Q3 2024 Tanger Inc Earnings Call Transcript
Key Points
- Tanger Inc (SKT) reported a strong quarter with an 8% increase in Core FFO per share, reaching $0.54.
- Same-center NOI increased by 4.3%, driven by higher rental revenues and lower operating expenses.
- Occupancy rates improved to 97.4%, with 543 leases executed over the trailing 12 months.
- The company achieved its 11th consecutive quarter of positive rent spreads, with a blended increase of 14%.
- Tanger Inc (SKT) raised its full-year guidance, reflecting confidence in its strategic initiatives and operational execution.
- The company faced temporary closures due to hurricanes, impacting operations at some centers.
- Despite strong leasing activity, some centers experienced frictional vacancy due to retenanting efforts.
- High construction costs limit new development opportunities, focusing the company on acquisitions instead.
- The retail market faces uncertainties, such as tariffs and lower US consumption, which could impact future performance.
- Expense recoveries, while strong, are influenced by both increased base rents and operating expenses, which may fluctuate.
Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations, and I would like to welcome you to Tanger Inc's third--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 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
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