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Jun 30
Tanger Q2 2025 Earnings Report
Tanger reported strong financial and operating results for the second quarter of 2025, driven by effective leasing, operating, and marketing strategies, and raised its full-year 2025 guidance.
Key Takeaways
Tanger delivered robust performance in Q2 2025, with significant increases in net income and FFO per share compared to the prior year. The company's strategic focus on leasing, operations, and marketing, including attracting new retailers and enhancing shopper engagement, contributed to strong occupancy rates and positive rent spreads. Tanger also maintained a low-leveraged balance sheet, providing flexibility for future growth.
Net income available to common shareholders increased to $29.9 million, or $0.26 per share, up from $24.6 million, or $0.22 per share, in the prior year period.
Funds From Operations (FFO) available to common shareholders rose to $68.6 million, or $0.58 per share, compared to $60.9 million, or $0.53 per share, in the prior year period.
Occupancy reached 96.6% as of June 30, 2025, demonstrating strong demand and robust leasing activity.
Same center net operating income (NOI) increased by 5.3% to $101.7 million for the second quarter of 2025, reflecting effective property management.
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 raised its full-year 2025 guidance for both diluted net income per share and diluted FFO per share, reflecting confidence in continued strong performance and strategic initiatives.
Positive Outlook
- Estimated diluted net income per share raised to a range of $0.93 to $1.00 (previously $0.91 to $0.99).
- Estimated diluted FFO per share raised to a range of $2.24 to $2.31 (previously $2.22 to $2.30).
- Same Center NOI growth for the total portfolio at pro rata share is projected to be between 2.5% and 4.0%.
- The guidance incorporates recent strategic activities, including the acquisition of Pinecrest and the refinancing of Tanger Outlets Houston.
- The company's proactive balance sheet management provides flexibility for long-term growth.
Challenges Ahead
- 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.
- The estimates are based on certain key assumptions that may not materialize.
- Impairment charges of $0.04 per share are included in the net income guidance.
- General and administrative expenses are projected to be between $76.5 million and $79.5 million.