Tanger Reports Positive Quarter and Raises Full-Year Guidance

Tanger (NYSE: SKT), a prominent owner and operator of outlet and open-air retail shopping destinations, shared financial results and operational metrics for the three and nine months that ended on September 30, 2024. The company reported an 11th consecutive quarter of positive rent spreads and raised its full-year guidance.

President and CEO, Stephen Yalof, expressed satisfaction over another strong quarter and the increased full-year outlook. He highlighted the team’s focus on enhancing the shopper experience, attracting diverse retailers, and the flexibility provided by the solid balance sheet and liquidity.

Tanger’s net income per share for the third quarter was $0.22, totaling $24.6 million, compared to $0.26 per share, or $27.2 million the previous year. Funds From Operations (FFO) per share stood at $0.54, amounting to $62.7 million, an increase from the previous year. Core FFO also rose to $0.54 per share, $62.7 million, a jump from $0.50 per share, or $55.8 million in the prior year period.

For the year-to-date results, Tanger’s net income available to common shareholders was $0.65 per share, or $71.4 million, in comparison to $0.70 per share, or $74.5 million in the prior year period. FFO available to common shareholders reached $1.58 per share, or $182.2 million, compared to $1.45 per share, or $160.2 million for the prior year period.

Portfolio occupancy was at 97.4% on September 30, 2024, showing a slight increase from the previous quarter. The company disclosed robust leasing activity with positive blended rental rates for the 11th consecutive quarter. Tanger also reported that all their centers are operational post multiple storms, including temporary closures due to the impacts of Hurricanes Helene and Milton.

Furthermore, Tanger noted its balance sheet and liquidity metrics, including net debt to Adjusted EBITDAre improving to 5.0x for the twelve months ended September 30, 2024. The company also emphasized its increased guidance for 2024, with expectations for diluted Core FFO per share ranging from $2.09 to $2.13.

Tanger’s focus remains on community support, operational excellence, and value creation for its stakeholders, all while navigating market challenges and maintaining a strategic growth trajectory.

Tanger will hold a conference call on November 7, 2024, to discuss its third-quarter results and various upcoming events, underlining the company’s commitment to transparency and engaging with stakeholders in the investment community.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tanger’s 8K filing here.

About Tanger

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.