NYSE$SKT
Tanger Factory Outlet Centers Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Tanger's Q2 2022 performance showcased strategic achievements, including blended rent spreads and occupancy growth.
Tanger Factory Outlet Centers reported strong second-quarter results with increased net income, FFO, and occupancy. The company is focused on strategic priorities like accelerating leasing and reshaping operations, with a new center under development in Nashville and a strategic partnership at Tanger Outlets Palm Beach.
- Net income available to common shareholders was $0.19 per share, or $19.7 million.
- Occupancy increased by 170 basis points to 94.9%.
- Blended average rental rates increased 4.1% on a cash basis.
- Same Center NOI increased 5.1% to $79.8 million.
Headline financials
Revenue & EPS history
Tanger · Revenue · Quarterly
$106M
Revenue by segment
Tanger · $106M total across 3 segments · Q2 2022
- Rental Revenue$101M+4.7%95.8%
- Other Revenue$2.99M-3.1%2.8%
- Management and Leasing$1.44M+5.7%1.4%
Forward guidance
Tanger provided guidance for the year ending December 31, 2022, with estimated diluted net income per share between $0.71 and $0.77 and estimated diluted FFO per share between $1.73 and $1.79.
Tailwinds
- Same Center NOI growth for total portfolio between 3.0% and 4.5%.
- Continued investments in building the team and technology.
- Executing core strategies of reshaping operations.
- Accelerating leasing.
- Growing commercial strategy through digital transformation.
Headwinds
- General and administrative expense, excluding executive severance costs, of between $69 million and $72 million.
- Weighted average diluted common shares of approximately 105.0 million for earnings per share and 110.0 million for FFO and Core FFO per share.
- Combined annual recurring capital expenditures and second generation tenant allowances of approximately $45 million to $55 million.
- Guidance does not include the impact of the acquisition or sale of any outparcels, properties or joint venture interests.
- Guidance does not include any additional financing activity.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
+0.2%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+1.0%
Avg return
30 days after
47%
30 / 64 earnings
Positive
+21.7%
Q3 2021
Best reaction
-13.5%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.5% | -0.6% | -2.8% | |
| Q4 2025 | +4.3% | +4.4% | -5.1% | |
| Q3 2025 | +0.3% | +1.8% | -4.7% | |
| Q1 2025 | -5.0% | -5.8% | -5.4% | |
| Q4 2024 | +3.9% | +3.7% | -7.8% | |
| Q3 2024 | +5.9% | +7.8% | +8.4% | |
| Q2 2024 | -3.2% | -5.5% | +5.3% | |
| Q1 2024 | -4.1% | -4.0% | -4.2% | |
| Q4 2023 | +6.9% | +7.6% | +5.8% | |
| Q3 2023 | +2.9% | +2.8% | +11.3% | |
| Q2 2023 | +3.7% | +7.0% | -1.2% | |
| Q1 2023 | +7.5% | +5.6% | +10.8% | |
| Q4 2022 | +0.3% | +1.4% | +0.1% | |
| Q3 2022 | +1.7% | +2.1% | +5.7% | |
| Q2 2022 | +1.6% | +11.7% | -3.7% | |
| Q1 2022 | -0.4% | +5.1% | -1.9% | |
| Q4 2021 | -4.1% | -3.9% | -1.7% | |
| Q3 2021 | +21.7% | +27.1% | +16.0% | |
| Q2 2021 | -3.1% | +2.4% | +2.2% | |
| Q1 2021 | -0.4% | +1.1% | +10.3% | |
| Q4 2020 | +2.4% | +11.7% | +19.4% | |
| Q3 2020 | +11.7% | +38.3% | +67.7% | |
| Q2 2020 | -7.5% | -1.5% | -10.1% | |
| Q1 2020 | -13.5% | -12.5% | +22.8% | |
| Q4 2019 | -3.7% | -5.8% | -22.3% | |
| Q3 2019 | -5.0% | +0.1% | -10.3% | |
| Q2 2019 | -5.6% | -5.3% | -13.5% | |
| Q1 2019 | +1.4% | -1.2% | -7.1% | |
| Q4 2018 | -2.4% | -2.7% | -9.7% | |
| Q3 2018 | +4.0% | +3.5% | +6.2% | |
| Q2 2018 | +2.5% | +2.8% | +1.8% | |
| Q1 2018 | -7.2% | -5.4% | -2.1% | |
| Q4 2017 | -6.3% | -3.1% | -7.2% | |
| Q3 2017 | +2.4% | +9.4% | +10.2% | |
| Q2 2017 | -1.7% | +0.2% | -11.5% | |
| Q1 2017 | -4.5% | -8.2% | -16.4% | |
| Q4 2016 | -3.0% | -2.3% | -6.2% | |
| Q3 2016 | -4.2% | -7.0% | -6.6% | |
| Q2 2016 | -1.5% | +0.7% | -2.3% | |
| Q1 2016 | -0.3% | — | — | |
| Q4 2015 | -3.9% | — | — | |
| Q3 2015 | +0.3% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | -0.3% | — | — | |
| Q4 2014 | -3.1% | — | — | |
| Q3 2014 | +1.2% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +0.0% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | -0.1% | — | — | |
| Q2 2013 | -2.0% | — | — | |
| Q1 2013 | -0.2% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | -1.3% | — | — | |
| Q1 2012 | +1.1% | — | — | |
| Q4 2011 | +2.0% | — | — | |
| Q3 2011 | +0.7% | — | — | |
| Q2 2011 | +11.7% | — | — | |
| Q1 2011 | +0.6% | — | — | |
| Q4 2010 | -0.6% | — | — | |
| Q3 2010 | +3.2% | — | — | |
| Q2 2010 | +1.0% | — | — | |
| Q1 2010 | +5.9% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro