"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."
Construction continues on two new projects, one located south of Pittsburgh, and one in Deer Park, NY. But a permit to allow extended construction hours in Pittsburgh was revoked, moving the expected grand opening of the center's first phase one quarter to fall 2008. The first phase of the 685,000-sf center in Deer Park also has been moved to fall 2008.
Future developments also are planned. Tanger has signed an option on one potential new development site in Mebane, NC, and has begun pre-development and leasing for sites in Burlington, NJ, and Port St. Lucie, FL. Four centers (in Barstow, CA, Branson, MO, Gonzales, LA and Tilton, NH) also are being expanded.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
