Tanger Factory Outlet Centers ( (SKT) ) has released its Q1 earnings. Here is a breakdown of the information Tanger Factory Outlet Centers presented to its investors.
Tanger Factory Outlet Centers, a prominent real estate investment trust (REIT), specializes in owning and operating outlet and open-air retail shopping destinations across the United States and Canada. The company is known for its extensive portfolio of shopping centers, which cater to a diverse range of brand-name retailers.
In its latest earnings report for the first quarter of 2025, Tanger Factory Outlet Centers reported robust financial and operational performance. The company highlighted a strong leasing activity and a strategic remerchandising approach that aims to enhance and diversify its tenant mix. Despite a slight decrease in net income per share compared to the previous year, the company successfully increased its Funds From Operations (FFO) and Core FFO, reflecting its resilience in the current economic climate.
Key financial metrics from the report include a net income of $0.17 per share, down from $0.20 per share in the prior year, primarily due to a non-cash impairment charge related to a property sale. However, FFO per share rose to $0.53 from $0.51, and Core FFO also increased to $0.53 per share. The company’s occupancy rate stood at 95.8%, with a notable increase in average tenant sales per square foot, indicating successful execution of its remerchandising strategy.
The company also reported significant transaction activity, including the acquisition of Pinecrest, a mixed-use center in Ohio, and the sale of a non-core center in Michigan. Tanger’s balance sheet remains strong, with a low-leverage profile and ample liquidity, positioning the company well for future growth opportunities.
Looking ahead, Tanger Factory Outlet Centers remains optimistic about its growth prospects, supported by a stable financial position and ongoing demand from retail partners. The company’s management anticipates continued momentum in its strategic initiatives, aiming for steady income and FFO growth throughout 2025.