Fri, Feb 21, 9:32 PM (65 days ago)
Tanger Inc. (NYSE: SKT) reported a solid financial performance for the fiscal year ending December 31, 2024. The company achieved total revenues of $526.1 million, a 13.3% increase from $464.4 million in 2023, driven by higher rental revenues of $497.5 million. Net income slightly decreased to $102.8 million from $103.9 million, impacted by increased interest expenses and operating costs. The company's operating expenses rose to $375.4 million, attributed to property operating expenses and general administrative costs. Tanger's portfolio included 31 outlet centers and two open-air lifestyle centers, boasting a 98% occupancy rate. The company made strategic acquisitions, including the Promenade at Chenal in Little Rock for $73.1 million and a 640,000-square-foot center in Cleveland for $167 million. Future growth appears promising, with plans for further acquisitions and developments, despite risks such as rising interest rates and economic uncertainties. Key financial metrics showed an earnings per share of $0.88, with a focus on maintaining liquidity and capital resources through effective debt management. The company’s leverage ratios remained healthy, and it anticipates adequate cash flows to meet its distribution requirements. Overall, Tanger Inc. continues to solidify its market position as a leading outlet center operator while navigating potential risks in the retail landscape.