Tanger Inc (SKT): Inline 3Q FFO/share; Good operational quarter without big headlines

After Wednesday's close, SKT reported 3Q results and updated its outlook. The 3Q FFO print was inline with us (slightly ahead of the Street) and management tweaked up its SS NOI and FFO/share outlooks. This was not a quarter with headlines on the operating or investment fronts (no acquisitions), but it seemed pretty solid with a 4% SS NOI print and low-double-digit lease spreads. SKT reported 3Q CFFO/share of $0.64, in line with JPM and $0.01 higher than Bloomberg consensus of $0.63. Management increased the FFO/share range from $2.45-$2.52 to $2.49-$2.53/share and raised the SS NOI growth outlook from 2.75%-4.25% to 3.50%-4.25%. SS NOI growth came in at 4.2% in 3Q and 3.5% on a YTD basis; SS occupancy was 97.3% at 9/30, up 70 bps sequentially and down 10 bps YOY; SS sales per sf increased 2.7% year over year to $488/sf on a TTM basis; blended cash leasing spreads were 11.0%, driven by new leasing spreads of 28.6% and renewal spreads of 8.3%; the company was ~73% of the way through its