Tanger Provides Liquidity And Operational Updates

Rhea-AI Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) reported positive developments in liquidity and operations as of August. The company generated positive cash flow, fully repaid its unsecured credit lines, and maintained a liquidity of approximately $606.6 million. Rent collections improved to 85% of billed rents, up from 81% in July. Occupancy stood at 93.7%, with traffic averaging 89% of prior year levels. Tanger will participate in the Bank of America Securities Real Estate Virtual Conference on September 15-16, 2020.

Positive

• Generated positive cash flow in August.
• Total liquidity of approximately $606.6 million.
• Rent collections improved to 85% of billed rents.
• Consolidated portfolio occupancy at 93.7%.
• Traffic averaged 89% of prior year levels.

Negative

• Store closures totaling 542,000 square feet due to tenant bankruptcies.

GREENSBORO, N.C., Sept. 14, 2020 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) today provided liquidity and operational updates.

The Company's operations generated positive cash flow again in August. Tanger repaid its unsecured lines of credit in full during August using internally generated cash flow. The Company had total liquidity at the end of August of approximately $606.6 million, including $6.6 million of cash on hand and $600.0 million of unused capacity under its lines of credit.

For August, rent collections improved to 85% of billed rents, excluding variable rents and lease termination fees. July collections represented 81% of rents billed, up from the 77% previously reported on August 4, 2020. Second quarter collections have improved to 40% of rents billed from 33% as previously reported as of July 31, 2020.

Consolidated portfolio occupancy at the end of August was 93.7%, reflecting year-to-date store closures totaling 542,000 square feet related to tenant bankruptcy filings and restructuring announcements. As of September 13, open stores represented over 98% of total occupied stores in the consolidated portfolio and nearly 98% of both leased square footage and annualized base rent. Traffic over the last six weeks has averaged 89% of prior year levels.

The Company will participate in the Bank of America Securities Real Estate Virtual Conference September 15 and 16, 2020. The statements in this release regarding the Company's results for August and September 2020 are not necessarily indicative of the Company's results that may be expected for the third quarter of 2020 or the remainder of the 2020 fiscal year and are subject to the completion of normal quarter-end accounting procedures.

About Tanger Factory Outlet Centers, Inc.

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 38 upscale outlet shopping centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores which are operated by more than 500 different brand name companies. The Company has more than 39 years of experience in the outlet industry. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the Company's website at www.tangeroutlets.com.

Investor Contact Information
Cyndi Holt	Jim Williams
VP, Investor Relations	EVP & CFO
336-834-6892	336-834-6800
cyndi.holt@tangeroutlets.com	jim.williams@tangeroutlets.com
Media Contact Information
Quentin Pell
VP, Corporate Communications and Enterprise Risk Management
336-834-6827
quentin.pell@tangeroutlets.com

 

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SOURCE Tanger Factory Outlet Centers, Inc.

FAQ

What is Tanger Factory Outlet Centers' liquidity status as of August 2020?

Tanger Factory Outlet Centers reported total liquidity of approximately $606.6 million at the end of August 2020.

How much did Tanger's rent collections improve in August 2020?

Rent collections improved to 85% of billed rents in August 2020, up from 81% in July.

What is the consolidated portfolio occupancy of Tanger Factory Outlet Centers?

The consolidated portfolio occupancy reached 93.7% as of the end of August 2020.

When will Tanger participate in the Bank of America Securities Real Estate Virtual Conference?

Tanger will participate in the conference on September 15-16, 2020.

What percentage of traffic did Tanger experience compared to the previous year?

Tanger experienced traffic that averaged 89% of prior year levels over the last six weeks.