Results Underscore Fundamental Commitment to
Achieving Significant Goals and Creating a Positive Impact
GREENSBORO, N.C., July 10,
2023 /PRNewswire/ -- Tanger® Outlets
(NYSE: SKT), a leading operator of upscale, open-air
shopping centers, is proud to announce the release of its 2022
Environmental, Social, and Governance (ESG) Report. The report, the
company's seventh, emphasizes Tanger's long-standing dedication to
corporate sustainability and ethical business practices.
In the past year, Tanger has continued to support its long-term
ESG initiatives and commitments while launching additional
strategic goals and programs to better meet the needs of its
stakeholders and make positive and meaningful changes in the
communities where the company operates.
"Our mission, vision, and core values guide and form the
foundation of our decision making at Tanger. The meaningful
progress we've made against our commitments and programs that
support the environment, our team, and our communities reflects how
we live these values every day," said Stephen Yalof, President and Chief Executive
Officer, Tanger. "We are dedicated to reducing our environmental
impact, cultivating a people-first employee culture, and fostering
healthier and more resilient communities in the markets we serve. I
am proud of the many ways we've advanced our ESG initiatives."
Planet
One of Tanger's key ESG commitments is to achieve Net Zero for
Scope 1 and 2 carbon emissions by 2050, and Tanger is working
toward this goal through both operational measures and partner
collaboration to reduce its carbon footprint and increase
efficiency, including the establishment of a Green Lease program.
Tanger has also invested in renewable energy and improvements to
its environmental data collection, management, and reporting
processes to enhance data integrity and better identify
opportunities for improvement.
In 2022, Tanger set and achieved many significant environmental
goals, including doubling its solar infrastructure, reducing energy
use and greenhouse gas emissions, doubling EV charging
capabilities, electrifying 100 percent of its security fleet, and
certifying over half its portfolio's gross leasable area to meet
LEED's high standards. Tanger is also embedding sustainability in
its development project in Nashville,
Tennessee, which is being built to qualify for LEED Silver
certification and will offer multiple features to engage and
support the surrounding community and environment in positive
ways.
People
As a company, Tanger is also committed to creating an
environment where employees feel valued, welcomed, and supported.
In 2022, Tanger continued to expand its diversity, equity, and
inclusion (DEI) initiatives and leadership programming, including
enhancing employee training, expanding bias reduction training
across the company, and launching a formal employee awards program.
In 2023, Tanger has continued this momentum by implementing
employee resource groups dedicated to supporting the LGBTQ+
community, People of Color, and Women at Tanger.
Community
Tanger has taken steps to provide for the safety and well-being
of its guests and the communities that surround each of its 37
shopping center locations across the U.S. and Canada, including the Tanger Nashville
development set to open this Fall. In 2022, the company achieved
the highly respected WELL Health-Safety Rating for all of its owned
and managed centers, in addition to implementing a variety of
security enhancements and advancing risk management across the
portfolio.
For over 25 years, Tanger has continued to foster opportunity,
well-being, and equity through community initiatives such as its
TangerKids and Hometown Heroes programs, which have supported
students, teachers, and those who protect and serve Tanger's
communities. TangerPink has brought the company's retail partners,
shopping center guests, and communities together to raise nearly
$19 million to fight breast cancer
since 1994. Tanger employees are also actively involved in their
communities, with nearly three-quarters donating their time in
2022, contributing to nearly 5,000 company-sponsored volunteer
hours.
"Even more exciting than the progress we've made so far is the
work still to come," said Leslie
Swanson, EVP and Chief Operating Officer at Tanger, who
oversees ESG initiatives for Tanger. "We are continually expanding
our ESG goals and initiatives to best serve the environment and our
communities, and we look forward to continuing to strategically
invest in clean energy and resource efficiencies, while also
prioritizing the safety, engagement, and well-being of our team
members and shopping center guests."
Tanger is also taking steps to enhance its ability to report on
its exposure to climate risk. Tanger's 2022 ESG Report provides
information in line with leading ESG disclosure guidelines,
including the Task Force on Climate-Related Financial Disclosures
(TCFD) and Sustainability Accounting Standards Board (SASB),
helping to position Tanger to meet anticipated new regulatory
requirements.
