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Mar 31
Tanger Q1 2025 Earnings Report
Reported First Quarter 2025 Results
Key Takeaways
Tanger reported a solid first quarter for 2025 with strong operating metrics, including increased same center NOI and positive blended average rental rates. Net income decreased compared to the prior year period, impacted by an impairment charge.
Net income available to common shareholders was $19.0 million, or $0.17 per share.
Core Funds From Operations (Core FFO) available to common shareholders was $62.7 million, or $0.53 per share.
Occupancy was 95.8% at the end of the quarter.
Same center net operating income increased by 2.3%.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Tanger maintained its full-year 2025 guidance for net income and FFO per share, reflecting the recent acquisition and sale transactions.
Positive Outlook
- Estimated diluted net income per share is expected to range from $0.91 to $0.99.
- Estimated diluted FFO per share is expected to range from $2.22 to $2.30.
- Same Center NOI growth for the total portfolio at pro rata share is projected between 2.0% and 4.0%.
- Guidance includes the acquisition of Pinecrest and the sale of the Howell, Michigan center.
- Weighted average diluted common shares are expected to range from approximately 114.5 million to 115.5 million for EPS and 119.0 million to 120.0 million for FFO and Core FFO per share.
Challenges Ahead
- Annual recurring capital expenditures, renovations, and second-generation tenant allowances are estimated between $55.0 million and $65.0 million.
- General and administrative expense is projected between $76.5 million and $79.5 million.
- Interest expense for the consolidated portfolio is estimated between $63.5 million and $65.5 million.
- Guidance does not include the impact of any additional acquisition or sale of properties or joint venture interests.
- Guidance does not include the impact of any additional financing activity.