Tanger Inc. reported its first-quarter 2025 financial results on May 1, 2025, with FFO of $62.7 million, or $0.53 per share. Net income for the quarter was $19.0 million, or $0.17 per share, which included a non-cash impairment charge of $4.2 million, or $0.04 per share, related to the sale of a property in Howell, Michigan.
The company continued to demonstrate operational strength, achieving a 2.3% increase in Same Center NOI, reaching $96.4 million for the quarter. Leasing activity remained robust, marking the 13th consecutive quarter of positive blended average rental rates at 14.1% on a cash basis for comparable space over the trailing twelve months ended March 31, 2025. Re-tenanted rent spreads were 33.2%, and renewal rent spreads were 12.3%.
Tanger strategically managed its portfolio by completing the acquisition of Pinecrest for $167.0 million in February 2025 and selling a non-core center in Howell, Michigan, for $17.0 million in April 2025. The company also proactively managed its debt, refinancing the Tanger Outlets Memphis mortgage in April 2025 to increase borrowings to $61.7 million and extend its maturity to April 2030, and entering into $75 million of forward-starting interest rate swaps.
Despite the impairment charge, Tanger reaffirmed its full-year 2025 diluted FFO per share guidance in the range of $2.22 to $2.30, and Same Center NOI growth guidance of 2.0% to 4.0%. The Net Debt to Adjusted EBITDAre ratio stood at 5.2x as of March 31, 2025, reflecting a strong, low-leveraged balance sheet with $481.0 million of available liquidity on its credit lines, providing flexibility for future growth.
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