Tanger Factory Outlet Centers, Inc. Begins Construction of New Outlet Center in Daytona Beach, Florida
Nov 12 15
Tanger Factory Outlet Centers Inc. announced that it has acquired the land and plans to immediately commence construction of its new outlet center development in Daytona Beach, Florida. When complete, the new center will have approximately 350,000 square feet of retail space and feature over 80 upscale brand name and designer outlet retailers. The new center will be located at the southeast quadrant of I-95 and LPGA Boulevard, adjacent to the main entrance of the Ladies Professional Golf Association corporate headquarters and golf course. The site is approximately 2.5 miles north of Daytona Speedway and approximately 6 miles from the beaches of Volusia County. The shopping destination is expected to open in time for the 2016 holiday shopping season and to create more than 400 jobs during the construction phase. Once the center opens it is expected to generate over 900 full and part-time jobs and to drive over $8.8 million in tax revenue annually.
Tanger Factory Outlet Centers Inc. Announces Executive Changes
Oct 28 15
On October 27, 2015, Frank C. Marchisello, Jr., Executive Vice President and Chief Financial Officer of Tanger Factory Outlet Centers Inc., and the Vice President and Treasurer of Tanger GP Trust, sole general partner of Tanger Properties Limited Partnership, notified the company that he will retire as Executive Vice President and Chief Financial Officer of the company, and as Vice President and Treasurer of Tanger GP Trust effective May 20, 2016. The company announced that, effective May 20, 2016, James F. Williams, age will succeed Mr. Marchisello as Vice President and Treasurer of Tanger GP Trust. Mr. Williams has been with the company for 22 years and is currently Senior Vice President and Chief Accounting Officer of the Company and Vice President and Assistant Treasurer of Tanger GP Trust, positions he has held since March 2013. Mr. Williams has served as Senior Vice President of the Company since 2006. Also, he served as Controller from 1995 to 2013.
Tanger Factory Outlet Centers Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Year Ending December 31, 2015
Oct 27 15
Tanger Factory Outlet Centers Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of $112,906,000 against $105,189,000 a year ago. Operating income was $36,376,000 against $35,283,000 a year ago. Net income available to common shareholders of the company was $44,075,000 or $0.46 per basic and diluted share against $23,003,000 or $0.24 per basic and diluted share a year ago. Funds from operations available to common shareholders were $59,399,000 or $0.59 per diluted share against $51,655,000 or $0.52 per diluted share a year ago. Funds from operations were $60,084,000 against $52,762,000 a year ago. Adjusted FFO was $59,399,000 or $0.59 per share against $51,565,000 or $0.52 per share a year ago. On Non-GAAP basis, total revenues of $370,169,000, operating income of $118,180,000, net income attributable to the company of $103,068,000, and net income available to common shareholders of $101,858,000.
For the nine months, the company reported total revenues of $326,568,000 against $310,184,000 a year ago. Operating income was $106,170,000 against $96,276,000 a year ago. Net income available to common shareholders of the company was $103,068,000 or $1.08 per diluted share against $56,469,000 or $0.59 per diluted share a year ago. Funds from operations were $164,773,000 against $143,589,000 a year ago. Funds from operations available to common shareholders were $163,315,000 or $1.64 per diluted share against $140,592,000 or $1.42 per diluted share a year ago. Adjusted FFO was $163,315,000 or $1.64 per share against $142,072,000 or $1.44 per share a year ago.
The company provided earnings guidance for the fiscal year ending December 31, 2015. For the year, the company estimated diluted net income per share will be between $2.19 and $2.23. Estimated diluted FFO per share will be between $2.16 and $2.20. The company guidance reflects average general and administrative expense of approximately $11.5 million to $12.0 million per quarter and same center net operating income growth of 3.5% to 4.0%. The components of the change in the company's FFO guidance since the previous quarter include a $0.02 per share increase related to stronger than expected operations and termination fees during the third quarter of 2015 compared to the company's previous forecast, offset by a $0.03 per share decrease related to fourth quarter 2015 dilution associated with the recent sale of five outlet centers.