Q1 2024 Tanger Inc Earnings Call Transcript
Key Points
- Tanger Inc (SKT) reported a solid performance with Same Center NOI growing by 5.2% and core FFO per share increasing by 13%.
- The company successfully leased over 2.3 million square feet of GLA, representing nearly 20% of their portfolio, with an average increase of 13% on a comparable basis in rent spreads.
- Portfolio occupancy remained strong at 96.5%, with same center portfolio up by 60 basis points.
- Tanger Inc (SKT) has continued to enhance its portfolio through strategic re-tenanting and rightsizing, which has led to renewal rates greater than historical averages.
- The company has effectively utilized peripheral land for incremental growth, adding diversity to the shopping experience and attracting both local and tourist trade.
- Increased interest expense from new interest rate swaps impacted financial growth, partially offsetting the gains from operational growth.
- Weather-related closures in January slightly impacted traffic, although it recovered in the following months.
- The company anticipates potential fluctuations in tenant retention rates as they prioritize re-tenanting over renewing certain leases.
- While Tanger Inc (SKT) has a robust leasing strategy, the focus on re-tenanting could lead to short-term dips in occupancy.
- The need for significant tenant improvements (TIs) for new leases could pose challenges in maintaining cost efficiency.
Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations and I would like to welcome you to Tanger Inc.'s First Quarter 2024 Conference Call. Yesterday evening we issued our earnings release as well as our supplemental information package and investor presentation. This information is available on our IR website, investors.tanger.com.
Please note that this call may contain forward-looking statements that are subject to numerous risks and uncertainties, and actual results could differ materially from those projected. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. During the call we will also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in our earnings release and in our supplemental information.
This call is being recorded for rebroadcast for a period of time in the future. As such, it is important to
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