Q2 2024 Tanger Inc Earnings Call Transcript
Key Points
- Tanger Inc (SKT) reported an 8% increase in Same Center NOI and a 13% rise in FFO per share, indicating strong financial performance.
- The company achieved its 10th consecutive quarter of positive rent spreads, contributing to total rent and NOI growth.
- Tanger Inc (SKT) has a robust leasing activity, executing 2 million square feet of leases over the past 12 months with an average spread of 15%.
- The company ended the quarter with a high occupancy rate of 96.5% and has renewals executed or in process for 66% of the space expiring this year.
- Tanger Inc (SKT) increased its full-year guidance for Core FFO per share and Same Center NOI growth, reflecting confidence in continued strong performance.
- The company faces potential challenges from tenant bankruptcies, as seen with rue21 and Express, although it has managed to mitigate impacts.
- There is a noted deceleration in Same Center NOI growth expected in the second half of the year, partly due to downtime from re-tenanting efforts.
- The company has a high temporary leasing percentage, which may indicate underlying vacancy issues or frictional vacancy.
- Tanger Inc (SKT) is experiencing variable timing impacts on operating expenses, which could affect quarterly financial comparisons.
- The company is facing challenges in maintaining high expense recovery rates, with expectations of a decline in the second half of the year.
Good morning, I am Ashley Curtis Assistant Vice President of Investor Relations. And I would like to welcome you to Tanger Inc.'s second 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, 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's 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
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