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Tanger (SKT) investor relations material
Tanger Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Core FFO per share rose 9.4% year-over-year to $0.58, driven by strong same center NOI growth, robust leasing, and recent acquisitions in Cleveland, OH and Little Rock, AR.
Occupancy increased to 96.6% as of June 30, 2025, with blended leasing spreads of 12% and tenant sales per square foot up 6.2% year-over-year.
Portfolio benefits from merchandising strategy, attracting new brands, younger demographics, and expanding store counts with productive tenants.
Maintained a conservative, investment-grade balance sheet, supporting disciplined growth and capital deployment.
Proactive leasing and remerchandising resulted in 2.8M sq ft of leasing in the past year, supporting rent and occupancy growth.
Financial highlights
Q2 2025 FFO was $68.6M ($0.58 per diluted share), up from $60.9M ($0.53 per share) in Q2 2024; net income for Q2 2025 was $31.3M ($0.27 per share).
Same center NOI increased 5.3% year-over-year for Q2 2025; first half same center NOI up 3.8%.
Total revenues for Q2 2025 were $140.7M, up from $129.0M in Q2 2024.
Net debt to adjusted EBITDAre at 5.0x; interest coverage ratio at 4.6x; 95% of debt at fixed rates.
Total liquidity at quarter end was $614M, including $17M cash, $528M in credit lines, and $70M in forward equity.
Outlook and guidance
Full-year 2025 FFO per share guidance raised to $2.24–$2.31; net income guidance to $0.93–$1.00 per share.
Same center NOI growth guidance increased to 2.5%–4.0% for 2025.
Guidance reflects recent acquisitions, property sales, and refinancing, but excludes future transactions.
Weighted average diluted shares for FFO guidance: 118.5M–119.5M.
Recurring capital expenditures guided at $55M–$65M for 2025.
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