SKT - Tanger Factory 2022 guidance midpoint tops consensusl; NOI growth builds
Tanger Factory Outlet Centers (NYSE:SKT) issued guidance for 2022 FFO per share of $1.68-$1.76, in which the midpoint of $1.72 exceeds the consensus estimate of $1.69. Guidance assumes same-store NOI growth of 1.5%-3.5% for the year. Q4 core FFO per share of $0.45, exceeding the average analyst estimate of $0.41, fell from $0.47 in the previous quarter and $0.54 in the year-ago quarter. Tanger Factory (SKT) stock fell 0.5% in after-hours trading. Total portfolio occupancy was 95.3% on Dec. 31, 2021, up from 94.4% at Sept. 30. Q4 same-center net operating income for consolidated portfolio rose to $82.8M from $73.8M in Q3 and $78.4M in Q4 2020. Presiedent and CEO Stephen Yalof explained Q4 results were "driven by positive traffic and tenant sales and accelerating leasing trends at our open-air centers. Domestic traffic during the quarter exceeded 2019 levels." Conference call on Feb. 18 at 8:30 AM ET. Earlier, Tanger Factory FFO of
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Tanger Factory 2022 guidance midpoint tops consensusl; NOI growth builds