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Mar 31, 2021
Tanger Q1 2021 Earnings Report
Tanger reported first quarter results, with rent collections at 95% and domestic traffic reaching 97% of 2019 levels.
Key Takeaways
Tanger Factory Outlet Centers, Inc. reported its financial results for the first quarter of 2021, showing a net income available to common shareholders of $0.04 per share, or $3.9 million. The company collected approximately 95% of first quarter rents and saw domestic traffic to its open-air centers reach 97% of 2019 levels during the quarter, exceeding 2019 levels in April.
Net income available to common shareholders was $0.04 per share, totaling $3.9 million.
Funds From Operations (FFO) available to common shareholders was $0.38 per share, amounting to $38.2 million.
Core Funds From Operations (Core FFO) available to common shareholders was $0.40 per share, totaling $40.6 million.
Consolidated portfolio occupancy rate stood at 91.7% on March 31, 2021.
Tanger
Tanger
Tanger Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comManagement, Leasing & Other Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Tanger provided guidance for the year ended December 31, 2021, estimating diluted net income per share to be between $0.13 and $0.23 and diluted FFO per share to be between $1.31 and $1.41.
Positive Outlook
- Estimated diluted net income per share between $0.13 and $0.23.
- Estimated diluted FFO per share between $1.31 and $1.41.
- Combined annual recurring capital expenditures and second generation tenant allowances of approximately $40 million to $45 million.
- No further domestic government-mandated retail shutdowns.
- Continued investments in core strategies of reshaping operations, accelerating leasing, and enhancing marketing through digital transformation
Challenges Ahead
- A $9 million to $10 million decrease in lease termination fees, to approximately $2 million to $3 million, from $12 million in 2020.
- Additional store closures and lease adjustments related to recent tenant bankruptcy filings and restructuring announcements.
- Annual general and administrative expense of between $59 million and $62 million, including $2.4 million of compensation related to a voluntary retirement plan and other executive severance incurred during the first quarter of 2021.
- Guidance does not include the impact of the sale of any outparcels, additional properties or joint venture interests, or the acquisition of any properties or joint venture partner interests
- Unsecured lines of credit, which mature in October of 2021 and may be extended for one additional year
Revenue & Expenses
Visualization of income flow from segment revenue to net income