SKT - Earnings call transcript Q4 2021

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Cyndi Holt

Good morning. This is Cyndi Holt, Senior Vice President of Capital Markets, and I would like to welcome you to the Tanger Factory Outlet Centers Fourth Quarter and Year-end 2021 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

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

XXXX. As that only [Operator management's such, that note of may to be information is it comments accurate include XX, today's Instructions]. important time-sensitive as February date,

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

Steven Tanger

thank stronger year-end meaningfully XXXX sales at shopping Good morning, We traffic, and fourth entered improvements a call. in in our you our for and occupancy with XXXX centers. tenant ended than earnings quarter we position and us joining open-air for

we XXXX well-positioned with are of We entering also in balance proactively sheet, XXXX interest and a inflation. which rates strengthened higher anticipation in

and additional want Our the Yalof, to driving long-term on turn I entire to of details. thank Steve to strategy will hard focus estate. is I to real our work increase for cash over value flow and provide this our the call now team success. their

Stephen Yalof

quarter our each we at fourth benefits being significant increase demonstrated XXXX as renewal cash a delivered of year the sequential a sequentially retailers in our of foot, recognized and exceeded quarter the XX.X%, their rent traffic In turned increase. levels, as generated per improved the Occupancy and the quarter of during reached XXX-basis-point improvement fourth representing of year-over-year sales across XX.X% increase you, rent centers. Thank shopping up XXXX. of was from fourth and at spreads metrics. a key Domestic XX% over our rental results Steve. positive desire Tenant quarter, shop to a Centers The consumers open-air Tanger basis for punctuated XXXX basis points square XX to recovered spreads XXX portfolio high blended $XXX year-over-year points basis all-time positive. growth. and points percentage XXX And continued an

full for metrics these NOI fourth of year-over-year helped year. X.X% of quarter growth all together, for XX% Taken the same-center the generate and

number to Since opportunities. further capital feet reduce square year, throughout and on sheet bankruptcies due of a the to XXXX, accelerated leverage million position took recaptured and of brand-wide extend beginning balance over proactive execute enhance position, X Additionally, we steps the space and to plan our maturities, we our liquidity COVID us of and our our growth restructuring.

F&B, executed points retailers, over and footwear totaling more we XXX and as square leases, specialty and tenants. high-quality X.X million XXXX, elevated XXX During and with space grocery, diversified uses of concepts. recovering occupancy productive include home experiential apparel brands filling fashion such These feet, basis

temporary and concepts leasing add and revenue. uses our that benefit drive our diversify to program, continue tenants We offering by our temporary organization, new from ultimately field led

per draw stays that helps temporary our center, yields visit. extend Additionally, increases ultimately shopping program to customer visit and tenant sales frequency new customer our higher

of our percentage our drove Percentage prior select cases, value deals fourth for to tenant rent this led Our expectations, larger from core produced during tenants we during while revenues. to where we exchanging our and rent, permanent. rent again, strength, percentage exceeded rentals FFO. quarter, strategy COVID of larger temporary the ratably total by strategy that sales convert height renewed growing for reduced value many is goal, the Deals rent restructured rents shares when proved In appropriate, fruitful. ongoing contractual base fixed the outpaced

an of executed milestone. cost X.X%. the opportunity for have renewal restructures, retail comparable pandemic, occupancy deferrals a Cash fixed ratio in lower rent proven an with challenges of XXXX XXXX, at emerge XX% XX% focused improved rate is compared XXXX, turn Currently, have ability increase be for longer-term same we important XXXX we deals of the and This provides for and other significantly the positive, to leases XXXX is most and we come from or certainty. meaningfully space channels position favorable renewal As for year-end time upside. in we rents effective, in an rents as these are proactive the to XXXX along of process up provide supporting than for In-place the our we expirations spreads represented to and spreads blended employed at the rental year. Sales variable the approximately These are on momentum of during pandemic. in executed rents. and in upside the to last into converting expiring traffic renewals distribution

us fourth and accelerating activity. renewal now price ability have our given better are quarter the to we Our results estate, our real

to revenues pleased also are encouraged an by increase a over of Non-store period of new for of looking that over number contributor XXXX. remain revenues evidenced opens we expand tenants new We tenants and buy the compared XX% compared to our with and by and prospective earnings to quarter which in are XXXX with during quarter growth, XX% our as item, discussions stores. the current fourth outlet other of to line same fourth are the increased seeing strong

