![]() ![]() In the first quarter, the REIT generated FFO of $0.45 per share, which resulted in an FFO payout ratio of just 48.8%. Is Tanger Factory Outlet stock’s dividend safe? In April, management announced a quarterly dividend of $0.245 per share, for a current yield of 4.6%. This payout, which was made in May, represents a 22.5% increase over the $0.20 per share that SKT stock paid out in the same period last year, and an 11% increase over the $0.22 per share it paid out in the previous quarter. (Source: “ Dividends,” Tanger Factory Outlet Centers Inc, last accessed June 12, 2023.) Since the start of 2022, the REIT has raised its quarterly payouts three times. Unlike many companies in the retail sector, Tanger Factory Outlet has been raising its dividends over the last two years. Tanger Factory Outlet Stock’s High-Yield Dividends on the Rise CFFO per share in the range of $1.82 to $1.90, up from a previous guidance range of $1.80 to $1.88.FFO per share in the range of $1.83 to $1.91, up from a previous guidance range of $1.81 to $1.89.Net income per share in the range of $0.89 to $0.97, up from a previous guidance range of $0.87 to $0.95.For 2023, the REIT currently expects to report: He continued, “Sales productivity grew sequentially on improved traffic during the quarter. We are seeing robust leasing activity with accelerating double-digit rent spreads as our retailers demonstrate their commitment to the outlet channel and Tanger’s open-air portfolio, leading to higher fixed rents and expense recoveries.”īased on Tanger Factory Outlet Centers Inc’s first-quarter results, management increased their full-year guidance. “Our strong first quarter 2023 results reflect the continued execution of our strategic plan,” said Stephen Yalof, the company’s president and CEO.” (Source: Ibid.) Its core funds from operations (CFFO) in the first quarter were $51.2 million, or $0.46 per share, compared to $49.4 million, or $0.45 per share, in the same prior-year period. Tanger Factory Outlet Centers Incalso generated funds from operations (FFO) available to common shareholders of $52.0 million, or $0.47 per share, compared to $49.4 million, or $0.45 per share, in the same quarter last year. Its same-center net operating income grew in the first quarter of 2023 by 7.4% year-over-year to $83.6 million. The company’s first-quarter 2023 net income climbed by approximately 15% year-over-year to $23.3 million, or $0.22 per share. (Source: “ Tanger Reports First Quarter Results and Increases Full-Year Guidance,” Tanger Factory Outlet Centers Inc, April 27, 2023.) Tanger Factory Outlet’s solid tenant base, high occupancy rate, and rising rents help it report tremendous financial results.įor the first quarter ended March 31, the REIT announced that its total revenue inched up to $108.94 million, from $108.86 in the same quarter of 2022. ![]() Tanger Factory Outlet Centers Inc Reports Superb Results & Raises Guidance Tanger Factory Outlet has reported eight consecutive quarters of improving rent spreads. The company’s properties have a 96.5% occupancy rate, with tenants paying $447.00 per square foot, a 0.4% increase from the fourth quarter of 2022. It’s also working on introducing non-retail uses for its properties, including food, entertainment, experiential, and digitally native concepts. Tanger Factory Outlet’s properties are leased to more than 2,700 stores that are operated by more than 600 brand-name companies. Five of the REIT’s tenants are Banana Republic, Coach, Hugo Boss, Lululemon, and Pottery Barn. The company’s operating properties comprise about 14 million square feet in 20 U.S. Tanger Factory Outlet describes itself as “a leading operator of upscale open-air outlet centers that owns (or has an ownership interest in) and/or manages a portfolio of 36 centers with an additional center currently under development.” (Source: “ Management Presentation,” Tanger Factory Outlet Centers Inc, April 27, 2023.) Moreover, Tanger Factory Outlet stock’s price recently hit a 52-week high.Īt a time when the retail industry is facing headwinds from high inflation, soaring household debt, and a looming recession, you can’t ask for much more than that. Recently, the real estate investment trust (REIT) reported strong first-quarter results, increased its full-year guidance, and raised its high-yield dividend. Not Tanger Factory Outlet Centers Inc (NYSE:SKT), though. Fair enough everyone in the sector, from Costco Wholesale Corporation (NASDAQ:COST) to Dollar General Corp (NYSE:DG), has been feeling the pinch. ![]() ![]() And right now, some stock traders are still wary of investing in the retail industry. Just because the economy has fully reopened following the COVID-19 pandemic, it doesn’t mean all industries have rebounded to their pre-pandemic levels. SKT Stock Is a Real Estate Stock Worth Watching ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |