Tanger Factory Outlet Q4 results beat on strong NOI growth, rental acceleration
Tanger Factory Store (NYSE:SKT) Q4 profit and revenue both beat Wall Street’s average estimates on strong net operating income growth and boosted rental momentum thanks to increased occupancy.
For 2023, the company sees core FFO is $1.81-$1.89 per share, compared to consensus of $1.83. The co-centric NOI is expected to grow 2.0% -4.0% on the year.
Chairman and CEO Stephen Yalof said: “Rent spreads exceeded 10% for comparable leases in 2022, marking our seventh consecutive quarter of improvement. “. “Traffic remains steady and total sales are in line with last year’s levels despite a more promotional retail environment during this holiday sales season.”
Q4 core FFO per share was $0.47, higher than the average analyst estimate of $0.45, unchanged from Q3 and up from $0.45 in the previous quarter.
Revenue of $116.46 million, exceeding the consensus of $109.01 million, was up from $111.45 million in the previous quarter and from $112.09 million a year earlier.
Centralized NOI grew 5.1% to $86.5 million, compared with a 2.4% increase in the third quarter, driven by growth in occupancy and rents.
Adjusted EBITDA came in at $60.33 million, up from $60.09 million in Q3 and from $59.53 million in Q4 2021.
The occupancy rate was 97.0% on December 31, 2022, compared to 96.5% on September 30, 2022 and 95.3% on December 31, 2021.
Conference call on February 22 at 8:00 a.m. ET.
Before that, Tanger Factory FFO was $0.47 beat $0.02, revenue was $116.46M beat $7.45M.