By Karen Roman
Tanger Inc. (NYSE: SKT) said first quarter net income was $0.24 per share, or $28.1 million vs. $0.17 per share, or $19 million the year prior.
The company achieved 651 leasing deals for 3.4 million sq. ft. compared to 2.5 million sq. ft. the previous year, and a $482 average for tenant sales PSF compared to $455 the year prior, it stated.
A supply-constrained market, ongoing store consolidation, and greater consumer spending led by Gen Z are factors that contributed to Tanger’s performance, it said.
“Tanger’s successful execution of its growth strategy delivered another quarter of strong financial and operating results, contributing to an increase in our full-year guidance,” said Stephen Yalof, Tanger President and CEO. “We are pleased to have recently announced a 7% increase in our dividend, supported by our strong earnings growth and low dividend payout ratio.”
READ MORE
Final Agenda and Registration – 2nd Princeton CorpGov Forum: Endowments, Activism and Entertainment
Never Miss our Weekly Highlights HERE
