Tanger's funds from operations mount 19.4% in 2013

12 Feb '14

4 min read

Net income, FFO and AFFO per share are on a diluted basis. FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estatecompanies. Complete reconciliations containing adjustments from GAAP net income to FFO and to AFFO are included in this release.

Highlights for 2013

-Same center net operating income increased 3.5% during the quarter, and 4.3% for the year, marking the 36th consecutive quarter of same center net operating income growth

-Blended increase in average base rental rates on space renewed and released throughout the consolidated portfolio of 24.1%

-Period-end consolidated portfolio occupancy rate of 98.9% at December 31, 2013, marking the 33rd consecutive year with occupancy of 95% or greater at year end

-Comparable tenant sales for the consolidated portfolio increased 3.2% for the three months ended December 31, 2013, and 2.6% to $387 per square foot for the year ended December 31, 2013

-Debt-to-total market capitalization ratio of 29.4% as of December 31, 2013

-Interest coverage ratio of 4.36 times

-Total market capitalization increased to $4.5 billion at December 31, 2013

-Raised quarterly common share cash dividend by 7.1% on April 4, 2013, marking the 20th consecutive year of increased cash dividends

-Completed an expansion on Tanger Outlets Gonzales in Gonzales, Louisiana in April 2013

-Credit ratings upgraded by both Moody's and Standard & Poor's in May 2013

-Commenced construction of Tanger Outlets Ottawa on May 15, 2013

-Commenced construction to expand Tanger Outlets Cookstown on May 16, 2013

-Completed mortgage financing of Tanger Outlets Texas City on July 1, 2013

-Acquired a controlling interest in Tanger Outlets Deer Park, located in New York on Long Island on August 30, 2013

-Commenced construction in Charlotte, North Carolina on September 20, 2013

-Commenced construction of Tanger Outlets at Foxwoods in Mashantucket, Connecticut on September 26, 2013

-Completed recast of unsecured lines of credit on October 24, 2013, extending the maturity, reducing the overall borrowing costs, and improving the related debt covenants

-Completed a 10-year, 3.875% coupon, $250 million Senior Notes offering on November 25, 2013

Tanger

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