Tanger Factory Outlet Centers, Inc (SKT) has reported 77.74 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $24.07 million in the quarter, compared with $108.13 million for the same period last year. Revenue during the quarter grew 10.42 percent to $124.56 million from $112.80 million in the previous year period.
Total expenses were $86.30 million for the quarter, up 15.82 percent or $11.79 million from year-ago period. Operating margin for the quarter contracted 323 basis points over the previous year period to 30.72 percent.
Operating income for the quarter was $38.26 million, compared with $38.29 million in the previous year period.
Revenue from real estate activities during the quarter increased 10.12 percent or $11.23 million to $122.19 million.
Income from operating leases during the quarter rose 10.06 percent or $7.76 million to $84.91 million. Revenue from tenant reimbursements was $36.70 million for the quarter, up 12.38 percent or $4.04 million from year-ago period.
Income from management fees during the quarter plunged 49.44 percent or $0.58 million to $0.59 million.
Other income during the quarter was $2.37 million, up 28.94 percent or $0.53 million from year-ago period.
"During 2016 we continued to deliver strong internal growth, with same center net operating income up 3.3% for the year, extending our record to 53 consecutive quarters of consolidated portfolio same center NOI growth. Our consolidated portfolio was 97.7% occupied at year-end despite having recaptured 262,000 square feet of space since the beginning of 2015. External growth was achieved by opening two new Tanger Outlet Centers during 2016 and commencing construction of another new outlet center that will open in time for the 2017 holiday shopping season. We are pleased with these achievements given the challenging retail environment," commented Steven B. Tanger, President & Chief Executive Officer. "We also strengthened our fortress balance sheet during 2016 by converting $525 million of debt from floating to fixed rates. In addition, we recycled $109 million in asset sales proceeds to repay floating rate debt." he added.
Total assets grew 8.57 percent or $199.51 million to $2,526.21 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,820.77 million as on Dec. 31, 2016, up 5.82 percent or $100.10 million from year-ago.
Return on assets moved down 384 basis points to 1.67 percent in the quarter. At the same time, return on equity moved down 1427 basis points to 3.37 percent in the quarter.
Debt moves up
Total debt was at $1,687.87 million as on Dec. 31, 2016, up 8.76 percent or $135.94 million from year-ago. Shareholders equity stood at $705.44 million as on Dec. 31, 2016, up 16.40 percent or $99.41 million from year-ago. As a result, debt to equity ratio went down 17 basis points to 2.39 percent in the quarter.
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