Tanger Factory Outlet Centers, Inc. ( ) is a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

headquartered in

Greensboro, North Carolina Greensboro (; formerly Greensborough) is a city in and the county seat of Guilford County, North Carolina, United States. It is the third-most populous city in North Carolina after Charlotte and Raleigh, the 69th-most populous city in the Un ...

that invests in

shopping center A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known collec ...

s containing

outlet store An outlet store, factory outlet or factory shop is a brick and mortar or online store in which manufacturers sell their stock directly to the public. Traditionally, a factory outlet was a store attached to a factory or warehouse, sometimes allowin ...

s in the United States and Canada. As of December 31, 2019, the company owned 32 shopping centers comprising 12.0 million square feet and over 2,400 stores. The company's largest tenants are Gap, Ascena Retail Group,

Nike, Inc. Nike, Inc. ( or ) is an American multinational corporation that is engaged in the design, development, manufacturing, and worldwide marketing and sales of footwear, apparel, equipment, accessories, and services. The company is headquartered ne ...

, PVH, H&M,

Ralph Lauren Corporation Ralph Lauren Corporation is an American publicly traded fashion company that was founded in 1967 by American fashion designer Ralph Lauren. The company is headquartered in New York City, producing products ranging from the mid-range to the luxur ...

, and

VF Corporation VF Corporation (formerly Vanity Fair Mills until 1969) is an American global apparel and footwear company founded in 1899 and headquartered in Denver, Colorado. The company's 13 brands are organized into three categories: Outdoor, Active and Wor ...

. Notable properties owned by the company include Tanger Outlets The Walk, Tanger Outlets Southaven (Memphis),

Tanger Outlets Pittsburgh Tanger Outlets Pittsburgh, also called Tanger Outlets Washington is an open-air outlet mall in South Strabane Township in Washington County, Pennsylvania owned by Tanger Factory Outlet Centers. It is within the Greater Pittsburgh metropolitan ...

Tanger Outlets Foxwoods, Tanger Outlets Ottawa and Tanger Outlets Columbus.

History

In 1981, Stanley Tanger opened the Burlington Manufacturer's Outlet Center in

Burlington, North Carolina Burlington is a city in Alamance County, North Carolina, Alamance and Guilford County, North Carolina, Guilford counties in the U.S. state of North Carolina. It is the principal city of the Burlington, North Carolina Metropolitan Statistical Are ...

. In May 1993, the company incorporated as a real estate investment trust and became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. In January 2009, Steven B. Tanger, the son of the founder and the namesake of the Steven Tanger Center for the Performing Arts, became president and CEO of the company. That same year in September, founder Stanley K. Tanger resigned the position of chairman. In October 2010, the founder died at age 87. In January 2011, the company announced a 50/50

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

with

RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. It has an enterprise value of approximately $14 billion, and owns 289 primarily retail properties, with a net leasable area of 44 million ...

to develop outlet malls in Canada. In June 2011, the company formed a joint venture with

Simon Property Group Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indian ...

to develop a shopping center south of

Houston, Texas Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

. In October 2015, the company sold 5 shopping centers for $150.7 million. In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.

References

External links

{{Authority control 1981 establishments in North Carolina American companies established in 1981 Companies based in Greensboro, North Carolina Companies listed on the New York Stock Exchange Real estate investment trusts of the United States Shopping malls established in 1981 Shopping center management firms