SKT - Earnings call transcript Q4 2020

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Cyndi Holt

Good morning. This is Cyndi Holt, Senior Vice President of Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers Fourth Quarter and Year End 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.tangeroutlet.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

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

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

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

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

Steven Tanger

in have for and higher you restructurings, so morning and also our all as the who Clearly, our bankruptcies and mandates Outlet close navigate have by tenant their This to Virtually, the diversify capacity were I a XXXX diligently several health to was at the like starting global and space facing also of of operate safety us with Good levels that providing measures. reduced In XXXX. additional comply historic and tenants since on mandates, were at evidenced thank the second recapture has no demonstrated to challenges governmental my worked joining them positive year platform entire deep highlighted retail team, further resulting stores, the brought characteristics opportunities portfolio been mix. Tanger and pandemic. lifted upgrade vacancy past with directing to our Tanger today. by the express year in us there the of XXXX, want and other, quarter appreciation a for resilience

rent provided Our demonstrated for cannot positive results, or be shoppers centers recent an characteristics trends rapid excellent open-air retailers in desirable other and after traffic and our and are proposition pace by metrics. both formats. value mandates the duplicated These in collection including lifted that were stores brick-and-mortar reopened that the e-commerce our

differentiates further balance sheet Tanger. Our

emphasis of pandemic, conservative strategy our financial of has cash to on always for Our onset we dividend, the In part a is our with reinstated of an liquidity the provide since important which our meaningful return given shareholders. January, the improvement been great flexibility. flows total maintaining optimal sufficient

We through transition. I of became created As previously role the company, to he a and accomplished X, what CEO. January years as the company ability outlet outlet look And of a in countless a the am the of I with after world-class in last Steve's CEO, community announced channel have the as years industry. that than the synonymous we role am forward this Steve to leader, leader quality I've as on prioritized been I for confidence our assumed XX proud partner. role go-to and as advising this and and a created jobs retailers, Executive lead complete have Yalof transformative more to pleased extremely brands with welcome our XX centers, brand thousands contributor assumed I Steve Chair during month. time officially

are company position to growth time. to return the over to have identified sustain encouraged the by We opportunities we

path of and winter power the best our are so storms by extend extreme are to being and want I the to impacted weather Finally, current outages. in who wishes the those

these to provide Now a over Steve, call quarter review initiatives and to of year the to I'd and turn full like performance. discuss our fourth

Stephen Yalof

for important our grateful Board lead transition Thanks, Tanger opportunity and with the Tanger and Steve, this partnership through excited in to of entire the Steve. I'm team. Directors

last the have business our that company, challenging are been for rent open-air shopping traffic, to While our shoppers months outlet stabilizing collections our mentioned all returning trends that indicators and quickly the and liquidity centers. are XX our positive Steve is

the accomplished we many for growth. During navigating company XXXX, while established our positioning groundwork things the pandemic, that for

I and marketing. Our business, thankful be leasing drive team more into opportunities their Tanger. core enhancing for proud could challenges our of components to of I'm professionalism, team on and not turned operations, this focused key commitment and the and

XX.X%, having increased despite Leasing footage year Our wide the across company. focus year-end an our the portfolio almost bankruptcies was the and broader and portfolio to in intensity X% square brand restructurings. due has on entire of recaptured occupancy consolidated taken a retailer during

begun Lululemon, focused professionals to center and driving pay expansions we've our and Boss and existing retailers aimed as And and store in added such at our uses our entertainment new are development locations. Victoria’s tenant new new early brands, offerings frequency, XXXX, shopper across base from add leasing Burch, retailers deals identify and our several stay Secret best experiential extending new Tory merchandising with Hugo order visits, has food, portfolio, business their driving growing market diversify Our to off on new augment and sales categories. and increasing in This already best-in-class in we'll growth. to strategy their as

In portfolio warehouse now. concept increased to distribution on-center the month. model Head, space advantage For And shipping in continues open example, in Fish, grocery, through the momentum activity. their anticipate South platform, our us partnership with first we well-staffed going a other our Nantucket across and of distribution in build F&B iconic in in do Dick’s be facility to in and this gourmet Hilton logistics goods QX outlet Fillogic, first so had the will are locations Park, category, forward. we took take category, our Deer Carolina. will opening for sporting later this to which with the Leasing & Meat started last-mile We're

our entered into in to retail market select businesses professionals, local markets their In with partnerships strategic team addition expertise tap local in key drive and brokers and of we iconic to markets. top these leasing best-in-class have

