SKT - Tanger Factory FFO beats by $0.19 beats on revenue raises FY21 FFO guidance

Tanger Factory (NYSE:SKT): Q2 FFO of $0.43 beats by $0.19. Revenue of $101.27M (+58.3% Y/Y) beats by $4.96M. Consolidated portfolio occupancy rate was 93.0% on June 30, 2021, compared to 91.7% on March 31, 2021 and 93.8% on June 30, 2020 Average tenant sales productivity for the consolidated portfolio was $424 per square foot for the twelve months ended June 30, 2021, an increase of 7.3% from $395 per square foot for the twelve months ended June 30, 2019 On a same center basis, average tenant sales increased 5.5% compared to the trailing twelve months ended June 30, 2019 Same center net operating income ("Same Center NOI") for the consolidated portfolio increased to $69.4 million for the second quarter of 2021 from $37.0 million for the second quarter of 2020 FY21 Guidance: Core FFO of $1.52-$1.59 from prior guidance of $1.47-$1.57 vs. $1.43 consensus Press Release

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Tanger Factory FFO beats by $0.19, beats on revenue, raises FY21 FFO guidance