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Jun 30, 2024
Tanger Q2 2024 Earnings Report
Reported strong second-quarter results, raised full-year 2024 guidance, and achieved a tenth consecutive quarter of positive rent spreads.
Key Takeaways
Tanger reported a strong second quarter, marked by positive leasing spreads and strategic plan execution, leading to increased full-year guidance. The company's balance sheet remains well-positioned with substantial liquidity and no significant maturities until late 2026.
Net income available to common shareholders was $0.22 per share, or $24.6 million.
FFO available to common shareholders was $0.53 per share, or $60.9 million.
Occupancy was 96.5% on June 30, 2024.
Blended average rental rates were positive for the tenth consecutive quarter at 15.1%.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Based on the Company’s results to date along with its outlook for the remainder of 2024, 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 between $0.85 and $0.92.
- Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures is 1.19.
- Estimated diluted FFO per share between $2.04 and $2.11.
- Executive severance costs 0.01.
- Estimated diluted Core FFO per share between $2.05 and $2.12.
Challenges Ahead
- Same Center NOI growth - total portfolio at pro rata share between 3.25% and 4.75%
- General and administrative expense, excluding executive severance between $76.5 million and $79.5 million
- Interest expense - consolidated between $60.0 million and $61.5 million
- Other income (expense) between $0 and $2.0 million
- Annual recurring capital expenditures, renovations and second generation tenant allowances between $50.0 million and $60.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income