GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Monday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Greensboro, North Carolina, said it had funds from operations of $55.9 million, or 57 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 57 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $61.7 million, or 66 cents per share.
The factory outlet mall operator posted revenue of $123.2 million in the period. Its adjusted revenue was $120 million, surpassing Street forecasts. Three analysts surveyed by Zacks expected $119.9 million.
Tanger expects full-year funds from operations to be $2.22 to $2.28 per share.
The company's shares have declined 6.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.91, a decrease of 9% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SKT at https://www.zacks.com/ap/SKT