Tanger: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
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{{#rendered}} {{/rendered}}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