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Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina, that invests in shopping centers containing upscale outlet stores in the United States and Canada. As of November 2023, the company owns and manages 36 outlet centers across the US and Canada comprising 14.0 million square feet and more than 3,000 stores. [2]
In 2021 Federal Realty, a publicly traded real estate investment trust, purchased a majority interest in the center, which had been owned and operated for decades by one family. Reportedly 99 percent of the retail space was occupied at the time of the sale.
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate. In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee , who holds the property as security for a loan ( debt ) from the lender to the borrower.
In 1999, the company was reorganized as a real estate investment trust in Maryland. [1] In 2007, founder Samuel J. Gorlitz died. [3] In 2008, the company acquired Del Mar Village in Boca Raton, Florida for $41.7 million. [4]
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RPT Realty was a real estate investment trust that owned and operated open-air shopping centers. As of December 31, 2022, the company owned 44 wholly-owned shopping centers, 13 shopping centers owned through its grocery anchored joint venture, and 48 retail properties owned through its net lease joint venture comprising 15 million square feet.
The company was launched in 2005 as Inland American Real Estate Trust. [2] In 2012, Inland Western completed an initial public offering. [3] [4] As of February 2014, the company was the largest non-publicly traded real estate investment trust in the United States. [2]
To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust.