Tanger Q1 Earnings Call Highlights

Tanger (NYSE:SKT) reported first-quarter 2026 results that absorption said showed continued momentum crossed leasing, operations, and marketing, prompting the institution to rise its full-year net outlook. On the company’s May 1 league call, President and CEO Stephen Yalof pointed to higher occupancy, rising income productivity, and unchangeable tenant occupancy costs arsenic factors supporting further rent growth.

Quarterly show and portfolio metrics

Yalof said Core FFO came successful astatine $0.59 per share, up 11% from the prior-year quarter. Occupancy ended the 4th astatine 97%, an summation of 120 ground points year-over-year. On a trailing 12-month basis, income productivity roseate to $482 per quadrate foot, portion the occupancy outgo ratio (OCR) remained unchangeable astatine 9.7%.

→ Corning Beats Q1 Estimates but Drops 9% connected Guidance Miss

“These results reenforce a halfway constituent that our integrated leasing and selling strategies…are moving unneurotic to thrust sales, traffic, NOI, and semipermanent worth for our stakeholders,” Yalof said.

Chief Financial Officer and Chief Investment Officer Michael Bilerman said the year-over-year Core FFO summation was “predominantly driven by coagulated interior growth, contributions from our precocious acquired centers, and modestly higher lease termination income.” Same-center NOI (excluding lease termination income) accrued 2.6% successful the quarter, driven by higher rents, tenant reimbursements, and different revenue.

→ Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall?

Bilerman noted that elevated snowfall removal costs weighed connected the quarter’s NOI growth, an interaction helium said had been contemplated successful anterior guidance. In effect to a question, helium quantified the year-over-year interaction arsenic “about $0.01” per stock and astir “about 100 ground points” connected same-center maturation successful the archetypal quarter.

Leasing, remerchandising, and retention strategy

Management emphasized ongoing remerchandising efforts, including replacing underperforming retailers with much productive tenants and adding caller concepts crossed retail, nutrient and beverage, and services.

→ Verizon’s Signal Strength: The Turnaround Call Is Loud and Clear

Yalof said the institution executed 651 leases totaling 3.4 cardinal quadrate feet implicit the past 12 months, which helium described arsenic grounds leasing accumulation for Tanger. He reported blended rent spreads of 10.5%, with retenanting spreads exceeding 26%.

On retention, Yalof said the institution expects to renew astir 80% of its lease rotation this year, which helium characterized arsenic “probably the lowest it’s been successful the past 5 oregon six years,” attributing the attack to a “very heavy pipeline of tenants that wanna beryllium successful our buying centers.” He said the institution is pursuing opportunities wherever retenanting spreads are “far higher than our renewal spreads.”