Tanger Inc

SKT

Equity

ISIN null / Valor 84985

New York Stock Exchange, Inc (2025-11-21)

USD 33.48+1.86%

Tanger Inc
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About company

Tanger Inc. operates as a real estate investment trust (REIT), primarily engaged in the ownership, operation, and management of upscale outlet shopping centers. The company's portfolio attracts over 120 million visitors annually, positioning Tanger as a significant player in the retail sector. Its business model revolves around providing space and marketing opportunities to a wide range of retailers, from high-end brands to local businesses, aiming to enhance their visibility and customer engagement. Tanger's services extend beyond mere leasing; they include assisting tenants with brand recognition, product launches, and lead generation through various promotional activities and events. This approach not only benefits the retailers housed within Tanger's shopping centers but also offers consumers access to a diverse shopping experience characterized by value and variety.

Summarized from source with an LLMView SourceSector: Finance

Net Income Growth

For the second quarter of 2025, Tanger Inc achieved a net income of $0.26 per share, or $29.9 million, up from $0.22 per share, or $24.6 million, in the same period last year. Year-to-date net income remained steady at $0.43 per share, or $48.9 million, despite a non-cash impairment charge related to the sale of a center in Howell, Michigan.

Funds From Operations

Funds From Operations (FFO) for the second quarter increased to $0.58 per share, or $68.6 million, compared to $0.53 per share, or $60.9 million, in the prior year. Year-to-date FFO also rose to $1.11 per share, or $131.3 million, up from $1.04 per share, or $119.5 million.

Operating Metrics

Occupancy rates improved to 96.6% as of June 30, 2025, up from 95.8% the previous quarter and 96.4% year-over-year. Same center net operating income (Same Center NOI) saw a 5.3% increase to $101.7 million for the second quarter, reflecting effective portfolio management and tenant performance.

Leasing Activity

Leasing activity remained robust, with 625 leases totaling 2.8 million square feet executed in the twelve months ended June 30, 2025, compared to 457 leases for 2.0 million square feet in the previous year. Blended average rental rates were positive for the 14th consecutive quarter, enhancing the company's revenue streams.

Balance Sheet Strength

Tanger Inc maintains a strong balance sheet with a net debt to Adjusted EBITDAre of 5.0x and an interest coverage ratio of 4.6x. The company has $16.6 million in cash and cash equivalents, with significant availability on unsecured lines of credit, ensuring ample liquidity for future growth opportunities.

Summarized from source with an LLMView Source

Key figures

-8.70%1Y

73.4%3Y

267%5Y

Performance

27.0%1Y

25.7%3Y

37.0%5Y

Volatility