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Tanger
🇺🇸 NYSE:SKT
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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

Total Revenue
$111M
Previous year: $112M
-0.9%
EPS
$0.47
Previous year: $0.47
+0.0%
Occupancy rate
96.5%
Previous year: 94.3%
+2.3%
Gross Profit
$75.4M
Previous year: $75.3M
+0.1%
Cash and Equivalents
$181M
Previous year: $143M
+26.3%
Total Assets
$2.16B

Tanger

Tanger

Tanger 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.
  • Estimates do not include the impact of the acquisition or sale of any outparcels, properties or joint venture interests
  • Estimates do not include any additional financing activity.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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