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Tanger FFO Up; Posts Loss

GREENSBORO, NC- Tanger Factory Outlet Centers reports a $3.5 million loss due to the sale of outlet center in Dalton, GA.

By Jennifer D. Duell | Updated on October 28, 2004

GREENSBORO, NC- Tanger Factory Outlet Centers Inc. has achieved FFO of $15.8 million for the third quarter, an increased of 33.6% as compared to FFO of $11.9 million for the same period last year. Despite the improved FFO, the publicly traded company posted a $3.5 million loss.

According to Frank C. Marchisello Jr, executive vice president and CFO, the FFO gain can be partially attributed to the sale of land parcels during the third quarter resulting in gains of about $1.4 million. Without the land parcel sales, the company posted an increase FFO per share of 8%.

The loss is a result of the sale of the non-core asset, which created a net loss of 20 cents for the quarter compared to net income of 72 cents for the same period last year. On September 8, 2004, Tanger sold its 173,430-sf outlet center in Dalton, GA, for a total cash sales price of $11.5 million. After the deduction of all closing costs, Tanger received net proceeds of approximately $11 million. Tanger originally purchased this property in March 1998.

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