GREENSBORO, N.C. (AP) — GREENSBORO, N.C. (AP) — Tanger Factory Outlet Centers Inc. (SKT) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Greensboro, North Carolina, said it had funds from operations of $51.2 million, or 46 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 44 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $23.3 million, or 21 cents per share.
The factory outlet mall operator, based in Greensboro, North Carolina, posted revenue of $108.9 million in the period. Its adjusted revenue was $103.6 million.
Tanger expects full-year funds from operations in the range of $1.82 to $1.90 per share.
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