Tanger Factory Outlet Centers reports jump in third quarter net income, revenues

Katie Arcieri Reporter- The Business Journal

Greensboro-based Tanger Factory Outlet Centers Inc. said its net income available to common shareholders during the third quarter increased 23 percent to $15.1 million, up from $12.3 million during that time period a year ago.

The company (NYSE: SKT) also said its total revenues increased to $90.4 million in the third quarter, up from $83.2 million during that time period a year ago.

Steven B. Tanger, president and CEO of Tanger, said in a statement that the company’s core portfolio of properties continues to produce strong growth, with comparable tenant sales increasing 7 percent during the third quarter and 5.4 percent for the year ending Sept. 30.

Other third quarter highlights include an announcement by Tanger that it will develop a 350,000-square foot outlet center in Charlotte that is expected to add more than 900 jobs once open. It will mark the fourth outlet center for Tanger in North Carolina and follows Tanger’s opening of its Mebane site in November 2010.

The company also announced that it partnered with RioCan Real Estate Investment Trust to acquire two outlet centers in the Montreal area.