SKT - Earnings call transcript Q3 2020

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Cyndi Holt

Good morning. This is Cyndi Holt, Vice President of Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. Yesterday evening, we issued our earnings release, as well as our supplemental information package and investor presentation. This information is available on our Investor Relations website, investors.tangeroutlets.com. Please note, that during this conference call, some of management’s comments will be forward-looking statements that are subject to numerous risks and uncertainties and actual results could differ materially from those projected. our detailed the and discussion to Commission and uncertainties. you a for of direct filings Securities with Exchange We these risks

being as Reconciliations FFO, core During non-GAAP same-center net G, will we and FFO, non-GAAP funds for defined our adjusted income, financial measures EBITDA. our earnings in including period to or measures supplemental This the Regulation in are information. measures the these by the rebroadcast most operations also from operating directly included recorded call time of is and a SEC comparable in of call, financial for GAAP future. discuss release

As such, this participants are be include only accurate comments it as in of listen-only time, management’s all mode. November is At to that today’s information XXXX. may note time-sensitive that date, important X,

to management’s as the comments, We follow-up that to everyone for will and happy questions. for of only opened many re-queue to permits, you questions. request you for be one prepared Following additional question possible If one time ask ask we allow are your questions. call as

will will Steven call to On Vice today Steve. Jim Steven and Please Executive Stephen Officer. Operating Officer; be, and the call Tanger, and Williams, Officer; Chief President Financial go ahead, Chief Yaloff, now the turn President I Executive Chief Tanger. over

Steven Tanger

Yaloff financial third Steve and will discuss thank priorities. Williams and performance quarter balance an strategic results our provide provide will our initiatives and sheet. update on of key our morning, Good each Jim review you for I additional joining our a and on of details us. will

driving to shopper including of we across our liquidity, centers, quarter, improvements rent engagement. third each the and our areas During meaningful leasing, of focus, traffic collections, made

retailers a low offer an occupancy. Our compelling relatively for centers attractive, option cost of with

into inviting was find well-positioned going we driven this quarter as part impact and of holiday the pent-up the evidenced the $XX.X to shoppers, beyond. that same-center third in to our brands season million, NOI In decline centers $XX.X We to in they shopping value believe, of on the as collections. are rebound progressed. XXXX, air experienced rent year, the way by compared the demand a third by and seek prior offer large an traffic quarter of open COVID-XX outdoor For we capture million,

We of is better Furthermore, are it quarter. $XXX of liquidity in second since each the resulting in that pleased available third the flow the October. start year-over-year have we significantly change million than quarter, positive of the end the cash month at generated was

terms to were We rent made quarter. significant improved which in of markedly collections, compared progress have the second

that collect X%, We the do due have uncollectible of deferred of third and negotiation rents quarter, or under or have weaknesses. one-time concessions we For we only one-time which where tenant billed quarter of bankruptcies to that collected. collecting to not or deemed because, including are third In we them because have anticipate approximately select we XX% we still XX% cases, the concessions. rent granted financial expect being X% approximately billed already other

requiring of exercises lease and full early by income ongoing preserving exchange favorable co-tenancy while ability such stores, prevalent retailer’s stores, landlord our shoppers. for and modifications waivers, desirable stream, exchange in so done availability in going back-to-school including by brand offering term and of schools choice was our was be in with have comfort reduced value-for-value shopping impacted open and shoppers’ negatively extensions, This Uncertainty caused option third inventory. goal districts the ultimate virtual. year’s We staff variety to quarter to as, the to some their of to an product

performance. are we Given pleased changing with backdrop, our that

hours per air For stores even opened needs, open accommodate reopening. XX% to since as centers our year of prior week retailer fewer the rebounded traffic quarter, operated to XX.X% at

store At as XX% In quarter, addition, progressed. of stores. the quarter the had from the and of the mandates close all quarter stores beginning of quarter, At traffic note, the up require end. were approximately tremendously to lifted one-time of retail many the XX% capacity at shopping accelerated of openings centers XX%. start occupied Of local picked the By in more to reopened. the in only at third of non-essential our mandates mid-June, increased that portfolio the total than

we adapt increasingly of the a operate moved defensive within shopping. and was the safely towards learned that getting from as reactive customers pandemic a to We and have in approach back strategy of necessary protocols how proactive

