Tanger Inc. (NYSE:SKT) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET
Company Participants
Ashley Curtis - Assistant VP of IR
Stephen Yalof - President and CEO
Michael Bilerman - CFO and CIO
Justin Stein - EVP, Leasing
Conference Call Participants
Jeff Spector - Bank of America
Todd Thomas - KeyBanc Capital Markets
Hong Zhang - JPMorgan
Caitlin Burrows - Goldman Sachs
Floris van Dijkum - Compass Point
Operator
Good morning. I'm Ashley Curtis, Assistant Vice-President of Investor Relations, and I would like to welcome you to Tanger Inc.'s Third Quarter 2024 Conference Call. Yesterday evening, we issued our earnings release as well as our supplemental information package and investor presentation. This information is available on our IR website, investors.tanger.com.
Please note this call may contain forward-looking statements that are subject to numerous risks and uncertainties and actual results could differ materially from those projected. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties.
During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP measures to the most directly-comparable GAAP financial measures are included in our earnings release and in our supplemental information. This call is being recorded for rebroadcast for a period of time in the future. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, November 7, 2024. At this time, all participants are in listen-only mode. Following management's prepared comments, the call will be opened for your questions. We request that everyone ask only one question and one follow-up question. If time permits, we are happy for you to requeue for additional questions.
On the call today will be Stephen Yalof, President and Chief Executive Officer; and Michael Bilerman, Chief Financial Officer and Chief Investment Officer. In addition, other members of our leadership team will be available for Q&A.
I will now turn the call over to Stephen Yalof. Please go ahead.
Stephen Yalof
Thank you for joining us today. I'm pleased to share that Tanger has delivered another quarter of strong results and we are increasing our full-year guidance. Core FFO for the quarter reached $0.54 per share, an 8% increase from the prior year period, supported by a 4.3% increase in same-center NOI. This growth is attributed to the continued execution of our strategic plan to drive rents, add new retailers and uses and operate more efficiently, leveraging our scale and our talented team. These results are especially encouraging because they reflect the sustained demand for space in our centers, our success in curating and exciting a new mix of retailers and restaurants that resonate with our shoppers, coupled with effective marketing that focuses on connecting with our shoppers, both on center and off through our enhanced digital channels.