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Tanger Factory Outlet Centers Tanger Factory Outlet Centers, Inc. ( TANG-ər) is a real estate investment trust headquartered in Greensboro, North Carolina that invests in shopping centers containing outlet stores.
Tanger Outlets Southaven Tanger Outlets Southaven is an outlet mall in Southaven, Mississippi, just outside Memphis, Tennessee. The mall, located at the intersection of I-55/I-69 and Church Road, began construction in January 2015 and opened in November 2015.
Stanley Tanger Stanley Tang (born 1992) is a Hong Kong billionaire tech entrepreneur. He is best known as the co-founder and Chief Product Officer at DoorDash, which he started along with Tony Xu, Andy Fang and Evan Moore in 2013.DoorDash had its IPO in December 2020 making Tang's net worth an estimated $2.2 billion as of December 2020.
List of largest shopping malls in New York \n== List of largest enclosed malls ==\nDenotes urban mall.
Shopping center A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof.The first known collections of retailers under one roof are public markets, dating back to ancient times, and Middle Eastern covered markets, bazaars and souqs. In Paris, about 150 covered passages were built between the late 18th century and 1850, and a wealth of shopping arcades were built across Europe in the 19th century.
Shopping mall A shopping mall (or simply mall) is a North American term for a large indoor shopping center, usually anchored by department stores. The term "mall" originally meant a pedestrian promenade with shops along it (that is, the term was used to refer to the walkway itself which was merely bordered by such shops), but in the late 1960s, it began to be used as a generic term for the large enclosed shopping centers that were becoming commonplace at the time.
Lids (store) Lids Inc. is an American retailer specializing in athletic headwear.
Tanger Outlets Pittsburgh Tanger Outlets Pittsburgh, also called Tanger Outlets Washington is an open-air outlet mall in South Strabane Township in Washington County, Pennsylvania owned by Tanger Factory Outlet Centers. It is within the Pittsburgh Metro Area.
Equity (finance) In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets.
Real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests.
Normal distribution In statistics, a normal distribution (also known as Gaussian, Gauss, or Laplace–Gauss distribution) is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is\n\n \n \n \n f\n (\n x\n )\n =\n \n \n 1\n \n σ\n \n \n 2\n π\n \n \n \n \n \n \n e\n \n −\n \n \n 1\n 2\n \n \n \n \n (\n \n \n \n x\n −\n μ\n \n σ\n \n \n )\n \n \n 2\n \n \n \n \n \n \n {\displaystyle f(x)={\frac {1}{\sigma {\sqrt {2\pi }}}}e^{-{\frac {1}{2}}\left({\frac {x-\mu }{\sigma }}\right)^{2}}}\n The parameter \n \n \n \n μ\n \n \n {\displaystyle \mu }\n is the mean or expectation of the distribution (and also its median and mode), while the parameter \n \n \n \n σ\n \n \n {\displaystyle \sigma }\n is its standard deviation.
Obligation An obligation is a course of action that someone is required to take, whether legal or moral. Obligations are constraints; they limit freedom.
Law of obligations The law of obligations is one branch of private law under the civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals.
Collateralized debt obligation A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS).
Solidary obligations A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it. In general, solidarity of an obligation is never presumed, and it must be expressly stated as the true intent of the parties' will.
Deontology In moral philosophy, deontological ethics or deontology (from Greek: δέον, 'obligation, duty' + λόγος, 'study') is the normative ethical theory that the morality of an action should be based on whether that action itself is right or wrong under a series of rules, rather than based on the consequences of the action. It is sometimes described as duty-, obligation-, or rule-based ethics.
Unilateral gratuitous obligations Unilateral gratuitous obligations (also known as unilateral voluntary obligations or gratuitous promises) are obligations undertaken voluntarily, when a person promises in definite terms to do something to benefit or favour another, and may therefore be under a legal obligation to keep their promise.\nAn example would be a promise to donate a sum of money to a charity.
Nondelegable obligation A nondelegable obligation (also known as a non-delegable duty) is a legal obligation or duty which cannot legally be delegated or, if delegated, the principal is still liable for said obligation. They are also known as non-assignable duties or obligations.
Positive obligations Positive obligations in human rights law denote a State's obligation to engage in an activity to secure the effective enjoyment of a fundamental right, as opposed to the classical negative obligation to merely abstain from human rights violations.\nClassical human rights, such as the right to life or freedom of expression, are formulated or understood as prohibitions for the State to act in a way that would violate these rights.
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Gamma distribution In probability theory and statistics, the gamma distribution is a two-parameter family of continuous probability distributions. The exponential distribution, Erlang distribution, and chi-square distribution are special cases of the gamma distribution.
Probability distribution In probability theory and statistics, a probability distribution is the mathematical function that gives the probabilities of occurrence of different possible outcomes for an experiment. It is a mathematical description of a random phenomenon in terms of its sample space and the probabilities of events (subsets of the sample space).For instance, if X is used to denote the outcome of a coin toss ("the experiment"), then the probability distribution of X would take the value 0.5 (1 in 2 or 1/2) for X = heads, and 0.5 for X = tails (assuming that the coin is fair).
