Major outlet center owner Tanger announced net income available to common shareholders was $0.88 per share, or $97.7 million for the year, on the back of positive fourth-quarter results.
Tanger acquires Pinecrest Shopping Center in Cleveland. – Tanger
For the fourth quarter ended December 31, net income available to common shareholders was $0.23 per share, or $26.3 million, compared to $0.22 per share, or $23.5 million, for the prior year period.
Funds from operations available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year.
Core funds from operations available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year.
“I am pleased to report another quarter of strong performance contributing to a successful year as we saw improved sales productivity and delivered robust organic growth. We acquired two open-air shopping centers, The Promenade at Chenal in Little Rock, Arkansas, in December and Pinecrest in Cleveland, Ohio, post-year-end,” said Stephen Yalof, president and chief executive officer.
“We continue to execute our external growth strategy and apply our leasing, marketing, and operations platform at these market-dominant shopping centers to further elevate the exceptional experience they offer.”
Occupancy was 98% on December 31, 2024 compared to 97.4% on September 30, 2024 and 97.3% on December 31, 2023.
Same center net operating income, which is presented on a cash basis, increased 3.0% to $93.8 million for the fourth quarter of 2024 from $91.0 million for the fourth quarter of 2023, while average tenant sales per square foot was $444 for the twelve months ended December 31, 2024 compared to $438 for the twelve months ended September 30, 2024 and $436 for the twelve months ended December 31, 2023.
Looking ahead for 2025, the company projects diluted net income per share of 94 cents to $1.02.
Yalof added, “Leasing momentum remains strong as we continue to add new retailers, brands, and uses to our centers, enhancing the shopping environment for our customers. Our balance sheet provides the liquidity and flexibility to execute our business plan and unlock additional value for our stakeholders.”
Earlier this month, Tanger announced its acquisition of Pinecrest, a premier 640,000-square-foot mixed-use shopping center in Cleveland, Ohio.
Tanger’s portfolio includes 38 outlet centers, one adjacent managed center, and three open-air lifestyle centers including over 16 million square feet in 21 U.S. states and Canada.
