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Tanger Factory Outlet Centers, Inc., (SKT) along with its subsidiaries, is an owner and operator of factory outlet centers in the United States. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT) that focuses on developing, acquiring, owning, operating and managing factory outlet shopping centers. As of 2006, SKT owned 30 outlet centers, with a total gross leasable area (GLA) of approximately 8.4 million square feet. These factory outlet centers were 98% occupied and contained over 1,800 stores, representing approximately 380 store brands. Also, the Company owned a 50% interest in two outlet centers with a GLA of approximately 667,000 square feet and managed for a fee three outlet centers with a GLA of approximately 293,000 square feet. Its stock is traded on NYSE under symbol SKT.
SKT is founded by its CEO, Stanley K. Tanger in 1981. Tanger family owns 18% of SKT through a family limited partnership.
SKT does not appear to be affected by the subprime crisis. SKT should be able to continue its growth over the long-term.
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