Tanger reports Q2 FFO 58c, consensus 56c

Reports Q2 revenue $140.7M, consensus $132.9M. Occupancy was 96.6% on June 30, 2025, compared to 95.8% on March 31, 2025 and 96.4% on June 30, 2024. On a same center basis, occupancy was 96.6% on June 30, 2025, 95.9% on March 31, 2025 and 96.6% on June 30, 2024. The same center portfolio excludes The Promenade at Chenal and Pinecrest, which were acquired in the fourth quarter of 2024 and first quarter of 2025, respectively, and the center in Howell, Michigan for all periods presented. Same center net operating income increased 5.3%. “I am pleased to announce another quarter of strong financial and operating results and an increase in our full-year guidance,” said Stephen Yalof, CEO. “We continue to drive our core business through our differentiated and proven leasing, operating, and marketing strategies with a keen focus on acquiring new and younger customers by adding in-demand retailers, restaurants, and entertainment destinations. We are growing shopper engagement and driving traffic through enhanced marketing initiatives like Tanger (SKT) Deal Days, Summer of Savings, and an early Back to School season. Our retail partners continue to demonstrate their commitment to the Tanger platform evidenced by ongoing demand and robust leasing activity at positive rent spreads. We continue to proactively manage our low-leveraged balance sheet to provide us with the flexibility to remain opportunistic with our long-term growth.”