Q4 2025 Tanger Inc Earnings Call Transcript
Key Points
- Tanger Inc (SKT) reported a strong fourth quarter with Core FFO of $0.63 per share, a 17% increase over the prior year.
- The company achieved record-breaking leasing production with over 3 million square feet leased, marking the highest annual production on record.
- Occupancy at year-end was 98.1%, a 70 basis point sequential increase, with positive rent spreads and extended lease terms.
- Tenant sales productivity remained high at $473 per square foot, up 7% from the prior year.
- Tanger Inc (SKT) has strengthened its balance sheet by completing several post-year-end transactions, enhancing liquidity and mitigating refinancing costs.
- The company faces potential lease rejections from Saks, which could impact CapEx and require strategic remerchandising.
- Leasing spreads were lower in 2025 compared to 2024, partly due to tougher comps in lease expirations.
- There is an uptick in retailer bankruptcies and store closures, which could pose challenges for retenanting spaces.
- The company anticipates some variability in quarterly Same Center NOI due to the timing of operating expenses and fixed CAM recoveries.
- Tanger Inc (SKT) is experiencing competition from private capital in the acquisition market, which could impact future growth opportunities.
Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations, and I would like to welcome you to Tanger Inc.'s fourth quarter and full year 2025 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
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