At a glance
Tanger Factory Outlet Centers Inc is worth $4.15B. The stock returned +12.5% over the past year with dividends reinvested and +22.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.6% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 1 month after the lows.
The business in plain English
Tanger Inc. is a real estate investment trust (REIT), a company that owns income-producing property and must pay out at least 90% of its taxable income as dividends. Tanger owns and runs outlet shopping centers, where brands sell goods below regular retail prices. As of December 31, 2025, it held 31 outlet centers and three open-air lifestyle centers, about 14.0 million square feet in all. They were 98% occupied by over 2,600 stores from more than 700 brands.
Tanger earns most of its money by leasing store space to retailers. Most rent is a fixed amount, and most leases include increases tied to inflation or set in advance. A smaller, variable part comes from rent based on a share of tenants' sales. Tenants also repay costs such as common-area upkeep, insurance and property taxes. Tanger also earns non-store income from marketing partnerships and media.
Tanger also part-owns six other centers, including two in Canada, and manages one in Palm Beach, Florida. Its annual report (10-K) does not break revenue down by segment or region. Its tenants are spread out: as of December 31, 2025, no single tenant made up more than 6% of base and percentage rent. Since 2023, Tanger has bought open-air lifestyle centers in Huntsville, Alabama; Little Rock, Arkansas; and Cleveland, Ohio.
Price history
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SKT +12.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Quarter ended 2026-06-30 (ended Jun 30, 2026), revenue was $156.4M, up 11.2% from a year earlier, and net income was $33.2M (+10.5%).
Financial health check
Valuation snapshot
| Market value | $4.15B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.32% |
Rank among 1514 US companies
Market value at each year end
Tanger Factory Outlet Centers’s market value went from $3.44B at the end of 2016 to $4.15B on Oct 28, 2026, up 21%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.15B | +8.1% |
| 2025 | $3.84B | +1.7% |
| 2024 | $3.78B | +29.4% |
| 2023 | $2.92B | +56.0% |
| 2022 | $1.87B | -6.6% |
| 2021 | $2.00B | +115.4% |
| 2020 | $930.8M | -32.0% |
| 2019 | $1.37B | -27.9% |
| 2018 | $1.90B | -24.2% |
| 2017 | $2.51B | -27.1% |
| 2016 | $3.44B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SKT price data to Oct 28, 2026 | +11.1% | +12.5% | +23.0% | +22.1% | +6.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.1% |
| 2025 | +1.4% |
| 2024 | +27.8% |
| 2023 | +62.1% |
| 2022 | +2.1% |
| 2021 | +101.8% |
| 2020 | -27.6% |
| 2019 | -21.2% |
| 2018 | -19.1% |
| 2017 | -22.3% |
| 2016 | +13.4% |
| 2015 | -8.1% |
| 2014 | +18.6% |
| 2013 | -4.0% |
| 2012 | +19.8% |
| 2011 | +17.9% |
| 2010 | +36.1% |
| 2009 | +8.3% |
| 2008 | +4.0% |
| 2007 | +0.1% |
| 2006 | +39.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.8% over that stretch · deepest drop along the way 40.8%, back to its old high 14.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.8% over that stretch · deepest drop along the way 53.6%, back to its old high 9.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.8% over that stretch · deepest drop along the way 28.7%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($1.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | Berman Bridget Ryan Director | sell | $518K |
| Feb 27, 2026 | Thomas Joseph JR Guerrieri SVP, CAO | sell | $392K |
| Feb 27, 2026 | Thomas Reddin Director | sell | $375K |
| Mar 6, 2026 | Susan E Skerritt Director | sell | $183K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.4% | Mar 31, 2025 |
| FMR LLC | 14.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 10.37% | Jan 30, 2026 |
| Vanguard Capital Management | 5.33% | Mar 31, 2026 |
ETFs with the most weight in SKT
| RITA ETFB Green SRI REITs ETF | 2.69% |
| REAI Intelligent Real Estate ETF | 1.76% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.52% |
| VRAI Virtus Real Asset Income ETF | 1.23% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.1% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.41% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.4% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.39% |
What could go wrong
- Retailer bankruptcies and store closings. Tanger depends on retailers paying rent. A brand that goes bankrupt, ends a lease early or closes stores leaves empty space and lost rent. No tenant exceeded 6% of rent at year-end 2025.
