Tanger Inc. reported its fourth-quarter and full-year 2024 financial results on February 20, 2025, demonstrating strong performance and strategic growth. For Q4 2024, the company reported Funds From Operations (FFO) of $63.3 million, or $0.54 per share, and net income of $26.3 million, or $0.23 per share. Full-year 2024 FFO reached $247 million, with total revenue of $497.5 million.
Leasing activity remained robust, marking the 12th consecutive quarter of positive blended average rental rates at 15.0% on a cash basis for comparable space over the trailing twelve months ended December 31, 2024. Re-tenanted rent spreads were 37.5%, and renewal rent spreads were 13.3%. The company executed 532 leases totaling 2.4 million square feet during this period.
Tanger also provided its full-year 2025 guidance, projecting diluted FFO per share between $2.22 and $2.30, and Same Center NOI growth in the range of 2.0% to 4.0%. This guidance incorporates the recent acquisitions of The Promenade at Chenal in December 2024 for $73.1 million and Pinecrest in February 2025 for $167.0 million, both estimated to deliver an eight percent return in their first year.
The company's balance sheet was strengthened through its at-the-market (ATM) stock offering program, selling 2.6 million common shares for $90.9 million in Q4 2024, contributing to $115.9 million for the full year. Additionally, Tanger entered into forward sale agreements for 1.9 million shares, securing approximately $69.7 million in future proceeds. These financial and operational highlights underscore Tanger's continued execution of its external growth strategy and commitment to enhancing shareholder value.
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