today, of increased access. we hours and As have

stores the our to end, a customers. maintain as our Blended straight-line that ability and shoppers’ retailer consolidated offer a average leases the of to basis. our desire safety, all on for occupancy XXX,XXX we feet. and priorities basis cash second square in on part as As off At due for from in XX Ascena stores, rates quarter, possible XX.X%, XX% the rental totaling X% down were to large end the of the access to quarter staff commenced much XX quarter basis points was closing portfolio

quarter tenant of second XXXX. time, of and at XXXX brand-wide bankruptcies remain restructurings we fluid expect square and comprising to approximately the between the stores, this close number a feet of XXX,XXX quarter fourth XX While

is tenant we is it businesses. will our watch we the that one be as tenant as into spreads. smaller impact in on was as accelerated cases expect mid-lease control likely and are modifications of That their rental have than today, renewed select tenant pandemic. additional are fallout rates, the These implemented there there pandemic further will an business also while situations going impacted at list element We leases cannot some sit and be as our reduced

while our tenants options the current centers, increase pressure it and we steadfast target near-term as level curate Our and our confidence will available opportunity new centers. platform vacancy create creates in also of does the is our that NOI, on our to shopping

improving lines credit. million we’ve an position. strong Importantly, fully With repaid on $XXX balances liquidity outstanding outlook, we of have unsecured the maintained our our

collections, flow in the rent positive achieved of cash increase quarter. the month have we the each since start With third

approximately a has end and the to million. of fortified believe, this October, challenging navigate is We sheet a crucial emerge long and pursue times to with strength balance As of $XX Balance opportunities. of well. tenant been of we remains strength sheet core balance potential us to Tanger necessary discipline serving a cash the had

desirable Our and a and priorities tenants. portfolio remain provide strong name high our for brand quality consistent, maintain balance sheet; value retailers maintain a compelling with consumers; proposition a

While by does on continuing we our Leasing holiday positive COVID-XX. period. shopping build the long-term priority, improvements outlook, our the face, impact due a enter top momentum, do to traffic as as we largely to recognize and to are we we continued challenges particularly sequential encouraged the remains

outset from NOI long-term evolve look of needed pandemic, taking achieving we and to a fresh growth. at the a take we stats, our As the we sustained at towards center additional operations are the defensive view with

ongoing time. to want Yaloff. through wishes turn good I health and will I the our committed my express customers, remain and Finally, call best this everyone’s communities We well-being. over supporting Steve now difficult for employees, to to

Stephen Yaloff

rent on in team, since Thank quarter’s growth. terms you. We and priorities continue significant returning our last be These made highly we call. entire of collection focused stores reopening are long-term for to to progress sustained and

important traffic space, through our on holiday is open period. centers, leasing building shopper outlet air to shopping and driving available emphasis immediate the Our engagement

operating NOI revenue; our are more efficiently We on initiatives driving and cost; at, to aimed executing optimize maximizing growth. effectively

brands us In expand of as, of generate our have Barn we These Calvin locations. in such their opened of looking leasing, many customers the get with Erie. terms continue and of locations great are already footprint tenant front including to Tanger to brands new West marquee interest, center Pottery during stores are court in pandemic Klein, Elm, which that in

concepts, to vacancies and and and new such Pop-ups to digitally-native allow brands. pop-up home to local and well-known category, brands us as, top strategically in also fill categories brand introduce are utilizing and We food the Tanger stores. successfully new beverage

such since Tory to future and multiple, rent setting are these with the us examples foot pop-up tenants. initiated and the with of occupied fill Vineyard objectives per expanded including, relationship While they long-term additional average, and lower Burch keep Vines, the leases retailers, leases. growth space many than their as desirable pop-ups of both is square for number have up of us with Two portfolio which have these a on

the the retailers providing new many to remains quarter leasing vacancies option While for limited occupancy space. the of points, created environment, brands. for outlet as in offset velocity moderate for to be of making almost compelling low cost XX this the Through local occupancy believe half air channel, particularly distribution open relative channel basis we leasing new efforts, decline our leases the recaptured our a important strong continues retailers critically by a it to we

has our current has to our focused centers, strategy engagements, also on been for digital our evolving marketing time, We and environment some accelerated to have strategy an increasing the marketing and customers drive efforts initiative. objective this customer enhancing while only been

