Tanger Outlets(US:SKT)2022-08-09 17:11Financial Performance & Metrics - Occupancy rate was 949% as of June 30, 2022 [29] - Blended cash rent spreads for executed comparable leases increased by 41% [29] - Same Center NOI increased by 74% year-over-year for the six months ended June 30, 2022 [29] - Tenant sales per square foot reached $450, up 64% from the second quarter of 2021 [29] - The company has manageable debt maturities with an effective interest rate of 32% and an average of 51 years to maturity [90] Portfolio & Development - Tanger's portfolio consists of 37 centers with approximately 140 million total square feet [20, 144] - 90% of the square footage is located in a Top 50 MSA or leading tourism destination [20] - The company broke ground on its 37th shopping center in Nashville in May 2022 [15] - A strategic partnership was launched at Tanger Outlets Palm Beach, the 38th center in the portfolio, with approximately 455,000 square feet [15, 76] Strategic Initiatives - The company executed 17 million square feet in leases from 345 leases in the period [29] - Tanger is focused on accelerating leasing, commercializing marketing, and reshaping operations [14] - The company is pursuing opportunities to generate new revenue streams and unlock additional value in its portfolio [15]