Tanger Factory reports Q4 Core FFO 47c, consensus 45c

Reports Q4 revenue $116.46M, consensus $109.01M. Reports Same Center NOI increased 5.1% to $86.5M for the Q4 from $82.2M for the Q4 of 2021. driven by growth in occupancy and rental rates in 2022."I am pleased to report another quarter of strong results led by robust NOI growth," said Stephen Yalof, President and CEO. "Leasing momentum continues to accelerate as we grew our occupancy 170 basis points year over year. Rent spreads exceeded 10% for comparable leases executed in 2022, marking our seventh-consecutive quarter of improvement. Traffic remained steady and total gross sales were in line with last year’s levels in spite of a far more promotional retail environment this holiday selling season. We have entered into 2023 with an attractive growth outlook along with a well-positioned balance sheet and cash flows to execute on our strategy. We continue to elevate our tenancy, diversify our portfolio, grow incremental revenue sources and look forward to opening our 37th center in Nashville this fall."