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Sep 30, 2024
Tanger Q3 2024 Earnings Report
Reported strong performance and increased full-year guidance.
Key Takeaways
Tanger reported a strong third quarter with positive leasing spreads for the 11th consecutive quarter. The company increased its full-year guidance and maintained a strong balance sheet with ample liquidity.
Net income available to common shareholders was $0.22 per share, or $24.6 million.
FFO available to common shareholders was $0.54 per share, or $62.7 million.
Core FFO available to common shareholders was $0.54 per share, or $62.7 million.
Occupancy was 97.4% on September 30, 2024.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
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 $0.88 and $0.92
- Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures $1.20
- Estimated diluted FFO per share between $2.08 and $2.12
- Executive severance costs $0.01
- Estimated diluted Core FFO per share between $2.09 and $2.13
Challenges Ahead
- Same Center NOI growth - total portfolio at pro rata share between 4.25% and 5.00%
- General and administrative expense, excluding executive severance between $75.5 million and $78.5 million
- Interest expense - consolidated between $60.0 million and $61.0 million
- Other income (expense) between $0.5 million and $1.5 million
- Annual recurring capital expenditures, renovations and second generation tenant allowances between $55.0 million and $60.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income