Lastly, proactive initiative, as empowered our teams discussed take a have last field an I local create management to quarter, on reorganized of property leasing in we operations this initiatives. brought our to supporting and strategy. them a role help Through EVP field-led we've

to rebuild going Given that. and certain will pressured. we the vacancy occupancy In anticipate rent spreads be into XXXX, level going of to time continue to our take it's cases,

an However, deal as in activity, see we retailers strategizing encouraged increase by growth. we're more

manage strong their brand our that attractive Outlets placement While brands offers solution to Tanger an value stabilize unique is traffic any compelling pricing retail and a product, other distribution proposition, and retail channel. to

accelerated effective. rents were order as when NOI the until post-mandate in the opportunity We February stores flexibility XX%. that center, the open stands May rapidly monetizing January drive retail reopen strategy and are all of partners this of defer the and occupied such of this proactively April sponsorships. mandates also believe At to elements opportunity additional to percentage currently and onset and to of at The proved them to of lifted, year quickly the provide our by an our media amenity, there's pandemic, we offered

and that to rent that than better Our collections billed that permitted quarter our at demonstrate portfolio. for we date, rent strategy where negotiated was strengthened fourth exchange of strong rents in a deferred concessions, landlord-friendly expected collections value the we amendments XX% successful, resulted value

million traffic approximately to the expenses of in at the than were January. year XX% that close look and of the traffic devise in I'm rebound to a levels, more We our nine to shopper pleased quarter, reductions also cost took over plan a during rebounded centers. XX% note to almost quickly month meaningful in rising last In the $XX months able XXXX. prior resulted of to fourth

brands value Excluding inviting centers, centers everyday Canadian rebounded the open outdoor favorite their were at our January favorable traffic closed to our an to characteristics levels. performance offer air, under that find government pricing. year shoppers mandate, for reflects way This prior stores

XXXX, we journey digital the started During our transformation. of

in our engagements Tanger drives, the have During allowing home. a shopper pickup Tanger them Tanger Tanger pandemic, shipped portfolio the in-store, voter they including are centers out brand chat virtual Orders second shop build. regardless Throughout and way continue Tanger the engagement, civic up of to date or via the geography using shopper picked registration food hubs rolled shop with FaceTime and shop ways to proprietary been curbside where for to blood To our meets allows Each virtual to drives, be our our can to sites. service to curbside comfortable. virtual three stylist. that shopper is any we customer the most our quarter, the they feel service. virtually Tanger and customer

a energized across the our customers of members is the confidence our DENI business inclusion in organized our council and connection leadership organization, us and and to innovation championing team our by Tanger serve. reach potential, XXXX, fueling communities empowering with the During created with My employees, and we diversity, full and equity mission opportunity. steadfast I'm

these want profitability and which each our headwinds are execute establishing to to advancing call initiatives. as for infrastructure confident strategy leasing, I shoppers to time, financial marketing are our XXXX. business, core initiatives there Williams necessary ability Jim return, and is over liquidity you While our in We and to sheet focused our top over to entered to our to our still through to to sustain our now strategy accelerating results, they outlook remain we Jim? priority. our XXXX, growth balance would on and recap reshaping meet team, the turn the like our our where our shop, of and operations I'm take

Jim Williams

rent deferred continued core in approximately the closings reflecting per brand-wide including The showed fourth the Same restructurings, an of brand-wide available $X.X quarter the to from or performance, reflect to Thank restructurings. to a the $X.XX of negotiation you, Fourth recent Same primarily previously feet for for to billed write-offs improvement compared recent write-offs quarter FFO impact quarter. related the share related the rent. were fourth approximately than $X.XX per bankruptcies pandemic, second Fourth of under benefit during quarter for as Included in our XXX,XXX XXXX. offset consolidated of million quarter quarter million share additional decreased a ongoing modifications quarter, but the $X.X leaving store and result NOI shareholders net square of million reserves recaptured quarter common approximately NOI Steve. the third are $X.X better and the from portfolio, expected Center $XXX,XXX. the rent collections, by bankruptcies Center was in results and of reversal and

