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SKT: Tanger Factory Outlet Centers Inc SKT - equity, debt and subsidiaries

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Tanger Factory Outlet Centers Inc  SKT

Summary (from latest annual and quarterly report)

  • Total equity: 633 million USD
  • Market Cap is 2.5 billion USD ( the last price of the stock is 26.14 USD)
  • Tanger Factory Outlet Centers Inc, along with its subsidiaries owns and operates outlet centers in the United States & Canada. It is a self-administered and self-managed REIT. It also develops, acquires, owns, & manages outlet shopping centers
  • Equity of total company increased from 575 million USD in 2015 to 633 million in 2017
  • Company has 7 million USD in cash on account (from latest 2017 quarterly report )
  •  Total equity – cash on account = 633 million USD – 7 million USD = 626 million USD
  • In 2017 company has 1.69 billion USD long-term debt, short – term debt is zero (from latest quarterly report )                                                               (In 2015 total debt was 1.56 billion USD)
  • In latest quarterly report - total equity increased to 633 million  USD from 575 million USD in 2015, total debt is 1.69 billion USD in 2017)
  • Company's revenue increased in 2016 (latest annual report) to 466 million USD from 439 million in 2015
  • Net income in 2016 was 194 million USD, Net income in 2015 was 211 million USD
  • In 2016 company paid 141 million USD dividend to its shareholders

 

Opinion about the company

Fundamentally it is a good company and in the future we can expect its growth (Total debt is big -1.69 billion USD, company has 7 million USD in cash on account, ROE is around 30%).

 

Tanger Factory Outlet Centers is one of the largest owners and operators of outlet centers in the United States and Canada. They are a fully-integrated, self-administered and self-managed REIT, which focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. Their consolidated portfolio consisted of 36 outlet centers totaling 12.7 million square feet located in 22 states. SKT has an ongoing strategy of acquiring outlet centers, developing new outlet centers and expanding existing outlet centers. As of February 1, 2017 , of the 36 outlet centers in their consolidated portfolio, they own the land underlying 29 and have ground leases on seven. They also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.3 million square feet, including 4 outlet centers in Canada.

Outlet centers generally consist of stores operated by manufacturers and brand name retailers that sell primarily first quality, branded products, some of which are made specifically for the outlet distribution channel, to consumers at significant discounts from regular retail prices charged by department stores and specialty stores. The Deer Park, New York outlet center is the only property that comprises 10% or more of their consolidated total assets. No property comprises more than 10% of their consolidated revenues. SKT has a diverse tenant base throughout its consolidated portfolio, comprised of approximately 400 different well-known, upscale, national designer or brand name concepts, such as Ann Taylor, American Eagle Outfitters, Banana Republic Factory Store, Barneys New York, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Giorgio Armani, Hugo Boss Factory Store, J. Crew, Kate Spade New York, Lululemon Athletica, Michael Kors, Nike Factory Store, North Face, Polo Ralph Lauren Factory Store, Saks Fifth Avenue Off 5th,  Tommy Hilfiger, Under Armour, Victoria’s  Secret, Vineyard Vines and others.

  • Revenues from fixed rents and operating expense reimbursements accounted for approximately 91% of SKT total revenues in 2016. Revenues from contingent sources, such as percentage rents, vending income and miscellaneous income, accounted for approximately 9% of SKT total revenues in 2016

 

SKT standalone subsidiaries and acquisitions:

  • In June 2016, SKT completed the purchase of their partners' interest in the Westgate joint venture, which owned the outlet center in Glendale, Arizona, for a total cash price of approximately $40.9 million . Prior to the transaction, they owned a 58% interest in the Westgate joint venture since its formation in 2012 and accounted for it under the equity method of accounting. The former joint venture is now wholly-owned by SKT and was consolidated in our financial results as of June 30, 2016 – worth 100 million USD
  • In 2016 SKT acquired Savannah for 20 million USD
  • In September 2016, SKT purchased land in the greater Fort Worth, Texas area for approximately 11.2 million USD and began construction immediately on the development of a wholly-owned outlet center
  • In June 2016, SKT opened an approximately 355,000 square foot outlet center in Columbus, Ohio. As of December 31, 2016 , SKT and the company partner had each contributed 47.5 million USD to fund development activities
  • Their consolidated portfolio consisted of 36 outlet centers totaling 12.7 million square feet located in 22 states. SKT has an ongoing strategy of acquiring outlet centers, developing new outlet centers and expanding existing outlet centers. As of February 1, 2017 , of the 36 outlet centers in their consolidated portfolio, they own the land underlying 29 and have ground leases on seven

 

Total = 179.5 million USD

Close : 24.14
As of Wed 11/22/2017
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