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Mar 31, 2022
Tanger Q1 2022 Earnings Report
Tanger's Q1 2022 results reflected strong operating fundamentals with robust NOI growth, positive leasing spreads, and increased tenant sales.
Key Takeaways
Tanger Factory Outlet Centers reported strong first quarter 2022 results, driven by robust NOI growth, positive leasing spreads and increased tenant sales. Traffic exceeded prior-year levels, and tenant sales remained strong. The company raised its earnings guidance and dividend.
Net income available to common shareholders was $0.19 per share, or $20.3 million.
FFO available to common shareholders was $0.45 per share, or $49.4 million.
Occupancy was 94.3% on March 31, 2022, compared to 92.0% on March 31, 2021
Blended average rental rates increased 1.3% on a cash basis for all comparable renewals and re-tenanted leases executed during the twelve months ended March 31, 2022.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Driven by strong first quarter 2022 results and management’s outlook for the remainder of the year, the Company is increasing 2022 full-year net income and FFO guidance.
Positive Outlook
- Estimated diluted net income per share between $0.69 and $0.77
- Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures $1.02
- Estimated diluted FFO per share between $1.71 and $1.79
- Same Center NOI growth for total portfolio between 2.5% and 4.5%
- 2022 weighted average diluted common shares of approximately 105.5 million for earnings per share and 110.5 million for FFO per share
Challenges Ahead
- General and administrative expense of between $69 million and $72 million.
- Combined annual recurring capital expenditures and second generation tenant allowances of approximately $55 million
- Does not include the impact of the acquisition or sale of any outparcels, properties or joint venture interests
- Does not include any additional financing activity
- The year-over-year growth in general and administrative expense reflects Tanger’s continued investments in building the team and technology critical to executing its core strategies of reshaping operations, accelerating leasing and growing commercial strategy through digital transformation
Revenue & Expenses
Visualization of income flow from segment revenue to net income