.39B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 579.99M | 550.90M | 497.52M | 438.89M | 421.42M | 407.77M |
| Property Management Fees | 9.60M | 9.77M | 9.64M | 8.66M | 7.16M | 6.41M |
| Other Revenue | 38.16M | 34.47M | 30.19M | 25.10M | 22.63M | 21.25M |
| Total Revenue | 627.75M | 595.14M | 537.35M | 472.65M | 451.21M | 435.43M |
| Property Expenses | 168.72M | 158.70M | 139.46M | 126.94M | 126.29M | 120.10M |
| Selling, General & Administrative | 99.11M | 96.52M | 95.74M | 95.54M | 89.17M | 86.45M |
| Depreciation & Amortization | 159.55M | 150.98M | 138.69M | 108.89M | 111.90M | 110.01M |
| Total Operating Expenses | 427.38M | 406.20M | 373.88M | 331.37M | 327.37M | 316.56M |
| Operating Income | 200.37M | 188.94M | 163.47M | 141.28M | 123.83M | 118.87M |
| Interest Expense | -72.29M | -65.86M | -60.64M | -47.93M | -46.97M | -52.87M |
| Currency Exchange Gain (Loss) | -3.60M | |||||
| Other Non-Operating Income | 4.11M | 668.00K | 1.48M | 9.73M | 6.03M | 2.00M |
| EBT Excluding Unusual Items | 132.19M | 123.75M | 104.31M | 103.08M | 82.90M | 64.41M |
| Gain (Loss) on Sale of Assets | 3.16M | |||||
| Asset Writedown | -4.25M | -6.99M | ||||
| Other Unusual Items | -222.00K | -47.86M | ||||
| Pretax Income | 132.19M | 119.50M | 102.76M | 103.88M | 85.83M | 9.56M |
| Earnings From Continuing Operations | 132.19M | 119.50M | 102.76M | 103.88M | 85.83M | 9.56M |
| Minority Interest in Earnings | -5.20M | -4.72M | -4.17M | -4.73M | -3.77M | -440.00K |
| Net Income | 126.99M | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M |
| Preferred Dividends & Other Adjustments | 912.00K | 872.00K | 920.00K | 1.19M | 869.00K | 804.00K |
| Net Income to Common | 126.08M | 113.90M | 97.67M | 97.97M | 81.19M | 8.31M |
| Basic Shares Outstanding | 114.08M | 113.17M | 109.26M | 104.68M | 103.69M | 100.42M |
| Diluted Shares Outstanding | 115.52M | 114.73M | 111.08M | 106.53M | 105.64M | 101.98M |
| EPS (Basic) | 1.11 | 1.01 | 0.89 | 0.94 | 0.78 | 0.08 |
| EPS (Diluted) | 1.09 | 0.99 | 0.88 | 0.92 | 0.77 | 0.08 |
| Dividend Per Share | 1.21 | 1.17 | 1.10 | 1.01 | 0.84 | 0.72 |
| Operating Margin | 31.92% | 31.75% | 30.42% | 29.89% | 27.45% | 27.30% |
| Profit Margin | 20.08% | 19.14% | 18.18% | 20.73% | 18.00% | 1.91% |
| EBITDA | 337.00M | 320.08M | 285.58M | 242.01M | 225.56M | 218.47M |
| EBITDA Margin | 53.68% | 53.78% | 53.15% | 51.20% | 49.99% | 50.17% |
| D&A For Ebitda | 136.62M | 131.14M | 122.12M | 100.73M | 101.72M | 99.60M |
| EBIT | 200.37M | 188.94M | 163.47M | 141.28M | 123.83M | 118.87M |
| EBIT Margin | 31.92% | 31.75% | 30.42% | 29.89% | 27.45% | 27.30% |
| Funds From Operations (FFO) | 294.14M | 277.99M | 245.45M | 218.45M | 201.52M | 138.11M |
| FFO Per Share | 2.45 | 2.33 | 2.12 | 1.96 | 1.83 | 1.29 |
| Adjusted Funds From Operations (AFFO) | 277.99M | 246.99M | 217.65M | 201.77M | 188.36M | |
| AFFO Per Share | 2.33 | 2.13 | 1.96 | 1.83 | 1.76 | |
| FFO Payout Ratio | 46.86% | 47.56% | 48.99% | 47.50% | 41.79% | 52.44% |
| Revenue as Reported | 612.31M | 581.56M | 526.06M | 464.41M | 442.61M | 426.52M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.32B | 2.29B | 2.06B | 2.03B | 1.71B | 1.74B |
| Cash & Equivalents | 176.88M | 18.13M | 46.99M | 12.78M | 212.12M | 161.25M |
| Accounts Receivable | 56.90M | 65.00M | 57.90M | 57.80M | 51.10M | 53.30M |
| Investment In Debt and Equity Securities | 20.00M | 9.19M | 52.45M | |||