To learn more about Tanger's ESG progress and initiatives, and
to view Tanger's 2022 ESG Report, please visit
investors.tanger.com/corporate-responsibility.
About Tanger® Outlets
Tanger Factory Outlet
Centers, Inc. (NYSE: SKT), a leading operator of upscale open-air
outlet centers, fully or partially owns and/or manages a portfolio
of 37 centers, including one center under development. Tanger's
operating centers, which comprise approximately 14 million square
feet, are located in 20 states and in Canada and are leased to over 2,700 stores
operated by more than 600 different brand name companies. Tanger
has more than 42 years of experience in the outlet industry and has
been a publicly traded REIT since 1993. For more information on
Tanger, call 1-800-4TANGER or visit tanger.com.
Safe Harbor Statement
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the Company's future
plans, strategies and expectations, are generally identifiable by
use of the words "believe," "expect," "intend," "anticipate,"
"estimate," "project," "will," "forecast" or similar expressions,
and include the Company's expectations regarding future financial
results and assumptions underlying that guidance, long-term growth,
trends in retail traffic and tenant revenues, development
initiatives and strategic partnerships, expectations regarding
operational metrics, renewal trends, new revenue streams, its
strategy and value proposition to retailers, participation in
upcoming events, uses of capital, liquidity, dividend payments and
cash flows.
You should not rely on forward-looking statements since they
involve known and unknown risks, uncertainties and other important
factors which are, in some cases, beyond our control and which
could materially affect our actual results, performance or
achievements. Important factors which may cause actual results to
differ materially from current expectations include, but are not
limited to: our inability to develop new outlet centers or expand
existing outlet centers successfully; risks related to the economic
performance and market value of our outlet centers; the relative
illiquidity of real property investments; impairment charges
affecting our properties; our dispositions of assets may not
achieve anticipated results; competition for the acquisition and
development of outlet centers, and our inability to complete outlet
centers we have identified; environmental regulations affecting our
business; risks associated with possible terrorist activity or
other acts or threats of violence and threats to public safety;
risks related to the impact of the COVID-19 pandemic and
macroeconomic conditions, including rising interest rates and
inflation, on our tenants and on our business, financial condition,
liquidity, results of operations and compliance with debt
covenants; our dependence on rental income from real property; our
dependence on the results of operations of our retailers and their
bankruptcy, early termination or closing could adversely affect us;
the fact that certain of our properties are subject to ownership
interests held by third parties, whose interests may conflict with
ours; risks related to climate change; increased costs and
reputational harm associated with the increased focus on
environmental, sustainability and social initiatives; risks related
to uninsured losses; the risk that consumer, travel, shopping and
spending habits may change; risks associated with our Canadian
investments; risks associated with attracting and retaining key
personnel; risks associated with debt financing; risks associated
with our guarantees of debt for, or other support we may provide
to, joint venture properties; the effectiveness of our interest
rate hedging arrangements; uncertainty relating to the potential
phasing out of LIBOR; our potential failure to qualify as a REIT;
our legal obligation to make distributions to our shareholders;
legislative or regulatory actions that could adversely affect our
shareholders, including the recent changes in the U.S. federal
income taxation of U.S. businesses; our dependence on distributions
from the Operating Partnership to meet our financial obligations,
including dividends; the risk of a cyber-attack or an act of
cyber-terrorism and other important factors set forth under Item 1A
- "Risk Factors" in the Company's and the Operating Partnership's
Annual Report on Form 10-K for the year ended December 31, 2022, as may be updated or
supplemented in the Company's Quarterly Reports on Form 10-Q and
the Company's other filings with the SEC. Accordingly, there is no
assurance that the Company's expectations will be realized. The
Company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the Company makes or related subjects in the Company's
Current Reports on Form 8-K that the Company files with the
SEC.
Media Contact
Kasie Wilson
KWT Global
Tanger@kwtglobal.com
Investor Relations Contact
Doug McDonald
SVP, Finance and Capital Markets
T: (336) 856-6066
TangerIR@tanger.com
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SOURCE Tanger Factory Outlet Centers, Inc.