SKTTanger Factory Outlet Centers, Inc.
Earnings Recap
• Reported GAAP EPS of $0.25 up 47.06% YoY • Reported revenue of $150.42M up 11.12% YoY • Tanger increased its full-year 2026 guidance, with estimated diluted net income per share now ranging from $1.05 to $1.13 and estimated diluted FFO per share from $2.42 to $2.50. Same Center NOI growth is projected between 2.25% and 4.25% for Tanger.
Bullish
Tanger delivered strong Q1 2026 financial results, with increased net income and FFO, alongside a 2.6% rise in Same Center NOI. Robust leasing activity, strong rental rate spreads, and over $1.0 billion in liquidity further bolster Tanger's position.
Bearish
Tanger experienced a sequential decline in portfolio occupancy to 97.0% and an increase in lease termination fees to $2.2 million. The company's net debt to Adjusted EBITDAre also increased to 4.8x.