| Other Intangible Assets | 113.82M | 110.67M | 85.03M | 91.27M | 58.57M | 73.72M |
| Restricted Cash | 31.01M | 35.40M | ||||
| Other Current Assets | 70.75M | 65.48M | 60.78M | 46.00M | 45.95M | 44.00M |
| Trading Asset Securities | 4.41M | 159.00K | 1.29M | 2.71M | 14.12M | 2.48M |
| Deferred Long-Term Charges | 4.80M | 5.70M | 7.40M | 2.10M | 4.80M | |
| Other Long-Term Assets | 63.61M | 64.86M | 65.67M | 71.90M | 73.81M | 82.65M |
| Total Assets | 2.86B | 2.66B | 2.38B | 2.32B | 2.22B | 2.16B |
| Current Portion of Long-Term Debt | 349.92M | |||||
| Current Portion of Leases | 6.32M | |||||
| Long-Term Debt | 1.51B | 1.60B | 1.42B | 1.44B | 1.43B | 1.40B |
| Long-Term Leases | 90.78M | 85.25M | 84.50M | 86.08M | 87.53M | 88.87M |
| Accounts Payable | 107.68M | 133.06M | 107.78M | 118.50M | 104.74M | 93.00M |
| Other Long-Term Liabilities | 98.49M | 97.33M | 84.51M | 86.00M | 82.97M | 78.19M |
| Total Liabilities | 2.16B | 1.92B | 1.70B | 1.73B | 1.70B | 1.66B |
| Common Stock | 1.15M | 1.15M | 1.13M | 1.09M | 1.04M | 1.04M |
| Additional Paid-In Capital | 1.23B | 1.26B | 1.19B | 1.08B | 987.19M | 978.05M |
| Distributions in Excess of Earnings | -538.73M | -529.24M | -511.82M | -490.17M | -485.56M | -483.41M |
| Comprehensive Income & Other | -22.98M | -28.35M | -27.69M | -23.52M | -11.04M | -17.76M |
| Total Common Equity | 673.97M | 706.48M | 652.37M | 566.78M | 491.64M | 477.93M |
| Minority Interest | 27.45M | 28.62M | 27.30M | 24.53M | 22.29M | 21.86M |
| Shareholders' Equity | 701.41M | 735.10M | 679.67M | 591.31M | 513.93M | 499.79M |
| Total Liabilities & Equity | 2.86B | 2.66B | 2.38B | 2.32B | 2.22B | 2.16B |
| Total Debt | 1.95B | 1.69B | 1.51B | 1.53B | 1.52B | 1.49B |
| Net Cash (Debt) | -1.77B | -1.67B | -1.46B | -1.51B | -1.29B | -1.32B |
| Net Cash Per Share | -15.33 | -14.58 | -13.15 | -14.20 | -12.21 | -12.97 |
| Filing Date Shares Outstanding | 114.88M | 114.51M | 112.78M | 108.92M | 104.50M | 104.08M |
| Total Common Shares Outstanding | 114.88M | 115.10M | 112.74M | 108.79M | 104.50M | 104.08M |
| Book Value Per Share | 5.87 | 6.14 | 5.79 | 5.21 | 4.70 | 4.59 |
| Tangible Book Value | 560.15M | 595.81M | 567.34M | 475.52M | 433.07M | 404.20M |
| Tangible Book Value Per Share | 4.88 | 5.18 | 5.03 | 4.37 | 4.14 | 3.88 |
| Land | 348.43M | 342.20M | 311.36M | 303.61M | 275.08M | 268.27M |
| Buildings | 3.45B | 3.36B | 3.09B | 2.94B | 2.55B | 2.53B |
| Construction In Progress | 19.80M | 18.17M | 7.45M | 29.20M | 27.34M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 126.99M | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M |
| Depreciation & Amortization | 136.62M | 131.14M | 122.12M | 100.73M | 101.72M | 99.60M |
| Other Amortization | 24.30M | 23.56M | 21.34M | 12.62M | 15.23M | 15.16M |
| Gain (Loss) on Sale of Assets | -3.16M | |||||
| Asset Writedown | 4.25M | 6.99M | ||||
| Stock-Based Compensation | 13.72M | 12.73M | 11.99M | 12.51M | 12.97M | 12.75M |
| Income (Loss) on Equity Investments | -660.00K | -40.00K | -2.57M | 137.00K | 117.00K | 345.00K |
| Change in Accounts Payable | 10.08M | 26.93M | 3.20M | -6.51M | 1.47M | 14.70M |
| Change in Other Net Operating Assets | -5.96M | -19.29M | 1.80M | 3.41M | 276.00K | 5.14M |
| Other Operating Activities | -3.39M | 1.31M | 4.21M | 7.56M | 3.26M | 53.91M |
| Operating Cash Flow | 301.72M | 295.37M | 260.68M | 229.61M | 213.96M | 217.72M |
