Tanger Q2 FFO, revenue miss; reports positive July cash flow

Aug. 05, 2020 4:47 PM ETTanger Inc. (SKT) StockSKTBy: Liz Kiesche, SA News Editor13 Comments
  • Tanger Factory Outlet Centers (NYSE:SKT) reports that cash flow was positive in July now that almost all stores in its shopping centers have reopened.
  • "We continue to recover from the government-mandated store closures that started in mid-March," said CEO Steven B. Tanger.
  • Also notes that rent collections were "substantially better" for July vs. Q2.
  • Q2 core FFO per share of 10 cents trails the consensus of 34 cents and declined from 57 cents in the year-ago quarter.
  • SKT slips 1.8% in after-hours trading.
  • Q2 total revenue of $64.0M vs. consensus of $88.2M and $115.7M a year ago.
  • Q2 same-center net operating income was $37.4M vs. $76.4M a year earlier.
  • Occupancy of 93.8% vs. 94.3% at March 31, 2020.
  • During Q2, the company reduced cash outflows by ~$11M, including $1M of general and administrative and $10M of property operating expense. In addition, Tanger deferred its Nashville pre-development-stage project and certain other planned capital expenditures.
  • Conference call on Aug. 6 at 8:30 AM ET.
  • Previously: Tanger Factory FFO misses by $0.24, misses on revenue (Aug. 5)

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