During enhancements deals quarter, some where we access Tanger earn the digital launched exclusive capabilities, and the can to shoppers exciting rewards.

platform. were allows the across Tanger shop is Virtual Similarly, of we access the it and program to the allowing As XX% quarter, downloads to engaging our of having up Tanger App which their continued from shoppers third fits results utilize This Program, way end year-to-date. a in have needs. seamlessly products the shoppers Shopper intended of to them

of different encouraging season, one the focus difficult and the shop we looks on we has day weeks we for Tanger. now, shop Instead shopping As to lead shop than and up holiday following people to early past. starting it are are Thanksgiving, early, years planning the that

provide provide inventory, tenants to worked in and conscious built We during safety for that up the to our are are exclusive this having centers a holiday they working At our communicating retailers regards with fun with are effectively to promotions inventory shape they’ve through closely good shutdown. and environment that at time, shoppers.

have To but the growing Tanger our this, will and realize, underlying occupancy; and we am near-term can field on approach a this and from of developing some to The opportunity added unlock ensure over our organization particularly of a I in center execution seasoned we to that confident management laser-focused profit opportunities. that increasing and to executive we operational planning Leslie the is for management on is with Swanson revenue we the longer There of as team. joined have believe Executive has to empowered overseeing time. we that Operations side expense drive and operational can we enhancements team. expense elements Additionally, perspective others an an field-driven new President compelling some take and are incremental responsible have Vice opportunities, strategies NOI. revenue drive initiatives;

drives Finally, to support to and continues food by supporting important our ESG regard blood is making like to pandemic would centers I sites. communities services the culture. distribution some social with social local the Tanger collection our elements, available embedded activities highlight of our in to throughout

As stations. paid our partnered part to organizations, foster with to two and the and Tanger full-time engagement, efforts Polls non-Partisan time-off HeadCount volunteered voter employees, polling to of encourage civic offered our Power registration

We guide year to strategy further to ongoing with dedicated complete ESG stakeholders are this goals early a at assessment comprehensive next and engaging To all materiality will engagement, Tanger levels. our objectives. matters on ESG help our

committed which we is are return create liquidity have of as I team entire time improvement like call our you over the Jim it turn on to and to from and believe through forward growth ongoing to With reorganizations, the for results, The tenant prospects We we through to and and pandemic the balance efforts some would the and brand reporting and growth achieve transparency sustained take although an to environment we our remains future that, recent to to excited the recap. look financial near-term work uncertain by and Tanger, I continue and sheet take to will now to value. progress. unparalleled platform impact

James Williams

Steve. you, Thank

and quarter issued Third rental of quarter to and the performance, from impact related Please pandemic additional the detail a the to reflect provided our impact to rent to improvement ongoing reserves strong quantify tenant last the showed night release bankruptcies. earnings second but results revenues. uncollected we refer for

net to available share third quarter, was net $X.XX of income per share, $X.XX the common income per shareholders For in year. the prior compared to

the FFO was be share, were to deferred and the share shareholders consolidated core common in million under the that negotiation $X.X quarter to programs quarter $XX.X per end available uncollectible not or quarter write-off to revenues million decreased for including third of portfolio a or reserve for $X.XX Third quarter, may charge at compared NOI XXXX. per $X.XX collectable. Same-center

are time recognized at of million currently basis this is monthly our with of In straight-line addition, comprise in a in rents. who X% a of uncollectible accounts. than of we pre-petition are less known fully bankruptcies rents, the accounting associated rents write-off $X.X still not uncollectible and largely the The and the approximately Tenants outcome bankruptcies rents. cash on

for XXXX, XX, of collect under to as improved continue deferred That payments due collections to In in of resolved a under also quarters, With prior We totaling which total deferred and on or sheet. majority potentially still and to previously it’s income, rent a receivable have for reserve quarter, under $XX.X the second are towards we prudent recorded rents both market million, revenue XX% received, deferred we in negotiation January This October negotiation. in income these of are under said, rents rental the of as represent of NOI, for we written-off February. quarter periods our second our of for X% were taken regard have against due billed collectability. million paid. were Substantially, and third negotiation negotiation. billed, the were and of or in uncollectible expected rents leases the all balance second rents and approach deferred rent recognized net a taken those billed quarter XX% revenues from represents in $X.X same-center our approximately FFO In a or and lease are which is billed that from the million decline a rents $XX rents deferrals, of the portion quarter. billed accounts

to and be strong previously pandemic, particularly we prioritized As proven discipline always financial this we has discussed, maintaining have critical. the through have position, a

credit. we capital entire of of improvements With our out rent million ongoing and lines collections, unused start capacity we approach in have down pandemic, focus of cost $XXX and million million on the of including to credit. controls caution, $XXX a on At line the allocation, our liquidity, prudent currently these of available of the of $XX drew cash,

environment, paid With quarter, the we the during the balance. fully impeding down

