Tanger Factory Outlet Centers Q1 FFO Rises, But Misses View

(RTTNews) - Tanger Factory Outlet Centers, Inc. (SKT) reported that its first-quarter net income available to shareholders declined to $14.19 million or $0.15 per share from $15.25 million or $0.16 per share in the year-ago period.

However, funds from operations available to shareholders increased to $42.8 million or $0.43 per share from $41.0 million or $0.42 per share in the year-ago period. Adjusted FFO per share was $0.45, compared to $0.42 in the prior-year quarter.

On average, 12 analysts polled by Thomson Reuters expect the company to report earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew to $102.84 million from $88.69 million in the year-ago period. Analysts expected revenue of $99.03 million for the quarter.

Looking ahead to fiscal 2014, Tanger forecasts net income per share in a range of $0.76 to $0.82 and adjusted FFO in a range of $1.93 to $1.99 per share. Analysts expect the company to earn $1.98 per share for the year.

On April 10, 2014, Tanger said its board of directors approved a 6.7 percent increase in the annual cash dividend on its common shares to $0.96 per share from $0.90 per share.

Simultaneously, the board declared a quarterly dividend of $0.24 per share for the first quarter ended March 31, 2014, which will be payable May 15, 2014 to holders of record on April 30, 2014.