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