SKT - Tanger Factory Outlet narrows year core FFO guidance after Q2 revenue beat

• Tanger Factory Outlet Centers ( NYSE: SKT ) narrowed its full-year core FFO guidance Monday after the retail REIT's Q2 revenue surpassed the Wall Street consensus.
• The company sees 2022 core FFO of $1.73-1.79 per diluted share vs. prior target of $1.71-1.79.
• Meanwhile, second-quarter results highlighted "accelerating leasing, commercializing marketing and reshaping operations at Tanger's open-air shopping destinations," said CEO and President Stephen Yalof.
• Revenue of $105.8M at the end of June exceeded the average analyst estimate of $104.5M and rose from $101.3M at June 30, 2021.
• Total expenses for Q2 were $78.2M compared with $74.7M in the year-ago period.
• Same center net operating income for its total portfolio (at pro rata share) increased to $79.8M in Q2 from $75.9M in Q2 2021.
• Q2 adjusted EBITDA was $58.6M, up slightly from $57.7M in Q2 of last year.
• Conference call on August 9 at 8:30 a.m. ET.
• Earlier, Tanger Factory Q2 core FFO of $0.45 per share vs. $0.43 in Q2 2021 .

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