Tanger Inc. Reports Q4 Funds from Operations Above Expectations
GREENSBORO, N.C. (AP) - Tanger Inc. (SKT) announced its fourth-quarter earnings on Wednesday, exceeding market expectations for a key profitability metric.
The Greensboro-based real estate investment trust reported funds from operations (FFO) of $63.3 million, or $0.54 per share, during the quarter. Analysts polled by Zacks Investment Research had anticipated FFO of $0.52 per share.
FFO, a closely monitored indicator in the REIT industry, is determined by adding depreciation and amortization back to net income. Tanger also reported net income of $26.3 million, or $0.23 per share.
The company's revenue for the period totaled $140.7 million, with adjusted revenue reaching $132.2 million. For the full year, Tanger generated FFO of $247 million and revenue of $497.5 million.
Looking forward, Tanger projects full-year FFO in the range of $2.22 to $2.30 per share.
Note: This article was automatically generated and should not be regarded as investment advice.