Tanger Inc. reported third‑quarter 2025 results that surpassed consensus expectations. Revenue rose to $145.2 million, beating the $137.8 million estimate by $7.4 million, or 5.4 percent. Funds from operations per share reached $0.60, outpacing the $0.58–$0.59 consensus by $0.01–$0.02. The company also posted a 4.0 percent increase in same‑center net operating income, reflecting strong tenant sales and efficient cost management.
Leasing activity was a key driver of the quarter’s performance. Tanger signed 608 new or re‑tenanting leases covering 2.9 million square feet, an increase of 65 leases and 300,000 sq ft over the same period a year earlier. Blended average rental rate spreads reached 10.6 percent on a cash basis, with re‑tenanting spreads at 27.6 percent and renewal spreads at 7.9 percent, underscoring robust demand for its open‑air destinations.
The company also completed the acquisition of Legends Outlets in Kansas City, Kansas. The 690,000‑square‑foot center was purchased for $130 million, with Tanger assuming a $115 million commercial mortgage‑backed security loan that matures in November 2027. The transaction was financed with approximately $70 million of forward equity, and management projects an eight‑percent return in the first year, adding a high‑quality outlet asset to its portfolio and expanding its geographic footprint.
Guidance for the full year was raised to diluted FFO per share of $2.28 to $2.32, up from the prior $2.24 to $2.31 range. Same‑center NOI growth guidance was set at 3.5 percent to 4.25 percent. The company will continue to pay a quarterly dividend of $0.2925 per share, payable on November 14, 2025.
President and CEO Stephen Yalof said the quarter demonstrated “successful execution of our strategic plan” and that “robust tenant demand with record leasing volume and continued growth from both existing and new tenants, including additional restaurants, entertainment destinations, and non‑traditional outlet retailers” underpinned the results. He added that the raised guidance reflects confidence in sustained demand and the successful integration of the Legends Outlets acquisition.
Investors responded positively to the earnings beat and the upward revision of guidance, citing the company’s strong leasing performance, healthy margins, and strategic portfolio expansion. The acquisition of Legends Outlets is viewed as a tailwind that strengthens Tanger’s position in the resilient open‑air retail sector, while the raised guidance signals management’s confidence in continued growth amid a favorable demand environment.
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