Tanger Inc. (SKT)
NYSE:SKT
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Tanger
(NYSE:SKT)
Select Model
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Rating:72Outperform
Price Target:
$42.00
▲(12.27% Upside)
Action:ReiteratedDate:02/27/26
SKT scores well primarily on improving operating fundamentals and a positive, guidance-supported earnings outlook, including record leasing/very high occupancy and steps to reduce interest-rate risk. Offsetting factors are the higher leverage profile and a relatively rich valuation, while technicals remain bullish but appear overextended.
Positive Factors
High Occupancy & Record Leasing
Consistently near-full occupancy and record leasing volume increase recurring rental income and lower vacancy risk. High demand lets management retenant strategically, supporting durable same-center NOI growth and stronger tenant sales that sustain long-term cash flows.
Negative Factors
Higher Leverage
A sharp increase in debt and higher leverage reduces balance-sheet flexibility and raises refinancing and interest coverage risk. Elevated leverage can constrain growth capital, limit defensive responses to tenant stress, and amplify earnings volatility if macro rates or rents deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy & Record Leasing
Consistently near-full occupancy and record leasing volume increase recurring rental income and lower vacancy risk. High demand lets management retenant strategically, supporting durable same-center NOI growth and stronger tenant sales that sustain long-term cash flows.
Read all positive factors
Tanger (SKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.96B
Dividend Yield3.38%
Average Volume (3M)898.85K
Price to Earnings (P/E)32.9
Beta (1Y)0.60
Revenue Growth9.59%
EPS Growth8.34%
CountryUS
Employees372
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.29
Shares Outstanding114,502,945
10 Day Avg. Volume844,979
30 Day Avg. Volume898,852
Financial Highlights & Ratios
PEG Ratio2.25
Price to Book (P/B)5.34
Price to Sales (P/S)6.48
P/FCF Ratio18.62
Enterprise Value/Market Cap1.69
Enterprise Value/Revenue11.47
Enterprise Value/Gross Profit20.54
Enterprise Value/Ebitda19.84
Forecast
1Y Price Target
$38.38Price Target Upside2.59% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.11
Revenue Forecast (FY)$589.57M
Tanger Business Overview & Revenue Model
Company Description
Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent manage...
How the Company Makes Money
Tanger generates revenue primarily through leasing space to retailers in its outlet centers. The company earns rental income from long-term leases, which typically include a base rent along with percentage rent based on the sales performance of te...
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 Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial wins—record leasing volume, high occupancy, strong FFO and same-center NOI growth, enhanced liquidity and lower interest rate risk, and a constructive 2026 guidance range—while acknowledging manageable tenant bankruptcies, some compression in leasing spreads, seasonal occupancy cadence, and potential off-guide CapEx risks tied to specific lease outcomes. Overall, the positive operational momentum and material balance sheet improvements outweigh the contained headwinds.Positive Updates
Strong FFO Performance
Fourth quarter core FFO of $0.63 per share (up 16.7% YoY vs. $0.54) and full-year core FFO of $2.33 per share (up 9.4% YoY), finishing slightly above the high end of guidance.
Negative Updates
Retail Bankruptcies and Lease Uncertainty
A small but visible uptick in retailer bankruptcies (e.g., Eddie Bauer) and the potential for Saks lease matters; management characterized these events as manageable and potentially accretive long-term but they create near-term retenanting work. None of the recent bankrupt tenants are in the top 25.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong FFO Performance
Fourth quarter core FFO of $0.63 per share (up 16.7% YoY vs. $0.54) and full-year core FFO of $2.33 per share (up 9.4% YoY), finishing slightly above the high end of guidance.
