Tanger: 3Q Earnings Snapshot
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GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $61.9 million, or 63 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 60 cents per share.
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Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $22.2 million, or 24 cents per share.
The factory outlet mall operator posted revenue of $124.2 million in the period. Its adjusted revenue was $121 million.
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Tanger expects full-year funds from operations to be $2.42 to $2.46 per share.
The company's shares have dropped 15 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.46, a drop of nearly 3 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SKT at https://www.zacks.com/ap/SKT