SKT - Tanger Factory Outlet Q1 earnings beats as rent collection normalize

Tanger Factory Outlet Centers (SKT) says rent collections were about 95% in Q1 and because they have normalized, it doesn't plan to provide collection rates in future quarters.Reaffirms 2021 core FFO per share guidance of $1.47-$1.57.For Q1, traffic improved to 97% of prior-year levels and exceeded 2019 levels in April.Q1 core FFO per share of 40 cents, beating the average analyst estimate of 36 cents; compares with 54 cents in Q4 2020 and 50 cents in the year-ago quarter.Q1 total revenue of $100.7M vs. $100.0M consensus, $111.2M in Q4 2020 and $111.6M in the year-ago quarter.Q1 same-center net operating income for the consolidated portfolio decreased to $65.0M for the quarter from $70.7M in Q1 2020, largely due to the impact of COVID-19.Consolidated portfolio occupancy of  91.7% vs. 91.9% at Dec. 31.Conference call on May 6 at 8:30 AM ET.Earlier, Tanger Factory FFO beats by $0.04, beats on revenue

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Tanger Factory Outlet Q1 earnings beats as rent collection normalize