Tanger Q1 2024 Earnings Report
Key Takeaways
Tanger reported strong first quarter results with net income available to common shareholders at $0.20 per share, and FFO available to common shareholders was $0.51 per share. Same center NOI increased by 5.2% year over year, and occupancy was 96.5%.
Net income available to common shareholders was $0.20 per share, or $22.2 million.
Funds From Operations (FFO) available to common shareholders was $0.51 per share, or $58.6 million.
Core Funds From Operations (Core FFO) available to common shareholders was $0.52 per share, or $60.1 million.
Occupancy was 96.5% on March 31, 2024.
Tanger
Tanger
Tanger Revenue by Segment
Forward Guidance
Management is increasing its full-year 2024 guidance with its current expectations for net income, FFO and Core FFO per share for 2024.
Positive Outlook
- Estimated diluted net income per share is expected to be between $0.84 and $0.92.
- Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures is expected to be 1.18.
- Estimated diluted FFO per share is expected to be between $2.02 and $2.10.
- Executive severance costs are expected to be 0.01.
- Estimated diluted Core FFO per share is expected to be between $2.03 and $2.11.
Challenges Ahead
- Same Center NOI growth - total portfolio at pro rata share is expected to be between 2.25% and 4.25%.
- General and administrative expense, excluding executive severance is expected to be between $76.5 million and $79.5 million.
- Interest expense - consolidated is expected to be between $59.5 million and $61.5 million.
- Other income (expense) is expected to be between $0 million and $2.0 million.
- Annual recurring capital expenditures, renovations and second generation tenant allowances is expected to be between $50.0 million and $60.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income