Tanger (SKT) Q2 FFO and Revenues Top Estimates

Core Insights - Tanger (SKT) reported quarterly funds from operations (FFO) of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and up from $0.47 per share a year ago [1] - The company achieved revenues of $122.32 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.26%, compared to $104.59 million in the same quarter last year [2] - The stock has gained approximately 4.3% since the beginning of the year, while the S&P 500 has increased by 15.8% [3] Financial Performance - Over the last four quarters, Tanger has consistently surpassed consensus FFO estimates [2] - The current consensus FFO estimate for the upcoming quarter is $0.52 on revenues of $119.37 million, and for the current fiscal year, it is $2.06 on revenues of $478.04 million [7] Market Outlook - The estimate revisions trend for Tanger is currently favorable, leading to a Zacks Rank 2 (Buy), indicating expected outperformance in the near future [6] - The REIT and Equity Trust - Retail industry is ranked in the top 16% of over 250 Zacks industries, suggesting a positive outlook for the sector [8]