Home / Knowledge / News / Apparel/Garments / FFO from Q2 operations up 8.3% at Tanger Factory
FFO from Q2 operations up 8.3% at Tanger Factory
11
Aug '14
Retail shopping centres operator, NYSE-listed Tanger Factory Outlet Centers reported funds from operations (FFO) available to common shareholders, rose 8.3% for the second quarter ending June 30, 2014 to $46.1 million or 9.3% on a per share basis to $0.47 per share.

For the period January to June 2014, FFO hiked by 6.4% to $88.9 million or 5.9% on a per share basis to $0.90 per share. FFO is a widely accepted supplemental measure of REIT performance.

Adjusted funds from operations (AFFO) per share went up 6.8% to $0.47 per share for the second quarter of 2014 and 8.2% to $0.92 per share for the first half of 2014.

Net income available to common shareholders in the second quarter was up 10.3% to $18.4 million, or $0.20 per share, as compared to $16.7 million, or $0.18 per share in the comparable period of 2013.

For the first six months of 2014, net income available to common shareholders rose 2.1% to $32.6 million or $0.35 per share as compared to $31.9 million, or $0.34 per share for first half in 2013.

Among second quarter highlights, same center net operating income increased 3.3% and year-to-date blended increase in average base rental rates on space renewed and released throughout the consolidated portfolio was 22.9% up from 22.1% last year.

Tanger reported period-end consolidated portfolio occupancy rate of 98.0% as on June 30, 2014, while same center total tenant sales increased 2.6% to $4.1 billion for the rolling twelve months ended June 30, 2014 compared to $4.0 billion for the rolling twelve months ended June 30, 2013.

Comparable tenant sales for the consolidated portfolio rose approximately 1% to $386 per square foot for the rolling twelve months ended June 30, 2014.

Total market capitalization surged 11% to $4.9 billion as of June 30, 2014, compared to $4.4 billion as of June 30, 2013

Tanger had a debt-to-total market capitalization ratio of 28.4% as of June 30, 2014 and interest coverage ratio of 3.97 times.

"Healthy growth continued through the first half of 2014, with AFFO per share up 6.8% for the second quarter and 8.2% year to date. Our footprint continues to expand, having just opened our newest outlet center in Charlotte, North Carolina, with plans to open an additional new outlet center and four expansions of existing successful centers before the end of 2014," said, CEO Steven Tanger.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Aug 2016

French textile machinery makers to show at ITMA CITME

Seven French textile machinery manufacturers will showcase their...

courtesy: JLL

Apparel/Garments | On 27th Aug 2016

Indian cities clocking fastest retail growth: Report

Indian cities such as Bangalore, Hyderabad, Delhi and Pune are...

courtesy: Delta Galil

Fashion | On 27th Aug 2016

VF Corp completes sale of 3 brands to Delta Galil

VF Corporation, a global leader in the design, manufacture, marketing ...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
August 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search