For shoppers our open-air outdoor centers offer an inviting way to find the brands and value they seek. But because it's not showing up in spreads and I don't know where all that would flow through in the financials, it's revenue ultimately. This information is available on our Investor Relations website, investors.tangeroutlets.com. Let me just clarify. Für die aufgeführten Inhalte kann keine Gewährleistung für die Vollständigkeit, Richtigkeit und Genauigkeit übernommen werden. We only have approximately 3% of third quarter billed rent that are being deferred or still under negotiation, and 5% which we do not anticipate collecting, due to one-time concessions or bankruptcies or because we otherwise deemed them uncollectible, because of tenant financial weaknesses. And I think that's great, obviously, all set to rise. So, I don't think we would give you much data on geographic distribution of the sales and traffic. 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. And then, seeing as we made great progress on the rent collections this quarter. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig. In the third quarter approximately $2.2 million of rental income bill, represented deferred rents are those that are under negotiation. Hey. Additionally, we believe we have a compelling opportunity from an operational perspective with some enhancements to our field management team. Hi, thanks for taking more of my questions. 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. Gap was an example. That doesn't necessarily mean that it's being marketed for sale. This is a market decline from the $28 million deferred are under negotiation for rents billed in the second quarter. Whether we should expect to see further non-core sales in the future? Of note, traffic picked up tremendously from the beginning of the quarter to the end. This is Jim. There is quite a bit of movements in the various buckets. Our next question comes from Caitlin Burrows from Goldman Sachs. And those were retailers that were positioned in other centers in that community, but they wanted to position themselves where the traffic is, and they came to our shopping centers. Thank you. And we see that some of these spaces that we are getting back be kicking into some of our better assets creating better opportunities for us to get in front of new retailers, particularly those that haven't been in our platform before. 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. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. And then, the -- what the NOI contribution was from that asset? Stephen J. Yalof -- President and Chief Operating Officer. Is there any -- like, so how much lower is the typical rent on the pop-ups, because I think that maybe a gap in NOI between that, it's hard to see how much that impacts. Good morning and thank you for joining us. So, Vince, this is Jim. Uncertainty was prevalent, including shoppers comfort and going to stores, retailers ability to open and staff their stores and the full availability of inventory. If you look at the footnote in our supplement, we tell you that let's not inspire to some of the temporary tenant leasing income, which was our pop-ups would be. I will now turn the call over to Steve Yalof. What's in short-term leases are those that's beyond a year or more. Thank you and good morning everyone. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in our earnings release and in our supplemental information. And I'm not going to get too much into the details, because it was an insignificant transaction. We request that ask only one question and one follow-up to allow as many of you as possible to ask questions. Kursinformationen von SIX Financial Information. The first thing I want to say is that everybody in our company is a leasing representative. And based on the progress you made adjusting 2020 expirations, can you talk about how spreads are trending for those reasons you're actually finding today, as opposed to the prior 12-months? Given that changing backdrop, we are pleased with our performance. It's had some challenges with rents and occupancy. © 1999-2020 finanzen.net 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. Well, Greg, I think, again, it's going to be literally like then to give you guidance for fourth quarter. We remain committed to supporting our employees, customers and communities through this difficult time. 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. In some cases, we've increased the reserves what had and in some cases we had some positive results for folks either paid or we think they were going to pay it, or we get some termination fees what we were previously written-off. Given the additional space you expect to recapture, the 400,000 square feet, just wondering, you have a sense of where occupancy bottoms out and when? Hi, Vince. But I know that you guys had mentioned last quarter that you were expecting them to be high. Okay. 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 made significant progress in terms of rent collections, which were markedly improved compared to the second quarter. 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. With the increase in rent collections, we have achieved positive cash flow each month, since the start of the third quarter. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. Hi, Katy. It's Steve. This is Jim. Hi, good morning, everyone. This is Jim. Coronajahr 2020 fast vorüber - kommt die Jahresendrally? This is Cyndi Holt, Vice President of Investor Relations. Alle Informationen zu Umsatz, Gewinn, Dividende und GuV. At the close of the quarter that increased to more than 99%. Cumulative Growth of a $10,000 Investment in Stock Advisor, Tanger Factory Outlet Centers Inc (SKT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $SKT, Tanger Factory Outlet Centers Inc (SKT) Q4 2019 Earnings Call Transcript, Tanger Factory Outlet Centers Inc (SKT) Q2 2019 Earnings Call Transcript, Tanger Factory Outlet Centers Inc (SKT) Q3 2018 Earnings Conference Call Transcript, Copyright, Trademark and Patent Information. It also creates opportunity as we curate our centers and target new tenants that will increase the shopping options available to our centers. In addition many local mandates required only 50% of capacity at one-time in retail stores. 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. At the start of the pandemic out of caution, we drew down our entire line of credit. Nevertheless, we believe our balance sheet is well positioned from a liquidity perspective and are continuing to make the appropriate steps to navigate the current environment. I want to thank everybody for participating in our call today. Our confidence in our platform is steadfast and while the current level of vacancy does create near-term pressure on our NOI. In terms of capital allocation, we will continue our disciplined and conservative approach. Hi, Caitlin. So, if I told you the southern properties were doing better than the northern properties, I don't know if will give you a true picture. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. 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. The outcome of the bankruptcies is still not fully known at this time and the rents due to uncollectible are largely prepetition rents. Let's conquer your financial goals together...faster. Is that 92% number the bogie here? Please go ahead with your question. And so, now we are in the post-petition periods. So, Mike, I don't have that kind of writedown in front of me that I can share with you. Please go ahead with your question. Is that correct? 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. 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. Great. Yesterday evening, we issued our earnings release, as well as our supplemental information package and our investor presentation. While leasing velocity remains moderate in this environment, we believe the open-air outlet distribution channel continues to be critically important for many retailers, providing a low relative cost of occupancy, making it a compelling option for retailers due to the channel, particularly strong local brands. Please refer to the earnings release we issued last night for additional detail provided to quantify the impact on rental revenues. Returns as of 11/28/2020. And ladies and gentlemen with that, we'll conclude today's question-and-answer session. I wanted to ask you guys about what concepts your team is seeing incremental demand from? 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. I will now turn the call over to Steven Tanger. As evidenced by the rebound in traffic that we experienced as the third quarter progressed. And how does that compare to where it was a year ago? Okay. Yes. It's a case-by-case basis, it's a tenant-by-tenant basis. Through our leasing efforts, we limited our occupancy declined for the quarter to 90 basis points, as new leases offset almost half of the vacancies created by the recaptured space. In the third quarter of 2020, same-center NOI was $66.6 million, a decline of $10.9 million, compared to the prior year, driven in large part by the impact of COVID-19 on rent collections. I'll turn it over to Jim to sort of share with you little bit more about the leasing spreads. In terms of traffic, and traffic has recovered, especially in September there, close to prior year levels. These tenant situations have accelerated as the pandemic further impacted their businesses. Okay. So, without that impact, we still would have been about 96% of prior levels that an all transparency we wanted point that out. Balance sheet strength has long been a core tenant of Tanger and this discipline is serving us well. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. The underlying elements of this approach is to ensure we have an empowered field-driven organization laser-focused on increasing NOI. While we are encouraged by sequential improvements and our long-term outlook, we do recognize the continued challenges we face, largely due to the impact of COVID-19. Vince Tibone -- Green Street Advisors -- Analyst. [Operator Instructions] Our next question comes from Mike Mueller from JPMorgan. For the third quarter, net income available to common shareholders was $0.14 per share, compared to net income of $0.25 per share in the prior year. Good morning, Ravi. Okay. Good morning. So we are working through that and I think we'll continue to make progress there. So, all the pop-up leasing is not included in any of the leasing metrics. 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. But in a lot of those short-term leases where we have short lease expiration periods, obviously give us the opportunity to reprice our real estate when we get to the other side of this current pandemic. 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. 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. Please go ahead with your question. 