Tanger Q4 2024 Earnings Report
Key Takeaways
Tanger delivered solid financial performance in Q4 2024, reporting increased revenue and net income. The company expanded its portfolio with two new acquisitions and maintained high occupancy rates. Leasing activity remained strong, and rental rates continued to improve.
Net income increased to $26.3 million, up from $23.5 million in Q4 2023.
Revenue grew to $140.74 million, reflecting strong leasing and operational performance.
Occupancy rate reached 98.0%, an increase from 97.3% in the previous year.
Acquired two shopping centers, expanding its portfolio and strengthening growth prospects.
Tanger Revenue
Tanger EPS
Tanger Revenue by Segment
Tanger Revenue by Geographic Location
Forward Guidance
Tanger anticipates continued revenue growth in 2025, driven by stable occupancy and rental rate increases. The company remains focused on external growth and disciplined capital management.
Positive Outlook
- Projected same-center NOI growth of 2.0% to 4.0%.
- Expected net income per share between $0.94 and $1.02.
- Estimated FFO per share between $2.22 and $2.30.
- Continued strong leasing activity with high renewal rates.
- Liquidity position remains robust with $55.7 million in cash and full availability on credit lines.
Challenges Ahead
- Interest expense expected to increase to $63.5-$65.5 million.
- Projected general and administrative expenses of $76.5-$79.5 million.
- Potential challenges from macroeconomic factors impacting retail traffic.
- Higher annual recurring capital expenditures expected ($55M-$65M).
- Continued pressure on occupancy cost ratio impacting tenant profitability.