834 6834TANGER REPORTS THIRD QUARTER 2006 RESULTS22.1% Increase in Total FFO, 14.0% Increase in FFO Per Share,Tenant Sales Increase 6.9 Sample Clauses


834-6834TANGER REPORTS THIRD QUARTER 2006 RESULTS22.1% Increase in Total FFO, 14.0% Increase in FFO Per Share,Tenant Sales Increase 6.9. Greensboro, NC, October 24, 2006, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported funds from operations available to common shareholders (“FFO”), a widely accepted measure of REIT performance, for the three months ended September 30, 2006 increased 14.0% to $0.57 per share, or $21.2 million, as compared to FFO of $0.50 per share, or $17.3 million, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, FFO increased 15.7% to $1.62 per share, or $59.8 million, as compared to FFO of $1.40 per share, or $47.6 million, for the nine months ended September 30, 2005. FFO for the three months and nine months ended September 30, 2006 was impacted by a non-recurring charge for the early extinguishment of debt of $917,000, or approximately $0.03 per share, which has been included in interest expense. Excluding the non-recurring charge, FFO for the third quarter and nine months ended September 30, 2006 would have been $0.60 and $1.64 per share respectively, representing an increase of 20.0% for the three months ended September 30, 2006 and an increase of 17.1% for the nine months ended September 30, 2006.For the three months ended September 30, 2006, net income available to common shareholders increased 36.1% to $6.0 million or $0.19 per share, as compared to $4.4 million, or $0.15 per share for the third quarter of 2005. For the nine months ended September 30, 2006, net income available to common shareholders was $24.5 million, or $0.79 per share, compared to $5.0 million, or $0.18 per share for the first nine months of 2005, representing a per share increase of 338.9%. Net income for the nine months ended September 30, 2006 included a gain on the sale of real estate incurred during the first quarter of $13.8 million, while net income for the nine months ended September 30, 2005 included a $4.7 million loss on sale of real estate incurred during the first quarter of 2005.Net income and FFO per share amounts above are on a diluted basis. FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO is included in this press release.Third Quarter Highlights· Equity market capital up 49.8% as of September 30, 2006 compared to last year · Total market capital up 51.9% to $2.1 billion as of September 30, 2006 compared to last year · 32.8% ...