Tanger Q2 2020 Earnings Report
Key Takeaways
Tanger Factory Outlet Centers reported a net loss of $0.25 per share, or $22.9 million, for the second quarter of 2020, heavily impacted by the COVID-19 pandemic. However, rent collections improved significantly in July, and the company's liquidity position remained strong.
Net loss available to common shareholders was $0.25 per share, or $22.9 million.
Funds From Operations (FFO) available to common shareholders was $0.10 per share, or $10.0 million.
Core Funds From Operations (Core FFO) available to common shareholders was $0.10 per share, or $10.0 million.
As of July 31, 2020, 95% of total occupied stores in the Company’s consolidated portfolio had reopened.
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Forward Guidance
Due to limited visibility regarding the duration and magnitude of the pandemic and subsequent tenant bankruptcy filings, Tanger previously withdrew its guidance and is not providing updated guidance at this time.