GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $55.8 million, or 57 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $13.6 million, or 15 cents per share.
The factory outlet mall operator posted revenue of $115.7 million in the period. Its adjusted revenue was $112.4 million.
Tanger expects full-year funds from operations in the range of $2.25 to $2.31 per share.
The company's shares have fallen 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.88, a drop of 33% in the last 12 months.