Tanger Factory reports Q3 FFO 54c, consensus 53c

Reports Q3 revenue $133.0M, consensus $125.9M. Occupancy was 97.4% on September 30, 2024, compared to 96.5% on June 30, 2024 and 98.0% on September 30, 2023. On a same center basis, occupancy was 97.5% on September 30, 2024, 97.1% on June 30, 2024 and 98.0% on September 30, 2023. Same center net operating income, which is presented on a cash basis, increased 4.3% to $91.7 million for the third quarter of 2024 from $87.9 million for the third quarter of 2023 and increased 5.8% to $269.2 million for the first nine months of 2024 from $254.4 million for the first nine months of 2023. “I am pleased to announce another quarter of strong performance and an increase in our full-year guidance,” said Stephen Yalof, President and Chief Executive Officer. “Our team remains focused on elevating our shopper experience and attracting in-demand retailer brands and a diversified tenant mix, along with more food and beverage and experiential destinations. Our strategy is driving total rents, including our 11th consecutive quarter of positive leasing spreads, and we will continue leveraging our platform to realize additional growth. With our strong balance sheet and liquidity, including no significant maturities until late 2026, we have the flexibility to remain opportunistic and are well-positioned to unlock additional value for all our stakeholders.”