Form 4: Tanger Director Boosts Stake with Share Acquisition

Tanger Inc. Director Jeffrey B. Citrin acquired 538.96 common shares at $32.47 per share through a deferred share program, increasing his total beneficial ownership to 149,481.97 shares.

Summary

• Director Jeffrey B. Citrin acquired 538.96 common shares of Tanger Inc. (SKT) on August 15, 2025.
• The acquisition was made at a price of $32.47 per share.
• These shares represent deferred share units issued under the Director Deferred Share Program, which are equivalent to common shares and become payable upon termination of his director service.
• An additional 93.51 deferred share units were acquired through a dividend reinvestment program since the last Form 4 filing.
• Following this transaction, Mr. Citrin beneficially owns a total of 149,481.97 common shares.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 8

Explanation: The acquisition of shares by a director, especially through a deferred share program and dividend reinvestment, is a strong positive signal of insider confidence and alignment with shareholder interests. This type of transaction typically indicates a belief in the company's long-term value.

Positives

• Director Jeffrey B. Citrin increased his beneficial ownership in Tanger Inc. by acquiring 538.96 common shares, signaling confidence in the company's future.
• The acquisition was part of a Director Deferred Share Program, aligning director incentives with shareholder interests.
• Additional shares were acquired via a dividend reinvestment program, indicating a commitment to long-term holding and reinvestment of company earnings.
• The transaction was pre-planned under a Rule 10b5-1(c) plan, demonstrating a structured and long-term investment approach by the insider.

Future Outlook

The filing indicates a pre-planned acquisition under a Rule 10b5-1(c) plan, suggesting a long-term investment strategy by the director and continued confidence in the company's future performance.

Industry Context

This insider acquisition by a director of Tanger Inc., a real estate investment trust (REIT) specializing in outlet centers, suggests continued confidence in the retail real estate sector, despite broader economic uncertainties. Insider buying can be a positive signal for investors, indicating that those with intimate knowledge of the company believe its shares are undervalued or poised for growth.

Comparison to Industry Standards

• Insider buying, particularly by a director, is generally viewed positively across industries as it aligns management's interests with shareholders.
• Such transactions are common in REITs where directors often receive compensation in the form of equity or deferred share units, reinforcing their stake in the company's performance.
• The acquisition price of $32.47 per share can be compared to the company's historical trading range and analyst price targets to assess its relative value within the REIT sector.

Corporate Governance

Related Party Transactions

• Acquisition of 538.96 common shares by Director Jeffrey B. Citrin through the company's Director Deferred Share Program.
• Acquisition of 93.51 deferred share units by Director Jeffrey B. Citrin through a dividend reinvestment program.

Stakeholder Impact

• Shareholders: Positive signal due to increased insider ownership, potentially boosting investor confidence and share price.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• The deferred share units will become payable in common shares upon termination of Mr. Citrin's service as a director.

Key Dates

Recommendation

The director's acquisition of additional shares, particularly through a deferred compensation plan and dividend reinvestment, demonstrates strong insider confidence in Tanger Inc.'s future prospects and valuation. This insider buying aligns management's interests with shareholders and is generally a bullish signal, suggesting the stock may be undervalued or poised for positive performance.

Keywords

Tanger Inc., SKT, Jeffrey B. Citrin, Director Share Acquisition, Insider Buying, Deferred Share Units, Dividend Reinvestment Program, SEC Form 4, Real Estate Investment Trust, REIT, 10b5-1 Plan