Morningstar Analyst Rating Page 1 of 5 Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 22.94 ]0.12 0.53 % $ 22.93 22.26-23.03 21.81-34.88 6.00 2.16 bil 1,093 1.5 mil 20.66 3.73 4.45 8.9 Stock Price 2018-01-01-2018-02-09 XNYS:SKT: -3.69-13.92% 2018 Morningstar s Take Key Stats Stock Ind Avg Price/Earnings TTM 36.2 30.3 Price/Book 3.7 2.6 Price/Sales TTM 4.5 7 Rev Growth (3 Yr Avg) 6.6 3.3 Net Income Growth (3 Yr Avg) 21.7-6.3 Operating Margin % TTM 32 39.1 Net Margin % TTM 12.2 23.1 ROA TTM 2.3 2.9 ROE TTM 9.5 8.5 Debt/Equity 3.1 1.6 Financials 30.00 20.00 10.00 Fair Value Estimate $ - Consider Buying $ - Consider Selling $ - Fair Value Uncertainty Economic Moat Stewardship Growth C Profitability X Morningstar Credit Rating Relative to Industry - Avg + Annual Quarterly Income Statement 2016-12 2015-12 2014-12 2017-09 2016-09 Revenue 466 439 419 121 119 Operating Income 151 144 132 41 40 Net Income 194 211 74-15 69 Earnings Per Share 2.01 2.20 0.77-0.17 0.72 Shares Outstanding 95 95 94 94 96 Balance Sheet Current Assets 12 143 17 9 29 Non Current Assets 2,514 2,184 2,081 2,533 2,532 Total Assets 2,526 2,327 2,098 2,541 2,561 Current Liabilities 78 97 70 84 79 Total Liabilities 1,856 1,752 1,601 1,963 1,891 Stockholders' Equity 670 575 497 578 670 Dividends Declared Date 11/01/2018 Ex-Dividend Date 30/01/2018 Latest Indicated Dividend Amount 0.34 Projected Yield 6.00 % Recent Dividends & Type Amount Splits 01/30/2018 Cash Dividends 0.3425 10/30/2017 Cash Dividends 0.3425 07/27/2017 Cash Dividends 0.3425 04/26/2017 Cash Dividends 0.3425 Competitors Name Price % Chg TTM Sales $ mil Tanger Factory Outlet $22.94 0.53 ] 486 Centers Inc Simon Property Group Inc $156.97-0.10 [ 5,537 GGP Inc $22.20 0.00 2,311 Unibail-Rodamco SE ADR $23.00 0.61 ] 2,183 Unibail-Rodamco SE $229.05-9.64 [ 2,183 Link Real Estate Investment Trust $8.20-9.29 [ 1,227 Recommendations Current 3.0 Total Analysts: 3 5.0 3.0 1.0 Buy Hold Sell Ownership Fund Owners Star Rating % Shares Held % Total Assets ishares US Dividend QQ 0.41 2.02 Growers(CAD-Hdg)Adv Investors US QQQ 0.28 1.29 Opportunities B HSBC Global Real Estate 0.09 1.55 Equity Pooled Investors Core US Equity U QQQ 0.06 0.35 Russell Global Real Estate QQQ 0.02 0.17 Pool Sr F Insiders % Change TTM % Shares Outstanding Steven B. Tanger 71,118 1.03 Thomas Mcdonough -27,833 0.18 William G. Benton 3,288 0.08 Chad D. Perry -12,012 0.08 James F. Williams -1,383 0.07 Cash Flow Cash From Operations 239 221 189 71 73 Capital Expenditures -165-239 -148-44 -44
Morningstar Analyst Rating Page 2 of 5 Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 22.94 ]0.12 0.53 % $ 22.93 22.26-23.03 21.81-34.88 6.00 2.16 bil 1,093 1.5 mil 20.66 3.73 4.45 8.9 Financials Annual Quarterly Free Cash Flow 74-18 41 27 29 In millions except "EPS". Currency in USD.