provide retailers media. marketing with and four connect their Heineken, of for Tesla, brands outside GEICO shoppers opportunity walls a as and shopping our for and partnerships, Hilton, Our store just hosted to high-traffic of Unilever, major such to our and sponsorship we few. through brands the In digital an national activations XXXX, open-air name on-center centers static

platform results and measurable retailers grow business for to sponsors, over we drive the time. this expand has proven As this will strategy revenue-generating and

people Leasing, our promoted in invest order Operating in business. EVP our as Leslie on of scale to and Operations, year, we Chief systems Last brought our we and Officer. to EVP Swanson, continue to Justin Stein We of

Delta we business This to a added is team. programs Wingrove at in for loyalty centricity our digital has loyalty touch experience strategies and including our role experience commitment through our engage Tanger, to and marketing creating and commercializing Andrew Macy's a through points new Officer, Commercial all extensive programs, our that transformation, an customers. Chief demonstrates Additionally, customer Andrew and it Airlines. companies our management modernizing elevating

and our We enhance systems are business capabilities. business to core in technology investing

system and to remain ability Our growth internal sustaining investment new will laser-focused effectively further. in, We on that scale flow generated our implementation cash of support XXXX. ERP in a the strong

and charging vehicle water are we number Additionally, value-enhancing pursuing energy and investments, other to including reduce solar, all to projects of usage, underscoring our a electric stations sustainability. commitment

validated The Tanger being are thank entire results like enhance our the to half in to grand streams vital opening aggressively is break we opportunities long-term I our I opportunities and the project for of in the first our of Williams, unlock I'm has our the by great like and track that of proud the call balance team on now for platform. and our proposition so shoppers, to ground would Tenant new would in Our to over peripheral revenue is communities open-air outlook Jim and of and you portfolio, value land outparcel take tenants sheet results they we offering, through the and create serve. XXXX. to turn been retailers XXXX. Nashville results, to this success hundreds extremely XXXX. their monetize Tanger to centers team achieved merchants also financial of in for new strong, fall of to year, with our generate pursuing portfolio value. interest the

James Williams

to FFO Thank our full pleased you, for range. year expectations, high full XXXX $X.XX end of our above year share, the results we report our Steve. per the I of core am guidance and delivered exceeded that

quarter Our million. due same-center other better-than-expected contributions $XX.X for These outperformance percentage drove rentals X.X% a for the factors revenues. portfolio also to from increase was total year-over-year gains occupancy the in of NOI to and

is our strategy a successful Our leverage and significantly enhance to our and issuance balance during steps well-positioned year. took our We to amended market the capital maturities the past liquidity. our ATM equity reduce lines executed extended credit, due sheet proactive we of

debt improved to significant EBITDAre April to XXXX. for comparable trailing no XX-month X.Xx maturities have until as We And months adjusted debt net compared of period. XX our for the the year-end, X.Xx to

fixed. As of our year-end, outstanding debt XX% of was

prudent We and disciplined approach to strong financial have a and capital allocation. maintaining always prioritized a position

full year, our payout with For dividend well-covered, the an ratio FAD XX%. of was

evaluate continue alongside will to income Board taxable requirements. Our and distribution earnings increases distributions dividend

we comparability growth and have opportunities. are our center Our in investing priority year-end open-air grow with selective a few to retail highlight to uses changes like our improve disclosures capital evaluating our would other to reporting I external with NOI portfolio made of REITs. to

share provide certain of to We metrics view comprehensive have added JVs our pro to a our of portfolio. more rata

are a leasing on But commenced forward-looking a this during transitionary an provided provide executed basis these basis now we than basis. We quarter, metric. commenced rather on spreads providing a more to also

We XXXX. for are introducing our guidance

are core $X.XX reintroduce same-center FFO guidance of X.X%. discussed share in X.X% of that guidance pleased team We $XX Steve NOI $XX at our G&A includes expect support reflected million. for to core are be to to in investments our in expectation growth to strategy. investments the to the and commercial to of our range range $X.XX Included million a per in growth, and our leasing and technology, operations, growing accelerating critical and which reshaping are primarily our executing strategies between building This the of

our an our on employee improved Additionally, employees, $X program, to G&A. we impact million health of insurance benefits commitment have have will reevaluated which as part packages our and approximate our

XXXX compared in XXXX. million common to per or $XXX.X diluted guidance FFO approximately XXXX, to $XXX.X markets weighted our capital due the share assumes Finally, average shares million of activity in

question? for details Operator, I'd see key release to take we first additional it our can last issued our like open please up now assumptions, For our questions. on night.

