Tanger Factory Outlet Centers Q2 Profit Rises - Quick Facts

(RTTNews) - Tanger Factory Outlet Centers, Inc. (SKT) reported that its second-quarter net income to shareholders increased to $16.7 million, or $0.18 per share, from $11.5 million, or $0.12 per share last year.

Funds from operations to shareholders increased 10.3% to $42.5 million, compared to FFO of $38.6 million last year. On a per share basis, FFO increased to $0.43, from $0.39 per share prior year. AFFO per share for the quarter was $0.44.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.43 for the quarter. Analytsts' estimates typically exclude special items.

Total revenues increased to $91.02 million from $87.34 million last year. Analysts expected revenue of $89.81 million for the quarter.

The company currently believes its net income available to common shareholders for 2013 will be between $0.78 and $0.81 per share and FFO available to shareholders will be between $1.78 and $1.81 per share. Analysts expect the company to report full year profit per share of $1.81.