Tanger Factory Outlet Centers, Inc. (SKT) has reported 17.73 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $22.34 million, or $0.23 a share in the quarter, compared with $27.15 million, or $0.28 a share for the same period last year.

Revenue during the quarter grew 9.53 percent to $121.37 million from $110.80 million in the previous year period.

Total expenses were $83.72 million for the quarter, up 10.15 percent or $7.71 million from year-ago period. Operating margin for the quarter contracted 39 basis points over the previous year period to 31.02 percent.

Operating income for the quarter was $37.65 million, compared with $34.80 million in the previous year period.

Revenue from real estate activities during the quarter increased 9.37 percent or $10.23 million to $119.36 million.

Income from operating leases during the quarter rose 9.91 percent or $7.41 million to $82.18 million.

Revenue from tenant reimbursements was $36.60 million for the quarter, up 10.10 percent or $3.36 million from year-ago period.

Income from management fees during the quarter plunged 48.35 percent or $0.54 million to $0.58 million.

Other income during the quarter was $2.01 million, up 20.19 percent or $0.34 million from year-ago period.

"Outlets remain a very important and profitable channel of distribution for brand name and designer retailers and manufacturers, as evidence by our high level of occupancy. Our consolidated portfolio was 96.2% occupied as of March 31, 2017 despite having recaptured 324,000 square feet of space since the beginning of 2015 related to bankruptcies and brand-wide restructurings by retailers. During the first quarter of 2017 we extended our record to 54 consecutive quarters of consolidated portfolio same center net operating income growth. We are pleased with these achievements notwithstanding the challenging environment for retailers," commented Steven B. Tanger, president & chief executive officer.

For financial year 2017, Tanger Factory Outlet Centers, Inc. forecasts diluted earnings per share to be in the range of $1.04 to $1.09.

Total assets stood at $2,539.77million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,841.77 million as on Mar. 31, 2017.

Return on assets was at 1.57 percent in the quarter. At the same time, return on equity was at 3.16 percent in the quarter.

Total debt was at $1,699.46 million as on Mar. 31, 2017. Shareholders equity was at $698 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 2.43 percent in the quarter.