GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Wednesday reported a key measure of profitability in its third quarter.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $56.8 million, or 58 cents per share, in the period.
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 $23.2 million, or 25 cents per share.
The factory outlet mall operator posted revenue of $119 million in the period. Its adjusted revenue was $115.1 million.
Tanger expects full-year funds from operations in the range of $2.27 to $2.31 per share.
The company's shares have fallen 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.41, a fall of 29% in the last 12 months.