Quarterly ResultApr 30, 2026, 04:20 PM
TANGER Q1 Net Income $28.1M; FFO $0.59/share; Raises 2026 Guidance
AI Summary
Tanger Inc. reported strong first-quarter 2026 financial and operating results, leading to an increase in its full-year guidance. Net income available to common shareholders rose to $28.1 million, or $0.24 per share, and FFO increased to $70.4 million, or $0.59 per share. The company also announced a 6.8% dividend increase and enhanced its balance sheet through recent financing transactions, including $550 million in unsecured term loans and $250 million in exchangeable senior notes.
Key Highlights
- Q1 Net Income available to common shareholders was $28.1 million ($0.24 per share) vs $19.0 million ($0.17 per share) YoY.
- Q1 FFO available to common shareholders was $70.4 million ($0.59 per share) vs $62.7 million ($0.53 per share) YoY.
- Occupancy was 97.0% on March 31, 2026, up from 95.8% on March 31, 2025.
- Same Center NOI increased 2.6% to $100.5 million for the first quarter of 2026.
- Dividend increased 6.8% to $1.25 per share on an annualized basis ($0.3125 quarterly).
- Raised 2026 diluted FFO per share guidance to $2.42-$2.50 (from $2.41-$2.49).
- Completed $550 million in unsecured term loans and issued $250 million exchangeable senior notes.