Tanger Inc. raised its full-year 2026 core FFO guidance to a range of $2.45 to $2.52 per share, up from $2.42 to $2.50, following second-quarter results that beat expectations. Core FFO reached $0.64 per share, up from $0.58 a year earlier, driven by internal growth and accretive acquisitions. Same-center net operating income rose 3.5% to $106.9 million, while average tenant sales grew 5% to $487 per square foot. The company also completed the $60 million acquisition of Levis Commons Town Center in Ohio, which is expected to deliver an 8.5% first-year return, and spent $4.3 million to recapture five Saks Off 5th leases totaling 140,000 square feet, a move that resulted in a $1.3 million lease buyout fee. Portfolio occupancy dipped to 96.6% from 97% in the prior quarter due to the Saks recapture, but management highlighted a pipeline of backfill deals and temporary tenants bridging roughly half of the recaptured space.
Tanger Factory Outlet Centers IncRaised 2026 core FFO guidance and beat Q2 expectations, driven by internal growth and accretive acquisitions.
