Sorry. We are also strategically and successfully utilizing pop-up stores. First of all, as it relates to Gap, we had a very favorable resolution with Gap, in fact looking at new concepts with Gap as we speak. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. I'm wondering, do the pop-ups impact leasing spreads? But again, I reiterate that leasing is one of the main objectives for the entire organization. And then, what portion is tied to, I guess, other tenant situations outside of the 400,000 that you know you are going to lose? Thank you for that color and just one last one for me is, could you share some color on how much variability there is among traffic trends across your portfolio? We also expect there will be an impact on rental rates as mid-lease modifications are implemented in select cases and as some tenant leases are renewed at reduced spreads. So, we do a quarterly analysis each quarter and based on our analysis and based on the facts and circumstances at that time, we determine that an impairment charge necessary for Foxwoods. At quarter-end occupancy for our consolidated portfolio was 92.9%, down 90 basis points from the end of the second quarter, due in large part to Ascena closing 29 stores, totaling 137,000 square feet. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. There is quite a bit of movements in the various buckets. Thank you and good morning everyone. As we lead up to the holiday shopping season, we are planning for one that looks different than it has years passed, instead of the typical focus on the day and weeks following Thanksgiving, we are starting early and encouraging people to shop early, shop now, shop Tanger. Okay. We are dedicated to engaging with our stakeholders on ESG matters at all levels, to further this engagement Tanger will complete a comprehensive materiality assessment early next year to help guide our ongoing ESG strategy, goals and objectives. So, I don't think we would give you much data on geographic distribution of the sales and traffic. But we are -- I think we are having a lot of success in talking to these tenants and getting them interested in coming in and opening space in our centers certainly on a pop-up basis. Diese Aktien empfehlen Experten zu kaufen, Top-News der Woche: Diese Themen waren diese Woche wichtig, zu den Quartalsschätzungen für Tanger Factory Outlet Centers, News zu Tanger Factory Outlet Centers IncShs, Tanger Factory Outlet Centers stellte Ergebnisse des abgelaufenen Quartals vor, Tanger Factory Outlet Centers zog Bilanz zum jüngsten Jahresviertel, Ausblick: Tanger Factory Outlet Centers legt Quartalsergebnis vor, Erste Schätzungen: Tanger Factory Outlet Centers gewährt Anlegern Blick in die Bücher, Was Analysten von der Tanger Factory Outlet Centers-Aktie erwarten. Verzögerung Deutsche Börse: 15 Min., Nasdaq, NYSE: 20 Min. Same-center NOI for the consolidated portfolio decreased $10.9 million for the quarter, including a $6.6 million charge to write-off uncollectible revenues or reserve for rents that were deferred or under negotiation at quarter end and may not be collectible. But we have always -- it doesn't mean that's marketed for sale. Blended average rental rates for all leases that commenced in the quarter were off 6% on a straight-line basis and 11% on a cash basis. I'm going to let Jim talk about the spread, but as far as leasing is concerned. Steve Yalof will provide additional details on our strategic initiatives; and Jim Williams will discuss our financial results and balance sheet. With regard to dividends, the Board will continue to evaluate future dividend distributions on a quarterly basis, but we remain committed to paying our dividend as required to maintain REIT status. With regard to expense savings, so I think, lot of the Q3 expense savings had to do with the fact that we cut our hours by 30% and actually starting today, we are going to add back two hours a day for holiday shopping season. For the third quarter, we expect to collect approximately 92% of rents billed, including 89% that we have already collected. Thank you. This is a market decline from the $28 million deferred are under negotiation for rents billed in the second quarter. At this time tenants are communicating that they are in good shape with regards to holiday inventory having effectively worked through inventory that had built up during the shutdown. And one of the legacy field operations of Tanger being a little bit more marketing-driven are now pivoting into more of an operational model. I guess, then, Jim, as noted in the earnings release, there were some rents written-off in Q2 that are repaid in Q3. So could you provide a little more color on what the pipeline is backfill leasing demand looks like today? The first thing I want to say is that everybody in our company is a leasing representative. Please go ahead with your question. The portfolio we have is not dependent