Welcome to Fibre2fashion.com    
fibre2fashion
Amicor - Most Trusted Anti Microbial Fibre
Textile | Apparel |  Fashion | Technology | Technical Textiles  | Corporate | Associations Android app on Google Play Android app on Google Play
 
Home >> News
 

Tanger Outlets Q1 funds from operations hike 4.5%

April 30, 2014 (United States Of America)

Tanger Factory Outlet Centers, Inc. reported its financial results for the three months ended March 31, 2014.  Funds from operations ("FFO") available to common shareholders, a widely accepted supplemental measure of REIT performance, increased 4.5% to $42.8 million, or $0.43 per share, for the three months ended March 31, 2014, compared to FFO of $41.0 million, or $0.42 per share for the three months ended March 31, 2013.  Adjusted funds from operations ("AFFO") increased 7.1% to $0.45 per share for the three months ended March 31, 2014, compared to $0.42 per share for the three months ended March 31, 2013.  
 
"For the first quarter of 2014, weather-related outlet center closures within our consolidated portfolio were nearly five times greater than in the first quarter of last year.  Snow removal expense for the same period was more than double the prior year. In spite of these extraordinary headwinds, our diversified portfolio generated same center net operating income growth of 3.3%.  
 
AFFO per share for the quarter was in line with our internal expectations, and represented a healthy 7.1% increase.  The primary drivers were related to the properties developed and acquired during 2013, and same center net operating income growth," commented Steven B. Tanger, President & Chief Executive Officer.  
 
As adjusted for the charges above, net income available to common shareholders for the three months ended March 31, 2014 increased 0.8% to $15.8 million, or $0.16 per share, as compared to net income of $15.6 million, or $0.16 per share for the three months ended March 31, 2013. 
 
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 estate companies.
 
First Quarter Highlights
-Same center net operating income increased 3.3%
-Blended increase in average base rental rates on space renewed and released throughout the consolidated portfolio of 22.8%, up from 21.2% last year
-Period-end consolidated portfolio occupancy rate of 97.2% at March 31, 2014
-Comparable tenant sales for the consolidated portfolio increased 1.2% to $387 per square foot for the rolling twelve months ended March 31, 2014
-Total market capitalization increased to $4.9 billion at March 31, 2014
-Debt-to-total market capitalization ratio of 27.8% as of March 31, 2014
-Raised common share cash dividend by 6.7%, marking the 21st consecutive year of increased cash dividends
-Interest coverage ratio of 3.76 times
-Announced plans to develop Tanger Outlets Savannah in Pooler, Georgia through a joint venture agreement
-Announced plans to develop a new Tanger Outlet Center in the greater Hartford market in Cheshire, Connecticut through a joint venture agreement.
 
Click here to view full results.
 

Tanger Factory Outlet Centers
More Apparel/Garments News - United States Of America...

 
Email this
Story
Print this
Story
Letter to
Editor
Sign Up for
News Letter
Search
Companies
 
 
  RSS