We XXXX. of have no until December significant debt maturities

year not uncertainty our potential these around see make announcements. take continuing believe perspective navigate guidance reinstating the we are be the the up current this We vacancies, Operator, pressure now continue future year like basis. this opportunities evaluate required our to conservative the we appropriate and well over from to the environment, capital to a approach, for remain will environment, priority can growth, and status. continue long-term. the liquidity questions. of retenanting our deliver well-positioned anticipate terms at will Nevertheless, is ongoing to question? store accretive dividend of regard time. levers we Board balance quarterly Due from paying has rent I’d to uses that to reducing allocation, NOI include remainder to and open into closures modifications current to on dividend we as environment. as to dividends, the selective committed in But distributions next In evaluating REIT steps our With of to capital a sheet as the maintain our are first we disciplined increased as we and as it recent investments current such

Operator

question Katy McConnell [Operator question. our your first from Instructions] Please from today Citi. go ahead And comes with

Katy McConnell

today trending you expression, everyone. the and talk for Could you how XXXX And what made a the of about you leasing Thank months? demand progress color signing morning spreads leases provide are looks pipeline as prior little Great. actually more to can on adjusting on like actual the are based today? twelve you you’ve good the opposed

Stephen Yaloff

Steve in the as to leasing want our spread, to Good managers open are Jim leasing say thing taking but approach, and first although is buy. morning. that are retailers, about far as let This am everybody representative. is leasing I Steve am leasing, cautious future is is Yaloff. concerned, talk a going leasing, the about I or are we our talking they company center is a to I

Our about sound expanding. our leasing the we footprint retailers a a in lot is one talking to strategy that currently are of are national and

number new bankruptcies had creating in recent the the opportunity occupancy space in have in Some shopping been centers given where the and are typically past. of us retailers get of and opportunity a that there high hadn’t that of opportunities some front that available to we created

and pop-up employing to are us a of that share is short-term bit said pop-up We think as little the remarks with strategy as opportunity into space And spreads. turn the some end estate leasing to I give we reprice also obviously, ultimately our our to of of opportunity about over more real as leases I’ll strategy in to net great my sort we this vacant the pandemic. come Jim it income. to you turn

James Williams

morning. Jim. Yes. Hi, This Good is Katy.

to into and continued occupancy. able that as through high to said, as We pressure faces we’ve a are we do the are with little We going environment see to working tenants be this as challenges our and you to guidance spread the on give not we much XXXX. expect bit that maintain

Katy McConnell

Thanks. progress a get Okay. when progress we cap on you level made then, I are can And pretty any XQ expect modest be on normalized the based seeing we’d rent quarter, or to And that collections more on curious in collections? am of lagging? that touch a back categories great to that to still seems improvement this as

James Williams

will delighted are we if we we expect to think, look and had at XX%. piece almost And negotiation and to we And in I that’s I to think down or X%, pretty that small that’s portfolio. which pretty tenant deferred small, you we pretty the which when percentage. pretty are to with much every there we still is get XX% Katy, a what think under incredible collection is get that work get, to really, is up rates think see that – to our So,

third through bankruptcies the and We’ve also the from seen by lot I to pre-petition be working to for impacted and there. that we’ll and progress coming bankruptcies are continue think of second rents are write-offs quarter we quarter that rents. the or So make

so, we in are And now post-petition periods. the

is don’t expect store we through to the bankruptcy bankruptcy bankruptcies. rents expect closures So, there We do rent tenants. filings, to we some see in unless we written see ahead, the work don’t further and more X% as to looking of coming for as off see see the some

Katy McConnell

Okay. Great. Thanks.

Operator

go from your from question. McGinniss Our ahead Please comes question Scotiabank. next Greg with

Greg McGinniss

Hey, good morning.

