What drove SKT's EPS growth in the past year?

Tanger Factory Outlet Centers Inc.'s (NYSE: SKT) EPS growth in the past year can be attributed to several key factors:

1. **Strategic Brand Mix and Leasing**: Tanger has been successful in its strategic brand mix and leasing efforts, which have driven a 13% rise in funds from operations (FFO) and an 8% increase in same-center net operating income (NOI) during Q2 2024. This indicates a strong operational performance that contributes to earnings growth.
2. **Revenue Growth**: The company has seen a 11.48% revenue growth in the last twelve months as of Q2 2024. This increase in revenue is a direct result of the company's successful leasing activities and the robust demand for its retail spaces.
3. **Dividend Growth**: Tanger has a history of increasing dividends, with a recent increase from $0.22 to $0.245 per share. While not directly contributing to EPS growth, consistent dividend payments and potential increases can enhance shareholder returns and attractiveness to income-focused investors, which may indirectly support higher stock valuations and thus EPS.
4. **Occupancy and Tenant Demand**: The company's outlets have maintained high occupancy rates, dipping only to 92.2% during the pandemic in 2020. The strong tenant demand and ability to maintain occupancy, especially in a volatile retail environment, have likely contributed to stable and potentially growing revenues.

In summary, SKT's EPS growth is primarily driven by strategic operational decisions, strong revenue growth, and the company's ability to maintain and increase shareholder returns through dividends. These factors combined have likely contributed to the company's financial performance and earnings growth over the past year.