NOI. Center to January, Through the charge rents $X.X which recognized FFO million fourth straight not rents of of in core addition, to line a XX% we In collected related quarter Same of are had end billed. the we included write-off

We amounts tenants also continue allowed to collect including to rents to related to billed defer our periods, prior XXXX. we for XXXX

to half As of represented XX, of from in the XX% quarter XX% January of improved our We second collected, deferred quarter that been rents nearly January. improved XX% XX%, deferred from had were billed third of XX%. XX% collected rents of due And to which prepayments. rents

reflected rent these is the in period in earnings our in have collections We the the both that collections billed were presented release our and in table supplement. rents

the was rates XX, FFO $XXX,XXX. January of by significantly collections fees impacted the lease for for billed amount termination over rent totaling collection positively were to which recognition of XXXX, Core was the elevated quarter. of fourth of quarter the approximately $X.X similar As prior million, January

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

as end cost $XXX collections, and over on allocation focus unused of million in the our With of and liquidity, January. improvements capital $XX we million controls ongoing prudent the capacity including of of rent credit lines cash to over on had approach of a million available $XXX the of

have maturities significant until December, debt no We XXXX.

improved holders January the rent of was ample collections on $X.XXXX position, to of XX. paid Given declared week dividend liquidity board per and our our record which last a share,

continue approach capital will allocation. conservative our disciplined We and to

our include leverage reducing status, dividend to selective investing to grow addition NOI, of growth over in opportunities time and to evaluating distributions, REIT levels our to sufficient over uses priority portfolio capital, pre-COVID the maintain In longer-term.

pace our variability will of of as of pandemic the the While that initiatives are in remains impact there Yalof by encouraged uncertain. discussed, we that progress the Steve and performance the be anticipate leasing ongoing we

assumes Currently In or further lease modifications. share assumes anticipate backdrop, continue termination no we additional $X.XX million $X.XX square $XX and in from of This restructuring the of during shutdowns XXXX. which recognized to the We light XXX,XXX rent share store FFO vacancies, year. guidance core current are XXXX. for store to level to Most and due by bankruptcies government mandated potential feet pressure XXXX per and recapture half be per we this brand-wide first of between fees elevated there the per $X closers approximately expect share. and occur expect will $X.XX expect to to to in million we $X.XX the from we decrease

We assumptions this time. any at are detailed providing operational not performance further

However, in quarterly operational be winter storms the of variability basis. some of in the across performance have meaningful XXXX, XXXX, from see any we a do anticipate first we will much did comparison there COVID year-over-year been not our quarter. quarter there first And on widespread In impact portfolio. in

for million expenditures tenant capital We million and expect second annual combined of allowances $XX approximately $XX generation – a XXXX. recurring

is balance our perspective. believe we well-positioned liquidity from a Finally, sheet

and the to to Operator, steps for take our financial to maximize it appropriate take environment our now up continuing are can open questions. first navigate question? flexibility. current I'd the We we like

Operator

session. We question begin of Please the first The go will from Schmidt Instructions] now of America. comes Craig question-and-answer [Operator ahead. Bank

Craig Schmidt

How Well, Banks thank stores Good many you. & are Tanger Christopher the in portfolio? morning.

Stephen Yalof

pulling am jump to phone, Unless number you're with in the you I Cyndi, Craig. actual number on up. that want C&Bs. morning, the if of if Good

Jim Williams

I’ve Jim. it’s Steve, got it.

have about of with stores we square have space. Banks XX,XXX Christopher feet We with – Craig, & XX

Craig Schmidt

quarter and range? have you you XXXX. quarter a might last fourth then feel you And still Okay. between feet thought good closing of XX,XXX said that's you Do like square second quarter

Jim Williams

square in feet? Craig, are general total the Christopher of & Banks you or speaking

Craig Schmidt

the mean, I No, you you no, fourth said believe in quarter. XXX,XXX I had, overall. just

Jim Williams

didn't since more guiding XXX,XXX have feet Christopher little think and come – were & of believe space, in to I is of then, what we a see testify through Well, around we yes. did back. but we Francesca's we square has probably XXX,XXX what that What we'll what quarter. That's it space square time, another bankruptcy. saying Last Banks than XXX,XXX before, declared feet come see fourth now, we we're

the So XXX,XXX the bulk of first half square that feet the of in happen XXXX, space in of should year.

