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Mar 31, 2020
Tanger Q1 2020 Earnings Report
Tanger's financial results for Q1 2020 were reported, along with operating metrics and a COVID-19 update.
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.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com 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.