Linux distribution A Linux distribution (often abbreviated as distro) is an operating system made from a software collection that includes the Linux kernel and, often, a package management system. Linux users usually obtain their operating system by downloading one of the Linux distributions, which are available for a wide variety of systems ranging from embedded devices (for example, OpenWrt) and personal computers (for example, Linux Mint) to powerful supercomputers (for example, Rocks Cluster Distribution).
List of Linux distributions This page provides general information about notable Linux distributions in the form of a categorized list. Distributions are organized into sections by the major distribution or package management system they are based on.
Distribution (mathematics) Distributions, also known as Schwartz distributions or generalized functions, are objects that generalize the classical notion of functions in mathematical analysis. Distributions make it possible to differentiate functions whose derivatives do not exist in the classical sense.
Multimodal distribution In statistics, a bimodal distribution is a probability distribution with two different modes, which may also be referred to as a bimodal distribution. These appear as distinct peaks (local maxima) in the probability density function, as shown in Figures 1 and 2.
Partnership A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
Public–private partnership A public–private partnership (PPP, 3P, or P3) is an arrangement between two or more public and private sectors of a long-term nature. Typically, it involves private capital financing government projects and services up-front, and then drawing profits from taxpayers and/or users over the course of the PPP contract.
Build–operate–transfer Build–operate–transfer (BOT) or build–own–operate–transfer (BOOT) is a form of project delivery method, usually for large-scale infrastructure projects, wherein a private entity receives a concession from the public sector (or the private sector on rare occasions) to finance, design, construct, own, and operate a facility stated in the concession contract. The private entity will have the right to operate it for a set period of time.
Limited partnership A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner. Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.
Mobile operating system A mobile operating system is an operating system for mobile phones, tablets, smartwatches, 2-in-1 PCs, smart speakers, or other mobile devices. While computers such as typical laptops are 'mobile', the operating systems used on them are generally not considered mobile ones, as they were originally designed for desktop computers that historically did not have or need specific mobile features.
Chief operating officer A chief operating officer (COO), also called a chief operations officer, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if the highest-ranking executive is the chairperson and CEO. The COO is responsible for the daily operation of the company and its office building and routinely reports to the highest-ranking executive—usually the chief executive officer (CEO).
Risk Factors
TANGER FACTORY OUTLET CENTERS INC Item 1A Risk Factors Risks Related to our Business We face competition for the acquisition of factory outlet centers, and we may not be able to complete acquisitions that we have identified
One component of our business strategy is expansion through acquisitions, and we may not be successful in completing acquisitions that are consistent with our strategy
We compete with institutional pension funds, private equity investors, other REITs, small owners of factory outlet centers, specialty stores and others who are engaged in the acquisition, development or ownership of factory outlet centers and stores
These competitors may affect the supply/demand dynamics and, accordingly, increase the price we must pay for factory outlet centers we seek to acquire, and these competitors may succeed in acquiring those factory outlet centers themselves
Also, our potential acquisition targets may find our competitors to be more attractive acquirers because they may have greater marketing and financial resources, may be willing to pay more, or may have a more compatible operating philosophy
In addition, the number of entities competing for factory outlet centers may increase in the future, which would increase demand for these factory outlet centers and the prices we must pay to acquire them
If we pay higher prices for factory outlet centers, our profitability may be reduced
Also, once we have identified potential acquisitions, such acquisitions are subject to the successful completion of due diligence, the negotiation of definitive agreements and the satisfaction of customary closing conditions, and we cannot assure you that we will be able to reach acceptable terms with the sellers or that these conditions will be satisfied
8 _________________________________________________________________ The economic performance and the market value of our factory outlet centers are dependent on risks associated with real property investments
Real property investments are subject to varying degrees of risk
The economic performance and values of real estate may be affected by many factors, including changes in the national, regional and local economic climate, inflation, unemployment rates, consumer confidence, local conditions such as an oversupply of space or a reduction in demand for real estate in the area, the attractiveness of the properties to tenants, competition from other available space, our ability to provide adequate maintenance and insurance and increased operating costs
Our earnings and therefore our profitability is entirely dependent on rental income from real property
Substantially all of our income is derived from rental income from real property
Our income and funds for distribution would be adversely affected if a significant number of our tenants were unable to meet their obligations to us or if we were unable to lease a significant amount of space in our centers on economically favorable lease terms
In addition, the terms of factory outlet store tenant leases traditionally have been significantly shorter than in other retail segments
There can be no assurance that any tenant whose lease expires in the future will renew such lease or that we will be able to re-lease space on economically favorable terms
We are substantially dependent on the results of operations of our retailers
Our operations are necessarily subject to the results of operations of our retail tenants
A portion of our rental revenues are derived from percentage rents that directly depend on the sales volume of certain tenants
Accordingly, declines in these tenants &apos results of operations would reduce the income produced by our properties
If the sales of our retail tenants decline sufficiently, such tenants may be unable to pay their existing rents as such rents would represent a higher percentage of their sales