Just on little question a following bit. Katy’s

by the pretty based just that here? kind been turn impressive you’ve owed. collections that, number to at then, hard expect you collections final on number number where receiving work provide QX? year-end? that bogie Could in clearly collections So, And by rents of and you the XX% XX% month Is

Stephen Yaloff

Well, similar Greg, literally I I then to you rates give October to latter be very guidance think, we particularly mean, far, remarks, the had But for to similar quarter. again, to was very like be collection average is it’s out seeing that the month, the are that going and I what XX% yes, for turned to fourth in so where of range. to

Greg McGinniss

And Sorry. Don’t July, then, mind? the numbers? collections August

Stephen Yaloff

the lower, July down. not We are prefer break obviously, we was but to monthly give

is think quarter fourth the we I is trending towards quarter are rates seeing in that, I of like are piece the into looking is the the end more the where and table. think important we what

Greg McGinniss

you impact reserves repaid apply and then, adjustments the earnings in noted actually the I off Jim, into of that QX Do really outlining mind are to write-offs? quarter’s were written there some that Okay. in rents last in results built as QX QX. guess, release,

James Williams

is of movements chunk part won’t in I buckets. analysis of paid when and in quite mean, a until is bit this various it’s deferred a there that big There XXXX. be the Yes. of

going were go think we rolled we what do still much quarter results collectability we we still to In unpaid either they had we will of as second cases, increased year, termination and some off. net-net, was had have and third pay get previously fees some for some what’s impact what’s on written those the in pretty cases into went up books, or we that But positive to folks think wash. a through continue the some it, the we’ve reserves the assessment. to quarter through So, items the paid or were in truing what I

Greg McGinniss

Okay. I more from just one me. guess,

curious contribution from just future? further On the – sales Whether asset? disposition. what Terrell should the outlet NOI Obviously And drivers behind see it’s what were we was that smaller. expect the to in the then, the non-core sale, the

Steven Tanger

is active was asset the transaction. plan. to Terrell longstanding policy And aggressive not Yes. asset our morning. into was consistent get poorly too an am long-term much a going program. our non-core management and of small I insignificant productive with details, it’s because very with Good it consistent it an and But

Greg McGinniss

Steve. Thanks, right. All

Operator

question. next Our Todd Thomas from Please your comes KeyBanc. question with go from ahead

Ravi Vaidya

Hey. This We is concepts what Todd you was on I well. Gap how for cutting thinking demand is footprints. of Ravi types Thomas. tenants the Any hope everyone are sense is closed mall Good hearing wanted team doing incremental Vaidya about from? about the about I morning. to seeing your an line example. ask guys outlets? those retailers around are

Stephen Yaloff

Ravi. morning, Good

all, Gap of we at to forward, goods, on speak. with footwear dependency Gap, it furnishings, relates concepts we concepts that right are as on sporting now. resolution are entertainment with First our had as reduced and goods, and I new going things favorable looking fact we think, in apparel But focused hard as Gap, very home a we

Ravi Vaidya

Great. Okay.

prior into Club that? any of commentary sales there, membership, In levels. like especially that’s translating offer September size, or and anything average how Can Tanger year has metrics terms of sales? you recovered, on basket traffic the updates close on traffic, in to performance Any

Steven Tanger

Last our a just I time with are compared we to in all coastal comfortable hurricane shopping. more out, to environment period centers of consumers open Dorian Well, September, seven year, our air point centers today’s where basically were in closed. want where feel were of

people transparency wanted tremendous are have prepared that we for what We demand all So, still consumers is of satisfy that shows levels out. do that been to research we point believe we compelling offerings impact, without have that to we our about XX% go prior pent-up would an to and shop.

