Tanger Factory Outlet Centers, Inc. (SKT: Quote) Tuesday reported an increase in its funds from operations for the second quarter.
Funds from operations, or FFO, for the quarter increased to $38.6 million or $0.39 per share from $29.6 million or $0.32 per share in the comparable quarter last year.
Adjusted FFO was $38.8 million or $0.39 per share, compared to $30.6 million or $0.33 per share last year.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Net income available to common shareholders increased to $11.5 million or $0.12 per share from $9.3 million or $0.11 per share last year.
Revenues totaled $87.3 million, up from $72.1 million last year. Analysts expected revenues of $85.12 million.
Expenses increased to $61.6 million from $49.8 million last year.
Looking ahead to the fiscal year 2012, the company has forecast FFO in the range of $1.59 to $1.63 per share.
Earnings available to common shareholders is expected to range between between $0.58 and $0.62 per share.
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by RTT Staff Writer
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