Tanger Factory Outlet Centers Inc. reported fourth quarter earnings Tuesday afternoon that beat analysts’ predictions, according to a filing with the Securities and Exchange Commission.

Earnings for the company’s fourth quarter increased 11 percent to $67.5 million, or 68 cents per share, from $60.9 million, or 61 cents per share.

Wall Street predicted earnings to fall somewhere between 61 cents and 64 cents per share.

“Outlets remain an important and profitable channel of distribution for retailers and manufacturers, as evidenced by this high level of occupancy,” said Chief Executive Officer Steven Tanger in a statement. “With a tenant occupancy cost ratio of 10.0 percent for 2017, Tanger continues to have the lowest cost of occupancy among all public mall REITs.”

The company’s occupancy rate was 97.3 percent at the end of the fourth quarter, up from 96.9 percent at the end of the third quarter.

Tanger Outlet also completed a major re-merchandising of five outlets in 2017. It opened one new outlet center in 2017 and completed a major expansion of another.