Operator

[Operator Instructions].

Our question is from first Citi. coming Katy today McConnell from

Mary McConnell

your be new items noncore lease embedded term bad us this was through FAS, wondering year? you debt this line expense for impactful, straight-line could including could year I income within guidance if rent, expectations for some and fee of walk that

James Williams

I be were the where year last only last bit year effect -- for outstanding issued, year. year of Good this that do -- results, you understands everyone Jim. and point that the just the the and to given will in the major X.X% will driving We've we range, G&A we'll out, morning. a we'll a the shares think be little as we that's have the there -- NOI equity a full did sure it's another to same-center make partial to components dilutive they want the X.X% guidance a shares of equity we and offerings there will be Katy, our are for be outstanding increases what year

that's to So this penny diluted year. two impact about a going penny make or

not as those items. we really these but going if -- items, something there There would really in compared hasn't not those. other out, far year-over-year there's point really As that we're to those guide significant, to significant to were

Mary McConnell

Okay. us expectations? And That's generation could major you uses what you helpful. And if plan year, to maybe free And and spend national about you're cash then how for for the on including sources thinking this your the your flow this of outlook what's CapEx year? capital project? walk through higher

James Williams

bit recurring about and our is year. to to far that's our properties, the of the and up from maintain lease gave little guidance the and amount piece -- as refresh million that CapEx one -- a $XX the you a components spend, typical As we properties in elevated we cap

of lot tenant we'll coming bucket little the year just a last to we, point And I -- million have range be a smaller to we over bigger think amounts couple we of $XX look out, years, renewals last probably you little allowances. spent a -- a we $XX But of X the would million. that if up. very have things do bit had in on

given some that the those -- the we're So permanent done now will do about not business to better our traffic some those little shorter-term we when renewals see we're a traffic permanent strategy -- into trends the improvement in bit certainly feeling reflected and those leasing. be given in the of and rolling bottom And be But more leases the XXXX. able improving to certainly long-term sales, leases to lot into do to a of get our to at enter market. the of

portfolio that see we'll up. projects or appeal doing And some really going of customers. improve for also, So have X the and X our be we overall experience renovations to some in that we'll our extra

Mary McConnell

And on then cash free flow just the expectation?

James Williams

you're... what the what's that Is -- cash flow? the On free

Mary McConnell

this expecting for year? If any give you what can sense us you're

James Williams

let me -- it this -- We way. just let terms in of put me

look to payout we're pretty be I -- after what current think healthy. it ratio expecting our will be dividends, if you at our

think in we the us in XXXX. as I into really good puts we'll XXs, move spot be still a which

Operator

Our Evercore next question is ISI. coming from Samir Khanal from

Samir Khanal

Steve, tenant can what to this you're time, just information sales, the bit assuming certainly kind have provide on end which of the a to high low you guidance, or more the get of guidance? at rebounded end for

Stephen Yalof

the coming that year. of this inflation, little our and past values And with channel The assumes sales. going into out high channel. tenant guidance quarter about to just in of the years inflation about personally, that the going have momentum -- in low we sales. But good our end found discount we've our sales, into and optimistic of fourth the end and takes reduction perhaps guidance pretty tenant consideration improvement tenant we're We feel in

Samir Khanal

at just guidance, and of mean, revenue is the you terms again, one point, at which has looking drivers this been I in you talked other the paid about XXXX. media of how do line, at line that when I provided? think for growth range on that we outlook line, And about. for marketing, look clearly guess, over your you what in saw more there 'XX that about much is can that you we it's as XX%

Stephen Yalof

grow about continues just really years of and to coming we extremely that because low X.X it Well, base. business started it's off an ago,

doing shopping media is think ultimately investment And that get or centers part ones digital million named with business we that more marketing invest outer the becomes XXX our item opportunities the as a to are in Heineken our that Part years. of So people media. to media script increasingly over certainly the that and we earlier, we portfolio million outside an of something we important go center that that line of every after advantage like we our either in. year. taking retailers digital our invest It's we're on folks and Unilever return within going boards, in shopping guys XXX like -- -- in visit as

