GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $63.1 million, or 64 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $19.4 million, or 20 cents per share.
The factory outlet mall operator posted revenue of $127.2 million in the period. Its adjusted revenue was $124 million.
For the year, the company reported funds from operations of $243.3 million, or $2.48 per share. Revenue was reported as $483.4 million.
Tanger expects full-year funds from operations to be $2.31 to $2.37 per share.
The company's shares have increased almost 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.22, a drop of slightly more than 5 percent in the last 12 months.