Washington Nc Waterfront Homes

Tanger Reports Second Quarter 2011 Results

GREENSBORO, N.C., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT ) today reported its financial results for the quarter and six months ended June 30, 2011. Funds from operations ("FFO") available to common shareholders, a widely accepted supplemental measure of REIT performance, increased 33.9% for the three months ended June 30, 2011 to $29.6 million, or $0.32 per share, as compared to FFO of $22.1 million, or $0.24 per share, for the three months ended June 30, 2010. For the six months ended June 30, 2011, FFO increased 15.9% to $59.2 million, or $0.64 per share, as compared to FFO of $51.1 million, or $0.55 per share, for the six months ended June 30, 2010.

"Our strong operating performance continued through the second quarter. Same center net operating income increased by 3.8% for the quarter and 4.9% for the first half of the year. Tenant comparable sales increased 6.8% for the quarter and 4.6% for the rolling twelve months. Leasing activity remained robust, with a positive second quarter straight-line basis spread for renewals and re-tenanted space of 26.1%," commented Steven B. Tanger, President and Chief Executive Officer. "We have had an extremely productive quarter, integrating three newly acquired outlet centers into our portfolio, and embarking upon two joint ventures to build new developments in the Washington, DC and Houston, Texas markets. We also secured capital to fuel our growth in the form of a $150 million unsecured bridge loan and a 4.6 million common share offering that provided proceeds of $117.3 million, net of offering expenses," he added.

FFO for all periods shown was impacted by a number of charges as described in the summary below (in thousands, except per share amounts):

Excluding these charges, adjusted FFO for the second quarter and six months ended June 30, 2011 would have been $0.33 and $0.65 per share respectively.

The company's FFO for the second quarter and six months ended June 30, 2011 also include a charge of approximately $848,000, or $0.01 per share representing its one-third share of the incremental default interest being accrued at its Deer Park joint venture, described in more detail below.

Net income available to common shareholders for the three months ended June 30, 2011 increased 179.0% to $9.3 million or $0.11 per share, as compared to net income of $3.

Super Website Directory » North Carolina Waterfront Homes

Topsail Island is a barrier island situated north of Wilmington and south of Jacksonville. This convenient location makes Topsail a desirable place to live. Topsail has provided some of the greatest property buys along the japanese seaboard. Oceanfront properties are the most popular properties to buy for funding functions and they vary from $300,000 to $1,250,000. Topsail Island also has several condominium communities.

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