So it implicit with longer hours come increased expenses. I believe, we have an unparalleled platform and brand from which to achieve growth and create value. 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. 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. James F. Williams -- Executive Vice President and Chief Financial Officer. 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. I'd like to turn the conference call back over to Steve Tanger for any closing remarks. Goodbye. 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. This call is being recorded for rebroadcast for a period of time in the future. Please go ahead with your question. Please go ahead with your question. Steven B. Tanger -- Chief Executive Officer. And then just to clarify, is that 400,000 feet only for tenants at bankruptcy? Or if we should return to a more normalized level? Yesterday evening, we issued our earnings release, as well as our supplemental information package and our investor presentation. 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. And I guess, just one more from me. In addition many local mandates required only 50% of capacity at one-time in retail stores. Just building on Katy's question a little bit. Let's conquer your financial goals together...faster. And I think that's great, obviously, all set to rise. But from a contribution point of view, I mean, we look at great halo retailers like, some of the deals we just did at Line Caster. 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. And then, the -- what the NOI contribution was from that asset? Tanger Factory Outlet Centers Inc (SKT) Q3 2020 Earnings Call Transcript SKT earnings call for the period ending September 30, 2020. We remain committed to supporting our employees, customers and communities through this difficult time. And ladies and gentlemen with that, we'll conclude today's question-and-answer session. Okay, fair enough. Any sense how those types of tenants are thinking about the outlets? Obviously it's smaller. We are effectively executing on our initiatives aimed at operating more efficiently to optimize costs, maximizing revenue and driving NOI growth. Vince I'll take that. We've been focused on evolving our marketing strategy to drive customers to our centers, while also increasing customer engagement. 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? So, without that impact, we still would have been about 96% of prior levels that an all transparency we wanted point that out. 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. So, can you break it out two different sections, all lease terms and then in terms of more than 12 months. So, Mike, I don't have that kind of writedown in front of me that I can share with you. 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. So, just wondering if that expectation is now of this elevated level is over? And I'm not going to get too much into the details, because it was an insignificant transaction. Okay. 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. 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. This program is having the intended result of engaging shoppers and allowing them to shop in the way that fits their needs. We've made significant progress in terms of stores reopening and rent collection, since last quarter's call. Is that 92% number the bogie here? This is Jim. This is Jim. Any updates on sales metrics or performance of the Tanger Club membership, average basket size, anything like that? Hi, Katy. Yes. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. Hey. 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. Please go ahead with your question. Our next question comes from Todd Thomas from KeyBanc. 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. 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? 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. So, I don't think we would give you much data on geographic distribution of the sales and traffic. 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%. 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. Additionally, we believe we have a compelling opportunity from an operational perspective with some enhancements to our field management team. Just one from me here. 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. At the start of the pandemic out of caution, we drew down our entire line of credit. Tenants who are currently on a cash basis of accounting comprised less than 3% of our monthly rents. And eventually be able to visit with you face-to-face as we always have. Balance sheet strength has long been a core tenant of Tanger and this discipline is serving us well. It's had some challenges with rents and occupancy. 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. [Operator Instructions] Our next question comes from Mike Mueller from JPMorgan. 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. 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? Have a great holiday, if we don't see or speak to you before. Thank you, Steve. Good morning. Verzögerung Deutsche Börse: 15 Min., Nasdaq, NYSE: 20 Min. But again, I reiterate that leasing is one of the main objectives for the entire organization. We are committed to ongoing improvement and transparency and we look forward to reporting on our efforts and progress. 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. Given that changing backdrop, we are pleased with our performance. Yes. 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. The entire team is excited by the future prospects for Tanger. Hi, Caitlin. Thank you. Ravi Vaidya -- KeyBanc Capital Markets -- Analyst. Coronajahr 2020 fast vorüber - kommt die Jahresendrally? 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? Thanks. 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. I'd now like to open it up for questions. Could you offer any commentary on how that's translating into sales? 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. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. We do and as we've said, we expect to see a little bit continued pressure on the spread as we are working with our tenants through this environment and the challenges that, that faces to maintain high occupancy. That is one element of our business that we cannot control. See you at the top! I'll take that question. So, none of the pop-up leasing shows up even in the all lease terms section. I will now turn the call over to Steve Yalof. 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. Historically, temporary tenants about 4% of our portfolio. We are not going to be able to give you much guidance as into 2021. Okay. Hi, Vince. Our next question comes from Caitlin Burrows from Goldman Sachs. Could you just provide the final collections number by month in Q3? 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. Good morning. 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. Similarly, we have continued to utilize the Tanger virtual shopper program, which allows shoppers to seamlessly access product from across our platform. Thank you. We do believe that we have compelling offerings to consumers and we are prepared to satisfy what our research shows is tremendous pent-up demand for people to go shop. I'll turn it over to Jim to sort of share with you little bit more about the leasing spreads. By mid-June, non-essential shopping mandates were lifted at all of our centers and store openings accelerated as the third quarter progressed. 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. Finally, I would like to highlight some of our ESG activities. This year's third quarter was negatively impacted by reduced back-to-school shopping caused by some districts requiring schools to be virtual. Some of which are weather and other issues that present themselves. These brands have opened new locations during the pandemic, including marquee stores in Centre Court locations. 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? So, based on that, pretty impressive 89% collections number and you've clearly been hard at work receiving that rents owed. And I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. 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. Market data powered by FactSet and Web Financial Group. Okay. We are pleased that the year-over-year change is significantly better than it was in the second quarter. Got it. Good morning, Vince. This is Ravi Vaidya on the line for Todd Thomas. 