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Sep 30, 2020
Tanger Q3 2020 Earnings Report
Tanger reported third quarter results with improved rent collections and strong liquidity.
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.
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 pandemic and tenant bankruptcy filings, Tanger previously withdrew its guidance and is not providing updated guidance at this time.