Form 4: Steven B. Tanger Reports Acquisition of 77,055 Common Shares of Tanger Inc. Following Conversion of Notional Units

Director Steven B. Tanger reports the acquisition of 77,055 common shares of Tanger Inc. due to the conversion of notional units, with 100% vesting achieved based on employment agreement terms.

Summary

• Steven B. Tanger, a director of Tanger Inc. [SKT], reported a transaction on February 27, 2025.
• He acquired 77,055 common shares through the conversion of notional units.
• These notional units converted into restricted common shares based on the achievement of share price targets.
• 100% of these shares vested on February 27, 2025, according to the terms of his employment agreement.
• Following the reported transaction, Tanger directly owns 997,353 common shares.
• He also indirectly owns 5,000 shares through his wife.
• The reported transactions do not include 2,879,797 Limited Partnership Units held by Tango 7 LLC, which are exchangeable into Tanger Inc. shares and considered indirectly beneficially owned by Tanger.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing simply reports a transaction related to executive compensation. The vesting of shares based on performance targets is a slightly positive indicator.

Positives

• The vesting of performance shares indicates that the company has met certain performance targets related to share price appreciation and total shareholder return (TSR).

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company insiders. This filing indicates activity by a director of Tanger Inc., a real estate investment trust (REIT) specializing in outlet centers.

Comparison to Industry Standards

• Comparing Tanger's performance share metrics to other REITs, a TSR of 26.0% to 40.5% over three years would be considered competitive depending on the broader market conditions and the specific peer group.
• For example, Simon Property Group (SPG), a leading retail REIT, has historically delivered strong TSR, but performance varies based on economic cycles.
• Similarly, comparing Tanger's TSR against benchmarks like the FTSE Nareit All Equity REITs Index provides context on its relative performance.

Stakeholder Impact

• The vesting of shares may have a slightly positive impact on shareholder sentiment, as it indicates that the company has met certain performance targets.
• The transaction itself has a minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates