2023-04-27 16:30:21 ET
Tanger Factory Outlet ( NYSE: SKT ) boosted its full-year guidance for core FFO per share as the retail REIT's Q1 top and bottom lines came in above Street estimates, buoyed by same-center net operating income growth and lower expenses. Shares drifted up 1.3% in after-hours trading.
"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," said President and CEO Stephen Yalof, adding that "milder weather" also positively impacted both revenues and expenses.
In turn, the company now sees 2023 core FFO per share of $1.83-$1.91, compared with $1.81-$1.89 in the prior guidance.
Q1 core FFO of $0.46, vs. $0.44 average analyst estimate, slipped from $0.47 in Q4 2022 and increased from $0.45 in the year-ago quarter.
Total revenue of $108.9M, exceeding the $108.7M consensus, fell from $116.5M in the previous quarter and was roughly unchanged from a year before. Expenses totaled $76.5M, sliding from $91.8M in Q4 2022 and from $78.5M a year earlier.
Same-center net operating income accelerated 7.4% to $83.6M, compared with the 5.1% climb in Q4 2022.
Occupancy was 96.5% at March 31, vs. 97.0% at Dec. 31, 2022, and 94.3% at March 31, 2022.
Adjusted EBITDA came in at $59.5M, down slightly from $60.3M in Q4 2022 and up slightly from $59.3M in Q1 2022.
Conference call on April 28 at 8:00 a.m. ET.
Earlier, Tanger Factory FFO of $0.46 beats by $0.02, revenue of $108.94M beats by $0.22M .
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Tanger Factory Outlet lifts 2023 guide as strong leasing activity fuels Q1 beat