Craig Schmidt

Great. Thank you.

Operator

next The ahead. comes Capital. KeyBanc Thomas Todd of go from question Please

Ravi Vaidya

just the can morning. Todd was the is doing When of any on well. occupancy? and good Hope I line to This and up wondering Vaidya everyone's comments occupancy, Thomas. the at Given that, where the do well, comments, after that? you see bottom second then and give terms cadence is quarter Ravi the for you it then back it fair the bottoming during rebounding? in out be Hey, say come of end of

Stephen Yalof

out of forward Ravi. look, This way coming morning, unprecedented corporate-wide back coming obviously, challenge XXXX, Good is a that And Well, have and is biggest bankruptcies. returns the space obviously, we going restructuring Steve. our of through leasing.

a confident at be filling year And unoccupied We've leasing empowered work of first year assembled. entire headwinds, we'll lot pretty team our Our is leasing. the field on completely to the we're of although the end of the pretty strong, space. half the least that back team for that towards are

Ravi Vaidya

Thanks.

pop-up? this leases? tenants one occupancy, at have so, spreads? pop-up here, regarding temporary the And of to percent conversions you more And and permanent from if is seen what XX.X%, Just what

Stephen Yalof

the as temporary a where done now, those pop-up X.X% X.X% executed, actually deals leasing is that leases. that deals leases, mentioned I historically for temporary XX%. extended started and short-term X% out Right about terms of our we've has those number we've are typical earlier, been number and that XXXX of of between or of

to trend. So be that seems a

we our almost center mentioned XX%. Our earlier, have occupancy, retailers, returned as

momentum being the outlet of products. beginning quarter have leasing their lot great seeing levels is traffic a and into forward think confidence retailers that up, going of and channel channel distribution the a carried into We're XXXX. way Our fourth activity I are as in for

So we're encouraged.

Ravi Vaidya

Appreciate it. so Thanks much.

Operator

Scotiabank. The ahead. comes Greg next from McGinniss question of Please go

Greg McGinniss

Hey, good morning.

weekend rising context Just wanted numbers, then with And there on the adjusted And case are based gross foot January the the Trying for in is out understand extra of you the some foot to cadence traffic. provide per those and could traffic touch a count. Steve, was on month? month? on pullback the on kind or of it the visits to if

Stephen Yalof

traffic regular we Well, our basis. count rolling month on a

So with QX. let's start

traffic During XX%. over blend QX, of the – of about was course the was

traffic I we're the the in but strong. numbers three think November months, in extremely was December. probably reporting the rebounded then January were of that weaker And strongly

centers we've Canada, Our January. three closed Star Canadian of were month all shopping centers, in got of three them during the

were So if of where to at numbers, we they our this pull last the time. those out rebounded traffic numbers count year

Greg McGinniss

an extra of there. is this in understand around to which January Not versus think XX%, January the the impressive had trying just context last I the environment, taking including year, But that Okay. kind I benefit that's right? away weekend So positive some in from imagine numbers.

Stephen Yalof

look We'll you yes, the that. math, with Sure. of back prior but numbers how to get have compare a appreciate we of January. to of with I Well, week. week-over-week, sort you completed we month the – rolled we'll them actual probably average at up sharing I'm the We so to the

Greg McGinniss

revenue And second get Jim, on Okay. of some kind the quarter question, from steps to term mean, would rate the how accounts half be That's reversal around fair. got for any then piece that context are you maybe I and appreciated. provide $X.XX $X.XX the of just FFO of the we the difference, the average run other could in but the XXXX? this about you've fees

Jim Williams

as the we've overall to said just Greg, remarks, for giving as $X.XX. operational which in FFO, limit additional we're going core guidance to XXXX, that the as going from $X.XX to far is information prepared we for said

if – around $X to which out, XXXX. just end at zero the out adjust the of million and around you and the of fees you're point top million FFO portion, range pointed the elevated to rate at we want And out I take elevated showing if the in range. the of pretty you take growth you the million, range, estimate $XX were to As out, term much the million, low end low $X.X $X at XXXX of

showing quarter tough So we first growth, some a pointed to we be out expect do that comp. have

space back We the to in come half expect XXX,XXX feet square of first of the year.

