The following is a summary of the Tanger Inc. (SKT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Tanger Inc. reported Core FFO of $0.54 per share, an 8% increase from the previous year.

• Same-center NOI increased by 4.3%, supported by a rise in rental revenues and modestly lower operating expenses.

• Pro forma leverage has been reduced to 4.8 to 4.9 times, down from 5 times previously.

• The company has revised its full-year core FFO guidance to $2.09-$2.13 per share, indicating a growth of 7% to 9%.

Business Progress:

• Executed 543 leases covering 2.6 million square feet over the trailing twelve months with a focus on attracting sought-after brands, mainly new to Tanger's centers.

• Enhanced shopper experiences and diversified tenant mix, driving consistent traffic.

• Achieved an occupancy rate of 97.4% with the eleventh consecutive quarter of positive rent spreads.

• Repositioning centers to cater to evolving consumer preferences, including the introduction of food, beverage, and entertainment options.

Opportunities:

• The remerchandising efforts are aimed at attracting a broader, younger, and more affluent demographic, which is evidenced by the leasing of spaces to aspirational brands like Sephora.

• Committed to enhancing portfolio value through strategic acquisitions and the continued robust demand for space in their centers.

• Remain focused on utilizing peripheral land to add value to existing assets by attracting additional uses that complement shopping centers.

• Plans to promote further growth through re-tenanting efforts, especially by replacing less productive stores with more productive ones.

Risks:

• Several of Tanger's centers were impacted by recent hurricanes, creating temporary disruptions and closures, although the physical damage was minor.

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