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. 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. I'll take that question. So, based on that, pretty impressive 89% collections number and you've clearly been hard at work receiving that rents owed. We are -- obviously, July was lower, but we don't -- we prefer not to give the monthly break down. This call is being recorded for rebroadcast for a period of time in the future. Stephen J. Yalof -- President and Chief Operating Officer. 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. Some of which are weather and other issues that present themselves. Vince I'll take that. 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. Thank you. But we have always -- it doesn't mean that's marketed for sale. Vince Tibone -- Green Street Advisors -- Analyst. Please go ahead with your question. And then, the July, August collections numbers? Our next question comes from Vince Tibone from Green Street Advisors. And then, kind of, where you expect collections to trend by year-end? Our next question comes from Caitlin Burrows from Goldman Sachs. We don't really have -- we are not a proxy for retail. So, all the pop-up leasing is not included in any of the leasing metrics. But I just don't have that information. But, can you help us think about, like, OK, if your 10 tenants are going to increase what is the rent level that they generally pay relative to the portfolio average? Craig Schmidt -- Bank of America Merrill Lynch -- Analyst. 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. Please note that during this conference call some of management's comments will be forward-looking statements that are subject to numerous risks and uncertainties and actual results could differ materially from those projected. 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. At this time, all participants are in listen-only mode. 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? Please go ahead with your question. So, I don't think we would give you much data on geographic distribution of the sales and traffic. It's had some challenges with rents and occupancy. And ladies and gentlemen with that, we'll conclude today's question-and-answer session. Just one from me here. Good morning. Just, what sort of the impairment charge at Foxwoods? 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. Occupancy means cash flow. With the [Technical Issues] environment during the quarter, we fully paid down the balance, we have no significant debt maturities until December 2023. Following management's prepared comments, the call will be opened for your questions. Given that changing backdrop, we are pleased with our performance. As evidenced by the rebound in traffic that we experienced as the third quarter progressed. 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. 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. The underlying elements of this approach is to ensure we have an empowered field-driven organization laser-focused on increasing NOI. 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. Due to the ongoing uncertainty around the current environment, we are not reinstating guidance at this time. 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. 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. Please go with your follow-up. 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. And so, now we are in the post-petition periods. I will now turn the call over to Steve Yalof. Hey. [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. This program is having the intended result of engaging shoppers and allowing them to shop in the way that fits their needs. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. 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. Is that correct? I'd now like to open it up for questions. We have made significant progress in terms of rent collections, which were markedly improved compared to the second quarter. Okay. 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. Okay. Our next question comes from Craig Schmidt from Bank of America. And I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. 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? 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. Yes. Our properties are a drive to American Resorts where people tend to go year-after-year together. 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. But net-net, I think the impact of truing up those items in the second quarter that rolled into third quarter was pretty much a wash. Uncertainty was prevalent, including shoppers comfort and going to stores, retailers ability to open and staff their stores and the full availability of inventory. And specifically, how are your two important Long Island centers performing, compared to the rest of the portfolio? At the start of the quarter, approximately 88% of total occupied stores in the portfolio had reopened. 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. Whether we should expect to see further non-core sales in the future? 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? As I mentioned in my opening remarks, we just bought a very seasoned veteran of operating shopping centers to our team. Hi, thanks for taking more of my questions. Tanger Factory Outlet Centers Inc (SKT) Q3 2020 Earnings Call Transcript SKT earnings call for the period ending September 30, 2020. Hey, good morning. Our confidence in our platform is steadfast and while the current level of vacancy does create near-term pressure on our NOI. But is it possible to continue these expense savings while revenues are lower to that kind of evens out the same-store NOI declines or do you think that the expense savings may not be able to keep up with the revenue? 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. 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. That doesn't necessarily mean that it's being marketed for sale. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Hier erhalten Sie eine Übersicht über die Dividendenzahlung und Dividendenrendite von TANGER FACTORY OUTLET CENTERS sowie die anstehenden und … So, Vince, this is Jim. We've been focused on evolving our marketing strategy to drive customers to our centers, while also increasing customer engagement. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. And those would [Indecipherable]. But, right now, that's expanded to a 5.5%. 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. And I guess, just one more from me. 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. 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. Okay. Thank you for all the time. Additionally, we believe we have a compelling opportunity from an operational perspective with some enhancements to our field management team. Balance sheet strength has long been a core tenant of Tanger and this discipline is serving us well. These continued to be priorities for our entire team and we are highly focused on returning to long-term sustained growth. Für die aufgeführten Inhalte kann keine Gewährleistung für die Vollständigkeit, Richtigkeit und Genauigkeit übernommen werden. And then just to clarify, is that 400,000 feet only for tenants at bankruptcy? This is Jim. Good morning. So could you provide a little more color on what the pipeline is backfill leasing demand looks like today? Goodbye. Thank you and good morning everyone. In terms of capital allocation, we will continue our disciplined and conservative approach. So, just wondering if that expectation is now of this elevated level is over? Have a great holiday, if we don't see or speak to you before. I believe, we have an unparalleled platform and brand from which to achieve growth and create value. 