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Dec 31, 2020
Tanger Q4 2020 Earnings Report
Tanger reported fourth quarter and full year results, collecting 95% of fourth quarter rents and exceeding $680 million in liquidity at the end of January.
Key Takeaways
Tanger Factory Outlet Centers, Inc. reported improved business conditions with consumer traffic nearing pre-COVID-19 levels. Rent collections for the fourth quarter reached 95% of billed rents by the end of January, and the company's liquidity position remained strong.
Net income available to common shareholders was $0.00 per share, or $0.3 million.
Funds From Operations (“FFO”) available to common shareholders was $0.54 per share, or $52.7 million.
Core Funds From Operations (“Core FFO”) available to common shareholders was $0.54 per share, or $52.3 million.
Consolidated portfolio occupancy rate was 91.9% on December 31, 2020.
Revenue by Segment
Forward Guidance
Management believes the Company’s net income and FFO per share for 2021 will be as follows: Estimated diluted net income per share between $0.30 and $0.40. Estimated diluted FFO per share between $1.45 and $1.55.
Positive Outlook
- A $9 million to $10 million, or $0.09 to $0.10 per share, 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
- No further government-mandated retail shutdowns
- Combined annual recurring capital expenditures and second generation tenant allowances of approximately $40 million to $45 million
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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