Page 3 of 5 Industry Classification NAICS Lessors of Nonresidential Buildings (except Miniwarehouses) (531120) SIC Real Estate Investment Trusts (7222);Real Estate Investment Trusts (6798) ISIC Trusts, Funds and Similar Financial Entities (6430) Operation Details Fiscal Year Ends 2017-12-31 CIK 899715 Year Established Employees (01/02/2017) 659 Full Time 297 Part Time 362 Auditor (31/12/2016) Deloitte & Touche LLP Legal Advisor (09/04/2009) Vernon, Vernon, Wooten, Brown, Andrews & Garrett, P.A. Key Executives Steven B. Tanger/Director, President and Chief Executive Officer; Thomas Mcdonough/Executive Vice President and Chief Operating Officer; Chad D. Perry/Executive Vice President, General Counsel and Secretary; James F. Williams/Senior Vice President, Chief Accounting Officer, Chief Financial Officer; Vice President and Treasurer of Tanger GP Trust; Lisa J. Morrison/Senior Vice President - Leasing; Charles Allen Worsham/Senior Vice President, Construction and Development; Virginia R. Summerell/Senior Vice President, Finance, Treasurer and Assistant Secretary; Thomas J. Guerrieri/Vice President, Chief Accounting Officer and Controller; Carrie A. Geldner/Senior Vice President and Chief Marketing Officer Company Profile Tanger Factory Outlet Centers Inc owns and operates outlet centers in the United States and Canada. It is a self-administered and self-managed REIT. It also develops, acquires, owns and manages outlet shopping centers. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 1.6Mil 2.2Bil 60.6Mil 0.5Bil Real Estate REIT - Retail 6 Small Core No Yes
Page 4 of 5 Industry Peers Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage Tanger Factory Outlet Centers Inc 2,157 60 4.5 3.7 36.2 6.0 8.1 32.5 4.2 3.1 Simon Property Group Inc (USD) QQQ 48,867 1,771 8.9 13.4 27.7 4.6 4.8 49.0 3.4 6.4 Unibail-Rodamco SE (USD,EUR) 22,967 2,586 10.9 1.0 7.6 4.7 3.8 167.6 11.1 0.9 Unibail-Rodamco SE (USD,EUR) 22,872 2,586 10.8 1.0 7.6 2.5 3.8 167.6 11.1 0.9 GGP Inc (USD) QQQ 21,254 692 9.1 2.6 30.8 4.0-0.4 34.1 2.8 1.7 Link Real Estate Investment Trust (USD,HKD) 18,065 23,890 15.4 1.0 6.2 9.3 257.5 53.3 0.2 Scentre Group (USD,AUD) 16,334 3,248 8.1 1.1 6.7 5.5 42.1 70.3 8.5 0.6 Westfield Corp (USD,AUD) 14,227 1,992 11.4 1.4 9.4 3.7-17.1 106.5 28.2 0.6 Westfield Corp (USD,AUD) 14,227 1,992 11.4 1.4 9.4 3.7-17.1 106.5 28.2 0.6 Realty Income Corp (USD) QQQQ 13,779 350 11.0 1.9 40.1 5.2 21.8 26.0 2.5 0.8 Klépierre (USD,EUR) 12,443 1,212 8.4 1.0 8.7 4.8 4.8 73.1 9.7 0.7 Regency Centers Corp (USD) 9,716 152 9.2 1.5 75.4 3.7 5.5 34.4 1.7 