Tanger Factory Outlet Centers Collects 95 Pct Of Q4 Rents

Tanger Factory Outlet Centers, Inc. reported as part of its financial results for the three months and the year ended Dec. 31, 2020 that it collected 95 percent of Q4 rents, according to an announcement.

“Our business continues to improve, with the consumer embracing open-air outlet centers as a preferred venue for shopping and entertainment. Traffic was approximately 90 percent of prior year levels during the fourth quarter and in January, improved to more than 99 percent for domestic centers,” Chief Executive Officer Stephen Yalof said in the announcement.

Tanger said it wrote off $3.1 million or 3 percent of Q4 rents during the quarter, including 1 percent connected to renter bankruptcies, 1 percent connected to other uncollectible accounts because of financial weakness and 1 percent connected to “one-time concessions in exchange for landlord-favorable amendments to lease structure,” according to the announcement.

As part of its Q4 results, Tanger reported 54 cents per share or $52.7 million in funds from operations (FFO) available to common shareholders in contrast to 59 cents per share or $57.5 million for the past year period.

Tanger also reported 54 cents per share or $52.3 million in core funds from operations (Core FFO) available to common shareholders in contrast to 59 cents per share or $57.5 million for the past year timeframe.

The company said that Core FFO for Q4 2020 does not include some items the firm doesn’t consider to be “indicative of its ongoing operating performance.”

As for its overall results, Tanger reported net income available to common shareholders of $300,000 or $0 per share.

The company’s operating properties are in 20 states and in Canada, coming out to roughly 13.7 million square feet leased to more than 2,600 shops run by over 500 brand name firms.

Tanger’s report comes as general economic news surfaced that retail sales increased in January by 5.3 percent on the wings of long-delayed action by Congress, which gave the go-ahead to a $900 billion pandemic stimulus package.