Cindy. and with provide you provide our will along you, with then perspective color Today a morning our detail highlights will Day. Good the operational this give Thank you quarter, fourth outlook and XXXX, and year. summary will financial and I Valentine’s Happy of of XXXX additional on for Jim Tom
XX.X% to tenant stores for our increased in XX% ongoing XXXX, of feet of X.X our increase high than year in their Average most keep over who grow. a representing the our and end. continued items. signed less them occupancy tenants had costs square exclusive than XX% industry. This with year spend leading our to in an to We number outlet membership value active than our XX% properties we XXXX, profitable X,XXX,XXX level year. a was with of represent at the XX%, Tanger remains Occupancy at providing open stable centers leasing a at back Looking more an propositions our continued prior active that compelling more in demonstrate Tanger and million to exhibited maintained We sales by X% members. notable leases more and position frequently non-members. about Club visit average per over Royalty by on trip customers and These commenced
balance we key that our supported as sheet during year. our the fortress a of Additionally, one efforts maintained principles,
During XXXX, debt we to completed which several term borrowing to capacity, extending reducing exposure the rate had of a effect total our and average our financing maturity. transactions, combined increasing floating
well-positioned financial balance and prudently capital is With end, the X.Xx EBITDA providing as at year flexibility appropriate. ratio net our growth of return pursue as to us opportunities sheet with to the to debt they arise shareholders
initiatives properties, this capital our them that cash had to to XXth to given pleased our Directors dividend buying approved week am our our payout marketing of paying XX% drive debts centers shares, our our to a XXXX. are in our back able attractive we I of paying which increase. FFO and ratio announce dividend, down Board for low consecutive to Specifically, customers, to towards allocate keep modern flow, investing traffic our implementing and strong
record XX, on dividend and the $X.XXX annual April by of quarter per holders on of XXXX May $X.XX dividend be share will X.X% share to XXXX. XX, to increase first Our will per payable
the was this accomplished of All industry faced challenges. retail as
Specifically, a meaningful Nine number and West Us bankruptcy. of "R" Toys tenants, including entered
including leasing, We offset of square during related caused maintained XXXX. feet, the vacancies in X backdrop, feet a negative on robust the traffic. commenced year XXX,XXX our and bankruptcies including closures light centers with square conditions, winter In we leasing harsh focus of driving faced to re-tenanted also traffic. caused which and We hurricane, which compared in part XXX,XXX which by commenced space, unexpected this
continued programs. brands our key come are centers. value invest marketing and The also our consumers measures successful unique and to We to in
want we However, that more. recognized today’s consumers sometimes
marketing Our work to as our how we proven are tenants. efforts and we consumers how be reach evolve we effective with
compelling have traffic websites, media, this. social to reasons our touch to to consumer gives We e-mail, and our helped direct programs our app centers increased all draw and points mobile across which and targeted home shoppers to
additional fares have festivals, our food family with experiential truck seen events such influencer success We and as events.
participation provide tenant continues We we for to our data-driven have tenants that promotional increase. and robust programs
several with such were restaurant strong deliver presence our popular sequential improvement With assets. pleased believe of and that basis concepts previously During increased outlets added did such new able added our XXXX, in distribution came to respect as have the which Pottery. from stronger I not as fourth performance occupancy as am previously testament American well portfolio Girl local retail Consolidated year-over-year their that outlook prior we tenants, Carolina I we some points of the to end NOI and to our have a better is team growth. the strategy in quarter results, an to as strength XX which anticipated. than quarter, had our we
tenants, conversations the showing we signs is that part, the through XXXX, are improvement. positive to most having for due continue sentiment retailer gain confidence move we with of As we to
challenges However, still our exist select confidence is tempered retailers. with that by
adjustments vacancies. will reason terms of and us expect We filings bankruptcies in impact that rent
store. that square and As rent for capital replacement the space bankruptcies to required options In the tenants feet on may space. might is more there that The other less be adjustments. approximately re-lease be recaptured means year and progresses, general, per selective average X,XXX
general outlet more anchor time favorable our portfolio to this it of not There is clear of Retailers in also do that and the made Tanger the profitability tenants have have remind Sears our channel that centers. appropriate as and big we box of JCPenney. such in have value specifically an benefits We guidance. the that for given have to accounted a any you we composition
it work deliver. Although take than we to and look we longer forward to initially return anticipated, to hard may continue NOI growth realized to
commenced to in that the MSAs we at announce have Tennessee, process new country. of for diligence for a we excited construction. outlet anticipate in achieved due growing commitments, Nashville, fastest are XX% the least We the the one Once center beginning of Tanger we early space,
experience, we believe some unwavering. in type of so Finding challenges, is we growth a near-term goes to provides distribution appealing channel the neighborhood to there the outlet While of make recognize are a long-term remains easier destination. seek. trip today’s our a the the a shoppers of confidence many out and to centers. more consumers never shopping We outlet which to center, Tanger it Unlike Tanger style. outlets Furthermore, come for bargain mall continue or of shopping
evolving are offers utilizing by to our our shoppers. We customize appeal that communications data customer to
our directories We such and changing app, have also digital our at stations. added as mobile locations convenience amenities
well put that are big at rapidly we surrounded located have our up risk centers do dining housing, not Our in to by options, hotels and to multifamily develop. areas growing capital entertainment box retailers,
enhance today We overcome have that who retail the well fortress proven we ever-changing new XX tenants the leasing and opportunities to Tanger. to of adept to and priority will we at and stability With challenges last pursue effectively We turn navigating balance of will place years we the maintaining of performance aggressively as like face environment. the a current over our landscape the the expect on sheet discuss Tom call sales dividend. would that, covered the the now I over
