"The United States today is the outlet center of the world," said Stanley Tanger, chairman and CEO.
Funds from operations available to common shareholders (FFO) increased 12.1% more than the previous year to $22.1 million. Net income rose 2.8% to $5 million or $0.16 per share. Occupancy rose 1.5% from the previous year to 96.6%. Same-tenant sales per sf were $340, up 3.0% from 2006.
"The outlet industry continues to be a profitable channel of distribution for our tenants, and we're excited to be a major player in a growing industry," said Steven B. Tanger, president and COO. "Demand for space in Tanger centers is robust."
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