GREENSBORO, N.C. – GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $59.3 million, or 60 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 58 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $22.6 million, or 24 cents per share.
The factory outlet mall operator posted revenue of $123.5 million in the period. Its adjusted revenue was $121.2 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $117.9 million.
Tanger expects full-year funds from operations to be $2.40 to $2.46 per share.
The company's shares have fallen 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.31, a drop of 30 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SKT at https://www.zacks.com/ap/SKT