SKT - Tanger Factory FFO beats by $0.43 beats on revenue

Tanger Factory (NYSE:SKT): Q3 FFO of $0.47 beats by $0.43. Revenue of $112.47M (+9.0% Y/Y) beats by $19.51M. Press Release Consolidated portfolio occupancy rate was 94.3% on September 30, 2021, compared to 93.0% on June 30, 2021 and 92.9% on September 30, 2020. Average tenant sales productivity for the consolidated portfolio was $448 per square foot for the twelve months ended September 30, 2021, an increase of 13.4% from $395 per square foot for the twelve months ended September 30, 2019. Through October 29, 2021, the Company had collected 98% of 2020 deferred rents due to be repaid during the nine months ended September 30, 2021. Net debt to Adjusted EBITDA improved to 5.3x. FY21 Guidance: Core FFO of $1.52-$1.59 from prior guidance of $1.67-$1.71 vs. $1.56 consensus.

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Tanger Factory FFO beats by $0.43, beats on revenue