Tanger (SKT) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 results with Core FFO of $0.59 per share, up 11% year-over-year, and net income of $29.4M, up 47%, with occupancy at 97%.

• Record leasing momentum with 651 leases executed over 3.4M sq ft in the last 12 months, and portfolio expanded to 38 outlet centers and 3 lifestyle centers, totaling over 16M SF.

• Tenant mix evolving with increased focus on food, beverage, entertainment, and home goods, reducing apparel/footwear to 70% of mix and non-apparel/footwear GLA up to 31%.

• Dividend increased by 7% in April, reflecting earnings growth and a conservative payout ratio.

• Enhanced balance sheet capacity and liquidity through recent acquisitions, developments, and financing transactions.

Financial highlights

• Core FFO per share rose to $0.59 from $0.53 year-over-year, driven by internal growth, acquisitions, and higher lease termination income.

• Net income available to common shareholders for Q1 2026 was $29.4M, up 47.1% year-over-year.

• Same Center NOI increased 2.6% year-over-year, with revenue growth from higher rents and reimbursements.

• Tenant sales per square foot reached $482, up 5.9% from Q1 2025.

• Blended cash rent spreads for executed comparable leases were +10.5%.

Outlook and guidance

• Full-year 2026 Core FFO per share guidance raised to $2.42–$2.50, representing 6% growth at midpoint.

• 2026 net income per diluted share guidance: $1.05–$1.13.

• Same Center NOI growth guidance for 2026: 2.25%–4.25%.

• Guidance assumes no additional acquisitions, dispositions, or financing beyond what is already completed.

• General and administrative expense expected between $80.5M–$83.5M; interest expense $69.5M–$72.5M; annual recurring capital expenditures projected at $65M–$75M.