SKT - Tanger Factory lifts 2022 FFO guidance after strong Q1 NOI growth tenant sales

Tanger Factory (NYSE:SKT) on Thursday has boosted its full-year FFO per share guidance after Q1 results highlighted strong net operating income growth, positive leasing spreads and increased tenant sales, said CEO and President Stephen Yalof. The retail REIT is expecting adjusted FFO of $1.71-1.79 in 2022 vs. $1.68-1.76 in the previous view. Meanwhile, revenues were $108.87M at March 31, compared with the average analyst estimate of $101.62M and $100.7M at March 31, 2021. FFO of $0.45 in Q1 also beat the consensus of $0.40 and rose from $0.38 in the year-ago period. Q1 rental revenues was $104.61M, up from $97.47M in Q1 a year ago. Q1 expenses of $78.47M declined slightly from $80.3M in Q1 of last year. Ending occupancy was 94.1% in Q1 vs. 91.7% in Q1 2021. Conference call on May 6 at 8:30 a.m. ET. Earlier, Tanger Factory increased its quarterly dividend to $0.20 per share.

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Tanger Factory lifts 2022 FFO guidance after strong Q1 NOI growth, tenant sales