Q2 2025 Tanger Inc Earnings Call Transcript
Key Points
- Core FFO increased by 9.4% to $0.58 per share, driven by strong same center NOI growth of 5.3%.
- Occupancy rates improved to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
- Tenant sales increased by 6.2% to $465 per square foot, and traffic to centers was up compared to last year.
- Successful merchandizing strategy is attracting new brands and expanding existing tenant store counts.
- Strong balance sheet with low leverage and ample liquidity, allowing for selective external growth opportunities.
- Persistent inflation and shifting consumer sentiment present ongoing macroeconomic challenges.
- Tariff uncertainties could impact retailer decisions and consumer behavior.
- Some centers still rely heavily on tourist traffic, which can be volatile.
- The remerchandizing process is ongoing and requires continuous effort and investment.
- Potential risks associated with tenant credit and macroeconomic environment affecting same store NOI growth.
Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations, and I would like to welcome you to Tanger Inc's second-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 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 can 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 such, it is
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