Tanger Factory Outlet Centers Q3 FFO Rises

(RTTNews) - Tanger Factory Outlet Centers Inc. (SKT) Tuesday reported third-quarter funds from operations or FFO of $56.2 million or $0.57 per share, compared to $41.9 million or $0.42 per share last year.

Adjusted FFO for the period was $48.9 million or $0.49 per share. On average, 12 analysts polled by Thomson Reuters expected the company to report FFO of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter was $52.7 million or $0.56 per share compared to $15.1 million or $0.16 per share last year.

Total revenues for the quarter rose to $97.9 million from $90.5 million last year.

Looking forward to the full year 2013, the company now sees net income of $1.10 to $1.12 per share, FFO of $1.90 to $1.92 per share, and AFFO of $1.84 to $1.86 per share.

Analysts currently estimate FFO of $1.81 per share for the year.

Earlier, the company expected net income of $0.78 to $0.81 per share and FFO of $1.78 to $1.81 per share.