Funds From Operations Increases 37.6% for the Quarter and 22.5% for
the Year
Same Center NOI Increases 6.2% in the Fourth
Quarter
GREENSBORO, N.C., Feb. 14, 2012 (GLOBE NEWSWIRE) -- Tanger Factory
Outlet Centers, Inc.(NYSE:SKT) today reported its financial results for
the quarter and year ended December 31, 2011. Funds from operations available to
common shareholders ("FFO"), a widely accepted supplemental measure of REIT
performance, increased 37.6% for the three months ended December 31, 2011, to
$41.3 million, or $0.42 per share as compared to FFO of $30.1 million, or $0.32
per share for the three months ended December 31, 2010. For the year ended
December 31, 2011, FFO increased 22.5% to $138.5 million, or $1.44 per share as
compared to FFO of $113.1 million, or $1.22 per share for the year ended
December 31, 2010.
"We had a tremendously busy and successful year in 2011. Our stable, well
diversified portfolio of outlet centers produced robust internal growth, while
our new developments and acquisitions added incremental FFO throughout the
year," commented Steven B. Tanger, President and Chief Executive Officer.
"Through it all, we maintained our conservative balance sheet, benefiting from a
secondary offering of 4.6 million common shares and a recast of our unsecured
revolving credit facilities. Our dividend continues to be well covered by our
operating cash flow," he added.
Highlights of Achievements for 2011
- 6.2% increase in same center net operating income for the fourth quarter and
5.3% for the year
- 23.4% blended increase in average base rental rates on renewed and released
space for consolidated properties, compared to 13.8% last year
- 98.8% occupancy rate for consolidated properties
- 26.3% debt-to-total market capitalization ratio
- 4.07 times interest coverage ratio
- 3.5% increase in reported same-space tenant sales for the rolling twelve
months ended December 31, 2011 to $366 per square foot, 4.9% increase for the
4th quarter of 2011
- 26.8% increase in total market capitalization to $3.9 billion including $1.0
billion of debt outstanding
- Opened the company's redeveloped Hilton Head I outlet center in Bluffton, SC
on March 31, 2011
- Dividend increase approved by Board of Directors on April 7, 2011 to raise
the quarterly common share cash dividend 3.2% from $0.19375 to $0.20 per share,
$0.80 per share annualized, representing the 18th consecutive year of increased
dividends
- Closed on a public offering of 4.6 million common shares at $25.662 per
share; net proceeds to the company of $117.4 million at closing on July 6, 2011
- Completed $390.3 million in acquisitions, including Prime Outlets
Jeffersonville (Ohio) on June 28, 2011, Atlantic City Outlets The Walk (New
Jersey) and Ocean City Factory Outlets (Maryland) on July 15, 2011, and The
Outlets at Hershey (Pennsylvania) on September 30, 2011
- Received an upgrade in outlook from Standard & Poor's from Stable to
Positive
- Broke ground on a joint venture project for a new Tanger Outlet Center south
of Houston, Texas on August 30, 2011
- Amended unsecured revolving lines of credit on November 10, 2011, increasing
total capacity to $520 million from $400 million, reducing the LIBOR spread and
facility fee by a combined 80 basis points and extending the maturity through
November 2015
- Completed the acquisition of the Cookstown Outlet Mall (Ontario, Canada)
through existing co-ownership agreement with RioCan Real Estate Investment Trust
on December 9, 2011
- Added significant talent to the company's Board of Directors, with the
addition of Donald G. Drapkin as a Director; and to our management team with the
hire of Chad D. Perry, Executive Vice President and General Counsel
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