NYSE$SKT
Tanger Factory Outlet Centers Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported strong second-quarter results, raised full-year 2024 guidance, and achieved a tenth consecutive quarter of positive rent spreads.
Tanger reported a strong second quarter, marked by positive leasing spreads and strategic plan execution, leading to increased full-year guidance. The company's balance sheet remains well-positioned with substantial liquidity and no significant maturities until late 2026.
- Net income available to common shareholders was $0.22 per share, or $24.6 million.
- FFO available to common shareholders was $0.53 per share, or $60.9 million.
- Occupancy was 96.5% on June 30, 2024.
- Blended average rental rates were positive for the tenth consecutive quarter at 15.1%.
Headline financials
Revenue & EPS history
Tanger · Revenue · Quarterly
$129M
Revenue by segment
Tanger · $117M total across 3 segments · Q3 2023
- Rental Revenue$111M+5.0%94.5%
- Other Revenue$4.37M+9.9%3.7%
- Management and Leasing$2.14M+12.7%1.8%
Forward guidance
Based on the Company’s results to date along with its outlook for the remainder of 2024, management is increasing its full-year 2024 guidance with its current expectations for net income, FFO and Core FFO per share for 2024.
Tailwinds
- Estimated diluted net income per share between $0.85 and $0.92.
- Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures is 1.19.
- Estimated diluted FFO per share between $2.04 and $2.11.
- Executive severance costs 0.01.
- Estimated diluted Core FFO per share between $2.05 and $2.12.
Headwinds
- Same Center NOI growth - total portfolio at pro rata share between 3.25% and 4.75%
- General and administrative expense, excluding executive severance between $76.5 million and $79.5 million
- Interest expense - consolidated between $60.0 million and $61.5 million
- Other income (expense) between $0 and $2.0 million
- Annual recurring capital expenditures, renovations and second generation tenant allowances between $50.0 million and $60.0 million
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 2024
+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% | — | — |
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