Tanger Inc. reported its third-quarter 2024 financial results on November 7, 2024, announcing an increase in its full-year 2024 guidance. The company revised its estimated diluted net income per share to a range of $0.88 to $0.92, up from the previous range of $0.85 to $0.92. Diluted FFO per share guidance was raised to $2.08 to $2.12, from $2.04 to $2.11, and diluted Core FFO per share guidance increased to $2.09 to $2.13, from $2.05 to $2.12.
Operational performance remained robust, with Same Center NOI growth for the total portfolio at pro rata share projected between 4.25% and 5.00%, an increase from the prior guidance of 3.25% to 4.75%. The company achieved its 11th consecutive quarter of positive blended average rental rates, which stood at 14.4% on a cash basis for comparable space over the twelve months ended September 30, 2024. Re-tenanted rent spreads were 45.7%, and renewal rent spreads were 12.0%.
Leasing activity was strong, with 543 leases totaling 2.6 million square feet executed over the trailing twelve months ended September 30, 2024. Tanger had addressed 72.5% of the space scheduled to expire during 2024 through renewals or leases in process. The company also utilized its at-the-market stock offering, selling 0.8 million common shares for $25.0 million in Q3 2024 and an additional 0.5 million shares for $16.2 million in October 2024.
The company's Asheville Outlets temporarily closed from September 27 to October 11, 2024, due to Hurricane Helene, but sustained only minor damage and fully reopened by October 27. This event highlights the company's resilience and operational continuity in the face of external challenges. The raised guidance and strong operational metrics signal continued positive momentum for Tanger's financial health and strategic initiatives.
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