Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has reported an increase in funds from operations available to common shareholders, a widely accepted supplemental measure of REIT performance, of 10.3% for the three months ended June 30, 2013 to $42.5 million, compared to FFO of $38.6 million for the three months ended June 30, 2012. On a per-share basis, FFO for the three months ended June 30, 2013 increased 10.3% to $0.43 per share, compared to $0.39 per share for the three months ended June 30, 2012. For the six months ended June 30, 2013, FFO increased 12.6% to $83.6 million, or $0.85 per share, as compared to FFO of $74.2 million, or $0.75 per share, for the six months ended June 30, 2012.
“Credit ratings upgrades to BBB+ by Standard & Poor’s and Baa1 by Moody’s Investor Service were major second quarter highlights for Tanger. We are proud to have been able to deliver double digit FFO growth while maintaining a strong balance sheet,” said company president and CEO Steven Tanger.
Tanger Outlet 2Q 2013 earnings report
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