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Sep 30, 2025
Tanger Q3 2025 Earnings Report
Tanger reported strong third quarter 2025 results, driven by robust tenant demand and record leasing volume, leading to an increase in full-year guidance.
Key Takeaways
Tanger delivered another quarter of strong financial and operating results, with net income increasing to $31.8 million and FFO per share rising to $0.60. The company experienced robust tenant demand, record leasing volume, and achieved an all-time high in sales productivity. Strategic external growth continued with the acquisition of Legends Outlets, rebranded as Tanger Kansas City at Legends, further expanding its open-air retail portfolio.
Net income available to common shareholders increased to $31.8 million, or $0.28 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 $71.1 million, or $0.60 per share, compared to $62.7 million, or $0.54 per share, in the prior year period.
Occupancy for the total owned properties, including pro rata share of unconsolidated joint ventures, remained strong at 97.4%, with same center occupancy at 97.6%.
Same center net operating income (NOI) increased by 4.0% to $102.3 million for the third quarter of 2025.
Revenue by Segment
Forward Guidance
Tanger has raised its full-year 2025 guidance for net income and FFO per share, reflecting strong performance and the positive impact of recent acquisitions. The company anticipates continued growth in Same Center NOI and manages its capital expenditures and interest expenses within expected ranges.
Positive Outlook
- Estimated diluted net income per share raised to a range of $0.95 to $0.99 (from $0.93 to $1.00 previously).
- Estimated diluted FFO per share raised to a range of $2.28 to $2.32 (from $2.24 to $2.31 previously).
- Same Center NOI growth for the total portfolio at pro rata share is projected to be between 3.50% and 4.25%.
- The guidance reflects the positive impact of the September 2025 acquisition of Tanger Kansas City at Legends.
- The company maintains a strong balance sheet, providing liquidity and flexibility for future growth.
Challenges Ahead
- General and administrative expenses are expected to be between $76.5 million and $79.5 million.
- Interest expense for the consolidated portfolio is projected to be between $65.3 million and $66.3 million.
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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