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 our next question is a follow-up from Vince Tibone from Green Street Advisors. And just a follow-up on Craig's question, just want to clarify. I'm going to let Jim talk about the spread, but as far as leasing is concerned. Historically, temporary tenants about 4% of our portfolio. Yes. Good morning. We believe a fortified balance sheet remains crucial to navigate challenging times and to emerge with the strength necessary to pursue potential opportunities. Please go ahead with your question. Got it. We are not going to be able to give you much guidance as into 2021. Operator, can we take our first question? EMAIL CENTER MANAGER So could you provide a little more color on what the pipeline is backfill leasing demand looks like today? Just building on Katy's question a little bit. Our next question comes from Todd Thomas from KeyBanc. As I mentioned in my opening remarks, we just bought a very seasoned veteran of operating shopping centers to our team. Sorry. Please be safe and go shop at our open-air outlet centers. But I just don't have that information. To drive this we've added a seasoned executive to our team. So, based on that, pretty impressive 89% collections number and you've clearly been hard at work receiving that rents owed. By mid-June, non-essential shopping mandates were lifted at all of our centers and store openings accelerated as the third quarter progressed. Pop-ups allow us to fill vacancies and to introduce new brands and new categories to Tanger; such as in the home category, popular food and beverage concepts, well-known local brands and digitally native brands. Tanger Factory Outlet Centers Aktie (SKT) Branche: Diverse:Holdings (WKN: 886676 ISIN: US8754651060 ) Kurs mit Realtime Chart Alle Entwicklungen, Kommentare und News auf BörsenNEWS.de live verfolgen. Occupancy means cash flow. 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? Thanks. 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. 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. As of today, we have increased hours and access, as we maintain our priorities of shoppers safety, retailer ability to staff the stores and the desire to offer as much access as possible to our customers. I mean, part of this analysis and there is a big chunk of when it's in deferred that won't be paid until 2021. I will provide a review of our third quarter performance and an update on each of our key priorities. Verzögerung Deutsche Börse: 15 Min., Nasdaq, NYSE: 20 Min. See you at the top! Obviously, the goal there is to bring in some exciting new and fresh tenants to upgrade our tenant mix and we think that's where we need to go and take the portfolio. What percentage of your square footage is currently leased to pop-up or temporary tenants? 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. Any sense how those types of tenants are thinking about the outlets? Good morning. This is Steve Yaloff. Ravi Vaidya -- KeyBanc Capital Markets -- Analyst. We are hearing about retailers cutting around closed mall footprints. And I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. I think one of the casinos is still not opened today. Importantly, we have maintained our strong liquidity position with an improving outlook, we fully repaid the outstanding balances on our $600 million unsecured lines of credit. We are committed to ongoing improvement and transparency and we look forward to reporting on our efforts and progress. That would be helpful to you. Good morning, Vince. And eventually be able to visit with you face-to-face as we always have. 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. And with great brand followings that they have, we see that those retailers in addition to the rents that they pay, and hopefully some overage rent that we'll get as their sales perform, we also get a whole new category of shopper shopping in our shopping center. Steve is leasing, I'm leasing, our center managers are leasing and our retailers, although they are taking a cautious approach, we are talking about future open to buy. And then, kind of, where you expect collections to trend by year-end? This is Ravi Vaidya on the line for Todd Thomas. Thank you. Good morning. Vince I'll take that. Unternehmen Event Datum Tanger Factory Outlet Centers IncShs: Quartalszahlen: 16.02.21: Tanger Factory Outlet Centers IncShs: Quartalszahlen In terms of leasing, we continue to get in front of our great brands and generate tenant interest, many of which are already Tanger customers that are looking to expand their footprint with us, which is Calvin Klein, West Elm, Pottery Barn and Aerie. Hi. James F. Williams -- Executive Vice President and Chief Financial Officer. Due to the ongoing uncertainty around the current environment, we are not reinstating guidance at this time. There are some opportunities, particularly on the expense side that we can unlock in the near-term and others that will take longer to realize, but I'm confident that we can drive incremental revenue and profit over time. Today there might be extraordinary non-recurring issues. Please go ahead with your question. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. 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 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. And we are down to that pretty small percentage. Could you just provide the final collections number by month in Q3? 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. 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. 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. Okay. 1645 Parkway, Suite 960, Sevierville, TN 37862 | (865) 453-1053 or (800) 408-8377. During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G, including funds from operations or FFO, core FFO, same-center net operating income and adjusted EBITDA. Okay. 