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Tanger
(NYSE:SKT)
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Rating:69Neutral
Price Target:
$44.00
▲(17.62% Upside)
Action:Downgraded
Date:05/04/26
SKT’s score is driven primarily by solid operating results and constructive guidance/leasing momentum, supported by a positive technical trend. Offsetting factors are elevated balance-sheet leverage and a high P/E multiple, which increase sensitivity to execution or macro/rate pressures.
Positive Factors
High occupancy & record leasing
Sustained 97% occupancy plus record leasing and double-digit blended rent spreads indicate durable tenant demand and pricing power at outlet centers. That supports long‑term organic NOI and FFO growth, reducing reliance on transactions to drive returns and bolstering predictable rental cash flows.
Negative Factors
Elevated leverage
A materially higher debt-to-equity ratio meaningfully reduces financial flexibility and raises exposure to interest‑rate and refinancing shocks. If retail fundamentals soften, higher leverage could force tighter capital allocation, limit acquisitions or pressure distributions over a multi‑quarter horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy & record leasing
Sustained 97% occupancy plus record leasing and double-digit blended rent spreads indicate durable tenant demand and pricing power at outlet centers. That supports long‑term organic NOI and FFO growth, reducing reliance on transactions to drive returns and bolstering predictable rental cash flows.
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
$4.50B
Dividend Yield3.38%
Average Volume (3M)1.12M
Price to Earnings (P/E)35.9
Beta (1Y)0.54
Revenue Growth10.88%
EPS Growth26.12%
CountryUS
Employees372
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.10
Shares Outstanding114,875,854
10 Day Avg. Volume1,061,624
30 Day Avg. Volume1,123,341
Financial Highlights & Ratios
PEG Ratio2.24
Price to Book (P/B)5.34
Price to Sales (P/S)6.48
P/FCF Ratio12.77
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue10.32
Enterprise Value/Gross Profit24.22
Enterprise Value/Ebitda17.47
Forecast
1Y Price Target
$40.13Price Target Upside7.26% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)1.06
Revenue Forecast (FY)$593.19M
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call communicated multiple clear operational and financial strengths — double-digit FFO growth, record leasing volume, rising occupancy, raised guidance, strong liquidity and active merchandising/marketing initiatives — alongside manageable near-term headwinds (notably Q1 snow costs, retailer bankruptcies/closures, and a strategic low retention approach that raises short-term execution risk). Overall, management emphasized confidence in organic and selective external growth while acknowledging expense variability and timing-related cadence risk.Positive Updates
Core FFO Growth
Core FFO was $0.59 per share in Q1, up 11% year-over-year (from $0.53), driven by internal growth, contributions from recently acquired centers and higher lease termination income.
Negative Updates
Elevated Q1 Operating Expenses (Snow Removal)
Same-center NOI growth in Q1 was impacted by elevated snow removal costs; CFO quantified roughly a $0.01 EPS impact in the quarter (about 100 basis points of same-center growth) and noted overall expense growth of ~4% in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Core FFO Growth
Core FFO was $0.59 per share in Q1, up 11% year-over-year (from $0.53), driven by internal growth, contributions from recently acquired centers and higher lease termination income.