- Weak consumer spending and trade disputes. About $114 million of 2025 rental revenue was variable, partly tied to tenant sales. Weaker consumer spending, shifting shopping habits or trade disputes that squeeze retailers could reduce that income and demand for space.
- Exchangeable notes could dilute shareholders. Tanger's exchangeable notes are bonds that holders can swap for shares under certain conditions. Exchanges would spread ownership across more shares, which dilutes existing holders. Settling them in cash could strain the company's finances.
- Debt load and refinancing costs. As of June 30, 2026, Tanger had about $1.62 billion of debt and $197 million of cash and investments. Higher interest rates or a credit-rating cut could make refinancing that debt more expensive.
- Building and expanding centers can go wrong. New centers typically take 12 to 18 months to build. Delays, higher construction costs, denied zoning approvals or hidden defects could hurt returns, cash flow and Tanger's ability to pay dividends.
- Hard-to-exit properties and value write-downs. Shopping centers can't be offloaded quickly if conditions change. If a center's expected cash flow drops below its value on the books, Tanger must write it down. That hits earnings, and it has happened before.
Recent events
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Other company announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Tanger's dividend yield, its yearly dividends divided by the share price, was 3.32% as of October 28, 2026. As a real estate investment trust (REIT), it must pay out at least 90% of its taxable income. It warns it may need to borrow to meet that rule. Its dividends don't get the lower tax rate many other dividends receive, which matters less in a tax-sheltered account like an IRA. The share count has not shrunk through repurchases: it rose about 10.5% from November 1, 2021 to July 31, 2026.
The share price has swung widely. It fell about 41% in late 2008, then took about 15 months to recover. In the 2020 COVID crash it lost about 54% in a month and regained its peak by January 2021. In 2022 it fell about 29% but recovered about a month after its low. It fell every calendar year from 2017 through 2020. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Tanger make money?
Mostly by leasing store space in outlet and open-air shopping centers to retailers. Most rent is a fixed amount, often with built-in increases. A smaller, variable part comes from rent tied to tenants' sales and from tenants repaying shared costs such as insurance and property taxes. Tanger also earns income from marketing partnerships and media. In the quarter ended June 30, 2026, revenue was $156.4 million, up 11.2% from a year earlier.
Does Tanger pay a dividend?
Yes. As a REIT, Tanger must pay out at least 90% of its taxable income, excluding net capital gains, to keep its tax status. The dividend yield (yearly dividends as a share of the stock price) was 3.32% as of October 28, 2026. REIT dividends generally don't qualify for the lower tax rates that apply to some other dividends, which matters in a taxable account. The 10-K also notes that dividends depend on cash passed up from Tanger's operating partnership, which holds its centers.
How has Tanger stock performed over time?
Unevenly. As of October 28, 2026, the stock returned 12.5% over one year, 22.1% a year over five years and 6% a year over ten years. It fell in every calendar year from 2017 through 2020, then gained 101.85% in 2021. During the 2020 COVID crash it fell 53.6% and took about 10 months to recover. Its deepest drop across about 21 years of price history was 87.3%.
How much debt does Tanger have?
As of June 30, 2026, Tanger reported $1.62 billion of total debt, against $196.9 million of cash and investments and $674 million of shareholder equity. Total assets were $2.86 billion, mostly real estate. Borrowing is normal for REITs, which pay out most of their income and often fund growth with debt and new shares. Tanger's share count rose 10.5% between November 1, 2021, and July 31, 2026. The 10-K lists debt financing and credit ratings among its risks.
What are the biggest risks of owning Tanger stock?
Tanger relies on rent from retail tenants, so weak consumer spending, store closings and tenant bankruptcies can hurt results. The 10-K also flags debt, inflation, trade policy, severe weather and the risk of losing REIT tax status. The risk from any one tenant is limited: as of December 31, 2025, no single tenant made up more than 6% of base and percentage rent. In the year to October 29, 2026, insider filings showed four sales, worth about $1.47 million, and no purchases.