0.5 British Land Co PLC (USD,GBP) 8,726 627 10.6 0.7 10.7 4.5 12.1 238.3 3.4 0.3 British Land Co PLC (USD,GBP) 8,726 627 10.4 0.6 10.5 4.6 12.1 238.3 3.4 0.3 Macerich Co (USD) QQQ 8,517 150 8.5 2.3 57.0 4.8 8.7 23.0 4.4 1.3 Federal Realty Investment Trust (USD) QQQ 7,973 297 9.5 3.9 34.8 3.6 7.8 40.0 3.4 1.6 Riocan Real Estate Investment Trust (USD,CAD) 6,064 670 6.6 0.9 11.3 6.0-5.7 59.0 4.8 0.7 Kimco Realty Corp (USD) QQQQ 6,035 419 5.1 1.2 15.9 7.7 7.5 29.4 1.4 1.1 Forest City Realty Trust Inc (USD) 6,023 104 6.3 1.8 47.9 2.1-21.6 1.5 1.1 National Retail Properties Inc (USD) 5,670 258 9.6 1.8 26.3 5.0 11.9 59.8 3.2 0.9 CapitaLand Mall Trust (USD,SGD) 5,351 630 10.2 1.0 11.0 2.7 1.8 62.9 5.5 0.4 Japan Retail Fund Investment Corp (USD,JPY) 5,182 23,090 7.4 1.3 23.6 4.4 5.8 41.4 7.3 0.8 Hammerson PLC (USD,GBP) 5,154 441 1.4 0.6 8.3 3.8-3.9 247.5 3.7 0.6 Japan Retail Fund Investment Corp (USD,JPY) 4,924 23,090 8.9 1.2 24.5 4.0 5.8 41.4 7.3 0.8 Brixmor Property Group Inc (USD) 4,339 323 3.4 1.5 13.6 7.4 2.8 31.9 2.2 2.0 EPR Properties (USD) 4,157 255 8.9 1.4 16.7 7.3 12.2 3.8 1.0 Shaftesbury PLC (USD,GBP) 4,037 301 23.5 1.1 8.7 1.6 5.1 274.4 10.6 0.4 Champion Real Estate Investment Trust (USD,HKD) 3,857 4,567 11.6 0.6 5.2 2.3 5.7 69.3 10.9 0.3 Suntec Real Estate Investment Trust (USD,SGD) 3,800 251 13.6 0.9 19.8 5.1 4.0 53.4 3.9 0.6 SmartCentres Real Estate Investment Trust (USD,CAD) 3,591 340 6.2 1.1 13.1 5.9 7.2 63.1 3.6 0.8 Taubman Centers Inc (USD) 3,535 89 5.7 245.1 54.9 4.3-1.0 18.1 2.4 238.3 Weingarten Realty Investors (USD) 3,452 211 6.1 2.1 17.9 5.7 4.9 35.4 3.0 1.4 DDR Corp (USD) 2,612 10 2.8 1.0 10.7 7.1 19.1 1.0 1.5 Retail Properties of America Inc (USD) 2,575 159 4.8 1.3 5.8 1.9 21.6 1.3 0.7 Fortune Real Estate Investment Trust (USD,HKD) 2,247 2,230 8.8 0.7 5.5 5.4 12.8 65.4 19.5 0.3 CT Real Estate Investment Trust (USD,CAD) 2,192 123 10.1 2.6 12.5 5.0 51.4 4.0 0.8 Cole Credit Property Trust IV Inc (USD) 2,175 78 5.2 1.1 26.9 17.7 3.1 1.2 Seritage Growth Properties (USD) 2,171-45 5.1 2.7 2.6-12.2-0.4 1.6 Eurocommercial Properties NV (USD,EUR) 2,011 269 8.0 0.9 8.1 6.0 2.2 129.7 9.5 0.6 Retail Opportunity Investments Corp (USD) 1,879 37 7.7 1.6 49.2 4.5 35.6 28.1 1.9 1.1 Acadia Realty Trust (USD) 1,849 60 7.7 1.2 13.3 4.8 14.2 24.1 2.5 1.0 Alexander's Inc (USD) 1,794 84 7.8 5.2 21.3 4.9 9.8 46.5 4.9 3.6 Wereldhave NV (USD,EUR) 1,564 165 6.6 0.8 10.6 7.3 9.0 54.8 5.0 0.7 American Assets Trust Inc (USD) 1,548 30 6.8 1.9 49.0 3.2 7.8 32.2 1.9 1.6 Frasers Centrepoint Trust (USD,SGD) 1,493 194 11.0 1.1 10.5 3.9 4.3 51.2 