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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

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