Read all positive updates
Company Guidance
Management raised full‑year 2026 guidance to core FFO of $2.42–$2.50 per share (≈6% growth at the midpoint) while maintaining same‑center NOI guidance of +2.25% to +4.25%; this follows Q1 results of core FFO $0.59/sh (+11% YoY), same‑center NOI +2.6% in the quarter (ex‑lease termination), occupancy 97% (+120 bps YoY), trailing‑12‑month sales productivity of $482/sq ft and an OCR of 9.7%. Leasing momentum (651 leases totaling 3.4M sq ft in the last 12 months, blended rent spreads 10.5% and retenanting spreads >26%) and asset‑management initiatives underpin the outlook, and the company cites a strong balance sheet (net debt/adjusted EBITDA ~4.8x, weighted‑average interest rate ~4%, WAM ~4.5 years, all fixed‑rate debt, and >$1.0B immediate liquidity), a 7% dividend increase with a ~53% payout ratio of FAD, and ~$80–100M of free cash flow after dividends; management noted the guidance assumes no further acquisitions/dispositions/financings and that Q1 was burdened by a ~$0.01 snow‑removal headwind (~100 bps on same‑center growth).Tanger Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 596.62M | 581.56M | 526.06M | 464.41M | 442.61M | 426.52M |
| Gross Profit | 254.26M | 103.11M | 367.33M | 318.86M | 298.68M | 285.79M |
| EBITDA | 352.37M | 336.34M | 302.09M | 260.70M | 244.70M | 172.43M |
| Net Income | 123.84M | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M |
Balance Sheet | ||||||
| Total Assets | 2.83B | 2.66B | 2.38B | 2.32B | 2.22B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 263.21M | 18.13M | 46.99M | 21.96M | 264.57M | 161.25M |
| Total Debt | 1.96B | 1.69B | 1.51B | 1.53B | 1.52B | 1.49B |
| Total Liabilities | 2.14B | 1.92B | 1.70B | 1.73B | 1.70B | 1.66B |
| Stockholders Equity | 670.48M | 706.48M | 652.37M | 566.78M | 491.64M | 477.93M |
Cash Flow | ||||||
| Free Cash Flow | 223.48M | 295.37M | 156.40M | 218.84M | 166.60M | 171.80M |
| Operating Cash Flow | 291.72M | 295.37M | 264.44M | 229.61M | 213.96M | 217.72M |
| Investing Cash Flow | -90.57M | -263.54M | -181.69M | -409.56M | -98.82M | -22.74M |
| Financing Cash Flow | 71.46M | -25.62M | -48.41M | -19.28M | -64.16M | -118.38M |
Tanger Technical Analysis
Positive
37.41
Price Trends
37.59
Positive
36.46
Positive
34.57
Positive
Market Momentum
0.59
Positive
51.84
Neutral
16.74
Positive
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 below the 20-day moving average (MA) of 39.81, below the 50-day MA of 37.59, and above the 200-day MA of 34.57, indicating a neutral trend. The MACD of 0.59 indicates Positive momentum. The RSI at 51.84 is Neutral, neither overbought nor oversold. The STOCH value of 16.74 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.82B | 21.19 | 9.22% | 4.55% | -3.59% | 1197.42% | |
70 Outperform | $5.82B | 45.65 | 5.05% | 3.52% | 9.06% | 59.27% | |
69 Neutral | $4.50B | 35.88 | 18.24% | 3.38% | 10.88% | 26.12% | |
69 Neutral | $2.89B | 69.17 | 2.03% | 3.83% | 9.83% | 80.92% | |
68 Neutral | $2.73B | 22.06 | 7.39% | 6.10% | 10.16% | 3.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $7.30B | -35.11 | -7.35% | 3.61% | -2.56% | 60.74% |
* Real Estate Sector Average
SKT
Tanger
39.47
8.65
28.08%
MAC
Macerich
24.93
9.09
57.41%
AKR
Acadia Realty
21.25
3.54
19.97%
KRG
Kite Realty Group
28.18
6.83
31.98%
FCPT
Four Corners Property
24.71
-0.33
-1.33%
PECO
Phillips Edison & Company
42.00
8.65
25.94%
Tanger Corporate Events
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...
Business Operations and StrategyDividendsFinancial Disclosures
Tanger Raises Outlook on Strong Quarter and Dividend Increase
Positive
Apr 30, 2026
For the quarter ended March 31, 2026, reported on April 30, 2026, Tanger delivered stronger financial and operating results, with net income rising to $0.24 per diluted share from $0.17 a year earlier and Funds From Operations increasing to $0.59 ...
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.