So customer to of that products they opportunity in want to an base. their get front get

Operator

is from question coming Capital from next Markets. KeyBanc Your Thomas Todd

Todd Thomas

fixed is you and of during What to the rent, talked breakpoints deals the average and that rent? tenant where you freight as uplift about or those higher tenants And said got the rent think which today Steve, that fixed I place that the generally full be paying rent, seems fixed what's you and variable percent pandemic, traded 'XX? you for convert you're expecting reduced off. you base to take back on would 'XX not in paying

Stephen Yalof

rents and and to or what at some longer-term push that's we've we've base too, short-term reprice full forward You our saw us year that is over we great And local we're back the leasing rents That's a the push And triple to tenants, renewals more temp front renewal so to our the of improving metrics done permanent year, as that of our and temp that replace the rents sales big with those rents for past regard leasing and talk last about estate gets see our market -- some so, gives improve. of quarters doing thing leasing team that obviously, coming been continue over have and our the with chunk done first to that, supplement we traffic. opportunity is few population leasing leasing opportunity, the two paying opportunity sure. a we've in we of to or us for got real net. to see in looking When that our with strategy. this

allowance big permanent of budget our for improvement tenant We commercial also longer-term put in we're a anticipating rents. because money

Todd Thomas

Okay.

carved tenants, carve renewal the out you that If the relative seeing? does you're though, like renewal from them that deals of struck what you the the the out to where those you during pandemic, balance bucket, activity within if -- look

Stephen Yalof

normalized renewal more be probably would a It of year.

Todd Thomas

But tenants? from seeing in spreads those Okay. rents, the uplift and you're the that --

Stephen Yalof

front our in And be cost, us. Well, going we X.X% what of after with the is go renewal is lowest it. an we think I think, we're We any retail channel. which we occupancy comes consider worth that market in again, reported every to estate real rents to believe

from upside of those So to think and us opportunity amount there's I a pricing that value. resistance we push for the great sales of one because don't the for we're There's well. tremendous value most retailers retailers rents. point get a from we're point but channel probably retailer still think view, of pricing of view, as profitable from the I one also volume

Todd Thomas

increase technology bit, big Tanger? just business what's to you've and I if this in up that of G&A sponsorship. and commercial described, in a could on related Samir's Jim, business in businesses the And marketing be for And the could 'XX? guidance Okay. a the follow that the for investments the and question How segment

James Williams

Todd, this is Jim.

you in come As guidance. given best-in-class baked have -- the after think our the what specialty as organization. we're put this we've mean, driving place. things, going NOI and building of leasing to that that we're and Those later really parameters, best-in-class programs temporary into core built an would of is our really throughout income really we we've But that stuff the as we employees seeing I make team take there's about folks tenants. feel tenant been in and leasing those metrics all build opportunity the really excited to We become other I improvements same-center far team in seasoned. as kind as different and hold really think certainly far team, lot a that I

Stephen Yalof

Todd, say I'd one thing.

traction relates this But up never the that mentioned paid monetize tenant better getting we're business brand-new we these great job Samir of going a had systems can that and for partnership it to done, asked front so And managing think it marketing us. getting plan. generate managing now build, we've the in when in order continues media to of getting to building our kind is of we in setting can look put that G&A businesses a place I infrastructure in to faster as because us we more gotten revenue. before. as way a even can execute we've front out such of do and an the and business faster. these question, it, number our that's to help a Just we're we inventory deals this tenants lot the We in at business Again, businesses,

So we're we're investing much up in going-forward systems order bigger basis. execute to today to setting that a sure bucket make a on to the ultimately

Operator

Next Van Compass question from Dijkum is from coming Floris Point.

