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Dec 31, 2022
Tanger Q4 2022 Earnings Report
Reported strong results and introduced 2023 guidance.
Key Takeaways
Tanger Factory Outlet Centers reported strong Q4 2022 results, driven by robust NOI growth and leasing momentum. Occupancy grew 170 basis points year over year, and rent spreads exceeded 10% for comparable leases. The company has entered 2023 with an attractive growth outlook, a well-positioned balance sheet, and cash flows to execute its strategy.
Net income available to common shareholders was $0.17 per share, or $18.1 million, compared to $0.12 per share, or $13.0 million, for the 2021 period.
Funds From Operations (“FFO”) available to common shareholders was $0.47 per share, or $51.6 million, compared to $0.45 per share, or $49.7 million, for the 2021 period.
Core Funds From Operations (“Core FFO”) available to common shareholders was $0.47 per share, or $51.8 million, compared to $0.45 per share, or $49.6 million, for the 2021 period.
Occupancy was 97.0% on December 31, 2022, compared to 95.3% on December 31, 2021
Revenue by Segment
Forward Guidance
Based on the Company’s internal budgeting process and its view on current market conditions, management currently believes the Company’s full year 2023 net income, FFO and Core FFO per share will be as follows: For the year ending December 31, 2023:Low RangeHigh RangeEstimated diluted net income per share$0.87 $0.95 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures0.94 0.94 Estimated diluted FFO per share$1.81 $1.89 Reversal of previously expensed compensation related to executive departure(0.01)(0.01)Estimated diluted Core FFO per share$1.80 $1.88
Positive Outlook
- Same Center NOI growth - total portfolio at pro rata share: 2.0 % to 4.0 %
- General and administrative expense, excluding executive departure adjustments: $73 million to $76 million
- Interest expense: $47 million to $49 million
- Interest and other income $5 million to $7 million
- Annual recurring capital expenditures, renovations and second generation tenant allowances: $50 million to $60 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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