Any resulting leasing delays, failures to make payments or tenant bankruptcies could result in the termination of such tenants &apos leases
A number of companies in the retail industry, including some of our tenants, have declared bankruptcy or have voluntarily closed certain of their stores in recent years
The bankruptcy of a major tenant or number of tenants may result in the closing of certain affected stores, and we may not be able to re-lease the resulting vacant space for some time or for equal or greater rent
Such bankruptcy could have a material adverse effect on our results of operations and could result in a lower level of funds for distribution
We may be subject to environmental regulation
Under various federal, state and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property or disposed of by us, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property)
This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances
We are required by law to make distributions to our shareholders
To obtain the favorable tax treatment associated with our qualification as a REIT, generally, we are required to distribute to our common and preferred shareholders at least 90dtta0prca of our net taxable income (excluding capital gains) each year
We depend upon distributions or other payments from our Operating Partnership to make distributions to our common and preferred shareholders
9 _________________________________________________________________ Our failure to qualify as a REIT could subject our earnings to corporate level taxation
We believe that we have operated and intend to operate in a manner that permits us to qualify as a REIT under the Internal Revenue Code of 1986, as amended
However, we cannot assure you that we have qualified or will remain qualified as a REIT If in any taxable year we were to fail to qualify as a REIT and certain statutory relief provisions were not applicable, we would not be allowed a deduction for distributions to shareholders in computing taxable income and would be subject to US federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates
Our failure to qualify for taxation as a REIT would have an adverse effect on the market price and marketability of our securities
We depend on distributions from our Operating Partnership to meet our financial obligations, including dividends
Our operations are conducted by our Operating Partnership, and our only significant asset is our interest in our Operating Partnership
As a result, we depend upon distributions or other payments from our Operating Partnership in order to meet our financial obligations, including our obligations under any guarantees or to pay dividends or liquidation payments to our common and preferred shareholders
As a result, these obligations are effectively subordinated to existing and future liabilities of the Operating Partnership
Our Operating Partnership is a party to loan agreements with various bank lenders that require our Operating Partnership to comply with various financial and other covenants before it may make distributions to us
Although our Operating Partnership presently is in compliance with these covenants, we cannot assure you that it will continue to be in compliance and that it will be able to make distributions to us
We may be unable to develop new factory outlet centers or expand existing factory outlet centers successfully
We continue to develop new factory outlet centers and expand factory outlet centers as opportunities arise
However, there are significant risks associated with our development activities in addition to those generally associated with the ownership and operation of established retail properties
While we have policies in place designed to limit the risks associated with development, these policies do not mitigate all development risks associated with a project
These risks include the following: -- significant expenditure of money and time on projects that may be delayed or never be completed; -- higher than projected construction costs; -- shortage of construction materials and supplies; -- failure to obtain zoning, occupancy or other governmental approvals or to the extent required, tenant approvals; and -- late completion because of construction delays, delays in the receipt of zoning, occupancy and other approvals or other factors outside of our control
Any or all of these factors may impede our development strategy and adversely affect our overall business
An uninsured loss or a loss that exceeds the insurance policies on our factory outlet centers could subject us to lost capital or revenue on those centers
Some of the risks to which our factory outlet centers are subject, including risks of war and earthquakes, hurricanes and other natural disasters, are not insurable or may not be insurable in the future
Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the insurance policies noted above or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in and anticipated revenue from one or more of our factory outlet centers, which could adversely affect our results of operations and financial condition, as well as our ability to make distributions to our stockholders
10 _________________________________________________________________ Under the terms and conditions of our leases, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons and contamination of air, water, land or property, on or off the premises, due to activities conducted in the leased space, except for claims arising from negligence or intentional misconduct by us or our agents
Additionally, tenants generally are required, at the tenantapstas expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies issued by companies acceptable to us
These policies include liability coverage for bodily injury and property damage arising out of the ownership, use, occupancy or maintenance of the leased space
All of these policies may involve substantial deductibles and certain exclusions
Historically high fuel prices may impact consumer travel and spending habits
Our markets are currently experiencing historically high fuel prices
Most shoppers use private automobile transportation to travel to our factory outlet centers and many of our centers are not easily accessible by public transportation
Increasing fuel costs may reduce the number of trips to our centers thus reducing the amount spent at our centers
Many of our factory outlet center locations near tourist destinations may experience an even more acute reduction of shoppers if there were a reduction of people opting to drive to vacation destinations
Such reductions in traffic could adversely impact our percentage rents and ability to renew and release space at current rental rates
Increasing fuel costs may also reduce disposable income and decrease demand for retail products
Such a decrease could adversely affect the results of operations of our retail tenants and adversely impact our percentage rents and ability to renew and release space at current rental rates