SKT - Tanger Factory FFO of $0.46 beats by $0.02 revenue of $108.94M beats by $0.22M guidance raised

2023-04-27 16:11:02 ET

• Tanger Factory press release ( NYSE: SKT ): Q1 FFO of $0.46 beats by $0.02 .
• Revenue of $108.94M (+0.1% Y/Y) beats by $0.22M .
• Estimated diluted Core FFO per share of $1.82 to $1.90, vs. consensus of $1.85. Revised from $1.80 to $1.88
• "Our strong first quarter 2023 results reflect the continued execution of our strategic plan," said Stephen Yalof, President and Chief Executive Officer. "Sales productivity grew sequentially on improved traffic during the quarter. We are seeing robust leasing activity with accelerating double-digit rent spreads as our retailers demonstrate their commitment to the outlet channel and Tanger's open-air portfolio, leading to higher fixed rents and expense recoveries. Milder weather in the first quarter also benefited both expenses and revenues. Collectively, these factors drove our full-year guidance raise."

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