Tanger Q2 FFO In Line

(RTTNews) - Tanger Factory Outlet Centers, Inc. (SKT) reported funds from operations for the second quarter of $46.1 million or $0.47 per share, compared to $42.5 million or $0.43 per share for the year-ago quarter.

Excluding items, adjusted funds from operations per share increased to $0.47 from $0.44 a year earlier.

Net income for the second quarter was $18.4 million or $0.20 per share, compared to $16.7 million or $0.18 per share in the prior year quarter.

Revenue for the second quarter rose to $102.28 million from $91.01 million last year.

Analysst polled by Thomson Reuters expected the company to report FFO of $0.47 per share on revenue of $98.48 million for the second quarter.

For the full year 2014, the company now forecasts earnings of $0.78 to $0.82 per share, FFO of $1.92 to $1.96 per share and adjusted FFO of $1.94 to $1.98 per share. Previously, the company forecast earnings of $0.76 to $0.82 per share and adjusted FFO of $1.93 to $1.99 per share. Analysts currently expect the company to report FFO of $1.95 per share for the full year 2014.