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Dec 31, 2021
Tanger Q4 2021 Earnings Report
Reported strong results for the fourth quarter, driven by positive traffic and tenant sales and accelerating leasing trends.
Key Takeaways
Tanger Factory Outlet Centers, Inc. reported strong fourth-quarter results, with domestic traffic exceeding 2019 levels and tenant sales reaching an all-time high of $468 per square foot. Occupancy grew to 95.3%, and cash blended rent spreads improved significantly. The company is optimistic about driving NOI growth through occupancy gains, rent spreads, and non-store revenues.
Occupancy reached 95.3%, representing sequential and year-over-year increases.
Tenant sales for the total portfolio reached an all-time high of $468 per square foot.
Domestic traffic during the quarter exceeded 2019 levels.
Cash blended rent spreads improved 220 basis points sequentially and 650 basis points year over year, including positive renewal spreads.
Tanger
Tanger
Forward Guidance
For the year ending December 31, 2022, Tanger estimates diluted net income per share to be between $0.66 and $0.74, and diluted FFO per share to be between $1.68 and $1.76. The guidance assumes same center NOI growth between 1.5% and 3.5% and general and administrative expenses between $69 million and $72 million.
Positive Outlook
- Same Center NOI growth for total portfolio between 1.5% and 3.5%.
- Continued investments in building the team and technology.
- Executing core strategies of reshaping operations.
- Accelerating leasing.
- Growing commercial strategy through digital transformation.
Challenges Ahead
- General and administrative expense of between $69 million and $72 million.
- Combined annual recurring capital expenditures and second generation tenant allowances of approximately $55 million.
- Does not include the impact of the acquisition or sale of any outparcels, properties or joint venture interests.
- Does not include any additional financing activity.
- Estimates reflect current market conditions and internal budgeting process.