Tanger Inc. (SKT)

Price$37.33Cached quoteAs of 2026-09-05 22:57 UTC

AI: Fair-priced

Price checkThe shares look fairly priced: solid property growth offsets a valuation that already expects continued execution.

At the observed market value, Tanger trades at about 15.2 times the midpoint of management’s 2026 funds from operations guidance of $2.45 to $2.52 per share. Funds from operations adds back property depreciation to better reflect recurring real-estate earnings. That multiple is not a bargain, but it is supported by roughly 10% second-quarter growth in this measure, 96.6% occupancy, and 3.5% same-center property income growth. With an annualized dividend yield near 3.3%, the evidence supports a fair price rather than a clear valuation extreme.

Big pictureCash generation is healthy, but recent distributable cash growth is less impressive than headline earnings growth.

The supplied SEC-derived history shows revenue rising from $377.9 million in 2020 to $550.9 million in 2025, while first-half 2026 operating cash flow totaled about $129.8 million against roughly $71.0 million of dividends. Net income for the first half also rose about 25% from the comparable 2025 quarters. However, funds available for distribution, a cash-like measure after recurring property and leasing costs, fell to $114.0 million from $119.6 million. That gap argues for confidence in the dividend, but not for assuming every earnings gain converts into cash.

Business strengthHigh occupancy and rising rents support earnings, while leverage looks manageable rather than conservative.

Tanger ended June with 96.6% occupancy, 10.5% blended cash rent increases on comparable leases, and tenant sales of $487 per square foot versus $465 a year earlier. Balance-sheet risk is meaningful but contained: total debt was about $2.0 billion, net debt was 4.7 times adjusted property earnings, and all debt was fixed-rate after swaps at a 3.9% weighted rate. Roughly $1.0 billion of immediate liquidity also covered the $350 million unsecured bond maturity due in September, reducing near-term refinancing pressure.

What could change the storyFaster rent growth could lift value, while weak shoppers or costly financing could expose the premium.

The bull case is that positive leasing spreads, 2.75% to 4.25% same-center property income guidance, and the new Levis Commons center’s expected 8.5% first-year return keep per-share earnings compounding. The bear case is that Tanger already operates near full occupancy and remains tied to discretionary shopping. Shares outstanding rose about 23% from 2020 through 2025, and another 0.6 million shares were forward-sold in 2026 with substantial issuance capacity still available. If refinancing or acquisitions require expensive capital, growth per share could disappoint.

AI: News

Guidance raised againSecond-quarter earnings improved, and management raised its full-year outlook as leasing and shopper sales stayed strong.

On August 4, Tanger reported $33.0 million of quarterly net income and $0.64 per share of funds from operations, up from $29.9 million and $0.58 a year earlier. Management lifted 2026 funds-from-operations guidance to $2.45 to $2.52 per share and raised the low end of same-center property income growth guidance. The shares declined over the next two trading sessions, but that timing alone does not establish that the earnings release caused the drop.

Levis Commons acquisitionTanger added a market-dominant lifestyle center at a projected return that could support per-share growth.

On May 28, Tanger announced the approximately $60 million purchase of The Town Center at Levis Commons, a roughly 300,000-square-foot open-air lifestyle center near Toledo, Ohio. Management expects a first-year return of about 8.5%. The deal extends Tanger beyond traditional outlet centers and could add earnings if the property performs as planned. It also increases the importance of acquisition discipline because future growth must exceed the cost of debt or new equity to benefit existing shareholders.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2019

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$550.9M	$497.5M	$438.9M	$421.4M	$407.8M	$377.9M	$463.9M
Operating expenses	$229.7M	$216.7M	$185.0M	$183.4M	—	—	—
Operating income	$175.4M	$150.6M	$133.8M	$115.2M	—	—	—
Operating margin	31.83%	30.28%	30.50%	27.35%	—	—	—
EBITDA	$336.3M	$302.1M	$260.7M	$244.7M	—	—	—
EBITDA margin	61.05%	60.72%	59.40%	58.07%	—	—	—
Net income	$114.8M	$98.6M	$99.2M	$82.1M	—	—	—
Net profit margin	20.83%	19.82%	22.59%	19.47%	—	—	—
Basic EPSper basic share	$1.01	$0.89	$0.94	$0.78	—	—	—
Diluted EPSper diluted share	$0.99	$0.88	$0.92	$0.77	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

19.33%of listed shares

BlackRock, Inc.22.21M shares · Jun 30, 2026

View holders

Top 20 reported holders of SKT
Holder	% owned
BlackRock, Inc.	19.33%22.21M shares
FMR LLC	14.31%16.44M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	10.25%11.78M shares
STATE STREET CORP	5.67%6.52M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.34%4.99M shares
GEODE CAPITAL MANAGEMENT, LLC	2.74%3.15M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.97%2.26M shares
NORTHERN TRUST CORP	1.83%2.1M shares
Invesco Ltd.	1.69%1.94M shares
DIMENSIONAL FUND ADVISORS LP	1.47%1.69M shares
MORGAN STANLEY	1.45%1.67M shares
UBS Group AG	1.26%1.45M shares
TANGER STEVEN B	≈0.92%1.05M shares
GOLDMAN SACHS GROUP INC	0.84%966.2K shares
WELLINGTON MANAGEMENT GROUP LLP	0.84%965.9K shares
CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC	0.84%960.18K shares
GRS Advisors, LLC	0.83%952.41K shares
Qube Research & Technologies Ltd	0.81%931.45K shares
Yalof Stephen	≈0.79%903.16K shares
Hudson Bay Capital Management LP	0.75%866.25K shares

Percentages use 114.88M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$100.0K disclosed value

Sells (SEC code S)10$3.71M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 15, 2026Form 4	RYAN BERMAN BRIDGETDirector	SellCommon Stock	14.7K	$35.24	$518.0K	86.6K
Mar 6, 2026Form 4	SKERRITT SUSAN EDirector	SellCommon Stock	5.1K	$36.22	$183.3K	45.7K
Feb 27, 2026Form 4	REDDIN THOMASDirector	SellCommon Stock	10.0K	$37.50	$375.0K	29.6K
Feb 27, 2026Form 4	Guerrieri Thomas Joseph JRSVP, CAO	SellCommon Stock	10.4K	$37.61	$392.3K	55.3K
Sep 5, 2025Form 4	Swanson Gallardo LeslieEVP, Chief Operating Officer	SellCommon Stock	17.5K	$34.74	$608.0K	92.7K