going quarter the we – shows that year impact XXXX the through in be winter suite versus to have come mentioned. year that this we last pre-COVID competing First the saw of against bankruptcy was storms that didn't quarter the and is

hit. opposite COVID the will be And $XX took around that's when Second the charges of million. kind quarter because huge we

be be year, at opposite of have And to the way. just rest the now in other that'll but for right keep operational FFO level just we're it guidance. – see, other So we the uncertainty, given any the to to are that'll the not try just going the we'll and where just provide

Greg McGinniss

Thanks, right. All Jim.

Operator

The next of Caitlin Burrows go Goldman from ahead. question Sachs. Please comes

Caitlin Burrows

morning. Hi, of rent good deferrals XX% collected in January Tanger XXXX.

would So recognized that I at what rate, repaid on if during to wondering to if rate that was have continue impact you XXXX? be think you would rent more just Do deferrals that need continued? reserves reverse

Jim Williams

Yes, Caitlin, have we the a a mean, cadence like deferred collections earlier, been I collections we the a pleased XX%. and of very of Jim. received offered have history Hi, the in we've reserves rate portfolio tower with never the the and plan we have it’s that. set When

it's million. to million. add had the that, over a pleased about And we around $XX very the if $X.X the about under and strong. little we've piece, in So At very year, that, what million if was that you of $XX which deferred left that's negotiations, of was still were is you the XX% reserved in come end see

negotiation. had XX% get we rate obviously I come the between will say in. So probably that deferred combination and quantify to a million. if there's If both And under that, I do of $X.X yet, and to would collection million continue $X some of a

Caitlin Burrows

$X.X same million of possible million reversal to rate the if continued? $X

Jim Williams

Yes.

Caitlin Burrows

Okay.

the XXXX, extended And sheet be additional then things, of side line Tanger's Okay. balance year. switching can matures to in for October of maybe an credit but

situation have wondering could plan if to or go you think it, in address this, year So different to you historically the and I how through this be you addressing advance could would just how was do not? started far

Jim Williams

brakes year. looking this the a Well, it's put of extending on like had In line certainly maturity, past, credit that. we usually the the within work We're COVID of a plan at certainly the credit the of markets. that, on but years couple watching different obviously

to I I for And waiting think seeing we're and return credit that and now. that’s color right we're but back optimistic terms I we're pre-COVID to we're we – return and from feels that little we're traffic if time doing option to have XXXX, think we our continued if that this waiting hearing positive our I see extend normal. to later do momentum will closer the when retailers trends And we we're have like right think get deals certainly trying a we'll seeing, year, that all think continue the to need more again, the to. what revisit to levels. the to We

Caitlin Burrows

Okay. Thanks.

Operator

The next question comes Please of McConnell from go ahead. Citi. Katy

Katy McConnell

you how on Hi, could somewhat good to deals? think you role And of expiration? Can converted see percentage longer-term they’re lease total tenant XXXX temp because in do you ultimately that as that upside morning, update much everyone. a represent

Stephen Yalof

Katy, I'm sorry.

think I your of missed question. I part

talk please deals? You want tenant I'm can you sorry, about restate? number to of temp the

Katy McConnell

could of could XXXX much just lease temp represent expiration. tenant you percentage how Yes, was to quantify role sure. a I asking as try if

Stephen Yalof

occupancy over a tenants took that Well, probably to as occupancy forward I a and other and of been XXXX earlier the mentioned XX% of deals sales do that our year than restructuring. competitive received concessions is has and keeping that – to that and that X% first XXXX collection of basis. fact of tenant is greater occupancy. with activity all, some the A some we of the this rent in lot maintain in those get we're negotiated short-term going We it's to level work about leases try on down we occupancy of current the the rent temp we our temp favoring years. leases high vacancy tenant with in

out heavily temp, lot a we're retailers mentioned us. field on able bridge that into short-term convert that of lot a lot very permanent on successfully a our we forward or tenants a I been leaning of to the we've started And earlier, to them for teams do going basis. leasing as of as that As occupancy,

see very our local year, but more leasing the leasing with replace So we're leasing first tendency permanent lot temp proactive and we will base. to a our long-term in of probably to and the that half grow