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. I guess, then, Jim, as noted in the earnings release, there were some rents written-off in Q2 that are repaid in Q3. Good morning. I was wondering, going forward, you did talked about expense savings. Furthermore, since the start of the third quarter, we have generated positive cash flow each month, resulting in $640 million of available liquidity at the end of October. We do see as looking ahead, to see some more store closures and some rent coming in as we work through the bankruptcy tenants. We don't really break down the rents by category. Do you mind outlining the impact of adjustments built into Q3 results that really actually apply to last quarter's reserves and write-offs? Thanks. But, right now, that's expanded to a 5.5%. We added Pottery Barn. This call is being recorded for rebroadcast for a period of time in the future. Following management's prepared comments, the call will be opened for your questions. Caitlin, it's Steve again. Our centers offer a compelling option for retailers with an attractive relatively low cost of occupancy. But it is consistent with our long-term plan. 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. We anticipate the remainder of this year and into next year to be pressure, as we see potential store closures and rent modifications from these recent announcements. 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. And any notable trends by region? Hi, good morning. 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. Hier erhalten Sie eine Übersicht über die Dividendenzahlung und Dividendenrendite von TANGER FACTORY OUTLET CENTERS sowie die anstehenden und … 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. And then, does that mean, the property is being marketed for sale? Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. During the quarter, we launched some exciting enhancements to the Tanger digital capabilities, where shoppers can access exclusive deals and earn rewards. It depends on the company we are talking to and those coming in. The pop-up leases? If time permits, we are happy for you to requeue for additional questions. Leslie Swanson has joined Tanger as Executive Vice President of Operations and he is responsible for overseeing the planning and execution of operational strategies and expense management initiatives, growing center occupancy and developing new revenue opportunities. I'll take that question. So, just wondering if that expectation is now of this elevated level is over? Leasing remains a top priority, as those continuing to build on our positive traffic momentum, particularly as we enter the holiday shopping period, as we evolve from the defensive stance we needed to take at the outset of the pandemic, we are taking a fresh look at our center operations with a view toward achieving additional NOI and sustained long-term growth. That is one element of our business that we cannot control. I'll start-off and Steve Yaloff, if you want to jump in. If we're thinking about the 400,000 square feet of space that you expect to lose over the next few quarters, what portion of that $3.6 million is tied to that 400,000? So, none of the pop-up leasing shows up even in the all lease terms section. I'm sorry. For the third quarter, we expect to collect approximately 92% of rents billed, including 89% that we have already collected. Tenants who are currently on a cash basis of accounting comprised less than 3% of our monthly rents. We've made significant progress in terms of stores reopening and rent collection, since last quarter's call. [Technical Issues] improvements in rent collections, the ongoing focus on cost controls and a prudent approach to capital allocation, we currently have $640 million of available liquidity, including $40 million of cash and $600 million of unused capacity lines of credit. Our properties are a drive to American Resorts where people tend to go year-after-year together. With the [Technical Issues] environment during the quarter, we fully paid down the balance, we have no significant debt maturities until December 2023. On the call today will be Steven Tanger, Chief Executive Officer; Stephen Yalof, President and Chief Operating Officer; and Jim Williams, Executive Vice President and Chief Financial Officer. Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net! Last year, I just want to point out, we were compared to a period of time with Hurricane Dorian in September, where seven of our coastal centers were closed. I think the important piece I think is that, where we are trending is toward the end of the quarter and looking into fourth quarter is more like the rates what we are seeing in the table. As of the end of the third quarter Tanger app downloads were up 26% year-to-date. Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net! And then just to clarify, is that 400,000 feet only for tenants at bankruptcy? 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. Okay. Each has different variables impacting traffic. With that I would now like to turn the call over to Jim to take you through our financial results, balance sheet and liquidity recap. So, looking at the reserve components, that $2.3 million tied to bankruptcy primarily pre-petition and then the at risk due to financial weakness, that's about $3.6 million together. I am curious when we'd expect to get back to a more normalized level of collections? But we have always -- it doesn't mean that's marketed for sale. Steven B. Tanger -- Chief Executive Officer. Could you offer any commentary on how that's translating into sales? So, can you break it out two different sections, all lease terms and then in terms of more than 12 months. Just one from me here. So, Katy, I think, we are delighted to see that our collection rates get to 89% and really, if we look at what we expect to get, we think that will get up to 92%. 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. And we think that's going to be a great opportunity for us to build upon as we continue to maintain our strong -- decent relationships with a lot of retailers.