Tanger Inc. reported a net income of $102.8 million for the fiscal year ending December 31, 2024, a slight decrease from $103.9 million in 2023. The company's total revenues increased by 13.3% to $526.1 million, driven primarily by a $58.6 million rise in rental revenues, which reached $497.5 million. This growth was attributed to a strengthened tenant mix, higher rental rates, and the opening of new centers, including the Nashville outlet. However, the increase in revenues was offset by higher interest expenses and operating costs, leading to a marginal decline in net income.
In terms of operational metrics, Tanger's portfolio consisted of 31 outlet centers and two open-air lifestyle centers, totaling approximately 13.0 million square feet, with an occupancy rate of 98%. The company also maintained a diverse tenant base, with no single tenant accounting for more than 8% of its total square footage or 6% of rental revenues. The average annual base rent per square foot increased to $26.83, up from $26.07 in 2023, reflecting the company's ability to negotiate favorable lease terms.
Strategically, Tanger made significant acquisitions in 2024, including the purchase of a 270,000-square-foot lifestyle center in Little Rock, Arkansas, for $73.1 million and a 640,000-square-foot mixed-use center in Cleveland, Ohio, for $167 million in early 2025. These acquisitions align with the company's strategy to expand its footprint in high-growth markets. Additionally, Tanger successfully raised $115.9 million through its at-the-market stock offering program, selling 3.4 million shares at an average price of $34.34.
Looking ahead, Tanger's management expressed optimism about the retail real estate sector, emphasizing the importance of maintaining strong relationships with tenants and adapting to market conditions. The company plans to continue its focus on enhancing net operating income at existing centers while pursuing disciplined growth through acquisitions and developments. However, management acknowledged potential risks, including economic uncertainties, rising interest rates, and changing consumer behaviors, which could impact future performance.
Overall, Tanger Inc. remains committed to its growth strategy while navigating the challenges of the current economic landscape, with a focus on maintaining high occupancy rates and optimizing rental income across its diverse portfolio.
About TANGER INC.
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