Tanger: 1Q Earnings Snapshot

GREENSBORO, N.C. (AP) _ Tanger Factory Outlet Centers Inc. (SKT) on Monday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $48.7 million, or 50 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 52 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $27.4 million, or 30 cents per share.

The factory outlet mall operator posted revenue of $111.6 million in the period. Its adjusted revenue was $108.6 million.

The company's shares have decreased 58% since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.16, a decrease of 66% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SKT at https://www.zacks.com/ap/SKT