Tanger Factory Outlet Centers ( (SKT) ) has released its Q3 earnings. Here is a breakdown of the information Tanger Factory Outlet Centers presented to its investors.
Tanger Factory Outlet Centers, Inc. operates as a leading owner and operator of outlet and open-air retail shopping destinations in the retail industry, with a portfolio that spans across various vibrant markets in the United States and Canada.
In the third quarter of 2024, Tanger Factory Outlet Centers reported a solid financial performance with a notable increase in their full-year guidance. The company also highlighted its continued focus on enhancing shopper experiences and diversifying its tenant mix, despite challenges from recent storms affecting some of its locations.
The company’s financial highlights for the third quarter include a net income of $0.22 per share, with Funds From Operations (FFO) reaching $0.54 per share, marking a year-over-year increase. Tanger achieved its 11th consecutive quarter of positive leasing spreads, with occupancy rates at 97.4% and a same-center net operating income increase by 4.3%. The company also reported strong leasing activity with a positive blended average rental rate spread of 14.4%.
Tanger’s balance sheet remains robust, with improved net debt to adjusted EBITDAre ratios and substantial liquidity. The company has no significant debt maturities until late 2026, allowing it to remain flexible and opportunistic in its growth strategies. Additionally, a quarterly cash dividend of $0.275 per share was declared.
Looking ahead, Tanger Factory Outlet Centers is optimistic about its growth prospects, driven by strategic initiatives to enhance its retail offerings and community-first approach. Management’s increased full-year 2024 guidance reflects confidence in continued financial strength and market positioning.
