Tanger Lifts 2026 FFO Outlook After Occupancy Recovery

The Tip Desk · November 11, 2026 · 3 min read

Same-center net operating income rose 4.2% to $108.4 million in the third quarter as the outlet operator raised full-year FFO guidance to $2.49–$2.53 a share.

Tanger Inc. (SKT), an owner and operator of outlet and open-air retail destinations, raised its 2026 full-year funds from operations outlook after occupancy recovered and same-center net operating income continued to grow.

The company now estimates diluted FFO of $2.49 to $2.53 a share, up from a previous range of $2.45 to $2.52. Estimated diluted net income is $1.08 to $1.12 a share, compared with a prior range of $1.06 to $1.13. The low end of Same Center NOI growth guidance moved to 3.50% from 2.75%.

Occupancy was 97.3% on September 30, 2026, after slipping to 96.6% on June 30. Same-center occupancy was also 97.3%. President and Chief Executive Officer Stephen Yalof said the portfolio continued to attract brands, restaurants, entertainment and service uses, and that the company was raising full-year guidance.

Same Center NOI, presented on a cash basis, increased 4.2% to $108.4 million in the third quarter of 2026 from $104.0 million a year earlier. FFO and Core FFO available to common shareholders were $0.64 a share, or $77.1 million, matching the second-quarter dollar amount. Net income available to common shareholders was $0.29 a share, or $33.4 million.

Total revenues were $157.7 million in the three months ended September 30, 2026, including rental revenue of $149.1 million. Average tenant sales per square foot held at $487 for the twelve months ended September 30, 2026, matching the twelve months ended June 30 and above $475 a year earlier. Same-center sales were $488 in both trailing-twelve-month periods. The occupancy cost ratio stayed at 9.7%.

Leasing remained active. For the twelve months ended September 30, 2026, the domestic portfolio executed 564 renewed or re-tenanted leases totaling 2.6 million square feet, versus 608 leases and 2.9 million square feet a year earlier. Blended average rental-rate spreads were 11.0% on a cash basis for 2.4 million square feet of comparable space, comprising 28.6% re-tenanted spreads and 8.3% renewal spreads. As of September 30, renewals executed or in process covered 73% of space scheduled to expire during 2026.

During the third quarter the company drew the full $150 million of delayed-draw capacity on its unsecured term loans, raising term-loan principal from $400 million to $550 million, and used those proceeds plus cash on hand to fully repay $350 million of senior unsecured notes that matured in September 2026. Net debt to Adjusted EBITDAre was 4.6x for the twelve months ended September 30, 2026, versus 4.7x for the twelve months ended June 30, 2026 and December 31, 2025.

Immediate liquidity was $662 million as of September 30, 2026, including $20 million of cash, $618 million of availability on $620 million of unsecured credit lines, and $24 million of proceeds available from at-the-market stock offering agreements. Total outstanding debt aggregated $1.8 billion, with a weighted average interest rate of 4.1% and a weighted average term to maturity of about 3.8 years.

In October 2026 the board authorized a quarterly cash dividend of $0.3125 a share, payable November 13, 2026, a 7% increase from the October 2025 quarterly dividend of $0.2925. Yalof said the company continued to strengthen its financial position using cash on hand and delayed draws to repay maturing notes while keeping leverage low and liquidity strong.