Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Q1 2024 Earnings Call Transcript

Vince Tibone: No, that’s helpful. Thank you. Appreciate the time.

Operator: Thank you. Our next question has come from the line of Mike Mueller with JPMorgan. Please proceed with your questions.

Michael Mueller: Yeah. Hi. Just a quick follow-up on the peripheral land strategy. For clarification, is this land that you already own and are developing or is it unused land next to a center that you don’t own that you’re trying to acquire and ultimately put something on? And if it’s, land you already own, how many centers do you have that ability at today?

Justin Stein: Hey, Mike. It’s Justin. Thank you for the question. Primarily, it’s land that we have already owned. We’ve been doing a good job of activating and monetizing that peripheral land over the last 24 months to 36 months. Steve mentioned some of the brands that we brought in at Texas Roadhouse and Westgate. We also recently executed a Planet Fitness at Savannah, 7 Brews Coffee Shop in our Myrtle Beach asset. We believe very heavily in our peripheral land. We believe that there’s tremendous amount of opportunity. We recently brought somebody additional onto the team this week, that’s how much we believe in what we can do with our excess land. And as far as how many assets, we feel that there’s probably opportunity on our peripheral land in a little bit over half of our assets.

Michael Mueller: Got it. Okay. That was it. Thank you.

Operator: Thank you. We have reached the end of our question-and-answer session. And with that, that does conclude today’s teleconference. We appreciate your participation. You may disconnect at this time and enjoy the rest of your day.