Tanger Outlets(US:SKT)2021-05-07 20:11Financial Performance - Total revenues for Q1 2021 were $100.694 million, a decrease of 9.3% from $111.633 million in Q1 2020[28] - Net income attributable to Tanger Factory Outlet Centers, Inc. for Q1 2021 was $4.133 million, compared to a net loss of $26.882 million in Q1 2020[28] - Basic and diluted earnings per share for Q1 2021 were $0.04, recovering from a loss of $0.30 per share in Q1 2020[28] - Comprehensive income for Q1 2021 was $10.450 million, compared to a comprehensive loss of $39.615 million in Q1 2020[31] - Net income for the three months ended March 31, 2021, was $4,342,000, a significant improvement from a net loss of $28,119,000 in the same period of 2020[39] - Total revenues decreased to $100,694,000 in Q1 2021 from $111,633,000 in Q1 2020, representing a decline of approximately 9.3%[44] - Total expenses for the three months ended March 31, 2021, were $80,254,000, down from $126,303,000 in Q1 2020, indicating a reduction of about 36.5%[44] - Comprehensive income for the three months ended March 31, 2021, was $10,979,000, compared to a comprehensive loss of $41,528,000 in the same period of 2020[47] Assets and Liabilities - Total assets increased to $2.259 billion as of March 31, 2021, up from $2.190 billion at the end of 2020[26] - Total liabilities decreased to $1.776 billion as of March 31, 2021, down from $1.831 billion at the end of 2020[26] - Equity attributable to Tanger Factory Outlet Centers, Inc. increased to $461.081 million as of March 31, 2021, compared to $341.390 million at the end of 2020[26] - The company’s total debt decreased to $1.543 billion as of March 31, 2021, from $1.568 billion at the end of 2020[26] - Total debt decreased to $1,542,760,000 as of March 31, 2021, from $1,567,886,000 at the end of 2020, reflecting a reduction of approximately 1.6%[42] Cash and Cash Equivalents - Cash and cash equivalents rose significantly to $201.721 million from $84.832 million at the end of 2020[26] - Cash and cash equivalents at the end of the period were $201,564,000, down from $600,359,000 at the end of the previous year[54] - The company reported a net cash provided by operating activities of $31,276,000 for the three months ended March 31, 2021, compared to $27,282,000 in the same period of 2020[39] - Net cash provided by operating activities for the three months ended March 31, 2021, was $31,201,000, compared to $27,340,000 in the prior year[54] Dividends and Shareholder Returns - The company declared cash dividends of $16,924,000 in Q1 2021, down from $33,034,000 in Q1 2020, indicating a decrease of about 48.7%[39] - The company declared a cash dividend of $0.1775 per common share in January 2021, payable on February 12, 2021[107] - The Company declared a cash dividend of $0.1775 per common share in January and April 2021, payable to shareholders of record on January 29 and March 31, respectively[191][192] Impairments and Reserves - The company reported an impairment charge of $45.675 million in Q1 2020, which was not present in Q1 2021[28] - The company continues to assess the impact of COVID-19 on its operations, including potential future impairments and the ability to collect rent[66] - As of March 31, 2021, the company recorded a $1.6 million reversal of rental revenue reserves, with remaining reserves totaling $2.6 million, representing 39% of total deferred rents from 2020[70] - The company achieved approximately 95% collection of contractual fixed rents billed, amounting to $85.6 million in the first quarter of 2021[71] Joint Ventures and Investments - As of March 31, 2021, the carrying value of investments in unconsolidated joint ventures was $89.5 million, with total joint venture debt of $70.8 million[77] - The company’s share of net income from unconsolidated joint ventures was $1.769 million for the three months ended March 31, 2021, compared to $1.527 million in 2020[83] - The outstanding debt of unconsolidated joint ventures totals $329.2 million, with the company guaranteeing $21.9 million of this debt[223] Debt and Financing - The company guarantees the Operating Partnership's unsecured term loan, which had a principal amount of $325 million as of March 31, 2021[84] - Total long-term debt maturities as of March 31, 2021, amount to $1,542.76 million, with significant maturities in 2024 ($580.14 million) and thereafter ($655.705 million)[93] - The company paid down $25.0 million of borrowings under its $350.0 million unsecured term loan in March 2021[92] - The Company completed a partial redemption of $150 million of its senior notes in April 2021, leaving $100 million outstanding[212] Operational Metrics - As of March 31, 2021, the company owned and operated 30 consolidated outlet centers with a total gross leasable area of approximately 11.5 million square feet[56] - The company was the lessor to over 2,100 stores in 30 consolidated outlet centers as of March 31, 2021, under operating leases expiring from 2021 to 2035[140] - As of March 31, 2021, the total square footage of consolidated outlet centers was 11,456,030 square feet, with an overall occupancy rate of 92%[154] - The company had 216 lease renewals during the trailing twelve months ended March 31, 2021, covering 1,129,000 square feet[158] Future Outlook and Plans - The company plans to pursue new developments, including a potential site in Nashville, Tennessee, and may utilize joint ventures for funding[203][204] - The Company anticipates sufficient liquidity to meet its obligations for at least the next 12 months, with estimated monthly cash expenditures of approximately $26.3 million[209] Accounting and Compliance - There were no material changes to critical accounting policies in the quarter ended March 31, 2021[224]