upon visitors and tourists from other parts of the world, which obviously, have been impacted by this terrible virus. During the third quarter, we made meaningful improvements across each of our areas of focus; including liquidity, rent collections, driving traffic to our centers; leasing and shopper engagement. The entire team is excited by the future prospects for Tanger. © 1999-2020 GmbH, DAX geht fester ins Wochenende -- US-Börsen schließen im Plus -- Goldpreis unter 1.800 Dollar -- VW will Marktanteile gewinnen -- Disney streicht noch mehr Stellen -- Medios, K+S im Fokus, Konditionen im Check: Die besten Girokonten fürs erste Geld, KW 48: So bewegten sich die DAX-Aktien in der vergangenen Woche, Kostenfrei registrieren und Vorteile nutzen. And then, regarding, like home and hard goods categories and new retailers that are entering your properties, what kind of ABR do they pay comparable to the overall portfolio? But I think, as we reduced our dependency on apparel and footwear going forward, home furnishings, sporting goods, hard goods, and entertainment concepts are things that we are focused on right now. We've also seen the rents for second quarter and third quarter to be impacted by the bankruptcies and lot of that are write-off coming from the bankruptcies or pre-petition rents. Let me as -- as Steve said, I mean, the pop-ups, just due to their short-term nature are not going to pay the full rents and we don't really get into of up to what those rents are and how those compares. And ladies and gentlemen with that, we'll conclude today's question-and-answer session. Please go ahead with your question. These tenant situations have accelerated as the pandemic further impacted their businesses. So, as we went through the year, we will have to continue to go through what's still on the books, what's still unpaid and do the collectability assessment. It's had some challenges with rents and occupancy. Or if we should return to a more normalized level? Additionally, we believe we have a compelling opportunity from an operational perspective with some enhancements to our field management team. The outcome of the bankruptcies is still not fully known at this time and the rents due to uncollectible are largely prepetition rents. Whether we should expect to see further non-core sales in the future? Okay. Good morning. Please go ahead with your question. This information is available on our Investor Relations website, Good morning. And then, the July, August collections numbers? There is certainly a component that's in the bankruptcy section. We believe a fortified balance sheet remains crucial to navigate challenging times and to emerge with the strength necessary to pursue potential opportunities. And I guess, just one more from me. Good morning, Ravi. We've made significant progress in terms of stores reopening and rent collection, since last quarter's call. [Operator Instructions] Our next question comes from Mike Mueller from JPMorgan. But I know that you guys had mentioned last quarter that you were expecting them to be high. Stock Advisor launched in February of 2002. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I will now turn the call over to Steve Yalof. Our leasing strategy is a sound one and we are talking to a lot of the national retailers that are currently in our footprint about expanding. Hi, Vince. In total for both quarters, we have taken a reserve against revenues for potentially uncollectible accounts, totaling $11.8 million, which represents 6% of rents billed and 39% of rents deferred are still under negotiation. We are committed to ongoing improvement and transparency and we look forward to reporting on our efforts and progress. In terms of capital allocation, we will continue our disciplined and conservative approach. Or are there other closures and non-renewals in that total space you are going to recapture? Or do you think that, what you had been talking about last quarter as that it would be coming if there is still more to that? We are effectively executing on our initiatives aimed at operating more efficiently to optimize costs, maximizing revenue and driving NOI growth. Is that correct? Certainly seeing that market have -- the casino industry is having its own challenges. With regard to rent deferrals, we've recognized revenue from these leases in our net income, FFO and same-center NOI, we recorded a lease receivable on our balance sheet. Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von! Let's conquer your financial goals together...faster. I wanted to ask you guys about what concepts your team is seeing incremental demand from? Please go ahead with your question. It also creates opportunity as we curate our centers and target new tenants that will increase the shopping options available to our centers. And we are down to that pretty small percentage. In terms of traffic, and traffic has recovered, especially in September there, close to prior year levels. But yes, I mean, the collection rates for the month, that was very similar to particularly the latter marks, to where I average had turned out to be of 89% and so far, what we are seeing in October is very similar to that range. And obviously, short-term leases give us the opportunity to reprice our real estate ultimately as we come to the end of this pandemic. We also continued to collect rents billed for prior periods and as of October 31, our second quarter collections improved to 43% of rents billed, as expected payments were received, rents previously under negotiation were resolved and a portion of rents written-off in the second quarter are paid. So, based on that, pretty impressive 89% collections number and you've clearly been hard at work receiving that rents owed. And specifically, how are your two important Long Island centers performing, compared to the rest of the portfolio? Oskar ist der einfache und intelligente ETF-Sparplan. On the Terrell outlet sale, just curious what the drivers were behind the disposition. While a number of tenant bankruptcies and brandwide restructurings remain fluid at this time, we expect approximately 80 stores comprising 400,000 square feet to close between the fourth quarter of 2020 and the second quarter of 2021. Some of the recent bankruptcies that created opportunity where we had space available in some shopping centers that are typically high occupancy and have given us the opportunity to get in front of a number of new retailers and creating opportunities that hadn't been there in the past. At the close of the quarter that increased to more than 99%. Any updates on sales metrics or performance of the Tanger Club membership, average basket size, anything like that? Some of which are weather and other issues that present themselves. In the third quarter approximately $2.2 million of rental income bill, represented deferred rents are those that are under negotiation. As we have previously discussed, we have always prioritized maintaining a strong financial position and particularly through the pandemic, this discipline has proven to be critical. Hier erhalten Sie eine Übersicht über die Dividendenzahlung und Dividendenrendite von TANGER FACTORY OUTLET CENTERS sowie die anstehenden und … I just -- maybe, on same-store NOI for that revenues were down in the quarter, but so were expenses, so, NOI I would say was, kind of even with them. What's in short-term leases are those that's beyond a year or more. Coronajahr 2020 fast vorüber - kommt die Jahresendrally? Do you mind outlining the impact of adjustments built into Q3 results that really actually apply to last quarter's reserves and write-offs? Balance sheet strength has long been a core tenant of Tanger and this discipline is serving us well. Okay. Ravi Vaidya -- KeyBanc Capital Markets -- Analyst. Please go with your follow-up. And then, the -- what the NOI contribution was from that asset? Given that changing backdrop, we are pleased with our performance. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, November 6, 2020. This is Cyndi Holt, Vice President of Investor Relations. Got it. Caitlin, it's Steve again. Although the near-term environment remains uncertain and it will take some time to return to sustained growth as we continue to work through the impact of the pandemic and recent tenant reorganizations. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. And any notable trends by region? Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. I will now turn the call over to Steven Tanger. Following management's prepared comments, the call will be opened for your questions. We have made significant progress in terms of rent collections, which were markedly improved compared to the second quarter. Thank you. If time permits, we are happy for you to requeue for additional questions. We added Pottery Barn. So we are working through that and I think we'll continue to make progress there. Thank you for all the time. For the quarter, traffic rebounded to 86.5% of prior year, even as stores opened to accommodate retailer needs, our open-air centers operated at 30% fewer hours per week, since reopening. Ladies and gentlemen, at this time we'll begin the question-and-answer session. We have been getting a few termination fees. It's Steve. So, just wondering if that expectation is now of this elevated level is over? This program is having the intended result of engaging shoppers and allowing them to shop in the way that fits their needs. We hope to see virtually a lot of you at NAREIT, a couple of weeks. We don't really have -- we are not a proxy for retail. I'll start-off and Steve Yaloff, if you want to jump in. Two such examples of Tory Burch and Vineyard Vines, both of which initiated their relationship with us as pop-ups and have since expanded to have multiple long-term leases. This is