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Tanger CEO pleased with Q3 operating results
28
Oct '09
Tanger Factory Outlet Centers, Inc. reported funds from operations available to common shareholders, a widely accepted measure of REIT performance, for the three months ended September 30, 2009 was $0.54 per share, or $24.0 million, as compared to FFO of $0.67 per share, or $25.4 million, for the three months ended September 30, 2008. For the nine months ended September 30, 2009, FFO was $81.2 million, or $1.99 per share, as compared to FFO of $61.6 million, or $1.63 per share, for the nine months ended September 30, 2008.

Excluding these charges, adjusted FFO for the third quarter and nine months ended September 30, 2009 would have been $0.70 and $2.04 per share respectively, while FFO for the third quarter and nine months ended September 30, 2008 would have been $0.67 and $1.88 per share respectively; representing an increase of 4.5% for the three months ended September 30, 2009 and an increase of 8.5% for the nine months ended September 30, 2009.

For the three months ended September 30, 2009, net income available to common shareholders was $2.3 million or $0.06 per share, as compared to $8.1 million, or $0.26 per share for the third quarter of 2008. Net income available to common shareholders for the nine months ended September 30, 2009 was $41.6 million, or $1.20 per share compared to $12.1 million, or $0.38 per share, for the first nine months of 2008. Net income available to common shareholders for certain periods in 2008 and 2009 were also impacted by the non-recurring charges described above. Net income available to common shareholders for the nine months ended September 30, 2009 also includes a non-recurring gain of $31.5 million related to the acquisition of our partner's interest in a shopping center previously held in a joint venture.

Net income and FFO per share amounts above are on a diluted basis. FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO is included in this press release.

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Tanger Factory Outlet Centers, Inc

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