Q1 2026 Tanger Inc Earnings Call Transcript
Key Points
- Tanger Inc (SKT) reported a strong first quarter with core FFO of $0.59 per share, an 11% increase from the previous year.
- Occupancy rates improved to 97%, up 120 basis points year-over-year, indicating strong demand for their retail spaces.
- The company announced a 7% increase in dividends, supported by earnings growth and conservative payout ratios.
- Tanger Inc (SKT) executed 651 leases totaling 3.4 million square feet over the last 12 months, with retenanting spreads exceeding 26%.
- The company has over $1 billion in immediate liquidity, providing significant flexibility for future investments and growth opportunities.
- The quarter's NOI growth was impacted by elevated snow removal costs, which affected same-center NOI growth.
- Retention rates are expected to be around 80%, the lowest in the past five or six years, due to strategic retenanting efforts.
- The macroeconomic environment remains uncertain, which could impact future sales and leasing activities.
- The company faces challenges from department store closures, which could affect traffic and sales in certain areas.
- There is a broad range of outcomes for same-center NOI growth, indicating potential volatility in future performance.
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 2026 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
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