MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: Tanger Factory Outlet Centers, Inc.
Market Information
−Removed: The common shares commenced trading on the New York Stock Exchange on May 28, 1993.
−Removed: Our common shares are listed on the New York Stock Exchange with the ticker symbol "SKT".
+Added: The Company's common shares commenced trading on the New York Stock Exchange on May 28, 1993, and are listed on the New York Stock Exchange with the ticker symbol "SKT".
As of February 1, 2024, there were approximately 337 common shareholders of record.
Share Repurchases
−Removed: In May 2021, the Company’s Board of Directors authorized the repurchase of up to $80.0 million of the Company’s outstanding shares through May 31, 2023.
+Added: In May 2023, the Board authorized the repurchase of up to $100.0 million of the Company’s outstanding shares through May 31, 2025, replacing the previously authorized plan to repurchase up to $80.0 million of the Company's outstanding shares through May 31, 2023.
Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares.
−Removed: The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.
+Added: The Company intends to structure open market purchases to occur within the pricing and volume requirements of Rule 10b-18 under the Exchange Act.
The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization.
−Removed: The Company did not repurchase any shares subsequent to the authorization of the repurchase plan.
−Removed: The remaining amount authorized to be repurchased under the program as of December 31, 2022 was approximately $80.0 million.
−Removed: The following table summarizes our common share repurchases for the fiscal quarter ended December 31, 2022:
+Added: The Company did not repurchase any shares subsequent to the authorization of the repurchase plan in May 2023.
+Added: The remaining amount authorized to be repurchased under the program as of December 31, 2023 was $100.0 million.
+Added: The following table summarizes our common share repurchases for the quarter ended December 31, 2023:
Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
9 unchanged sentences
We intend to continue to qualify as a REIT and to distribute substantially all of our taxable income to our shareholders through the payment of regular quarterly dividends.
−Removed: Certain of our debt agreements limit the payment of dividends such that dividends shall not exceed funds from operations ("FFO"), as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis.
−Removed: During 2021 and 2022, the Company paid dividends aggregating $0.7150 and $0.8025 per share, respectively.
−Removed: On January 19, 2023, the Board declared a quarterly dividend of $0.22 per share paid on February 15, 2023.
−Removed: The Board continues to evaluate the potential for future dividend distributions on a quarterly basis.
+Added: Certain of our debt agreements limit the payment of dividends such that dividends shall not exceed funds from operations ("FFO"), as defined in the debt agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis.
+Added: During the years ended 2023 and 2022, the Company paid dividends aggregating $0.97 and $0.8025 per share, respectively.
+Added: On January 17, 2024, the Board declared a quarterly dividend of $0.26 per share, which were paid on February 15, 2024.
+Added: The Board continues to evaluate the potential for future dividend payments on a quarterly basis.
We were in compliance with REIT taxable income distribution requirements for the 2023 tax year.
Securities Authorized for Issuance under Equity Compensation Plans
−Removed: The information required by this Item is set forth in Part III, Item 12 of this document.
+Added: The information required by this Item is set forth in Part III, Item 12 of this Annual Report.
Performance Graph
−Removed: The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Act, or the Securities Exchange Act of 1934, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.
+Added: The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.
The following share price performance chart compares our performance to an index of U.S.
3 unchanged sentences
The Dow Jones U.S.
−Removed: Real Estate Retail index is designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.
+Added: Real Estate Retail index is designed to track the performance of REITs and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.
All share price performance assumes an initial investment of $100 at the beginning of the period and assumes the reinvestment of dividends.
1 unchanged sentence
Index 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
−Removed: Tanger Factory Outlet Centers, Inc.
100.00 78.67 57.21 115.32 112.66 182.58
6 unchanged sentences
There is no established public trading market for the Operating Partnership's common units.
−Removed: As of December 31, 2022, the Company and its wholly-owned subsidiary, Tanger LP Trust, owned 104,497,920 units of the Operating Partnership and the Non-Company LPs owned 4,737,982 units.
−Removed: We made distributions per common unit during 2022 as follows:
+Added: As of December 31, 2023, the Company and its wholly-owned subsidiary, Tanger LP Trust, owned 108,793,251 units of the Operating Partnership and the Non-Company LPs owned 4,707,958 Class A limited partnership units of the Operating Partnership.
+Added: We made distributions per common unit during the year ended 2023 as follows:
First Quarter $ 0.2200
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.