Q1 2025 Tanger Inc Earnings Call Transcript

May 1, 2025 / 12:30 PM GMT

Release Date Price: $29.93 (-5.01%)

Transcript 10-Q8-K

Key Points

Positve

Tanger Inc (SKT) reported a robust first quarter with core FFO increasing to $0.53 per share, driven by a 2.3% rise in same center NOI.
The company achieved strong revenue growth, supported by high traffic and sales momentum, particularly over the past two months.
Occupancy ended the quarter at 95.8%, reflecting strategic efforts to add new in-demand retailers and replace less productive tenants.
Tanger Inc (SKT) continues to expand into new categories and welcome new brands, diversifying offerings and enhancing customer engagement.
The company maintains a strong balance sheet with low leverage, ample liquidity, and a well-covered dividend, providing stability and flexibility for growth.

Negative

Higher snow expenses and the absence of certain expense refunds from the previous year impacted the first quarter's financial results.
Occupancy experienced a modest decline due to timing issues between old tenants leaving and new tenants taking possession.
The company recognized a non-cash impairment charge of $4.2 million related to the sale of a non-core center in Howell, Michigan.
There is macroeconomic uncertainty, which could impact temporary occupancy and tenant behavior during downturns.
Concerns exist regarding potential inventory issues for retailers, which could affect product availability and sales at outlet centers.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SKT.N - Tanger Inc
Q1 2025 Tanger Inc Earnings Call
May 01, 2025 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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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 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 website, tener.com. Please note that the 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 our non-gap financial measures as defined by SEC Regulation G.

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