Key Highlights

  • Net income per diluted share was USD 0.29 against an estimate of USD 0.27 and USD 0.28 a year earlier.
  • FFO and Core FFO were each USD 0.64 per share, compared with USD 0.60 in the prior-year quarter.
  • Occupancy was 97.3% at September 30, and same center net Operating Income was USD 108.4 million against USD 104.0 million.
  • Full-year diluted FFO guidance was raised to USD 2.49 to 2.53 per share from USD 2.45 to 2.52.

Tanger (NYSE:SKT) opened its third quarter report with operations: leasing, tenant sales and a portfolio of 38 outlet centers and four open-air lifestyle centers across 22 U.S. states and Canada. Chief executive Stephen Yalof said the portfolio continues to attract brands, restaurants, entertainment and service uses, and the company raised its 2026 guidance. Net Income per diluted share was USD 0.29 against an estimate of USD 0.27.

Leasing, Occupancy and Portfolio Activity

Occupancy stood at 97.3% on September 30, against 97.4% a year earlier and 96.6% at June 30. Same center NOI rose 4.2% as stated, to USD 108.4 million from USD 104.0 million. Average tenant sales were USD 487 per square foot for the twelve months ended September 30, against USD 475 a year earlier, and the occupancy cost ratio was 9.7% in each comparison period.

For the twelve months, the company executed 564 renewed or re-tenanted leases totaling 2.6 million square feet, against 608 leases totaling 2.9 million square feet a year before. Blended cash rent spreads were 11.0% on comparable space, made up of 28.6% on re-tenanted space and 8.3% on renewals. Renewals were executed or in process for 73% of space scheduled to expire in 2026. The portfolio also added Levis Commons Town Center in Toledo, acquired in May 2026 for USD 60.0 million.

Financial Results for the Quarter

Total revenues were USD 157.72 million against USD 145.21 million a year earlier, including rental Revenue of USD 149.05 million against USD 137.23 million. Interest expense was USD 19.33 million against USD 16.44 million.

Net income was USD 35.03 million against USD 33.35 million, and net income available to common shareholders was USD 33.4 million, or USD 0.29 per diluted share, against USD 31.8 million, or USD 0.28. FFO available to common shareholders was USD 77.1 million, or USD 0.64 per share, against USD 71.1 million, or USD 0.60. For the nine months, FFO was USD 1.87 per share against USD 1.70.

Guidance and Dividend

Management raised its 2026 diluted net income guidance to USD 1.08 to USD 1.12 per share from USD 1.06 to USD 1.13, and diluted FFO guidance to USD 2.49 to USD 2.53 from USD 2.45 to USD 2.52. Same center NOI growth for the total portfolio is guided to a range of 3.50% to 4.25%, against a previous 2.75% to 4.25%.

The board authorized a quarterly Dividend of USD 0.3125 per share, payable November 13, 2026 to holders of record on October 30, a 7% increase from USD 0.2925 in October 2025. The FAD Payout Ratio was 64% for the first nine months.

Balance Sheet and Cash Markers

Net Debt to Adjusted EBITDAre of 4.6x sits alongside immediate Liquidity of USD 662 million, total debt of USD 1.8 billion and a weighted average Interest Rate of 4.1%.

In the quarter the company drew the full USD 150 million of delayed draw capacity on its term loans, lifting principal outstanding to USD 550 million, and repaid USD 350 million of senior notes that matured in September using those proceeds and cash on hand. Liquidity includes USD 20 million of cash and USD 618 million of availability on its USD 620 million lines of credit. Debt weighted average Maturity is approximately 3.8 years, and the company named conference appearances on November 16 to 19 and January 11 to 12, 2027.