Tanger Q1 rental revenue rises on record leasing volume

Tanger

30/04/2026 21:46

Overview

U.S. outlet mall operator's Q1 rental revenue and net income rose yr/yr

Adjusted FFO per share grew to $0.59 from $0.53 yr/yr

Company raised annual dividend by 6.8% to $1.25 per share

Outlook

Tanger raises 2026 net income guidance to $1.05-$1.13 per share from $1.04-$1.12

Company lifts 2026 FFO per share outlook to $2.42-$2.50 from $2.41-$2.49

Tanger expects 2026 same center NOI growth of 2.25%-4.25%

Result Drivers

RECORD LEASING VOLUME - Co said record leasing activity was driven by retailer demand and limited new supply

REMERCHANDISING STRATEGY - Co attributed higher tenant sales per square foot to efforts to remerchandise and replace less productive tenants

OCCUPANCY GAINS - Co reported occupancy rose to 97.0% from 95.8% yr/yr, citing addition of sought-after retailers and entertainment options

Company press release: ID:nBw1x7s8pa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rental Revenue
$143.54 mln
Q1 Net Income
$29.42 mln
Q1 Adjusted FFO Per Share
$0.59


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 10 "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 is $38.50, about 4.8% above its April 29 closing price of $36.75

The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 25 three months ago

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(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.)