Company Release - 08/04/2011 16:10
GREENSBORO,
N.C., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers,
Inc. (NYSE:SKT), announced today that it has promoted one of its senior
management team members, Thomas E. McDonough, 53, to Chief Operating
Officer. Mr. McDonough has held the position of Executive Vice President
of Operations since joining the company in August 2010.
Steven B.
Tanger, President and Chief Executive Officer of Tanger Factory Outlet
Centers, Inc., stated, "We expected great things from Mr. McDonough, and
his performance has certainly matched our expectations. Under his
leadership, our leasing, marketing, operations and development
departments have performed exceptionally well and we have grown our
portfolio by 15% in less than one year. For the first half of 2011, same
center NOI growth was up 4.9%, the blended average increase in our base
rental rates for leases renewed and retenanted during the year was up
25.5% and occupancy was at 97.8%, versus 96.9% last year. In addition to
three (3) property acquisitions, we have entered into a Canadian
venture with the largest REIT in Canada, RioCan and intend to enter the
highly sought after Washington D.C. market through a joint venture with
the Peterson Companies."
Mr. McDonough has 30 years of real estate investment trust ("REIT")
management, leasing, acquisition, asset management, development and
redevelopment experience. He is the former chief investment officer of
Equity One. Prior to Mr. McDonough's role at Equity One, he was a
partner of Kahl & Goveia Commercial Real Estate. He spent
nine years, from 1997-2006, with Regency Centers Corporation and its
predecessor, most recently as its senior vice president and national
director of acquisitions and dispositions based in Irvine, CA. For the
previous 12 years, Mr. McDonough was a leasing agent, then partner and
principal of Trammell Crow Company.
Mr. McDonough started his career in management consulting, working for
Strategic Planning Associates, Inc. (Washington, DC and London, UK),
where he helped open the firm's first European office. Mr. McDonough
graduated from Stanford University with a B.S. in Mechanical Engineering
and holds an M.B.A. from Harvard Business School with an emphasis on
Finance and Strategic Planning.
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