Overview

* Tanger Q2 net income rises to $0.26 per share, up from $0.22 year ago

* FFO per share increases to $0.58, reflecting strong leasing activity

* The owner and operator of outlet and open-air retail shopping destinations raises full-year 2025 guidance

Outlook

* Tanger raises full-year 2025 net income guidance to $0.93-$1.00 per share

* Company increases full-year 2025 FFO guidance to $2.24-$2.31 per share

* Tanger expects Same Center NOI growth of 2.5%-4.0% for 2025

* Company cites strong leasing and marketing strategies for raised guidance

Result Drivers

* LEASING STRATEGIES - Robust leasing activity with positive rent spreads driven by addition of in-demand retailers and entertainment options

* MARKETING INITIATIVES - Enhanced marketing campaigns like Tanger Deal Days and Summer of Savings increased shopper engagement and traffic

* OCCUPANCY IMPROVEMENT - Occupancy rose to 96.6% by end of Q2, reflecting successful tenant remerchandising and leasing efforts

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $133.44

Rental mln

Revenue

Q2 Net $31.33

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy"

* Wall Street's median 12-month price target for Tanger Inc ( SKT ) is $34.00, about 13.2% above its August 1 closing price of $29.52

* The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 32 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)