Tanger Outlets(US:SKT)2024-08-05 12:02Revenue and Income - Rental revenues for Q2 2024 increased to $122.3 million, up 16.9% from $104.6 million in Q2 2023[26] - Total revenues for the six months ended June 30, 2024, reached $252.3 million, a 14.9% increase compared to $219.6 million for the same period in 2023[26] - Net income attributable to Tanger Inc. for Q2 2024 was $24.8 million, compared to $24.2 million in Q2 2023, reflecting a 2.7% increase[26] - Comprehensive income for Q2 2024 was $26.6 million, slightly up from $26.2 million in Q2 2023[29] - Net income for the six months ended June 30, 2024, was $49,221,000, compared to $50,160,000 for the same period in 2023, reflecting a decrease of approximately 1.9%[40] - Net income for Q2 2024 was $25.9 million, slightly up from $25.3 million in Q2 2023, resulting in basic earnings per common unit of $0.23[44] - Comprehensive income for the six months ended June 30, 2024, was $52.2 million, compared to $47.8 million for the same period in 2023[47] Assets and Liabilities - Total assets decreased to $2.29 billion as of June 30, 2024, down from $2.32 billion at the end of 2023[24] - Total debt increased to $1.46 billion as of June 30, 2024, compared to $1.44 billion at the end of 2023[24] - Total liabilities as of June 30, 2024, were $1.73 billion, up from $1.72 billion at the end of 2023[42] - The equity attributable to Tanger Inc. decreased to $553.7 million as of June 30, 2024, from $566.8 million at the end of 2023[24] - The total equity attributable to Tanger Inc. was $553,740,000 as of June 30, 2024, compared to $566,785,000 at the end of 2023, indicating a decrease of about 2.3%[37] Cash Flow and Dividends - Total cash dividends paid amounted to $59,671,000 for the six months ended June 30, 2024, an increase from $50,459,000 in the prior year, representing a growth of about 18.8%[40] - Net cash provided by operating activities was $103,861,000 for the six months ended June 30, 2024, compared to $98,919,000 in 2023, indicating an increase of approximately 5%[40] - Cash distributions paid during the six months ended June 30, 2024, amounted to $62,276,000, compared to $52,667,000 in 2023, indicating an increase of approximately 18.3%[54] - The Company declared a cash dividend of $0.275 per common share, payable on May 15, 2024, to shareholders of record on April 30, 2024[92] - The Company declared a cash dividend of $0.275 per common share, payable on August 15, 2024, to shareholders of record on July 31, 2024[129] Expenses - Depreciation and amortization expenses for the six months ended June 30, 2024, were $68,034,000, compared to $51,282,000 in 2023, representing an increase of approximately 32.7%[40] - Interest paid, net of interest capitalized, was $26,681,000 for the six months ended June 30, 2024, compared to $20,527,000 in the same period of 2023, reflecting a 29.9% increase[124] - General and administrative expenses rose by approximately $509,000 to $18.8 million in 2024 from $18.3 million in 2023, primarily due to higher information technology costs[152] - Property operating expenses increased by approximately $3.8 million to $37.5 million in 2024 compared to $33.7 million in 2023, driven by new developments and acquired properties[151] Shareholder Information - The Company had approximately 108.824 million total limited partnership units outstanding as of June 30, 2023, which increased to approximately 112.911 million by June 30, 2024[98] - The Company authorized a share repurchase program of up to $100.0 million through May 31, 2025, with no repurchases made in the first two quarters of 2024 or 2023[95] - The Company has an at-the-market stock offering program with a gross sales price of up to $250.0 million, with approximately $220.1 million remaining available for sale as of June 30, 2024[93] Joint Ventures and Investments - The company had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada[56] - Revenues from unconsolidated joint ventures for the three months ended June 30, 2024, were $23.2 million, an increase from $21.8 million in the same period of 2023, representing a growth of approximately 6.4%[75] - The net income from unconsolidated joint ventures for the six months ended June 30, 2024, was $10.98 million, compared to $7.44 million in 2023, indicating a year-over-year increase of approximately 47.5%[75] Debt and Financing - The Company guarantees the Operating Partnership's unsecured lines of credit, which have a total borrowing capacity of $620.0 million as of June 30, 2024[76] - The outstanding principal amounts on the debt guaranteed by the Company include $35.0 million in unsecured lines of credit and $325.0 million in an unsecured term loan as of June 30, 2024[77] - The Operating Partnership's unsecured lines of credit increased from $520 million to $620 million, with a potential to reach $1.2 billion through an accordion feature[80] - The company maintained compliance with all debt covenants as of June 30, 2024[82] - The total unencumbered assets to unsecured debt ratio is 250%, exceeding the required minimum of 150%[216] Future Outlook - The company plans to continue expanding its rental property portfolio and enhancing operational efficiencies to drive future growth[44] - The company intends to continue growing its portfolio through new developments, expansions, and acquisitions, although future projects may not be completed as scheduled[189] - The company anticipates adequate cash to fund operating expenses, debt service obligations, and dividend payments in both the short- and long-term[208] - The company is evaluating the impact of new accounting standards issued by the FASB, including ASU 2023-05, which may affect future financial statements[126]