Tanger Q3 rental revenue and net income rise, company lifts 2026 guidance

Overview

• US outlet mall operator's Q3 rental revenue and net income both rose yr/yr

• Company raised full-year 2026 guidance for net income and FFO per share

• Quarterly dividend increased 7% from prior year

Outlook

• Tanger raises 2026 net income guidance to $1.08-$1.12 per share from $1.06-$1.13

• Company now sees 2026 FFO per share at $2.49-$2.53, up from $2.45-$2.52

• Tanger expects 2026 same center NOI growth of 3.5%-4.25%

Result Drivers

• TENANT DEMAND - Co said strong retailer demand and limited new supply supported portfolio performance

• RENTAL RATE SPREADS - Co reported blended average rental rate spreads of 11% on leases executed in the past year

• SAME CENTER NOI GROWTH - Same center net operating income rose 4.2% yr/yr in Q3, supported by leasing and operating strategies

Company press release: ID:nBw8Nf2xWa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy."

• Wall Street's median 12-month price target for Tanger Inc. is $41.00, about 9% above its November 3 closing price of $37.61

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 36 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)