GREENSBORO, NC-Though the opening of two new centers has been pushed back a quarter next year, business remains strong at Tanger Factory Outlet Centers, executives said at its second quarter conference call.

“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 But a permit to allow extended construction hours in Pittsburgh was revoked, moving the expected grand opening of the center’s first phase one quarter to fall 2008.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:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.