SKT - Tanger Factory Outlet raises guidance after Q3 FFO beats as rent spreads improve

Tanger Factory Outlet (NYSE:SKT) increases its guidance for 2021 core FFO per share after Q3's earnings beat the average analyst estimate by $0.43. "Our rent spreads improved by 240 basis points sequentially on a cash basis. We also benefited from significant percentage rental growth, which was more than two and a half times the comparable 2019 period during the third quarter," said President and CEO Stephen Yalof. The shopping center REIT now expects core FFO per share of $1.67-1.71; had seen core FFO per share of $1.52-1.59; consensus estimate is $1.13. Q3 core FFO per share of $0.47 crushes the average analyst estimate of $0.04; compares with $0.43 in Q2 and $0.44 in the year-ago quarter. Still, Tanger Factory (SKT) stock slips 0.2% in after-hours trading. Q3 total revenue of $112.5M vs. $92.0M consensus and compares with $101.3M in Q2 and $103.2M in Q3 2020. Q3 same-center net operating income

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Tanger Factory Outlet raises guidance after Q3 FFO beats as rent spreads improve