Tanger Q1, Victoria's Secret, Warby Parker, Ulta
Tanger, continuing to build and diversify the mix of tenants at its shopping centers, posted strong first-quarter operating results and raised its outlook for the year.
The Greensboro, N.C.,-based operator of 39 outlet centers and one lifestyle center has for several seasons been adding new kinds of tenants, and not just outlets. Full-price stores such as Warby Parker, Victoria’s Secret, Ulta and Barnes & Noble are among those recently signing their first leases with Tanger.
“As we create these relations with new retailers, our mission is to get them to cascade throughout our portfolio,” Yalof said. “We’re selectively introducing full-priceinto some of our outlet centers where they provide a new use. Ultimately, the end game is where we can draw that local customer far more frequently and have them stay longer.
Yalof said Tanger this year will keep up its “robust” leasing pace from last year when 2.3 million square feet of space was leased or re-leased involving 542 leases, compared to nearly 1.7 million square feet involving 414 leases during the year before. Average tenant sales per square foot was $437 for the 12 months ended March 31, compared to $436 for the 12 months ended Dec. 31, 2023, and $447 for the 12 months ended March 31, 2023.
In April, the board of directors approved a 5.8 percent increase in the dividend to $1.10 per common share from $1.04 on an annualized basis.
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