Tanger Outlets(US:SKT)2022-05-06 10:21Financial Performance - The company's Q1 2022 results reflect strong operating fundamentals, driving robust NOI growth, positive leasing spreads, and increased tenant sales[14] - Same Center NOI increased by 99% year-over-year for the twelve months ended March 31, 2022[32] - Core FFO available to common shareholders was $045 per share in Q1 2022[80, 104] - Net income available to common shareholders was $20303 million in Q1 2022, compared to $3926 million in Q1 2021[101] Portfolio Metrics - Occupancy was 943% as of March 31, 2022, up 13%[32] - Tenant sales per square foot reached $464, up 181% from 1Q19[32] - Executed comparable leases had blended cash rent spreads of +99%[32] - The company executed 18 million square feet of leases in the period from 375 leases[32] - The portfolio consists of 136 million total square feet[24] Capital & Debt - The company maintains an investment-grade rating[24] - The company has limited floating rate exposure[70] - The company has $1079 million in square feet encumbered and $14680 million in square feet unencumbered[70]