Tanger Outlets(US:SKT)2025-02-20 07:42Portfolio Overview - Tanger has a $40 billion market capitalization and a $55 billion total enterprise value as of December 31, 2024[14] - The company's portfolio consists of 42 properties totaling 165 million square feet[14] - As of December 31, 2024, the top 10 tenant brands account for 323% of annualized base rent[44] Financial Performance and Guidance - Same Center NOI increased by 51% in FY24 compared to FY23[46] - For the year 2025, the company projects net income per diluted share to be between $094 and $102, and Core FFO per diluted share to be between $222 and $230[124] - The company anticipates Same Center NOI growth for the total portfolio at pro rata share to be between 20% and 40% in 2025[125] Strategic Initiatives - The company's external growth strategy involves acquisitions, development, joint ventures, and strategic management agreements, focusing on outlets, open-air lifestyle centers, and retail/land sites adjacent to existing centers[24] - As of December 31, 2024, the company has $620 million available under unsecured lines of credit, and the net debt to Adjusted EBITDAre ratio is 48x[75] - 23% of annual base rent is set to expire in 2025[55]