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Tanger Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Delivered strong Q3 and YTD results with core FFO of $0.60 per share for Q3 and $1.70 per share YTD, driven by robust leasing, marketing, and operational execution.
Achieved record leasing volume of 2.9 million sq ft from 608+ transactions, with portfolio occupancy at 97.4% as of September 30, 2025.
Expanded portfolio with strategic acquisitions in Kansas City, Cleveland, and Little Rock, including the Legends Outlets for $130 million.
Tenant sales productivity reached $475 per sq ft, with blended rent spreads over 10% for the 15th consecutive quarter.
Maintained a diversified tenant mix and leveraged data-driven leasing and marketing to drive traffic and value.
Financial highlights
Q3 2025 FFO was $0.60 per share ($71.1M), up from $0.54 per share year-over-year; YTD FFO was $1.70 per share ($202.4M).
Q3 2025 net income was $33.3M ($0.28/share); nine-month net income was $84.7M ($0.72/share).
Same Center NOI grew 4% in Q3 and 3.9% YTD.
Tenant sales per square foot reached $475, up 8.4% from the prior year.
Total revenues for Q3 2025 were $145.2M; YTD revenues were $421.3M.
Outlook and guidance
Raised full-year 2025 guidance: net income $0.95–$0.99/share, FFO $2.28–$2.32/share, and Same Center NOI growth 3.5%–4.25%.
72.7% of 2025 lease expirations already renewed or in process.
Guidance reflects recent acquisitions and does not include potential future acquisitions or financings.
Annual recurring capital expenditures and tenant allowances expected at $60M–$65M.
General and administrative expense projected at $76.5M–$79.5M; interest expense at $65.3M–$66.3M.
How does 10% temp tenancy drive long-term value?
How does Tanger differentiate in acquisition strategy?
When will F&B/entertainment ROI be quantifiable?
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Frequently asked questions
Tanger Factory Outlet Centers, Inc. is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of outlet centers. The Company's portfolio of owned and operated outlet centers often ranks among the top performing properties worldwide in terms of sales per square foot. It also has a rapidly growing segment that provides turnkey development services and/or leasing, property management and consultancy services to third parties. The company's properties are located in some of the most densely populated metropolitan areas in the United States and Canada that contain some of the largest concentrations of high income consumers.
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