Ravi Vaidya

Okay.

one here. from me Just

is recapture? occupancy to that of are or then you XXX,XXX bottoms when. bankruptcy space have at And feet expect the to you square feet, space sense recapture, Given non-renewals closures that where for out going clarify, total are tenants just other just the a wondering, and there in to only additional and XXX,XXX you

Stephen Yaloff

is of better also we getting our But that back our to particularly now upon again, platform think as make in that front into would reiterate So, great leasing for be one to we where it’s restructuring. is what continue before. organization. occupancy kicking situation a opportunities decent for that a better that these assets fluid be for the see that’s haven’t obviously, to determination to both some new it’s call of And relationships with as creating I number of the And hard bankruptcy a land. lot maintain main we been to that we some and I us that right are us entire to build will objectives get of of retailers, in spaces going retailers. And those strong opportunity a a

Ravi Vaidya

Thank the color. you. Appreciate

Operator

America. question. ahead your from from Schmidt comes with go Please question of Bank next Craig Our

Craig Schmidt

The Thank you. pop-up wondering, impact do leases? am I spreads? the pop-ups leasing

Stephen Yaloff

they No, Craig. don’t,

Craig Schmidt

And regarding, ABR like they and comparable overall then, entering portfolio? properties, that Okay. are of kind home do pay hard what goods your retailers to categories the new and

Stephen Yaloff

rents to wanted We were Elm. center. positioned other position that to traffic West retailers retailers rent they themselves Pottery shopping We we that centers Line that shopper as centers. a don’t with obviously, just brand at perform, a mean, our and with get also they we I contribution see hopefully category by I the in were came those the point have, We whole great the of in set did Caster. halo But but that’s great, like, deals retailers we think And shopping they added is our that the some to all from to shopping break new sales Barn. we’ll we down rise. they in followings in overage at of view, get addition category. rents some their that those And look that community, really great and And of pay, added

Craig Schmidt

you. Okay. Thank

Operator

Sachs. ahead Burrows Please go Caitlin comes Our with Goldman from question. next question your from

Caitlin Burrows

everyone. it with that morning, to quarter were of that NOI NOI Thanks. savings. not say down going so the keep was expense of revenue? so, expense But think I is - out up I about good maybe, lower on with wondering, do you Hi, I even able expense while just same-store revenues forward, the for kind same-store would evens you in were continue are but was, expenses, did savings talked declines kind the savings or may revenues to NOI these possible be to the that them.

Stephen Yaloff

XX% Steve it’s savings, actually season. so our do two to to are I hours the again. savings hours we With that with expense QX fact a of today, cut regard add lot the day back Caitlin, holiday to had expense think, and starting by we for going shopping

expenses. implicit come increased it So longer with hours

operational marketing-driven operations are of being I team. veteran As the now bought field operations pivot the that we will line. remarks, on our Tanger my centers little to And in a pivoting more in one of of field come mentioned opening think model. just we more more legacy a more expense bit embedded very seasoned of savings operating into an And to shopping

Caitlin Burrows

lease it. they fees, this And that quarter high termination Okay. had guys mentioned them you were But quarter. expecting you I know to be just high. the on that then, were last Got

more if just a is you still that we So, as had that, is this level? it wondering if there more last that normalized over? of is that? quarter talking about if you think Or elevated return be expectation would been to should do now to coming Or level what

James Williams

that take is This I’ll Jim. Caitlin. Hi, question.

from that the we’ve single those, of half about half received quarter. will few fees. a fee a be tenant getting that a reason the fourth third But been other significant the and have termination for We the in termination the and termination fee primary quarter we we recognized recognized pretty recognized is in

Caitlin Burrows

Okay. Alright.

Okay, thanks.

Operator

with comes question. ahead Vince Our Green your question from from go Advisors. Please next Tibone Street

Vince Tibone

footage good Hi, currently of year that was morning. And is it your percentage ago? leased temporary or square tenants? to a does pop-up where What to how compare

Stephen Yaloff

short-term It’s But, Occupancy to the have our side current obviously, flow. and to leases And periods, lot where leases of give that’s in pandemic. now, goal Historically, obviously means expanded now us, to opportunity critical to Steve. short-term temporary again, a other maintain we occupancy. right of cash tenants about us the get a reprice our short and it’s But right lease Vince. X% is portfolio. estate to occupancy of we this real when expiration morning, Good pop-ups those X.X%. our

Vince Tibone

Got you. And clarify. just want it. Craig’s follow-up just a question, on Thank to

pop-up in metrics. So, is leasing included not the all of leasing the any

of XX different than two So, sections, can it you out months. in break lease then more all terms terms and

So, the none even pop-up lease section. up the Is of all in correct? leasing shows that terms

James Williams

this Vince, Jim. is So,

just me Let clarify.

supplement, at our If leasing some which footnote a that which What’s in the let’s pop-ups term leases you or look inspires. inspire those to temporary those of tenant that’s And year you more. short-term we would not are tell were beyond the be. in in