Read all positive updates
Company Guidance
Tanger’s 2026 guidance calls for core FFO per share of $2.41–$2.49 (midpoint >5% growth) and same‑center NOI growth of 2.25%–4.25% (Pinecrest and Kansas City excluded), with recurring CapEx of $65–$75M and total CapEx expected in the mid‑teens % of NOI; management noted quarterly same‑center NOI can vary seasonally. On the balance sheet they reported pro‑rata debt of $1.8B at year‑end and net debt/adjusted EBITDA of 4.7x, and pro‑forma liquidity of over $1.0B (including $270M cash, $150M delayed draws and $120M available on credit lines); after January financings 100% of debt is effectively fixed with a pro‑forma weighted‑average interest rate of ~4% and weighted‑average maturity of ~4 years (rising to ~5 years assuming payoffs), having closed $550M of term loans (2030/2033, ~100bps over SOFR, $400M drawn) and $250M of 5‑yr exchangeable notes at 2.375% (effective conversion price $47.49 after capped calls; effective yield mid‑3%), and noted the dividend is ~61% of funds available for distribution.Tanger Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 581.56M | 526.06M | 464.41M | 442.61M | 426.52M |
| Gross Profit | 103.11M | 367.33M | 318.86M | 298.68M | 285.79M |
| EBITDA | 336.34M | 302.09M | 260.70M | 244.70M | 172.43M |
| Net Income | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M |
Balance Sheet | |||||
| Total Assets | 2.66B | 2.38B | 2.32B | 2.22B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 18.13M | 46.99M | 21.96M | 264.57M | 161.25M |
| Total Debt | 2.73B | 1.51B | 1.53B | 1.52B | 1.49B |
| Total Liabilities | 1.92B | 1.70B | 1.73B | 1.70B | 1.66B |
| Stockholders Equity | 706.48M | 652.37M | 566.78M | 491.64M | 477.93M |
Cash Flow | |||||
| Free Cash Flow | 202.56M | 156.40M | 229.61M | 166.60M | 171.80M |
| Operating Cash Flow | 298.59M | 264.44M | 229.61M | 213.96M | 217.72M |
| Investing Cash Flow | -266.76M | -181.69M | -409.56M | -98.82M | -22.74M |
| Financing Cash Flow | -25.62M | -48.41M | -19.28M | -64.16M | -118.38M |
Tanger Technical Analysis
Positive
37.41
Price Trends
34.55
Positive
33.92
Positive
32.89
Positive
Market Momentum
-0.30
Positive
48.18
Neutral
31.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKT, the sentiment is Positive. The current price of 37.41 is above the 20-day moving average (MA) of 34.82, above the 50-day MA of 34.55, and above the 200-day MA of 32.89, indicating a neutral trend. The MACD of -0.30 indicates Positive momentum. The RSI at 48.18 is Neutral, neither overbought nor oversold. The STOCH value of 31.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.96B | 32.86 | 17.14% | 3.38% | 9.59% | 8.34% | |
71 Outperform | $5.20B | 23.40 | 4.86% | 3.52% | 10.58% | 37.97% | |
70 Outperform | $2.61B | 21.07 | 7.40% | 6.10% | 8.28% | 1.49% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $2.59B | 198.19 | 0.75% | 3.83% | 8.85% | 27.38% | |
60 Neutral | $5.10B | 17.20 | 9.31% | 4.55% | 3.67% | ― | |
58 Neutral | $5.22B | -24.03 | -7.72% | 3.61% | 8.06% | 74.26% |
* Real Estate Sector Average
SKT
Tanger
34.57
5.17
17.57%
MAC
Macerich
19.53
5.99
44.20%
AKR
Acadia Realty
19.42
2.04
11.72%
KRG
Kite Realty Group
24.68
5.57
29.18%
FCPT
Four Corners Property
23.75
-1.52
-6.00%
PECO
Phillips Edison & Company
37.53
4.41
13.32%
Tanger Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Tanger Launches New $400 Million ATM Equity Program
Neutral
Feb 27, 2026
On February 26, 2026, Tanger Inc. and Tanger Properties Limited Partnership filed an automatic universal shelf registration statement and related base prospectus with the SEC, and simultaneously replaced their February 2025 at‑the‑mark...
Business Operations and StrategyFinancial Disclosures
Tanger Posts Strong Q4 2025 Results, Signals 2026 Growth
Positive
Feb 24, 2026
Tanger reported on February 24, 2026 that fourth-quarter 2025 net income available to common shareholders rose to $0.29 per share from $0.23 a year earlier, while Funds From Operations increased to $0.63 per share from $0.54, supported by occupanc...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Tanger Issues Exchangeable Notes to Refinance Debt Obligations
Positive
Jan 12, 2026
On January 12, 2026, Tanger Properties Limited Partnership, the operating partnership of Tanger Inc., privately issued $250 million of 2.375% exchangeable senior notes due 2031 to qualified institutional buyers, guaranteed on a senior unsecured ba...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Tanger Announces Upsized Exchangeable Senior Notes Offering
Positive
Jan 8, 2026
On January 6, 2026, Tanger Properties Limited Partnership, the operating partnership of Tanger Inc., launched a private Rule 144A offering of exchangeable senior notes initially sized at $200 million and, following strong demand, priced on January...
Business Operations and StrategyPrivate Placements and Financing
Tanger boosts liquidity with new unsecured term loans
Positive
Jan 6, 2026
On January 6, 2026, Tanger’s operating partnership closed on $550 million of unsecured term loan facilities, increasing total term loan capacity by $225 million to enhance liquidity, extend debt maturities and expand its lending group. The p...
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.