Tanger Q1 2020 Earnings Report
Key Takeaways
Tanger Factory Outlet Centers reported a net loss of $27.4 million, or $0.30 per share, impacted by a non-cash impairment charge. Consolidated portfolio occupancy was 94.3% at the end of the quarter. The company drew down substantially all of its $600 million unsecured lines of credit. Tanger intends to temporarily suspend dividend distributions to conserve cash.
Net loss available to common shareholders was $0.30 per share, or $27.4 million.
Funds From Operations (FFO) and Core Funds From Operations were both $0.50 per share, or $48.7 million.
The company drew down substantially all of the capacity under its $600 million unsecured lines of credit on March 31, 2020.
Consolidated portfolio occupancy rate was 94.3% on March 31, 2020.
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Forward Guidance
Due to limited visibility regarding the duration and magnitude of the pandemic, Tanger previously withdrew its guidance and is not providing updated guidance at this time.