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 and at the top end of guidance, supported by robust leasing and improved sales productivity.

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

• Focused on open-air centers in high-growth, tourist-heavy markets, with strong tenant diversity and new retailer categories driving traffic and sales.

• Completed major acquisitions: The Promenade at Chenal and Pinecrest, advancing external growth strategy.

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

Financial highlights

• Q4 2024 Core FFO was $0.54 per share, up from $0.52 in Q4 2023; full-year Core FFO reached $2.13 per share, up from $1.96 in 2023.

• Same-center NOI increased 5.1% for the year and 3% for Q4 2024.

• Tenant sales per square foot reached $444 for 2024, up from $436 in 2023.

• Completed 473 leasing transactions across 2.1 million sq ft with total rent spreads of 15%.

• Net income for 2024 was $102.8M, down 1.1% from 2023; Q4 net income per share was $0.23.

Outlook and guidance

• 2025 Core FFO per share guidance is $2.22–$2.30, representing 4%-8% growth; net income per share guidance is $0.94–$1.02.

• Same-center NOI growth expected between 2%-4% for 2025.

• Guidance includes recent acquisitions but excludes further acquisition or financing activity.

• Annual recurring capital expenditures projected at $55M–$65M.

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