Tanger Q3 2020 Earnings Report
Key Takeaways
Tanger Factory Outlet Centers reported a net income of $12.9 million, or $0.14 per share, for the third quarter of 2020. Rent collections improved to 89% of billed rents, and the company's liquidity position remained strong at $640 million at the end of October. Traffic to open-air centers rebounded to 98% of prior-year levels.
Net income available to common shareholders was $0.14 per share, or $12.9 million.
Rent collections for the quarter improved sequentially to 89% of billed rents.
Liquidity position is strong, with $40 million of cash and $600 million in unsecured lines of credit that were undrawn at the end of October.
Traffic to open-air centers during September rebounded to more than 98% of prior year levels.
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Forward Guidance
Due to limited visibility regarding the pandemic and tenant bankruptcy filings, Tanger previously withdrew its guidance and is not providing updated guidance at this time.