Tanger (SKT) Q4 2024 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2024 results, with core FFO per share up 8.7% year-over-year, at the top end of guidance, and robust leasing activity driving improved sales productivity.

• Portfolio includes 42 properties totaling 16.5M sq ft, with recent acquisitions in Little Rock, AR and Cleveland, OH, and 98% occupancy at year-end 2024.

• Focused on open-air and lifestyle centers in high-growth, tourist-heavy markets, with new retailers and categories supporting 12 consecutive quarters of positive rent spreads.

• Conservative, investment-grade balance sheet with ample liquidity and well-laddered debt maturities.

• Acquired The Promenade at Chenal and Pinecrest, advancing external growth strategy.

Financial highlights

• Q4 2024 Core FFO was $0.54 per share, up from $0.52; full-year Core FFO reached $2.13 per share, up from $1.96.

• Net income for 2024 was $102.8M, down 1.1% from 2023; total revenues for 2024 were $526.1M, up from $464.4M.

• Same-center NOI increased 5.1% for the year and 3% for the quarter.

• Tenant sales per square foot reached $444, up from $436 in 2023.

• Sold 3.4M common shares in 2024, generating $115.9M in gross proceeds.

Outlook and guidance

• 2025 Core FFO per share guidance is $2.22–$2.30, representing 4%–8% growth.

• 2025 net income per share guidance: $0.94–$1.02; Same-center NOI growth expected between 2% and 4%.

• Guidance includes recent acquisitions but assumes no further deals or financing.

• Interest expense for 2025 estimated at $63.5–$65.5M; annual recurring capital expenditures projected at $55M–$65M.

• Weighted average diluted shares for 2025 FFO guidance: 119.0M–120.0M.