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Tanger's funds from operations mount 19.4% in 2013
12
Feb '14
Tanger Factory Outlet Centers, Inc reported its financial results for the quarter and year ended December 31, 2013.  
 
Funds from operations ("FFO") available to common shareholders, a widely accepted supplemental measure of REIT performance, increased 16.8% to $52.3 million, or $0.53 per share, for the three months ended December 31, 2013, compared to FFO of $44.7 million, or $0.45 per share for the three months ended December 31, 2012.  For the year ended December 31, 2013, FFO increased 19.4% to $192.0 million, or $1.94 per share, as compared to FFO of $160.9 million, or $1.63 per share, for the year ended December 31, 2012.
 
"Strong tenant demand for space was the key driver for our growth in 2013, both internally and externally, which resulted in another year of solid financial performance for Tanger," commented Steven B. Tanger, President & Chief Executive Officer. 
 
"Retailers are attracted to the outlet industry by its low relative cost of occupancy and a desire to connect with an increasing value-driven consumer.  They partner with Tanger as an industry leader with a 33 year track record of developing, operating, and marketing high-quality outlet centers," he added.
 
Excluding these charges, adjusted funds from operations ("AFFO") increased 15.2% to $0.53 per share for the three months ended December 31, 2013, compared to $0.46 per share for the three months ended December 31, 2012. For the year ended December 31, 2013, AFFO per share increased 13.9% to $1.88 per share, compared to $1.65 per share for the year ended December 31, 2012.
 
Net income available to common shareholders for the three months ended December 31, 2013 increased 21.6% to $21.7 million, or $0.23 per share, as compared to net income of $17.8 million, or $0.19 per share for the three months ended December 31, 2012.  
 
For the year ended December 31, 2013, net income available to common shareholders increased 102.9% to $106.4 million, or $1.13 per share, as compared to net income available to common shareholders of $52.4 million, or $0.57 per share, for the year ended December 31, 2012. 
 
In addition to the charges described above, net income available to common shareholders for the year ended December 31, 2013 was also impacted by a $26.0 million gain on fair value measurement related to the acquisition of an additional one-third interest in the Deer Park property, and the consolidation of Deer Park into Tanger's financial statements as of August 30, 2013.
 
 

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