us. Good joining And thank you for morning.
are entire pandemic. employees, and the the want to of customers I of tenants, times. during Tanger everyone's our health these since wellbeing our every the have decision good sincere The the we wishes safety of and best team, made for focus behalf of unprecedented convey On start
will impact position, of COVID-XX first of On liquidity update results tenants, and process the fortify to to provide work our support call, Also, employees, our reopening. taken an and our we on quarter facilitate have today's to provide actions on business. to will the we stores with we our our successfully discuss the ongoing
of approximately portfolio of As the are in XX% consolidated today, open. our stores
As reopenings seeing shoppers increase, return. we are
related the to Prior would and have stay-at-home and of anticipated start of the emergence we its XXXX impact COVID-XX restrictions, challenges.
our expectations. However, January and performed better than February
expected lease income and on year-end along to occupancy we operating restructurings, with As recaptured primarily and modifications. declines we discussed net call, bankruptcies our due space select the brand-wide from
portfolio. tenants mid-March, in all classification Beginning variable on closings immediate our non-essential orders led impact of stores virtually These all closing as these across rents. the of therefore an almost had sales tenant stay-at-home on and and pressure our of to put
Our NOI quarter same was down center in first the X.X%.
both the and anticipated a previously occupancy portfolio ending from consolidated XX.X% year-ago period communicated, occupancy. sequentially declined quarter As and at our
overall center the for sales some were February tenant X.X% tenant the down same increased foot, XX trailing that was our consolidated months to and basis square XX, Prior average trend trailing and performance portfolio perspective, a per cash during the the sales XX closures, and respectively. positive. provide leases ending were mandates rates for $XXX X.X% the and Additionally, X%. months, the store commenced on sales To rental portfolio straight-line stay-at-home for
for reflect XX that the $XXX consolidated These mid-March. trailing portfolio overall tenant sales the foot, in closures sales of were for the from the ended year. prior XXst, portfolio. center the basis months XX March tenant the results down decreased square began per X% average Same points For impact performance
X, support to and of the destinations, shopping in result in open. order were deemed a operations the tenants Stores as lowest and the portfolio in pandemic. gross Our our represented X, centers April open-air by closing the at in X% stores April base centers X% and all primarily of of mid-March open consolidated of our XX restrictions. are have in under terms were of began who And they leasable rent. annualized on point stayed centers area essential closed terms never At
include completely, mandates for or when in percentages mandates. in as respectively, As and curbside used jurisdictions in had pickup XX% governmental is lifted It where be of of maximum XX%, portfolio by yesterday, XX% some stores remains only eased open located. lifted XX% or that are These will or restricted had unclear totals are eased where centers store these locations. capacity improved Tanger’s mandates additional consolidated or to
the it be in lifted within or pace open eased and what stores premature update have the the to percentage to on timing While an allowed to have openings, been and to Once ongoing we I provide of we to-date. of want week. is speculate have mid-single-digit mandates a seen experienced on have range reopen, been stores
anticipate Carolina, retailers In subsequent has the been forward, on week, the particularly are have the after longest, XX% open reopening percentage stores we the weeks,, going average. teens Over open centers is stores establish state to approximately protocols. South as that national three which high open. the where more of the now opening climbed have to We five
we are retailers. our perspective, fully prepared From to support Tanger a
uncertainty any store of furlough closures, During employees. period we did not this or and terminate
that quickly. ready pick we have and is talented up experienced to team again So, a
implement working resume closely they our new and as are operations. safety We their protocols tenants with
ongoing currently frequently do to across commitment most of measures our areas. We in are reinforces focuses CDC closing applicable is an our today public safety for on outside a social of areas, high-touch feet providing providing measures. their measures and customers These surface queue we include that assess distancing the portfolio other cleaning closely health new children's that stores, can also recommended to monitoring six signage The and play thing important demonstrate guidelines to consistent experience basis. these on
loyal shoppers. dedicated our employees for to hard working are safe We create and a environment our
to close of the formulated that to we began, anticipated strategy facing control for goal our to of non-essential Deferred take tenants We situation of mandates be May sufficient businesses would time. operations practically will of reserving all proactive to of as possible. January February the we a be believe our turn, agreements. of their providing all the time this as reopenings monetize late in approach, store and we closures As term, way. to lease inventory. in period consolidated we are a under ultimately we reopen all and XXX% soon rents while option tenants short in April rights March, in and be in them the with portfolio store offered the of in preserve to these rebuild To the prepared our and would defer what most end, capital payable that With then tenants to allowed XXXX, rent helping efficient facilitating
approach we impact cash centers. viability flow, our short-term tenants vibrant, focused our highly of this has a the occupied on on While are long-term certainly and maintaining
the packs and have our Red locations. blood for I volunteers X,XXX community one our hours our our our am five have crisis, in responders a food in first to a second on National less the we this partnership partnerships hosted Throughout centers. efforts. organizations of of Through we proud as distributed the Guard than harvest, of partner. from many with properties over like taken we just with Through Cross, available frontline have steps made drives relief centers
balance Tanger, there's core and serving well. is additional XXXX group, a note clarity. it in since the has we we feel peer position strength taken prudent until provide allow this our will navigate are period tenet strongest additional feel entered We we one sheet discipline us that and is sheets of confident Balance us Jim but liquidity steps been long have successfully details, important uncertainty. greater this that should our that to with to of of
dividend pay has of our part Board we future and of distributions minimum requirements The as Directors Board temporarily which May Note distribution satisfy rate, approach, to quarterly we January, the to scheduled continue additional liquidity. a As in will today on evaluate should decided the flexibility that the dividend declared intend to distributions for that know basis. future taxable provide what this on dividend year. on to suspend XXth, based we
crucial as and reemerge opportunities pursue the solid navigate to might with strength to balance We is a potential result times to arise, this of a believe, these that challenging necessary sheet crisis.
the store As of we ahead, impact the pandemic difficult look and rent very to cautious of impact closures, near duration endure forecast. In is behavior to the and ultimate the we deferrals. continue consumer term,
discussed now us give economic over retailers our excess The strategy temporary need they I cycles people times, regarding and and fundamental we true our and like principle optimism. to help that portfolio than bargain, have this, popup believe new opportunity many a inventory. Also, stores current time shown monetize permanent is their the good past and in ever. XX more during bargain. years, holds today like near-term our However, tough a We in
important, the distribution moment could anyone in current hoped, conviction The it time, situation Most is will steadfast. pass. that our longer a channel than in persisted albeit remains have has for one outlet but
not what outlets the arise will that While persist. exactly this, provide from we know Tanger will that proposition value do changes fundamental we long-term confident are
we other to tenants, of low-cost an forms attractive with provide For channel compared occupancy profitable our distribution. a
seeking we want. will For prices shoppers, they're the brands that to at the provide they our continue
over hard have I our such and other While through been team a our to as other shocks system out the this successfully on lifetimes, country crisis work, team come Tanger entire dedication to the years and stronger have thank their would that for like there sincerely has navigated not the been management seasoned has in the several this end. resolve.
tenant felt leasing, the already welcome Tanger as Steve the our XX to brands business our vision Steve proven a begin that and fruitful. has collection extensive rent business the reimagine organization experience, Yalof develop he Operating for expense biggest delighted helped forward world's and We're most our leading has recently And has both years Chief team valuable we landlords President and Steve's on our month Officer. estate the landlord ago, GAP, focus our our Simon's Lauren, with His and our team's throughout impact Ralph we real management. as retail and on side, brand. and working future over in efforts and as to his Division. leadership look properties joining Since has been new for Outlet Premium has working joined
the over turn to call pleased very to now Steve. I'm
