GREENSBORO, N.C., March 31, 2020 /PRNewswire/ -- Tanger
Factory Outlet Centers, Inc. (NYSE: SKT) today issued the following
statement regarding the ongoing COVID-19 pandemic.
"During these unprecedented times, our top priority is the
health and well-being of our team members, shoppers, tenants and
the communities we serve. In recent weeks, our parking lots have
been used for Red Cross blood drives, food collection sites,
curbside food pickup and as staging areas for law enforcement and
emergency medical services. It is our intention to contribute to
helping the country heal, and to position Tanger for the future.
Together, we will get through this. We look forward to being able
to welcome back our tenants and shoppers," said Steven B. Tanger, Chief Executive Officer. "From
a financial perspective, we entered 2020 with one of the strongest
balance sheets in our peer group and no borrowings outstanding
under our lines of credit. Liquidity and capital preservation are
critical in times of uncertainty."
As a result of the COVID-19 pandemic, most of the stores in the
Company's outlet centers are currently closed, with many having
already been so for two full weeks. Operations in more than half of
Tanger Outlet Centers are restricted by order of the local and
state authorities, and additional orders are expected. The
situation continues to evolve rapidly, and the Company has limited
visibility into the duration and magnitude of the pandemic. Given
this level of uncertainty regarding the impact to its business,
Tanger is withdrawing its 2020 guidance.
To increase liquidity, preserve financial flexibility and help
ensure that the Company is able to meet its obligations for a
sustained period of time until there is more clarity regarding the
impact of the pandemic, Tanger has drawn down substantially all of
its capacity under its $600 million
unsecured lines of credit. The Company has also taken steps to
reduce cash outflows, including the reduction or deferral of
certain operating and general and administrative expenses, as well
as the deferral of the Nashville
project and certain other planned capital expenditures.
Tanger intends to pay its first quarter 2020 dividend, which was
declared in January, as scheduled on May 15,
2020. The Board of Directors plans to evaluate the payment
and rate of any subsequent dividends quarterly. The Company expects
to remain in compliance with REIT taxable income distribution
requirements for the 2020 tax year.
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
39 upscale outlet shopping centers. Tanger's operating
properties are located in 20 states and in Canada, totaling approximately 14.3 million
square feet, leased to over 2,800 stores which are operated
by more than 510 different brand name companies. The
Company has more than 39 years of experience in the outlet
industry. Tanger Outlet Centers continue to attract more than 181
million visitors annually. For more information on Tanger Outlet
Centers, call 1-800-4TANGER or visit the Company's website
at www.tangeroutlets.com.
Safe Harbor Statement
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the Company's future
plans, strategies and expectations, are generally identifiable by
use of the words "believe," "expect," "intend," "anticipate,"
"estimate," "project," "will," "forecast" or similar expressions,
and include the Company's expectations regarding its financial
results and the assumptions used to forecast such expected results,
the likelihood of additional government orders related to the
COVID-19 pandemic, the Company's ability to reduce capital
expenditures and other expenses, the duration and magnitude of the
COVID-19 pandemic, impacts to the Company's business and operations
as a result of the COVID-19 pandemic, the availability of financial
flexibility for a sustained period of time, payment of the dividend
for the first quarter of 2020 and beyond and compliance with REIT
income distribution requirements.
You should not rely on forward-looking statements since they
involve known and unknown risks, uncertainties and other important
factors which are, in some cases, beyond our control and which
could materially affect our actual results, performance or
achievements. Important factors which may cause actual results to
differ materially from current expectations include, but are not
limited to: risks related to the ongoing COVID-19 pandemic; our
inability to develop new outlet centers or expand existing outlet
centers successfully; risks related to the economic performance and
market value of our outlet centers; the relative illiquidity of
real property investments; impairment charges affecting our
properties; our dispositions of assets may not achieve anticipated
results; competition for the acquisition and development of outlet
centers, and our inability to complete outlet centers we have
identified; the bankruptcy of one or more of the retailers in our
centers; the fact certain of our lease agreements include
co-tenancy and/or sales-based provisions that may allow a tenant to
pay reduced rent and/or terminate a lease prior to its natural
expiration; environmental regulations affecting our business; risks
associated with possible terrorist activity or other acts or
threats of violence, public health crises and threats to public
safety; our dependence on rental income from real property; our
dependence on the results of operations of our retailers; the fact
that certain of our properties are subject to ownership interests
held by third parties, whose interests may conflict with ours;
risks related to uninsured losses; the risk that consumer, travel,
shopping and spending habits may change; risks associated with our
Canadian investments; risks associated with attracting and
retaining key personnel; risks associated with debt financing;
risks associated with our guarantees of debt for, or other support
we may provide to, joint venture properties; the effectiveness of
our interest rate hedging arrangements; uncertainty relating to the
potential phasing out of LIBOR; our potential failure to qualify as
a REIT; our legal obligation to make distributions to our
shareholders; legislative or regulatory actions that could
adversely affect our shareholders; our dependence on distributions
from the Operating Partnership to meet our financial obligations,
including dividends; the risk of a cyber-attack or an act of
cyber-terrorism and other important factors set forth under Item 1A
- "Risk Factors" in the Company's and the Operating Partnership's
Annual Report on Form 10-K for the year ended December 31, 2019, as may be updated or
supplemented in the Company's Quarterly Reports on Form 10-Q and
the Company's other filings with the SEC. Accordingly, there is no
assurance that the Company's expectations will be realized. The
Company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the Company makes or related subjects in the Company's
Current Reports on Form 8-K that the Company files with the
SEC.
Investor Contact
Information
|
Media Contact
Information
|
Cyndi
Holt
|
Quentin
Pell
|
VP, Investor
Relations
|
VP, Corporate
Communications & Enterprise Risk Management
|
336-834-6892
|
336-834-6827
|
Cyndi.holt@tangeroutlets.com
|
Quentin.pell@tangeroutlets.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tanger-outlets-provides-covid-19-update-301032845.html
SOURCE Tanger Factory Outlet Centers, Inc.