Tanger Factory Outlet Centers, Inc. (SKT) Tuesday said first-quarter funds from operations, or FFO, improved to $41.0 million or $0.42 per share from $35.6 million or $0.36 per share in the same period last year.
Adjusted FFO for the quarter was $41.40 million or $0.42 per share. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Net income attributable to the company increased to $15.44 million or $0.16 per share from $8.13 million or $0.09 per share last year.
Revenues totaled $88.69 million, up from $84.24 million. Analysts expected revenues of $88.14 million.
Looking ahead, the company expects to report full-year FFO in a range of $1.77 to $1.81 per share. This compares to the previous guidance range of $1.76 to $1.81 per share. Analysts currently expect full-year FFO of $1.80 per share.
Full-year earnings are currently projected in a range of $0.77 to $0.81 per share, compared to previous guidance range of $0.76 to $0.81 per share.
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