Tanger acquires Legends Outlets in Kansas City for $130 million

KANSAS CITY - Tanger Inc. (NYSE:SKT), a retail REIT with a market capitalization of $3.97 billion and an overall GREAT financial health score according to InvestingPro, has acquired Legends Outlets, a 690,000-square-foot open-air shopping center in Kansas City, Kansas, for approximately $130 million, according to a company press release.

The transaction, which expands Tanger’s footprint into Kansas, was financed through available liquidity and the assumption of a $115 million CMBS loan maturing in November 2027. The company also settled approximately $70 million of previously issued forward equity in conjunction with the acquisition. With a healthy current ratio of 1.45, Tanger maintains strong liquidity to support its expansion strategy. InvestingPro analysis reveals the company has maintained dividend payments for 33 consecutive years, demonstrating consistent financial stability.

Tanger estimates the center will deliver an eight percent return during the first year. The property, which will be renamed Tanger Kansas City at Legends, is currently 93% occupied with more than 100 stores, restaurants, and entertainment venues.

"Legends in Kansas City aligns perfectly with our strategy to acquire well-located, open-air centers supported by strong residential and economic market fundamentals," said Stephen Yalof, President and CEO of Tanger.

The shopping destination serves as the retail anchor of Village West, described as Kansas’ top tourist destination. The center is surrounded by numerous attractions including Kansas Speedway, Hollywood Casino, and Children’s Mercy Park stadium. The area continues to develop with Mattel Adventure Park, Topgolf, and the state’s first Buc-ee’s under construction.

Located at the intersection of I-70 and I-435, the center features retailers including Nike, Coach, HomeGoods, Sephora, and state-exclusive locations for Puma, Tory Burch, Kate Spade, and Michael Kors. Entertainment and dining options include AMC Theatres, Dave & Buster’s, and Yard House.

This acquisition represents the fourth outlet center of seven total open-air shopping centers to join Tanger’s portfolio since 2022. Following the acquisition, Tanger’s portfolio now includes 38 outlet centers and three open-air lifestyle centers across 22 U.S. states and Canada. The company’s revenue has grown 10.6% over the last twelve months, while maintaining an attractive dividend yield of 3.46%. For deeper insights into Tanger’s growth strategy and comprehensive financial analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks.

In other recent news, Tanger Inc. reported its second-quarter 2025 earnings, which exceeded analysts’ forecasts. The company achieved an earnings per share (EPS) of $0.26, surpassing the expected $0.22, marking an 18.18% surprise. Additionally, Tanger Inc. reported revenue of $140.69 million, which was above the projected $131.49 million. These results highlight the company’s ability to outperform expectations in both earnings and revenue. Analysts had anticipated lower figures, making these results noteworthy for investors. The earnings announcement was followed by a positive response in the market. These developments come amid ongoing evaluations by financial analysts and firms regarding Tanger Inc.’s financial performance. Investors may find these updates relevant as they consider the company’s recent financial achievements.

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