Tanger Factory Outlet Centers Stock Earnings Reports

Tanger reported a strong Q1 2026 with core FFO of $0.59 per share (up 11% YoY), portfolio occupancy of 97% (up 120 bps YoY), trailing-12-month sales productivity of $482/sq ft and an OCR of 9.7%. Management raised full-year 2026 core FFO guidance to $2.42–$2.50 per share (midpoint ~6% growth) and maintained same-center NOI guidance of +2.25% to +4.25%. Leasing momentum remains a key driver: 651 leases totaling 3.4M sq ft over the past 12 months, with blended rent spreads of 10.5% and retenanting spreads exceeding ~26%. Tanger is actively remerchandising centers, prioritizing replacements over renewals (targeting ~80% retention of rolls this year) to capture higher rents and better-performing tenants (food & beverage, entertainment, services). Marketing and experiential initiatives—including a partnership with Ripken/Unrivaled Sports and a growing proprietary loyalty program—are being monetized to drive traffic and non-rent revenues. Snow removal and other seasonal op-ex items modestly pressured same-center NOI in Q1 (~100 bps impact); management expects Q2 to reflect much of the timing/seasonality. Balance sheet strength is highlighted: all debt at fixed rates (~4% weighted average), ~4.8x net debt/adjusted EBITDA, and over $1 billion of immediate liquidity, positioning the company to invest organically and pursue selective acquisitions without an immediate need to raise equity. Dividend was increased 7% in April; payout ratio remains conservative (~53% of FAD).