Tanger Outlets(US:SKT)2021-08-03 20:31Revenue Performance - Rental revenues for Q2 2021 reached $96.824 million, a 55.4% increase from $62.273 million in Q2 2020[27] - Total revenues for the six months ended June 30, 2021, were $201.967 million, up 15.0% from $175.623 million in the same period of 2020[27] - Total revenues for the three months ended June 30, 2021, increased to $101.273 million, up 58.2% from $63.990 million in the same period of 2020[41] - Rental revenues rose to $96.824 million, a 55.4% increase compared to $62.273 million in Q2 2020[41] - Total revenues for the three months ended June 30, 2021, were $22.6 million, compared to $16.5 million for the same period in 2020, representing a year-over-year increase of 37.9%[83] - Rental revenues increased by $34.6 million in the 2021 period, totaling $96.8 million compared to $62.3 million in 2020, driven by existing properties[164] - Rental revenues increased by $23.5 million in the 2021 period, totaling $194.291 million compared to $170.831 million in 2020[181] Net Income and Earnings - Net income attributable to Tanger Factory Outlet Centers, Inc. for Q2 2021 was $2.478 million, compared to a net loss of $22.688 million in Q2 2020[27] - Comprehensive income for Q2 2021 was $4.198 million, compared to a comprehensive loss of $21.031 million in Q2 2020[30] - The company reported a basic earnings per share of $0.02 for Q2 2021, recovering from a loss of $0.25 per share in Q2 2020[27] - Net income for the six months ended June 30, 2021, was $6,938,000, a significant improvement compared to a net loss of $52,009,000 for the same period in 2020[37] - Net income for the three months ended June 30, 2021, increased by $26.5 million to $2.6 million compared to a net loss of $23.9 million in the same period of 2020[163] - The net income for the six months ended June 30, 2021, was $9.8 million, compared to a net loss of $2.6 million for the same period in 2020[83] Assets and Liabilities - Total assets decreased to $2.131 billion as of June 30, 2021, from $2.190 billion at the end of 2020[25] - Total assets as of June 30, 2021, were $2,130,357,000, down from $2,188,967,000 as of December 31, 2020[39] - Total liabilities decreased to $1,606,872,000 as of June 30, 2021, from $1,830,084,000 at the end of 2020[39] - Total debt reduced to $1.369 billion as of June 30, 2021, down 12.6% from $1.568 billion at the end of 2020[25] - Total debt as of June 30, 2021, was $1,368,602,000, a decrease from $1,567,886,000 as of December 31, 2020[39] Cash Flow and Liquidity - Cash and cash equivalents increased to $107.612 million from $84.832 million at the end of 2020, reflecting improved liquidity[25] - The company provided $91,605,000 in net cash from operating activities for the six months ended June 30, 2021, compared to $14,244,000 in the same period of 2020[37] - The company reported net cash provided by investing activities of $4,009,000 in 2021, a change of $20,830,000 from the net cash used in investing activities of $(16,821,000) in 2020[215] - The company experienced a net decrease in cash and cash equivalents of $22,454,000 for the six months ended June 30, 2021, compared to a net increase of $321,907,000 in 2020, reflecting a change of $(299,453,000)[215] Impairment and Expenses - The company experienced a significant reduction in impairment charges, with no charges reported in Q2 2021 compared to $45.675 million in Q2 2020[27] - Total expenses decreased to $74.682 million in Q2 2021, down from $68.370 million in Q2 2020, reflecting improved operational efficiency[41] - Interest expense decreased to $13.338 million in Q2 2021 from $16.943 million in Q2 2020, indicating lower borrowing costs[41] - Property operating expenses increased by $3.1 million to $31.3 million in the 2021 period compared to $28.2 million in 2020, primarily due to lower costs in 2020 during mandated store closures[168] - General and administrative expenses rose by $4.1 million in the 2021 period, reflecting higher compensation costs and professional fees[171] Shareholder Actions - The company issued 2,810,503 common shares, raising $52,221,000 during the reporting period[35] - The company declared a cash dividend of $0.1775 per common share payable on August 13, 2021, to shareholders of record on July 30, 2021[143] - The company authorized a share repurchase program of up to $80,000,000, which replaced a previous authorization that expired in May 2021[209] - The company intends to use the net proceeds from the ATM Offering for working capital and general corporate purposes[110] Joint Ventures and Investments - The carrying value of investments in unconsolidated joint ventures as of June 30, 2021, was $88.9 million, with total joint venture debt of $70.8 million[73] - The total assets of unconsolidated joint ventures as of June 30, 2021, were $442.7 million, with total liabilities of $342.1 million[82] - The company recognized total fees from unconsolidated joint ventures of $2.7 million for the six months ended June 30, 2021, compared to $2.2 million for the same period in 2020[77] Future Outlook and Developments - The company is in the initial study period for potential new developments, including a site in Nashville, Tennessee, and has restarted marketing efforts for this development[220] - The company believes it has access to necessary financing to meet short-term liquidity needs, including existing cash and relationships with financial institutions[97]