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LONDON, UK / ACCESSWIRE / March 21, 2018 / Active-Investors.com has just released a free earnings report on Tanger Factory Outlet Centers, Inc. (NYSE: SKT) ("Tanger"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SKT. The Company reported its fourth quarter fiscal 2017 operating and financial results on February 13, 2018. The factory outlet mall operator beat top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Getty Realty Corp. (NYSE: GTY), which also belongs to the Financial sector as the Company Tanger Factory Outlet Centers. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Tanger Factory Outlet Centers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=SKT

Earnings Highlights and Summary

For the three months ended December 31, 2017, Tanger's revenues totaled $126.5 million, up 1.5% compared to $124.6 million in Q4 2016. The Company's revenue numbers exceeded analysts' estimates by $0.92 million.

During Q4 2017, Tanger's net income available to common shareholders increased to $31.2 million, or $0.33 per share, compared to $23.8 million, or $0.25 per share, in Q4 2016.

Tanger's funds from operations (FFO) available to common shareholders totaled $67.5 million, or $0.68 per share, in Q4 2017 compared to $60.9 million, or $0.61 per share, in Q4 2016. The Company's adjusted funds from operations (AFFO) available to common shareholders increased 8% to $0.66 per share in the reported quarter compared to $0.61 per share in the year earlier same quarter. Tanger's reported numbers beat Wall Street's estimates of $0.61 per share.

For the full year FY17, Tanger's revenues totaled $488.2 million compared to $465.8 million in FY16.

Tanger's FFO available to common shareholders were $211.2 million, or $2.12 per share, in FY17 compared to $236.9 million, or $2.36 per share, in FY16. The Company's AFFO available to common shareholders were $245.3 million, or $2.46 per share, in FY17 versus $238.4 million, or $2.37 per share, in FY16.

Operating Metrics

During the trailing twelve months ended December 31, 2017, Tanger's blended average rental rates increased 12.1% on 343 leases, totaling approximately 1,508,000 square feet renewed or released. The Company's consolidated portfolio occupancy rate was 97.3% as on December 31, 2017, compared to 97.7% as on December 31, 2016. The Company's average tenant sales productivity for the consolidated portfolio was $380 per square foot for the twelve months ended December 31, 2017.

Tanger's same center tenant sales performance increased approximately 1% on a y-o-y basis in Q4 2017. The Company's same center tenant sales performance was stable on a y-o-y basis in FY17. Tanger renewed approximately 84% of the consolidated portfolio space scheduled to expire during FY17 compared to a renewal rate of 85% in FY16.

As of January 31, 2018, Tanger had lease renewals executed or in process for 58% of the space in the consolidated portfolio scheduled to expire during FY18, up from 46% of the space scheduled to expire during FY17 that was executed or in process as of January 31, 2017.

Tanger recaptured approximately 201,000 square feet within its consolidated portfolio during 2017, including 35,000 square feet during the reported quarter, related to bankruptcies and brand-wide restructurings by retailers.

During Q4 2017, Tanger's portfolio net operating income (NOI) for the consolidated portfolio increased 3.6%, while it gained 6.8% on a year-to-date basis. The Company's same center NOI increased for the 14th consecutive year.

During FY17, Tanger completed two construction projects: (i) Lancaster, Pennsylvania, a 123,000 square foot expansion, and (ii) Fort Worth, Texas, a 352,000 square foot new outlet center. Combined, these wholly-owned projects represented a 3.2% expansion of the Company's overall footprint at the beginning of FY17, and a total investment of approximately $138.8 million with an expected weighted average stabilized yield of approximately 9.2%.

Balance Sheet

During FY17, Tanger repurchased a total of 1.9 million common shares at a weighted average price of $25.80 per share, for a total consideration of $49.3 million, leaving $75.7 million remaining under the Company's $125.0 million share repurchase authorization, which is valid through May 2019.

As of December 31, 2017, Tanger's total enterprise value was $4.4 billion and debt-to-enterprise value ratio was 40%. The Company's total outstanding floating rate debt was $268 million, representing 15% of total debt outstanding, or about 6% of total enterprise value. Tanger's unused capacity was $306 million under its $520 million unsecured lines of credit.

Stock Performance Snapshot

March 20, 2018 - At Tuesday's closing bell, Tanger Factory Outlet Centers' stock was marginally up 0.05%, ending the trading session at $21.50.

Volume traded for the day: 1.08 million shares.

After yesterday's close, Tanger Factory Outlet Centers' market cap was at $2.02 billion.

Price to Earnings (P/E) ratio was at 28.90.

The stock has a dividend yield of 6.37%.

The stock is part of the Financial sector, categorized under the REIT - Retail industry. This sector was up 0.2% at the end of the session.

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