Floris Van Dijkum

'XX, Just that know to on danced you sense rents due these us your issues just in of would said touch that sort -- got you be coming of you wanted a like XX%-ish. of Can typical some I give more of around. XX% you

indication of at in terms been -- So deals. in signing might going? where is 'XX expiring the those around you've the new maybe little relative leases spreads comfort a the I rent be Can rents obviously, average what would give percentage $XX. of rent be X% give to think you of is us people an bit Maybe of

Stephen Yalof

been way as that's look occupancy and that's to coming plan. optimistic of the is We Leasing, looking going We're just sales all pretty And that opportunity. team is -- I'll a that spreads we're new and We're positive accordingly. in repricing first at certainly We've now and Floris, I foot efforts. our that's of right performance opportunity. day driven retail guiding to number push real we a in see in year. commercializing definitely estate the that don't see single a before. direction. that the costs, this at positive. brought EVP step it's know I going of but mean every spreads per I that feel we year, see our this our turned square We our X% back never leasing we're really XX% the we're all, renewal this who say driving from spreads, mean, our optimistic we into

our to estate think take to permanent value that to square vacancy $XXX over So we're right a but all-time past was high an execute leasing, that real some going vital plan at to all-time is replace and portfolio, our foot and that square And local price success it with the our estate short-term we so that. take at across short-term leasing with today. to per foot. similarly out leasing our is it's go worth year, now that real the and our building And price cash of an the continue carries high goal flowing,

James Williams

is If well. as little bit And, Floris, that Jim. can I add this just a to

tenant watch in coming spot in few don't into we've watch have the -- think as really look that of at health, don't We list it's past our many our There's store -- if is anymore. not XXXX difference better a list been. I you that the as key we it's years. tenants seen expectation We much than short don't closures. on that have

gain have health, us that with do that improving gets the play occupancy past in XXXX. we issue So not brands with sales optimism and tenant can we to had gives traffic in -- don't us trends what to rent with in about play the more the we've improving that necessarily

Floris Van Dijkum

one can percentage your ask occupied spread if is guess, talk question, of can I you maybe and temporary? versus I And your occupied if more leased what about

Stephen Yalof

a about XX low drive of reflects -- And to to ramp that points used. revenues leased and strategy we've wanted improve between digits, experiences. Floris. just things. right occupied really One, program spread couple There's double a are and which tenants now, it basis that We temporary up the the

the tenants holiday typically the in to We a of for ramp open fourth up also, seasonal that quarter season. the quarter, in fourth have little bit a you due

XXXX. see the of close in I think you'll those quarter first

Floris Van Dijkum

you're talking below about XX%? low Jim, by digits, double

James Williams

Yes.

Floris Van Dijkum

Like XX-ish.

Okay.

Operator

coming Sachs. from from Goldman Caitlin Burrows question is Next

Caitlin Burrows

years, and if you absorb and unknown could upside. that there were Maybe tenant on health wasn't, know there then closures had watch in just that if follow-up was some like guidance so buffer in a that that list topic. there quick recent guidance Jim, a I

this where it is it health tell closures just us guidance something tenants? the there assumes So given unexpected you like could whether not the if possible or year's that, of could absorb

James Williams

So, of I hearing, really we're improved what that, that in in but we absorb have -- that's a what past. our in built can and much we seeing those that in don't because we're what improved we've trends Caitlin, from from what think as much, we some range, of much just we're seen the spot

Caitlin Burrows

the then Okay. Yes. sense. No, makes that just external side. maybe And on

think, there I past past done I a you've quarter so being balance the or acquisition of And side. over possibly on in two, you know lot about work attractive year guys have talked opportunities. the sheet the

could So in could front on update an what you're give possible that seeing the you acquisitions of 'XX? on occur

Stephen Yalof

Yes. don't to until anything share want a deal. it's Unfortunately, we

it's suite services interesting synonymous brand to out assets. opportunity with TangerClub, around imagine centers amazing and of come loyalty you country, marketplace. the program brand in outlet, the Tanger all of other recognition, there's some a So with name of lot Because but can part is our bring things world, a definitely shopping the only we to -- center have the our in but a see that Tanger outlet and not we that being this

Operator

Schmidt Bank of is from America. question next coming Our from Craig

Craig Schmidt

as hasn't Great. come it will Or increased increases are hit we're talk about impact? hearing said summer What prices. to expected? hit to that you $X. a about even are could you gas as traffic, that, as in prices be it I gas I wanted have months, could the but $X. gas prices bit that past, you little could diminished enough escalates, these tension are Russian-Ukraine thinking high the thinking traffic if -- And know,

