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Tanger
(NYSE:SKT)
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Rating:67Neutral
Price Target:
$44.00
â–²(4.94% Upside)
Action:Reiterated
Date:08/06/26
SKT scores well on operating fundamentals and earnings-call momentum, driven by raised FFO guidance, strong leasing spreads, high occupancy, and a higher dividend. The overall score is held back by elevated leverage on the balance sheet and a relatively expensive valuation (high P/E), while technicals point to a stable but not strongly accelerating trend.
Positive Factors
Leasing strength & high occupancy
Sustained leasing momentum (10.5% blended rent spreads and 18 consecutive quarters of positive spreads) and ~96.6% occupancy indicate durable pricing power and low vacancy risk. This supports stable rental cash flows and long-term NOI growth as tenancy quality and demand remain favorable.
Negative Factors
Elevated leverage and refinancing sensitivity
Materially higher leverage (debt-to-equity and net debt/EBITDA near mid-to-high single digits) raises refinancing and interest-rate sensitivity, limiting strategic flexibility. Elevated debt amplifies earnings volatility and constrains capacity for large-scale external growth or opportunistic buybacks if market conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing strength & high occupancy
Sustained leasing momentum (10.5% blended rent spreads and 18 consecutive quarters of positive spreads) and ~96.6% occupancy indicate durable pricing power and low vacancy risk. This supports stable rental cash flows and long-term NOI growth as tenancy quality and demand remain favorable.
Read all positive factors
Tanger Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks revenue into categories such as base rent, percentage rent, and other property-related income. Watching which segments are growing reveals whether income is coming from stable leases, variable sales-linked rents, or services — useful for judging sustainability and margin trends.
Breaks revenue into categories such as base rent, percentage rent, and other property-related income. Watching which segments are growing reveals whether income is coming from stable leases, variable sales-linked rents, or services — useful for judging sustainability and margin trends.
Data provided by:
The Fly
The FlyTanger (SKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.42B
Dividend Yield3.15%
Average Volume (3M)1.06M
Price to Earnings (P/E)34.6
Beta (1Y)0.49
Revenue Growth11.37%
EPS Growth23.27%
CountryUS
Employees407
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.11
Shares Outstanding114,878,990
10 Day Avg. Volume907,875
30 Day Avg. Volume1,062,137
Financial Highlights & Ratios
PEG Ratio2.45
Price to Book (P/B)5.34
Price to Sales (P/S)6.48
P/FCF Ratio12.77
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$40.80Price Target Upside-2.69% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)1.06
Revenue Forecast (FY)$598.01M
Tanger Business Overview & Revenue Model
Company Description
Tanger Inc. (NYSE: SKT) stands as a prominent owner and operator of outlet and open-air retail shopping destinations, leveraging over 43 years of extensive expertise within the retail and outlet sectors. Its expansive portfolio comprises 38 outlet...
How the Company Makes Money
Tanger primarily makes money by leasing retail space in its outlet centers and collecting recurring rental income from tenants. Key revenue streams typically include (1) base rent under long-term lease agreements, (2) percentage rent in some lease...
Tanger Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed multiple clear strengths: solid FFO growth, a raised full‑year guidance, positive same-center NOI, strong leasing metrics (10.5% blended rent spreads), high occupancy (~96.6%), improving tenant mix and ample liquidity to fund growth and upcoming debt maturities. The primary near-term challenges are the recapture and re‑tenanting of large Saks Off 5th boxes (timing and conversion costs), modestly higher interest expense tied to recent acquisition activity, and a competitive acquisition market with cap rate compression. Overall, the positives — including raised guidance, robust leasing and marketing momentum, strong balance sheet and dividend increase — materially outweigh the manageable near-term headwinds.Positive Updates
FFO Growth and Raised Guidance
Core FFO was $0.64 per share in Q2 vs. $0.58 a year ago, up 10.3%. Company raised full-year 2026 core FFO guidance to $2.45–$2.52 (prior $2.42–$2.50); new midpoint implies ~7% growth vs. prior year.
Negative Updates
Saks Off 5th Lease Recapture and Occupancy Moderation
Recapture of ~150,000 sq ft of Saks Off 5th (impact ~45 bps sequentially to occupancy). About half of that space is currently temp-tenanted and ~70,000 sq ft is vacant; management expects more meaningful permanent rent recovery to be felt in 2028 with only limited impact in 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
FFO Growth and Raised Guidance
Core FFO was $0.64 per share in Q2 vs. $0.58 a year ago, up 10.3%. Company raised full-year 2026 core FFO guidance to $2.45–$2.52 (prior $2.42–$2.50); new midpoint implies ~7% growth vs. prior year.