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. 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. We don't really break down the rents by category. The pop-up leases? Caitlin, it's Steve again. 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. I was wondering, going forward, you did talked about expense savings. EMAIL CENTER MANAGER 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. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. With the increase in rent collections, we have achieved positive cash flow each month, since the start of the third quarter. [Operator Instructions] And our first question today comes from Katy McConnell from Citi. And again, short-term leases and pop-ups to us, obviously, occupancy is critical and it's our goal right now to maintain occupancy. Yes. 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. And how does that compare to where it was a year ago? So, Mike, I don't have that kind of writedown in front of me that I can share with you. Any sense how those types of tenants are thinking about the outlets? Please go ahead with your question. It depends on the company we are talking to and those coming in. Thank you, Steve. Gap was an example. 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. In addition many local mandates required only 50% of capacity at one-time in retail stores. The first thing I want to say is that everybody in our company is a leasing representative. 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. 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. And I'm not going to get too much into the details, because it was an insignificant transaction. 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. I'm going to let Jim talk about the spread, but as far as leasing is concerned. And I think that's great, obviously, all set to rise. 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%. Okay. We are effectively executing on our initiatives aimed at operating more efficiently to optimize costs, maximizing revenue and driving NOI growth. With regard to the social element supporting local communities is embedded in our culture. Let me just clarify. We have been getting a few termination fees. Hi, Caitlin. 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. Oskar ist der einfache und intelligente ETF-Sparplan. 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. 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. I will now turn the call over to Steven Tanger. Coronajahr 2020 fast vorüber - kommt die Jahresendrally? This is Jim. Great. So, we don't expect to see unless there is further bankruptcy filings, we don't expect to see 2% of the rents written-off for the bankruptcies. Or are there other closures and non-renewals in that total space you are going to recapture? Verzögerung Deutsche Börse: 15 Min., Nasdaq, NYSE: 20 Min. James F. Williams -- Executive Vice President and Chief Financial Officer. So, none of the pop-up leasing shows up even in the all lease terms section. Could you offer any commentary on how that's translating into sales? This is a market decline from the $28 million deferred are under negotiation for rents billed in the second quarter. There is quite a bit of movements in the various buckets. 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. Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. Or if we should return to a more normalized level? We do see as looking ahead, to see some more store closures and some rent coming in as we work through the bankruptcy tenants. So, without that impact, we still would have been about 96% of prior levels that an all transparency we wanted point that out. Unternehmen Event Datum Tanger Factory Outlet Centers IncShs: Quartalszahlen: 16.02.21: Tanger Factory Outlet Centers IncShs: Quartalszahlen 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 am curious when we'd expect to get back to a more normalized level of collections? Thanks. Is that 92% number the bogie here? 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 remain committed to supporting our employees, customers and communities through this difficult time. Okay. It's a case-by-case basis, it's a tenant-by-tenant basis. Substantially, all of the deferred rents are due in 2021, the majority of which are due in January and February. There is certainly a component that's in the bankruptcy section. This is Steve Yaloff. 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. 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. In addition, we recognized a write-off of approximately $2.4 million in straight-line rents associated with the bankruptcies and uncollectible accounts. 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. I'd like to turn the conference call back over to Steve Tanger for any closing remarks. I want to thank everybody for participating in our call today. Please refer to the earnings release we issued last night for additional detail provided to quantify the impact on rental revenues. By mid-June, non-essential shopping mandates were lifted at all of our centers and store openings accelerated as the third quarter progressed. We are not going to be able to give you much guidance as into 2021. And any notable trends by region? 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. Okay. So we are working through that and I think we'll continue to make progress there. I'll start-off and Steve Yaloff, if you want to jump in. Good morning. Yes. TANGER FACTORY OUTLET CENTERS Bilanz - hier erhalten Sie ausführliche Bilanzinformationen zur TANGER FACTORY OUTLET CENTERS Aktie. And our next question is a follow-up from Vince Tibone from Green Street Advisors. Please go ahead with your question. 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. Similarly, we have continued to utilize the Tanger virtual shopper program, which allows shoppers to seamlessly access product from across our platform. 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. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. 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. 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. This is Jim. It's Steve. That is one element of our business that we cannot control. We've made significant progress in terms of stores reopening and rent collection, since last quarter's call. 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? Thank you. 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. We request that ask only one question and one follow-up to allow as many of you as possible to ask questions. And obviously, short-term leases give us the opportunity to reprice our real estate ultimately as we come to the end of this pandemic. Okay. Don't mind? 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. For the third quarter, we expect to collect approximately 92% of rents billed, including 89% that we have already collected. 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. Good morning. We added Pottery Barn. This is Cyndi Holt, Vice President of Investor Relations. Just building on Katy's question a little bit. Got it. On the Terrell outlet sale, just curious what the drivers were behind the disposition. 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. Good morning and thank you for joining us. 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. Steve Yalof will provide additional details on our strategic initiatives; and Jim Williams will discuss our financial results and balance sheet. 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? 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. 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.
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