Tanger Factory reports Q3 core FFO 50c, consensus 47c

Reports Q3 revenue $117.35M, consensus $111.09M. Reports Q3 Same center NOI increased 7.6%M-$87.9M from $81.7M last year driven by higher rental revenues from increased base rent and expense recoveries, as well as out-of-period rent collections. “We are pleased to announce another quarter of strong results, the grand opening of Tanger Outlets Nashville, a recent 6% dividend increase and a raise in our full-year 2023 earnings guidance,” said Stephen Yalof, President and CEO. “Our strategic plan to elevate and diversify our tenant mix, drive total rents and leverage our platform to realize additional growth is reflected in our solid performance, with double-digit rent spreads, occupancy growth, high renewal rates and continued operating efficiencies.”