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. Substantially, all of the deferred rents are due in 2021, the majority of which are due in January and February. Thank you for all the time. These tenant situations have accelerated as the pandemic further impacted their businesses. Thank you and good morning everyone. Hier erhalten Sie eine Übersicht über die Dividendenzahlung und Dividendenrendite von TANGER FACTORY OUTLET CENTERS sowie die anstehenden und … 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. [Operator Instructions] And our first question today comes from Katy McConnell from Citi. And then, kind of, where you expect collections to trend by year-end? I guess, then, Jim, as noted in the earnings release, there were some rents written-off in Q2 that are repaid in Q3. © 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. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig. This information is available on our Investor Relations website, investors.tangeroutlets.com. On the Terrell outlet sale, just curious what the drivers were behind the disposition. I'm sorry. Okay. And just a follow-up on Craig's question, just want to clarify. 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. 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. We are hearing about retailers cutting around closed mall footprints. Our next question comes from Craig Schmidt from Bank of America. Is that correct? At this time, all participants are in listen-only mode. So, all the pop-up leasing is not included in any of the leasing metrics. 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. Third quarter results showed a strong improvement from our second quarter performance, but reflect the ongoing impact of uncollected rent and reserves related to the pandemic and tenant bankruptcies. 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. I am curious when we'd expect to get back to a more normalized level of collections? The outcome of the bankruptcies is still not fully known at this time and the rents due to uncollectible are largely prepetition rents. We added Pottery Barn. It's a case-by-case basis, it's a tenant-by-tenant basis. And we are down to that pretty small percentage. With the [Technical Issues] environment during the quarter, we fully paid down the balance, we have no significant debt maturities until December 2023. Finally, I want to express my ongoing best wishes for everyone's good health and well-being. 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. We hope to see virtually a lot of you at NAREIT, a couple of weeks. Good morning and thank you for joining us. As of the end of the third quarter Tanger app downloads were up 26% year-to-date. As I mentioned in my opening remarks, we just bought a very seasoned veteran of operating shopping centers to our team. 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. But I just don't have that information. 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. 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. This is Jim. 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. Caitlin, it's Steve again. So we are working through that and I think we'll continue to make progress there. Caitlin Burrows -- Goldman Sachs -- Analyst. We request that ask only one question and one follow-up to allow as many of you as possible to ask questions. And any notable trends by region? 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? So could you provide a little more color on what the pipeline is backfill leasing demand looks like today? We have made significant progress in terms of rent collections, which were markedly improved compared to the second quarter. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. If time permits, we are happy for you to requeue for additional questions. Yes. 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. And we think embedded in that pivot to more operations will come more expense savings on the field line. Unternehmen Event Datum Tanger Factory Outlet Centers IncShs: Quartalszahlen: 16.02.21: Tanger Factory Outlet Centers IncShs: Quartalszahlen Stock Advisor launched in February of 2002. Please go ahead, Steve. Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. 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. And our next question is a follow-up from Vince Tibone from Green Street Advisors. 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. And specifically, how are your two important Long Island centers performing, compared to the rest of the portfolio? In terms of capital allocation, we will continue our disciplined and conservative approach. I think one of the casinos is still not opened today. Occupancy means cash flow. What's in short-term leases are those that's beyond a year or more. 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. Hi, good morning, everyone. 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. For the third quarter, we expect to collect approximately 92% of rents billed, including 89% that we have already collected. We added West Elm. ET, Cyndi Holt -- Vice President of Investor Relations. We have been getting a few termination fees. 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. Please go with your follow-up. Got it. [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. I'm wondering, do the pop-ups impact leasing spreads? 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. This is Steve Yaloff. That said, we have taken a prudent approach toward collectability. With the increase in rent collections, we have achieved positive cash flow each month, since the start of the third quarter. 1645 Parkway, Suite 960, Sevierville, TN 37862 | (865) 453-1053 or (800) 408-8377. 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. That would be helpful to you. Operator, can we take our first question? Yes. For shoppers our open-air outdoor centers offer an inviting way to find the brands and value they seek. Let me just clarify. While the rent per square foot on these pop-up leases is lower than the portfolio average, they fill a number of objectives, including keeping the space occupied with desirable retailers and setting us up for additional future growth with many of these tenants. Our next question comes from Greg McGinniss from Scotiabank. Well, Greg, I think, again, it's going to be literally like then to give you guidance for fourth quarter. 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? 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. TANGER FACTORY OUTLET CENTERS Bilanz - hier erhalten Sie ausführliche Bilanzinformationen zur TANGER FACTORY OUTLET CENTERS Aktie. But, right now, that's expanded to a 5.5%. Gap was an example. 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. Please go ahead with your question. We are -- obviously, July was lower, but we don't -- we prefer not to give the monthly break down. Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net! In addition, we recognized a write-off of approximately $2.4 million in straight-line rents associated with the bankruptcies and uncollectible accounts. But I know that you guys had mentioned last quarter that you were expecting them to be high. Please refer to the earnings release we issued last night for additional detail provided to quantify the impact on rental revenues. 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. 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. Uncertainty was prevalent, including shoppers comfort and going to stores, retailers ability to open and staff their stores and the full availability of inventory. I hope everyone is doing well. At the close of the quarter that increased to more than 99%. Returns as of 11/28/2020. It also creates opportunity as we curate our centers and target new tenants that will increase the shopping options available to our centers. Hi. 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. 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. Don't mind? The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. And while there will likely be additional fallout as we sit today, our tenant watch list is smaller than it was going into the pandemic. 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. Hi, thanks for taking more of my questions. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. Okay. 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. Whether we should expect to see further non-core sales in the future? And then, seeing as we made great progress on the rent collections this quarter.
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