12.5 0.4 Agree Realty Corp (USD) 1,403 54 10.9 1.7 22.3 4.5 24.8 56.3 6.3 0.6 Shopping Centres Australasia Property Group 1,289 184 8.0 1.1 10.1 5.5 62.6 12.2 0.5 (USD,AUD) Kite Realty Group Trust (USD) 1,210 12 3.4 0.8 8.5 31.8 20.3 1.0 1.1 Starhill Global Real Estate Investment Trust 1,203 105 7.3 0.8 15.4 4.5 68.4 3.7 0.6 (USD,SGD) Saul Centers Inc (USD) 1,128 48 5.0 7.6 31.6 4.0 4.5 25.1 2.3 6.4 D/E
Page 5 of 5 Industry Peers Washington Prime Group Inc (USD) 1,046 172 1.6 1.2 6.6 17.8 26.8 2.0 3.4 Ramco-Gershenson Properties Trust (USD) 932 55 3.5 1.2 19.6 7.5 17.9 24.3 2.4 1.4 Getty Realty Corp (USD) 930 42 7.2 1.7 19.6 4.9 4.2 31.0 3.5 0.6 Choice Properties Real Estate Investment Trust 910 624 1.4 1.2 1.8 6.0 71.1 0.3 4.3 (USD,CAD) Lippo Malls Indonesia Retail Trust (USD,SGD) 848 31 5.7 0.9 36.6 6.3 6.7 85.8 2.4 0.4 CBL & Associates Properties Inc (USD) 718 153 0.8 0.6 6.6 23.7 0.2 31.4 1.9 3.7 Urstadt Biddle Properties Inc (USD) 686 52 5.5 1.8 20.1 6.0 8.5 35.7 4.6 0.7 Urstadt Biddle Properties Inc (USD) 686 52 5.0 1.6 18.3 5.9 8.5 35.7 4.6 0.7 Pennsylvania Real Estate Investment Trust (USD) 685-60 1.8 0.9 8.6-0.9 16.6 2.1 Capital & Regional PLC (USD,GBP) 529 0 4.7 0.8 569.2 3.0 24.7 42.0 0.7 1.0 Whitestone REIT (USD) 474 6 3.5 1.4 43.5 9.2 24.5 23.0 1.4 Cedar Realty Trust Inc (USD) 411 16 2.6 1.0 4.4 3.1 28.2 1.3 0.3 Slate Retail REIT (USD) 407 3 4.0 33.4 6.8 65.9 3.0 60.4 Plaza Retail REIT (USD,CAD) 324 23 4.4 1.0 19.0 6.0 12.5 53.8 2.2 1.1 Hektar Real Estate Investment Trust (USD,MYR) 143 32 5.7 1.0 9.2 6.9 5.6 41.3 2.9 0.8 Partners Real Estate Investment Trust (USD,CAD) 109 3 2.1 0.8 36.4 8.0 18.6 15.1 1.5 1.0 Wheeler Real Estate Investment Trust Inc (USD) 45-7 0.8 1.3 22.5 87.1-23.0 0.0 8.6 HMG/Courtland Properties Inc (USD) 14 0 204.3 0.7-61.3-2,681.4-6.2 0.1 Horizon Group Properties Inc (USD) 0-29.1 8.5 JER Investors Trust Inc (USD) -76 77.5 39.2 CNPR Group 2,744 3.7 Vastned Retail NV (USD,EUR) 76 9.3 1.0 26.2 7.1-7.6 34.2 2.5 0.7 Torunlar Gayrimenkul Yatirim Ortakligi AS (USD,TRY) 971 32.5 132.0 9.4 0.4 Resilient REIT Ltd (USD,ZAR) 11,202 220.8 4.4 0.2 InvenTrust Properties Corp (USD) 84 4.8 0.6 13.6 2.3-23.0-0.5 2.8 0.3 Scentre Group (USD,AUD) 3,248 42.1 70.3 8.5 0.6 Phillips Edison Grocery Center REIT II Inc (USD) -9 0.0 0.0-5.2 0.9 Strategic Realty Trust Inc (USD) 7-17.8 0.2 0.9 Nomura Real Estate Master Fund Inc (USD,JPY) 7,838 46.7 8.9 0.7 SPH REIT (USD,SGD) 157 67.7 8.0 0.2 Phillips Edison Grocery Center REIT I Inc (USD) -4 6.5 1.5 183.2 6.1 1.2 Industry Average 5,416 1,586 7.0 2.6 30.3 5.0 9.7 25.1 5.6 1.6