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Last $34.29 USD
Change Today -0.14 / -0.41%
Volume 2.2M
As of 8:04 PM 04/21/15 All times are local (Market data is delayed by at least 15 minutes).

tanger factory outlet center (SKT) Key Developments

Tanger Factory Outlet Centers Announces Annual Dividend Payable on May 15, 2015

Tanger Factory Outlet Centers approved an 18.8% increase in the annual dividend on its common shares from $0.96 per share to $1.14 per shares. Simultaneously, the company declared a quarterly dividend of $0.285 for the first quarter ended March 31, 2015. This cash dividend will be payable on May 15, 2015 to holders of record on April 30, 2015.

Tanger Factory Outlet Centers Inc. Provides Earnings Guidance for the Year 2015

Tanger Factory Outlet Centers Inc. provided earnings guidance for the year 2015. 2015 outlook is positive. FFO per share guidance represents a 7% increase over 2014's AFFO per share after the 10% per share diluted effect related to completed and/or potential asset sales. Excluding the asset sales, this represents per share growth of 12%. January leasing spreads continue the positive trend in 2014. As of January 31, 2015, the company had executed leases or leases in process for 54% of the space expiring in 2015, which is about the same as renewal progress for 2014 expirations at the same time last year. Furthermore, 2015 leaves executions for space renewed and released within the consolidated portfolio through the end of January, resulted in an increase in average base rental rates in line with reported 2014 full year increase of 23%. The company expects same-center NOI to improve to 3% to 3.5% compared to 2.6% in 2014.

Tanger Factory Outlet Centers Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2014; Provides Earnings Guidance for the Full Year Ending December 31, 2015

Tanger Factory Outlet Centers Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2014. For the quarter, the company reported total revenues of $108,374 million, operating income of $35,587 million, net income available to common shareholders of $17,061 million or $0.18 per diluted share, funds from operations available to common shareholders of $39,382 million or $0.4 per diluted share compared to the total revenues of $107,325 million, operating income of $35,916 million, net income available to common shareholders of $21,706 million or $0.23 per diluted share, funds from operations available to common shareholders of $52,271 million or $0.53 per diluted share for the same quarter a year ago. For the year, the company reported total revenues of $418,558 million, operating income of $131,863 million, net income available to common shareholders of $72,139 million or $0.77 per diluted share, funds from operations available to common shareholders of $179,974 million or $1.82 per diluted share compared to the total revenues of $384,819 million, operating income of $127,705 million, net income available to common shareholders of $106,431 million or $1.13 per diluted share, funds from operations available to common shareholders of $192,026 million or $1.94 per diluted share for the previous year. 2014 AFFO per share increased 4.8% to $1.97 per share compared to $1.88 per share in 2013. The company provided earnings guidance for the full year ending December 31, 2015. For the year, the company expects diluted net income per share in the range of $1.47 to $1.53 and diluted FFO per share in the range of $2.07 to $2.13. The guidance assumes same-center net operating income growth of approximately 3% to 3.5%, average general and administrative expense of approximately $11.5 million to $12 million per quarter, 10% per share dilution related to dispositions completed in 2014 and expected to close 2015, and dilution of approximately $0.02 associated with the strengthening dollar as it relates to Canadian operations.

Tanger Factory Outlet Centers Inc. Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-25-2015

Tanger Factory Outlet Centers Inc. Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-25-2015 . Venue: Th Plaza Hotel, 5th Ave at Central, Park South, New York, NY 10019, United States.

Tanger Factory Outlet Centers Inc. and Poag Shopping Centers to Celebrate Ground Breaking Ceremony of New Tanger Outlets

Tanger Factory Outlet Centers Inc. and Poag Shopping Centers, LLC to celebrate the Ground Breaking Ceremony of the new Tanger Outlets this spring on March 13. The ceremony will include city and state officials as well as local community leaders. Work is currently well underway at the site located in Southaven, Mississippi and guests will view the progress in person at this official ceremony. During the construction phase of the project, Tanger will create an estimated 400 construction jobs and once complete, the center will create over 900 full and part-time positions. The center is expected to generate approximately $7.5 million in additional sales tax annually. The site of this new Tanger Outlets located in Southaven, MS just 4.5 miles from Memphis, TN at the Northeast quadrant of I-69/55 and Church Road. This dynamic location offers great visibility along I-69/55, which sees traffic from 47,000 to 57,000 cars daily. Phase One will deliver approximately 310,000 square feet of gross leasable space to the market expected to house more than 70 upscale brand name and designer outlet stores.

 

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