Katy McConnell

Okay, thanks. And marketing provide shop pricing sales centers on then are sale this the currently Jeffersonville had you at assets can in you And for point? and quarter? you the closure at any other this

Jim Williams

was transaction, the not sale than Jefferson so other an details million, was we're in other around any immaterial price $X.X going to million. The provide that sales $X

in want plan or ones a properties And that continue process, don't asset we we agreement do to they robust close. reviewing properties want to which comment to our and that portfolio an of have We divest any disposed which property every we we we be are have until retain decide of. to management we'll on

Katy McConnell

you. Thank Okay.

Operator

comes question JPMorgan. Mueller of ahead. from next The go Mike Please

Mike Mueller

you think And $XX Yes, cost or of think all is some you those again? nine away past walk categories Can go I of that in? as came about occupancy hi. you of should the there a over Steve, million the achieved through is portion it talked permanent months. you essentially savings builds that

Stephen Yalof

shopping reopened. centers operate did sorry, we year, our in the when I Well, our at operating field, hours operating reduced of we additionally hours by XX% mean last XX% for

our forward. in the historically. And expense teams XX% we'll but currently mitigation savings some G&A about we maintain the some savings add savings centers. as mitigate fewer operating that were is that in field that of robust some concerned, as expense in to at far strategy operating a embedded in work of hours our We're of in category savings had that is we've closely shopping for lot very hours And going fact experienced those although to we A expenses. G&A. also less will got XXXX, we in But with management than

for a that management expense of in their and made Managers management that Operations responsible where daily their the a mentioned strategy We've our think they're lot opening As shopping my on in centers more shopping will EVP our I And field pass of each centers put we've through. of in just through the expenses. managing we remarks basis of far savings place. property and expense right that property-wide General

Mike Mueller

seeing tenant it. middle mentioned XX% country I versus about of expirations versus the the Southern geographical demand, XXXX differences or you far. through in Northern? think any coastal whether terms it's And of Got thus Are release were you geographies

Stephen Yalof

a Well, lot I COVID are are locations locations, to And to of our much a locations why lends locations. centers. people shopping repositioned in lot our, of drive a increases pretty second where properties some seeing have those seen. think lot themselves of home reasons itself we've their during and of That American lot we're tourist traffic families a in of these

but drive board, increase tourist lot is much the these to favoring locations. a pretty activity the of across that in think I leasing So American

Mike Mueller

it. Got

you. Thank Okay.

Operator

Floris The ahead. Dijkum from next comes go of Instructions] [Operator Compass van question Point. Please

Floris van Dijkum

Good and taking traffic the the collections obviously on guys morning. for my question. news well. Thanks Encouraging as numbers

about you line costs XX%, has the yet. performers ask the your it been obviously volatile What hasn't it's Your year. making And balance about by a to wanted the this bit so Just sheet rose leasing pretty renewed particularly one far better equity? as of but appears. it's stock been a little about –

around spiked premium equity point. are you're You to What trading raising thoughts at NAV? when your one at a

Jim Williams

Yes. of morning. a think books. liquidity perspective, the million $XX From good got that's an now. on again, Floris option cash we've right Hi, I Certainly

XXXX. until maturities near-term no have We

program we're I’d an the have where flexibility that's but given ATM adds something shape liquidity So lot in that past the we're sheet. of programs, some the It market perspective. a think have heard for from not folks in evaluate. will a I and good had say go balance questions those we reasons, some we about to ATM seeing

tool evaluate good down Right perspective, toolkit, We right putting in will we're time equity now an something in in place, from I the the another so raise it's case we somewhere think shape. that equity. the think I in to that's road. think it's

Floris van Dijkum

the or a comment months. obviously the see dividend and has it's of Thanks, to how still But the and with Jim. when give sold your maybe you your longer-term certainly inflection vacancy potential spreads going an to spreads about you that do now, start of in – lower what XX heightened today terms bit a little want Steve, reduced in your do one ideal an been next you if number if not think assets. you're Maybe Obviously leasing to leasing can there. you on comment you in tenants that out of trending think over portfolio? on little point upside people is? levels see And And then you tier reinstated leasing where demands environment should

