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Sep 30, 2022
Tanger Q3 2022 Earnings Report
Tanger reported strong results driven by strategic priorities of accelerating leasing, commercializing marketing, and reshaping operations.
Key Takeaways
Tanger Factory Outlet Centers, Inc. reported a successful third quarter with positive blended rent spreads of 5.7% and occupancy growth of 210 basis points to 96.5%. The company raised its full-year 2022 earnings guidance and increased its dividend by 10% in October.
Net income available to common shareholders was $0.22 per share, or $23.0 million, compared to a net loss of $0.11 per share, or $11.0 million, for the prior year period.
Funds From Operations (FFO) available to common shareholders was $0.47 per share, or $51.7 million, compared to $0.16 per share, or $17.8 million, for the prior year period.
Core Funds From Operations (Core FFO) available to common shareholders was $0.47 per share, or $51.7 million, compared to $0.47 per share, or $51.8 million, for the prior year period.
Occupancy was 96.5% on September 30, 2022, compared to 94.4% on September 30, 2021
Revenue by Segment
Forward Guidance
Management is increasing its full-year 2022 guidance with its current expectations for net income, FFO and Core FFO per share for 2022.
Positive Outlook
- Estimated diluted net income per share between $0.75 and $0.80
- Estimated diluted FFO per share between $1.77 and $1.82
- Estimated diluted Core FFO per share between $1.78 and $1.83
- Same Center NOI growth - total portfolio at pro rata share between 3.5% and 5.0%
- General and administrative expense, excluding executive severance costs between $68 and $70 million
Challenges Ahead
- Annual recurring capital expenditures and second generation tenant allowances between $32 and $37 million
- Weighted average diluted common shares are expected to be approximately 105.0 million for earnings per share
- Weighted average diluted common shares are expected to be approximately 110.0 million for FFO and Core FFO per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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