Tanger Q2 2022: FFO $0.45/sh, occupancy 94.9%, raised guidance midpoint

TANGER INC.

2022-Q2 EPS reported $0.38 revenue$214,706,000

Net income $0.19/sh ($19.7M) vs $0.02/sh ($2.3M) in prior-year quarter; Core FFO $0.45/sh ($48.8M).
Occupancy rose 170 bps to 94.9%; blended rent spreads of +4.1% on new leases.
Company raised 2022 guidance midpoint; broke ground on 37th center in Nashville and announced Palm Beach partnership.
Core FFO excludes $2.4M severance costs and $2.4M gain on corporate aircraft sale.

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