Tanger Factory Outlet Centers Reports Strong 2024 Results

Tanger Factory Outlet Centers ( (SKT) ) has released its Q4 earnings. Here is a breakdown of the information Tanger Factory Outlet Centers presented to its investors.

Tanger Factory Outlet Centers, a major player in the retail real estate sector, specializes in owning and operating outlet and open-air retail shopping destinations across the United States and Canada. In its latest earnings report for the fourth quarter and full year of 2024, Tanger reported strong leasing activity and external growth through strategic acquisitions, reflecting robust performance in the retail sector.

For the fourth quarter of 2024, Tanger reported a net income of $0.23 per share, up from $0.22 per share in the same period the previous year. Funds From Operations (FFO) also saw an increase, reaching $0.54 per share compared to $0.52 per share previously. For the full year, net income per share was slightly down to $0.88 from $0.92, while FFO increased to $2.12 per share from $1.96. The company’s acquisition of two key shopping centers, The Promenade at Chenal and Pinecrest, underscores its commitment to growth.

Tanger’s occupancy rates showed improvement, reaching 98.0% by the end of 2024, while Same Center Net Operating Income (NOI) increased by 5.1% year-over-year. Average tenant sales per square foot also saw a modest rise, indicating healthy demand for retail space in Tanger’s outlets. The company successfully executed a blended average rental rate increase for the 12th consecutive quarter, demonstrating strong leasing dynamics.

Looking ahead, Tanger has provided guidance for 2025 with expectations of continued growth. The company anticipates net income per share to be in the range of $0.94 to $1.02 and FFO per share between $2.22 and $2.30. With a well-positioned balance sheet and strategic initiatives underway, Tanger aims to capitalize on current market conditions and tenant demand to drive future performance.