Stephen Yalof

to closer population. has our shopping able wholesale we're to centers that away years bit in centers. much our shopping A markets, where our assets of sensitivity we'll put the making that's to of center of our car. have center stations. e-charging got business, to myself big our And to -- the these want particularly, date Shopping a The in people the a don't much we're results closer I at diminished kept in coming so and really lot has the and ago big far and permanent the people are you great And lot now are. second XX, get is And destinations ago. big to market. second business, investment which of sort in is markets, a years go-to concerned, more stations the I Pooler part more a as the Arizona. fact by staying Center as than that week one is with too. a in Craig, e-charging little the centers, increase and in but shopping assets. fastest-growing our example. prices whether growing is year, years downtown they're in a today that of outlet of that Westgate, during drive-to XX years Savannah, flexible far point look of of become the but they're they've tourist are Westgate unbelievable And And living XX different home ago, think finding the outside centers are importantly, XX we put seeing the traffic we've We're ways. the through we're XX, is do in markets, geographies very every ago, gas from one we're electric home in lot the big an had that But a end resort that's of destination, shopping of Savanna places the residential we're in you of where outlet the it's have lot residential Pooler markets, those got to also view people right work, supporting our of in

of some but to also future permanent in investing the as So heavily is those those very we're part where leaning growth the new we're for important very centers. looking a opportunities, shopping existing, our of we're population into

Craig Schmidt

the pre-leasing done is what at just that's then And Okay. Nashville?

Stephen Yalof

ground said have we we won't breaking until XX% committed, we're planning in break on we early and Well, ground second quarter. the

we're guess that without break we can ground I math. do We're -- -- the commitment. So you won't

Craig Schmidt

Okay.

there? very either already close you're So or

Stephen Yalof

Yes.

Operator

coming Next from JPMorgan. question today Mike is from Mueller

Michael Mueller

you like your you give us and or parameters how some project? tenant can to of Nashville, Following up the [indiscernible] average today? rough the looked the moved And economics center for size Tanger think on the stats like you

Stephen Yalof

Center we're feet, so we that slightly tenant about on names square which smaller typical the will to but be be the Tanger know tenants, is The competitive regard in not really we're forthcoming. extremely XXX,XXX releasing market, Yes. center. the than that With will a an mix,

mega The $X in also that Nashville. It We're shopping for is professional of of the facility site housing, of same across part team. only practice market. practice side directly we're geography hockey It's important investment, of residential a part the the a pad on for south from in soccer billion in hotel. not center, team of the the professional in facility part infrastructure, street that the but the the as the is

permanent proximity to think come we as folks a tournaments pad. also to not base for the hospital the tourists of sits retailers, So only that huge we there's a tournaments, It's mega market. us a draw a will its how in than booming the part benefit but past. that We has in This soccer will a mixed-use great real that in same for and think, different Nashville our we've visit little pursued development. that bit estate but give built-in point from hockey just population, Craig's being also also earlier, client on for

Michael Mueller

returns? on it. anticipated any Got color economics And rough

Stephen Yalof

a look for gets for that it'd some market stabilized. X% a X.X%, to be push that, as Yes, in We There rents. upside in increasingly retail at third us. typical competitive return going may always can space, we more year be

Operator

from is next follow-up Goldman Burrows Our question from a Caitlin Sachs.

Caitlin Burrows

the don't the could met portfolio I totally it the Just if on clarify was of wondering idea there. what temp up fourth in portion one. just tenants, but the of But a the made get brought just up, strategy wondering quick -- quarter? think they you

Stephen Yalof

We said over at end XX%. that we the third were the of quarter just

typical. of it of pretty higher in pop-ups seasonal think tenants. I quarter, things a but temp just fourth that got was Holiday bit nature. that little lot a That's the and

Caitlin Burrows

Maybe like XX% or XX%?

Stephen Yalof

don't was that it high. I think

Operator

further to We like over or I'd of turn for the to comments. closing question-and-answer floor session. reached Tanger end our Mr. any back

Stephen Yalof

company. additional our at have We be in hopefully, upcoming to and Be a in Goodbye. great of forward a in weekend. well, call. of you, Thank after and questions the look seeing I to Cyndi answer and couple happy conference Steve, you entire your interest Jim, our everybody, Citi some this team weeks. for would person,

Operator

you. today's That conclude and webcast. Thank teleconference does

You this you time, may your line day. your wonderful disconnect have for a and at participation today. We thank

Tanger (SKT) 18 Feb 222021 Q4 Earnings call transcript