Vince Tibone

a there it’s the is that that, showing Is like, on But not what the average? think if Okay. any typical impacts. and flow NOI us much I rent up you can about, to much lower – pop-ups, how level because so it’s see in through in that maybe generally in relative gap your financials, rent where is because spreads think that don’t how going I would hard between portfolio to know like, the help okay, they all But, to tenants increase the are that pay revenue the ultimately. it’s

James Williams

start-off if and to jump Steve in. This Yaloff, is you want Jim. I’ll

we those It a are pop-up talking to to short-term our and some their don’t not and case-by-case space compares. we we and think company those to how we upgrade are the bring to getting these goal up into a our tenants go are tenant on and having But I what to nature lot or there I new of interested to that’s a opening need to fresh exciting we where in in and in full and rents them mean, are certainly in rents basis. success we basis coming centers tenants – pay pop-ups mix and As in and the Obviously, tenant-by-tenant talking portfolio. the really get Steve to think are is take It’s the in. coming going depends basis. due a the on it’s said, those

Vince Tibone

you. thank Okay,

Operator

P. question Instructions] from with J. comes Mueller question. go ahead next Mike Please your from [Operator Morgan. Our

Mike Mueller

Hi. Yes.

So, at lose quarters, about together. If bankruptcy that are looking And due to then, primarily X.X what to tied XXX,XXX? other you to what the were that’s outside of that over of portion you tenant portion million expect pre-petition the square next to, financial the to few tied the tied $X.X I that components, then feet going XXX,XXX guess, we is the that about XXX,XXX that and you reserve of space is thinking risk at million to million lose? situations know X.X weakness,

Stephen Yaloff

in that sorry. have write-down that’s that bankruptcy don’t of with component that have share information. I’m kind of I section. Mike, is certainly a So, can the in front I you. don’t There me I just But

Mike Mueller

Okay. Thanks.

Operator

next from our Green is Vince And follow-up. go follow-up question a Please Tibone your Street ahead Advisors. from with

Vince Tibone

taking my more questions. Thanks for Hi. of

is marketed what being the impairment mean, for of the does sale? property sort Just, Foxwoods? at then, that charge And

James Williams

to occupancy. related just that have and result seeing impairments The some Certainly market rents – Jim. that the is with challenges own industry. It’s This its tied of having Foxwoods the being is challenges. Vince. is primarily Hi, casino had property casino to industry the

of still one think is open not the today. I casinos

sale. each quarter we quarterly mean facts that circumstances a and based necessarily But for So, analysis at – we marketed impairment sale. necessary that analysis that charge based for it our doesn’t on mean the Foxwoods. being have it’s always doesn’t that’s That on and for we determine and time, do marketed an

Vince Tibone

for and last two you portfolio? rest Long are And important your some across variability one performing, specifically, much trends there region? Thank could trends traffic just centers how one your to you among on share of how Island color is, me compared And the portfolio? notable any is Okay. color by that for the

Steven Tanger

take I’ll other Vince the we by not have this that. which world of been portfolio tourists from obviously have dependent visitors impacted The terrible upon and virus. parts is

not Resorts together. are tend We properties a to where Our we have proxy are don’t a for people retail. – drive American go to really year-after-year

will I a picture. Each if know variables true you the told doing don’t has northern different than impacting So, were better give southern properties, if properties I traffic. the you

of might non-recurring other themselves. which issues. there and are that be Some Today present issues extraordinary weather

the and you data we traffic. don’t distribution would would That of I geographic give you. much to on So, be sales helpful think

Vince Tibone

the all you Thank for Okay. Fair time. enough.

Operator

over today’s Tanger to ladies call And and will back turn I’d session. any conference that the gentlemen, conclude Steve question like to answer closing for and remarks.

Steven Tanger

a participating I for go don’t if with great visit hope you a we virtually to outlet see be eventually before. bye. centers. a or shop as We at you in see everybody able our Good you thank to NAREIT today. you have. call air weeks want our safe. to speak at lot of always face-to-face couple holiday of we to Have And and open be Please

Operator

with conference conclude and Ladies attending thank for today’s that, We today’s gentlemen, presentation. you we’ll call.

You may your lines. disconnect now

Tanger (SKT) 6 Nov 202020 Q3 Earnings call transcript