Citi alum takes on permanent CFO role for Tanger REIT

Dive Brief:

Real estate investment trust (REIT) Tanger Factory Outlet Centers appointed Citi alum Michael Bilerman to serve as its CFO as well as EVP and chief investment officer, the company announced in a Monday press release.
The appointment is expected to be effective during an undisclosed date in Q4 2022, per a company filing with the Securities and Exchange Commission (SEC).
“We are confident he is the right person to serve as our financial steward in support of transformative growth opportunities and also play a leadership role in the continued development of the Tanger financial and investment teams,” Tanger CEO Stephen Yalof said in a statement included in the Monday release.

Dive Insight:

Bilerman will take charge of the company’s finance, capital markets and investor relations teams, according to the press release, as well as leading their capital allocation and investment committees.

An 18-year veteran of Citi Group, Bilerman previously served as managing director, head of real estate and lodging within its Citi Research division before making the jump to Tanger Outlets. He also served as a VP, global investment research, real estate and REITS for Goldman Sachs, according to his LinkedIn profile.

He will take the REIT’s CFO reins from company insider Thomas Guerrieri, who took on the role in an interim basis on July 1 following the company’s ouster of its previous CFO James Williams. Williams, who served in various positions for Tanger over his 28-year tenure with the firm, was informed by the company he would no longer serve as their CFO and treasurer in a May 31 filing with the SEC.

Guerrieri, who retained his responsibilities as the REIT’s chief accounting officer during his time in the interim CFO seat, will step back from the temporary seat at some point in the fourth quarter, according to the firm’s SEC filing on Monday. He will continue to serve as Tanger’s CAO.

Bilerman’s appointment follows the company’s Q2 earnings results in early August, with the REIT also outlining its 2022 environmental, social and governance (ESG) goals in a report released the same day as its earnings call.

Tanger in its report detailed several key ESG objectives it is looking to meet by the close of the year, including digitizing its environmental data and moving forward with its diversity, equity and inclusion initiatives.

The REIT reported $105.84 million in revenue for its second quarter, a 4.5% increase year-over-year. It grew its occupancy to 94.9% by June 30 from 94.3% in March, according to its second quarter earnings results.