Jim. But, right now, that's expanded to a 5.5%. Hey. But the primary reason for those, the termination fee that we recognized is a pretty significant termination fee we've received from a single tenant and we recognized about half of that in the third quarter and the other half will be recognized in the fourth quarter. Good morning. Terrell was a very small poorly productive non-core asset and it's consistent with our long-standing policy of an aggressive and active asset management program. We have increasingly moved from a defensive and reactive approach that was necessary as we learned how to adapt and operate within the protocols of the pandemic toward a proactive strategy of safely getting customers back and shopping. Great. And we think embedded in that pivot to more operations will come more expense savings on the field line. But I just don't have that information. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. Don't mind? This is Jim. And I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. I will provide a review of our third quarter performance and an update on each of our key priorities. We are also employing our pop-up strategy as I said in my remarks and we think pop-up is a strategy as great opportunity to turn some of that vacant space into net income. And so, now we are in the post-petition periods. I want to thank everybody for participating in our call today. Goodbye. It depends on the company we are talking to and those coming in. Could you offer any commentary on how that's translating into sales? We remain committed to supporting our employees, customers and communities through this difficult time. As part of their efforts to foster civic engagement, Tanger partnered with two non-partisan organization's headcount and power the polls to encourage voter registration and offering our full time employees paid time off to volunteer polling stations. So, none of the pop-up leasing shows up even in the all lease terms section. And there is a piece that's still -- that's deferred or under negotiation which is 3%, which is pretty small, and I think pretty incredible when you think that we're pretty much had to work with almost every tenant in the portfolio. Of note, traffic picked up tremendously from the beginning of the quarter to the end. In the select cases, where we have granted one-time concessions, we have done so in exchange for landlords favorable lease modifications, such as co-tenancy waivers; term extensions and early option exercises and exchange -- in an exchange of value for value with the ultimate goal of preserving our ongoing income stream, while offering desirable brand variety and product choice to our shoppers. TANGER FACTORY OUTLET CENTERS Termine - hier erhalten Sie eine Übersicht über alle anstehenden und vergangenen Termine wie Quartalszahlen und Hauptversammlung von TANGER FACTORY OUTLET CENTERS. To drive this we've added a seasoned executive to our team. And our next question is a follow-up from Vince Tibone from Green Street Advisors. [Operator Instructions] And our first question today comes from Katy McConnell from Citi. TANGER FACTORY OUTLET CENTERS Bilanz - hier erhalten Sie ausführliche Bilanzinformationen zur TANGER FACTORY OUTLET CENTERS Aktie. As of the end of October, we had a cash balance of approximately $40 million. This call is being recorded for rebroadcast for a period of time in the future. This is Jim. ET, Cyndi Holt -- Vice President of Investor Relations. And based on that progress in 2Q, can you touch on any top or bottom categories that contributed to the most improvement or that are still lagging? Hi. And obviously, it's a fluid situation what I would call that right now it's hard to make a determination as to where occupancy will land. Our priority uses of capital include investments to deliver NOI growth, such as retenanting vacancies, reducing leverage that has increased in the current environment, as well as a value in selective accretive opportunities over the long-term. Good morning. Okay. And then, seeing as we made great progress on the rent collections this quarter. Today there might be extraordinary non-recurring issues. Third quarter core FFO available to common shareholders was $0.44 per share, compared to $0.58 per share in the third quarter of 2019. We are working closely with our retailers to provide exclusive promotions at our centers and to provide a safety, conscious and fun environment for shoppers. Our priorities remain consistent, maintain a strong balance sheet, provide a compelling value proposition for our retailers and consumers and maintain a high quality portfolio with desirable brand name tenants. Yes. EMAIL CENTER MANAGER Our immediate emphasis is on leasing available space, driving traffic to our open-air outlet centers and building shopper engagement to the important holiday shopping period.


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