| Acquisition of Real Estate Assets | -186.90M | -279.03M | -184.18M | -458.66M | -84.75M | -48.36M |
| Sale of Real Estate Assets | 16.63M | 27.01M | 8.13M | |||
| Net Sale / Acq. of Real Estate Assets | -186.90M | -262.40M | -184.18M | -458.66M | -57.74M | -40.23M |
| Investment in Marketable & Equity Securities | -16.16M | 3.23M | 12.95M | 47.87M | -40.73M | 12.57M |
| Other Investing Activities | 7.11M | 594.00K | -4.02M | 4.33M | 2.22M | 10.03M |
| Investing Cash Flow | -204.96M | -263.54M | -178.01M | -409.56M | -98.82M | -22.74M |
| Long-Term Debt Issued | 339.00M | 262.00M | 83.00M | 36.56M | 394.21M | |
| Long-Term Debt Repaid | -286.50M | -280.13M | -74.77M | -4.44M | -567.05M | |
| Net Debt Issued (Repaid) | 226.53M | 52.50M | -18.13M | 8.23M | 32.12M | -172.84M |
| Issuance of Common Stock | 69.79M | 69.32M | 115.12M | 89.68M | 88.00K | 187.24M |
| Repurchase of Common Stock | -29.08M | -8.07M | -12.03M | -7.29M | -3.92M | -2.15M |
| Common Dividends Paid | -137.82M | -132.20M | -120.24M | -103.77M | -84.21M | -72.42M |
| Other Financing Activities | -28.34M | -7.17M | -13.05M | -6.13M | -8.23M | -58.20M |
| Foreign Exchange Rate Adjustments | 304.00K | 326.00K | -122.00K | -115.00K | -111.00K | -177.00K |
| Net Cash Flow | 198.15M | 6.54M | 34.21M | -199.35M | 50.87M | 76.42M |
| Levered Free Cash Flow | 227.82M | 216.60M | 186.50M | 180.44M | 182.53M | 176.82M |
| Unlevered Free Cash Flow | 268.20M | 253.70M | 220.16M | 206.58M | 208.25M | 205.40M |
| Cash Interest Paid | 63.67M | 60.21M | 54.58M | 46.92M | 40.84M | 45.11M |
| Change in Working Capital | 4.12M | 7.64M | 5.00M | -3.10M | 1.75M | 19.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.52B | 3.84B | 3.78B | 2.98B | 1.87B | 2.00B |
| Enterprise Value | 6.29B | 5.56B | 5.30B | 4.30B | 3.18B | 3.38B |
| Last Close Price | 36.76 | 32.27 | 31.83 | 24.92 | 15.38 | 15.74 |
| Price/FFO Ratio | 15.87 | 13.85 | 15.01 | 12.71 | 8.40 | 12.20 |
| Price/AFFO Ratio | 13.85 | 14.94 | 12.71 | 8.40 | 8.94 | |
| PE Ratio | 34.71 | 33.72 | 38.68 | 30.47 | 23.06 | 241.14 |
| PS Ratio | 7.19 | 6.45 | 7.03 | 6.32 | 4.15 | 4.60 |
| PB Ratio | 6.27 | 5.22 | 5.56 | 5.05 | 3.64 | 4.01 |
| P/OCF Ratio | 14.97 | 13.01 | 14.49 | 13.00 | 8.75 | 9.21 |
| EV/Sales Ratio | 10.02 | 9.35 | 9.87 | 9.10 | 7.05 | 7.77 |
| EV/EBITDA Ratio | 18.66 | 17.38 | 18.57 | 17.78 | 14.11 | 15.49 |
| EV/EBIT Ratio | 31.38 | 29.44 | 32.45 | 30.45 | 25.70 | 28.47 |
| Debt / Equity Ratio | 2.78 | 2.30 | 2.22 | 2.58 | 2.95 | 2.97 |
| Debt / EBITDA Ratio | 5.66 | 5.16 | 5.16 | 6.13 | 6.50 | 6.59 |
| Net Debt / Equity Ratio | 2.52 | 2.27 | 2.15 | 2.56 | 2.51 | 2.65 |
| Net Debt / EBITDA Ratio | 5.25 | 5.22 | 5.12 | 6.25 | 5.72 | 6.05 |
| Asset Turnover | 0.24 | 0.24 | 0.23 | 0.21 | 0.21 | 0.20 |
| Quick Ratio | 0.52 | 0.60 | 0.98 | 0.62 | 2.65 | 2.33 |
| Current Ratio | 0.74 | 1.32 | 1.55 | 1.01 | 3.09 | 2.81 |
| Return on Equity (ROE) | 19.40% | 16.89% | 16.17% | 18.80% | 16.93% | 2.23% |
| Return on Assets (ROA) | 4.71% | 4.69% | 4.34% | 3.89% | 3.54% | 3.42% |
| Earnings Yield | 2.88% | 2.99% | 2.61% | 3.32% | 4.38% | 0.46% |
| Dividend Yield | 3.31% | 3.51% | 3.28% | 3.68% | 4.69% | 3.74% |
| Payout Ratio | 114.77% | 115.18% | 121.95% | 104.65% | 102.62% | 794.29% |
| Buyback Yield / Dilution | -2.17% | -3.28% | -4.27% | -0.85% | -3.59% | -10.11% |
| Total Shareholder Return | 1.15% | 0.22% | -0.98% | 2.83% | 1.10% | -6.37% |