Stephen Yalof

that's and leasing know will leases to new year. I tenants be for with And forward, at that we Floris, we in XXXX for restructuring very leasing by are of keep definitely was those made we and a think And we're favored leasing deals some open spreads encouraged that you this with share Well the and I fraught pressure leasing what came what look I’ve take that strategy going renewal seeing, take activity but as trend improve. as strategy. and possession. our our we're corporate is and are renewal certainly with really can leasing keep tenants look in we QX in to going leases headwinds, leases in can't those occupancy – hopeful those that, spreads because particularly stores real under a I starting going into mentioned particularly sound guide XXXX bankruptcy new if to up XXXX, to we're has through the the that obviously picked at those a a is filed

Floris van Dijkum

Thanks, Steve. That's for me. it

Operator

And Goldman Please ahead. Caitlin go have from Sachs. a Burrows follow-up we of

Caitlin Burrows

up, the concern if ended pre-COVID watch about Again, the that we maybe wondering just a up given recognized feet conditions you versus what's to was I company's much that watch much that the list acceleration space XXX,XXX maybe surprise coming for recaptured corresponded today? tenants Hi. How of status how was list that XXXX. of had talk could square were the in a and was the

Stephen Yalof

wanted watch year’s bankruptcies, were the we agree that we I fortunately retailers And we were normal the a in stayed retailers COVID rolls earlier sure I’ve than centers, cadence, accelerated you of pandemic it's vaccine our normal to optimistic stores last to not. return a our to is best favored bankruptcies lot not in that list we operating, and could watch have restructures, shopping definitely shopping when And life list that of people than that our and XXXX, to today's portfolio. in in these that save in feel we but mentioned occupancy with make and was. Well, that weather retailer able liquidations. out, open significantly the together COVID that lot less connection,

Caitlin Burrows

Okay.

are pull-forward, a just it acceleration I like guess one watch in activity had bankruptcy like was a in out thing now, the you guess I today. and list of smaller guys that do you kind retailers or how pointed how have So possibly think were those we're risks who you or you mentioned sounds there think the with a be, I XXXX at restructured past, maybe two part you guess are lot could doing or that retailers they liquidations. bankruptcy do now? Do of done of expect there there's some the versus restructures

Stephen Yalof

might think of of be first I out all, they the that Well, channel.

of of think stick outlet retailers brick cost other we're and had of other have results in formats, in we're a seeing a I low entry, and occupancy, us channel. that may the the low-cost mortar with lot that

control control place channel. they fact can through seeing the think our to for traffic can that their that supported definitely do I and have customers control their they're numbers business. they can that's great a They pricing, them product, their placements

lot So be will with of nature, a short-term workouts able those in real market them relative our we're we the in sales of believe we'll is when A work lot what so expectation returns, to no getting be when we going back. shared occupancy. with what our retailers surprises return, estate keep you we I those reprice probably to say material accordingly. be to to that that And venture on would based out to will

Caitlin Burrows

balance theoretical the Okay. one, outlook. you're of that a ratings sheet the concerned risk a impact case not one having given that what and Or current to would something And in Tanger’s back one downgrade then maybe side just of is you right the again, a about the be? Would last is credit think negative now?

Jim Williams

them date a with Caitlin, and do our I ago. to mentioned. progress likely on as don't our keeping as them control year that's not other to agencies, Certainly, they're trends. aren't metrics strong our to than we're rating in our up and date what we're they I to Jim, up speculate debt in were as on constant keeping the that look making communication want

but EBITDA at costs loan that's of As X.X[ph], not not – our it's implied is our where or in significant. are to –there credit, of is. spreads cost embedded significant so there term and the downgrades, now cost, If net we but we're mindful is line that an said, the a in debt X.X[ph] it's

Caitlin Burrows

Okay. That's Thanks. all.

Operator

conference session. over would This concludes turn the Steven closing Tanger remarks. our question-and-answer back any I to like for to

Steven Tanger

everybody once your Please bye. Good in XX to call to you well. and want days. I families wish for be today. joining our thank we'll again We talk you and safe again

Operator

concluded. for conference The presentation. today's has now Thank you attending

now may disconnect. You

Tanger (SKT) 18 Feb 212020 Q4 Earnings call transcript