Continues to execute external growth
strategy with acquisition of Bridge Street Town Centre, a
market-dominant open-air center
GREENSBORO, N.C., Nov. 30,
2023 /PRNewswire/ -- Tanger® (NYSE:
SKT), a leading operator of outlet and open-air retail
shopping destinations, announced today that it has acquired Bridge
Street Town Centre, an 825,000‑square-foot open-air lifestyle
center in Huntsville, Alabama, one
of the fastest growing markets in the country. The center comprises
over 80 retail stores, restaurants, and entertainment venues and
serves as the dominant shopping destination in the market.
Tanger acquired Bridge Street Town Centre for $193.5 million using cash on hand and available
liquidity. Management expects the center to deliver a first-year
return in the mid-eight percent range, with potential for
additional growth over time.
"We continue to leverage the strength of our retail operating,
leasing and marketing platforms to create value, both in the outlet
channel and through selective investments in other complementary
open-air retail destinations," said Stephen
Yalof, President and CEO of Tanger. "The addition of Bridge
Street Town Centre is a natural extension of our capabilities and
consistent with our long-term strategy of investing in dominant
open-air retail centers in markets which benefit from outsized
residential and tourism growth."
Bridge Street Town Centre, Tanger's first open-air lifestyle
center, is over 93 percent occupied, with a dynamic tenant mix that
includes the market's only Apple Store and top apparel, footwear
and beauty brands including Lululemon, Sephora, Lovesac, Dry Goods,
Victoria's Secret, Athleta, Anthropologie, Altar'd State, and Ulta,
as well as several larger format retailers including Barnes &
Noble, Dick's Sporting Goods, Old Navy, H&M, and Belk. The
center offers over two dozen restaurants, from national favorites
like Cheesecake Factory, Texas de
Brazil, and Bravo! Italian Kitchen
to regional and local offerings, serving the significant dedicated
and transient employee and residential populations. Additionally,
the center boasts entertainment venues such as Main Event and the
14-screen Cinemark Bridge Street and XD, the top producing theater
in the state.
Rated one of the Top Places to Live in the U.S., Huntsville is a technology and military hub.
Nicknamed 'The Rocket City,' Huntsville is home to the U.S. Space and
Rocket Center and serves as an important location for the U.S.
military, space exploration technology, biotechnology,
manufacturing, and information technology industries. With more
than 40 Fortune 500 companies, the city boasts a durable and
dynamic economy with a diversity of economic drivers spurring new
residential and office developments in the area. Bridge Street Town
Centre is ideally located within Cummings Research Park, the second
largest research park in the U.S., and proximate to Redstone Arsenal, a 38,000-acre federal
research, development, testing and engineering military base. The
center is part of a larger mixed-use development that includes more
than 500 hotel rooms, over 240 multifamily units with 300 more
planned, and a fully leased 144,000-square-foot office tower, which
are separately owned by other parties.
The acquisition of Bridge Street Town Centre, Tanger's
39th property, is the company's third center addition
this quarter, following the grand opening of Tanger Nashville in
October and the acquisition of Asheville Outlets in early
November.
The company funded the recent Huntsville and Asheville acquisitions totaling $263.5 million through cash on hand and draws on
the company's credit facility. Additionally, during the fourth
quarter through November 30, 2023,
the company raised gross proceeds of $57.5
million through its at-the-market (ATM) equity program,
selling 2.3 million shares at an average price of $25.16 per share.
For more information, please see our investor website
at investors.tanger.com or visit tanger.com/Huntsville.
About Tanger®
Tanger Inc. (NYSE: SKT) is a leading owner and operator of
outlet and open-air retail shopping destinations, with over 42
years of expertise in the retail and outlet shopping industries.
Tanger's portfolio of 38 outlet centers and one open-air lifestyle
center comprises over 15 million square feet well positioned across
tourist destinations and vibrant markets in 20 U.S. states and
Canada. A publicly traded REIT
since 1993, Tanger continues to innovate the retail experience for
its shoppers with over 3,000 stores operated by more than 700
different brand name companies. For more information on Tanger,
call 1-800-4TANGER or visit tanger.com.
The Company uses, and intends to continue to use, its Investor
Relations website, which can be found at investors.tanger.com, as a
means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation FD.
Additional information about the Company can also be found through
social media channels. The Company encourages investors and others
interested in the Company to review the information on its Investor
Relations website and on social media channels. The information
contained on, or that may be accessed through, our website or
social media platforms is not incorporated by reference into, and
is not a part of, this document.
Safe Harbor Statement
This release contains
certain forward-looking statements within the meaning of
Section 27A of the Securities Act
of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements, which are based on certain assumptions and describe the
Company's future plans, strategies and expectations, are generally
identifiable by use of the words "believe," "expect," "intend,"
"anticipate," or similar expressions. These forward-looking
statements are based upon the beliefs and expectations of
management at the time of this release. You should not rely on
forward-looking statements since they involve known and unknown
risks and uncertainties which could cause actual results to differ
materially from those presented in the forward-looking statements.
Please refer to the documents filed by the Company with the SEC,
including specifically the "Risk Factors" sections of the Company's
Annual Report on Form 10-K for the year ended December 31, 2022, and the Company's other
filings with the SEC, which identify additional factors that could
cause actual results to differ from those contained in
forward-looking statements. The Company does not undertake any
obligation to update these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as may be required by
law.
Media Contact
Kasie Wilson
KWT Global
Tanger@kwtglobal.com
Investor Relations Contact
Doug McDonald
SVP, Finance and Capital Markets
(336) 856-6066
TangerIR@tanger.com
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SOURCE Tanger