GREENSBORO, N.C. (AP) — GREENSBORO, N.C. (AP) — Tanger Inc. (SKT) on Thursday reported a key measure of profitability in its second quarter.

The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $60.9 million, or 53 cents per share, in the period.

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 net income of $24.6 million, or 22 cents per share.

The factory outlet mall operator, based in Greensboro, North Carolina, posted revenue of $129 million in the period. Its adjusted revenue was $122.3 million.

Tanger expects full-year funds from operations in the range of $2.05 to $2.12 per share.

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