Tanger (SKT) Q3 2026 earnings summary

Executive summary

• Q3 operating performance and leasing momentum supported higher FY26 guidance; strategy emphasizes organic growth, disciplined acquisitions, and asset reinvestment.

• Retailer demand and limited new supply support rent growth, while merchandising, marketing, and operating initiatives aim to raise center productivity.

Financial highlights

• Q3 revenue was $157.7M vs. $145.2M YoY; net income was $35.0M vs. $33.3M, with diluted EPS of $0.29 vs. $0.28.

• Q3 Core FFO was $0.64/share, up 6.7% YoY from $0.60; 9M Core FFO rose to $1.87/share from $1.70.

• Q3 same-center NOI grew 4.2%; 9M total-portfolio same-center NOI at pro rata share was $315.8M, up 3.5% YoY.

• 9M revenue was $464.5M vs. $421.3M; net income was $99.0M vs. $84.7M, and diluted EPS was $0.82 vs. $0.71.

• Other revenues increased 11% in Q3, including growth from marketing partnerships, advertising, EV charging, and other non-lease income.

Outlook and guidance

• FY26 Core FFO guidance increased to $2.49-$2.53/share from $2.45-$2.52; same-center NOI growth guidance is 3.50%-4.25%, up from 2.75%-4.25%.

• FY26 guidance includes net income of $1.08-$1.12/share, G&A of $80.5M-$83.5M, net interest expense of $70.5M-$71.7M, and recurring CapEx/leasing costs of $70M-$75M.

• Guidance excludes future property, outparcel, or JV transactions and additional financing activity; management cited rent markups and re-tenanting as sources of organic growth into 2027.

• Management expects a strong holiday season and sees room to push rents as retailers seek space in a supply-constrained market.