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Tanger Factory Outlet Centers, Inc (SKT) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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Tanger Factory Outlet Centers Inc

HISTORY TOOLS
CIK: 899715 Ticker: SKT

EXHIBIT 99.1

News Release
TANGER REPORTS THIRD QUARTER RESULTS
Tenant Sales Exceed 2019 by More Than 13%
Percentage Rentals More Than Double 2019

Greensboro, NC, November 1, 2021, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
, a leading owner and operator of upscale open-air outlet centers, today reported financial results and operating metrics for the three and nine months ended September 30, 2021.

"We are pleased to report strong quarterly results. Our leasing efforts pushed occupancy to 94.3% as of September 30, 2021, up 130 basis points since June 30th and 140 basis points over the last twelve months. Our rent spreads improved by 240 basis points sequentially on a cash basis. We also benefited from significant percentage rental growth, which was more than two and a half times the comparable 2019 period during the third quarter. Tenant sales at our open-air centers are accelerating, reaching an all-time high of $448 per square foot for the consolidated portfolio during the twelve months ended September 30, 2021, an increase of more than 13% over the comparable 2019 period. Traffic has remained strong, representing approximately 99% of third quarter 2019 levels. Furthermore, we are seeing continued traction in monetizing the non-store elements of our centers, particularly paid media and marketing partnerships. These trends demonstrate retailers’ commitment to the outlet distribution channel, and we believe sustaining this momentum will drive cash flow and increase the value of our real estate,” said Stephen Yalof, President and Chief Executive Officer.

“In addition, our 2021 capital markets activity, including bond issuance and redemptions and opportunistic equity issuance under our ATM program, have resulted in low leverage and a strong liquidity position. As of quarter end, leverage was below our target of 6 times net debt to EBITDA, and with significant cash flow generation and undrawn lines of credit, our balance sheet is well-positioned to deliver long-term growth,” he added.

Third Quarter Results

•Net loss available to common shareholders was $0.11 per share, or $11.0 million, compared to net income available to common shareholders of $0.14 per share, or $12.9 million, for the prior year period. The current year includes a loss on the early extinguishment of debt of $33.8 million, or $0.31 per share. The prior year period was heavily impacted by the COVID-19 pandemic and also included a $2.3 million, or $0.02 per share, gain on the sale of a non-core outlet center.
•Funds From Operations (“FFO”) available to common shareholders was $0.16 per share, or $17.8 million, compared to $0.44 per share, or $42.6 million, for the prior year period.
•Core Funds From Operations (“Core FFO”) available to common shareholders was $0.47 per share, or $51.8 million, compared to $0.44 per share, or $42.6 million, for the prior year period. Core FFO for the third quarter of 2021 excludes the loss on the early extinguishment of debt discussed above, which the Company does not consider indicative of its ongoing operating performance.

Year-to-Date Results

•Net loss available to common shareholders was $0.05 per share, or $4.8 million, compared to net loss available to common shareholders of $0.40 per share, or $37.2 million, for the prior year period. The current year period includes losses on the early extinguishment of debt totaling $47.9 million, or $0.46 per share. The prior year period was heavily impacted by the COVID-19 pandemic and also included the Company’s share of non-cash impairment charges totaling $48.8 million or $0.50 per share.
•FFO available to common shareholders was $0.84 per share, or $88.4 million, compared to $1.04 per share, or $101.4 million, for the prior year period.
•Core FFO available to common shareholders was $1.32 per share, or $138.7 million, compared to $1.04 per share, or $101.4 million, for the prior year period. Core FFO for the first nine months of 2021 excludes the losses on the early extinguishment of debt discussed above and general and administrative expense of $2.7 million, or $0.03 per share, for compensation costs related to a voluntary retirement plan and other executive severance costs, both of which the Company does not consider indicative of its ongoing operating performance.

FFO and Core FFO are widely accepted supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. Complete reconciliations containing adjustments from GAAP net income (loss) to FFO and Core FFO, if applicable, are included in this release. Per share amounts for net income (loss), FFO and Core FFO are on a diluted basis.




1
The following information was filed by Tanger Factory Outlet Centers Inc (SKT) on Monday, November 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Tanger Factory Outlet Centers Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss) Of The Company
Accumulated Other Comprehensive Income (Loss) Of The Company (Details)
Accumulated Other Comprehensive Income (Loss) Of The Company (Tables)
Accumulated Other Comprehensive Income (Loss) Of The Operating Partnership
Accumulated Other Comprehensive Income (Loss) Of The Operating Partnership (Details)
Accumulated Other Comprehensive Income (Loss) Of The Operating Partnership (Tables)
Business
Business (Details)
Debt Guaranteed By The Company
Debt Guaranteed By The Company (Details)
Debt Guaranteed By The Company (Tables)
Debt Of The Operating Partnership
Debt Of The Operating Partnership (Debt Maturities) (Details)
Debt Of The Operating Partnership (Narrative) (Details)
Debt Of The Operating Partnership (Schedule Of Debt) (Details)
Debt Of The Operating Partnership (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Classifications On Consolidated Balance Sheets) (Details)
Derivative Financial Instruments (Gain (Loss) Recognized And Reclassified) (Details)
Derivative Financial Instruments (Tables)
Disposition Of Properties
Disposition Of Properties (Details)
Disposition Of Properties (Tables)
Earnings Per Share Of The Company
Earnings Per Share Of The Company (Details)
Earnings Per Share Of The Company (Tables)
Earnings Per Unit Of The Operating Partnership
Earnings Per Unit Of The Operating Partnership (Details)
Earnings Per Unit Of The Operating Partnership (Tables)
Equity-Based Compensation Of The Company
Equity-Based Compensation Of The Company (Equity-Based Compensation Expense Capitalized) (Details)
Equity-Based Compensation Of The Company (Equity-Based Compensation Expense) (Details)
Equity-Based Compensation Of The Company (Narrative) (Details)
Equity-Based Compensation Of The Company (Outperformance Plan Assumptions) (Details)
Equity-Based Compensation Of The Company (Outperformance Plan) (Details)
Equity-Based Compensation Of The Company (Tables)
Fair Value Measurements
Fair Value Measurements (Debt) (Details)
Fair Value Measurements (Recurring) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements Nonrecurring (Details)
Investments In Unconsolidated Real Estate Joint Ventures
Investments In Unconsolidated Real Estate Joint Ventures (Impairment) (Details)
Investments In Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details)
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details)
Investments In Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets For Unconsolidated Joint Ventures) (Details)
Investments In Unconsolidated Real Estate Joint Ventures (Summary Statements Of Operations For Unconsolidated Joint Ventures) (Details)
Investments In Unconsolidated Real Estate Joint Ventures (Tables)
Investments In Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details)
Leasing Agreements
Leasing Agreements (Tables)
Leasing Agreements - Rental Revenues (Details)
New Accounting Pronouncements
Partners' Equity Of The Operating Partnership
Partners' Equity Of The Operating Partnership (Details)
Partners' Equity Of The Operating Partnership (Tables)
Shareholders' Equity Of The Company
Shareholders' Equity Of The Company (Details)
Shareholders' Equity Of The Company (Narrative) (Details)
Shareholders' Equity Of The Company (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: SKT
CIK: 899715
Form Type: 10-Q Quarterly Report
Accession Number: 0000899715-21-000186
Submitted to the SEC: Thu Nov 04 2021 4:05:07 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: Real Estate Investment Trusts

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