Read all positive updates
Company Guidance
Tanger raised full‑year 2026 guidance, now targeting core FFO per share of $2.45–$2.52 (up from $2.42–$2.50), with the new midpoint implying roughly 7% growth versus last year; it also nudged the low end of same‑center NOI growth to 2.75% (from 2.25%) while keeping the high end at 4.25%. Management left G&A and recurring CapEx guidance unchanged, said net interest expense is expected to be modestly higher (due to the Levis acquisition, interest on cash and forward curve moves), and noted the guidance excludes any additional acquisitions, dispositions or financing. The raise is supported by Q2 results (core FFO $0.64 vs. $0.58, +10.3%; same‑center NOI +3.5%) and a conservatively positioned balance sheet (net debt/adjusted EBITDA 4.7x, target 5–6x; ~ $1.0B total liquidity including ~$355M cash/delayed draws, $620M credit availability and $24M ATM proceeds; 100% fixed‑rate debt, WAC ≈4%, WA maturity 3.3 years), while the Board increased the quarterly dividend to $0.3125 (a 7% YoY raise) with a payout ratio in the low‑60% range.Tanger Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 612.31M | 581.56M | 526.06M | 464.41M | 442.61M | 426.52M |
| Gross Profit | 425.80M | 405.06M | 367.33M | 318.86M | 298.68M | 285.79M |
| EBITDA | 360.18M | 336.34M | 302.09M | 260.70M | 244.70M | 172.43M |
| Net Income | 128.35M | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M |
Balance Sheet | ||||||
| Total Assets | 2.86B | 2.66B | 2.38B | 2.32B | 2.22B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 196.88M | 18.13M | 46.99M | 21.96M | 264.57M | 161.25M |
| Total Debt | 1.86B | 1.69B | 1.51B | 1.53B | 1.52B | 1.49B |
| Total Liabilities | 2.16B | 1.92B | 1.70B | 1.73B | 1.70B | 1.66B |
| Stockholders Equity | 673.97M | 706.48M | 652.37M | 566.78M | 491.64M | 477.93M |
Cash Flow | ||||||
| Free Cash Flow | 215.86M | 295.37M | 156.40M | 218.84M | 166.60M | 171.80M |
| Operating Cash Flow | 301.06M | 295.37M | 264.44M | 229.61M | 213.96M | 217.72M |
| Investing Cash Flow | -204.29M | -263.54M | -181.69M | -409.56M | -98.82M | -22.74M |
| Financing Cash Flow | 101.08M | -25.62M | -48.41M | -19.28M | -64.16M | -118.38M |
Tanger Technical Analysis
Neutral
41.93
Price Trends
39.72
Negative
37.56
Positive
35.41
Positive
Market Momentum
-0.36
Positive
34.77
Neutral
4.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKT, the sentiment is Neutral. The current price of 41.93 is above the 20-day moving average (MA) of 40.28, above the 50-day MA of 39.72, and above the 200-day MA of 35.41, indicating a neutral trend. The MACD of -0.36 indicates Positive momentum. The RSI at 34.77 is Neutral, neither overbought nor oversold. The STOCH value of 4.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SKT.
Tanger Risk Analysis
Tanger disclosed 42 risk factors in its most recent earnings report. Tanger reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tanger Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.76B | 22.71 | 7.36% | 5.58% | 9.65% | 2.28% | |
71 Outperform | $5.70B | 35.22 | 6.24% | 2.99% | 8.07% | 106.29% | |
68 Neutral | $2.91B | 60.26 | 2.41% | 3.57% | 4.69% | 102.76% | |
68 Neutral | $5.31B | 16.33 | 11.27% | 4.38% | -5.84% | 395.39% | |
67 Neutral | $4.42B | 34.64 | 18.64% | 2.84% | 11.37% | 23.27% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $7.27B | -38.02 | -6.63% | 2.63% | 9.48% | 45.78% |
* Real Estate Sector Average
SKT
Tanger
38.45
7.21
23.07%
MAC
Macerich
24.71
8.08
48.58%
AKR
Acadia Realty
20.85
2.57
14.06%
KRG
Kite Realty Group
26.45
6.03
29.53%
FCPT
Four Corners Property
25.21
1.38
5.81%
PECO
Phillips Edison & Company
40.50
7.73
23.60%
Tanger Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Tanger Reports Strong Q2 2026 Results and Expansion
Positive
Aug 4, 2026
On August 4, 2026, Tanger reported its second-quarter and year-to-date 2026 results, highlighting higher profitability and operating performance versus the prior year. Net income available to common shareholders rose to $0.29 per share in the quar...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Tanger Appoints New Non-Executive Chair Amid Board Transition
Neutral
May 8, 2026
At the company’s Annual Meeting on May 8, 2026, long-time director Steven B. Tanger retired as Chair of the Board after choosing not to stand for re-election, and the board reduced its size from nine to eight members. Luis Ubiñas was ap...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.