GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $58.3 million, or 58 cents per share, in the period.
The average estimate of four 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 $22 million, or 23 cents per share.
The factory outlet mall operator posted revenue of $121.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $118.2 million.
Tanger expects full-year funds from operations in the range of $2.40 to $2.45 per share.
The company's shares have dropped 11 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.99, a fall of roughly 9 percent 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
Keywords: Tanger Factory Outlet, Earnings Report