Tanger Factory Outlet Centers Inc., seeing traffic pick up and rent collections normalizing, reported first-quarter net income of $3.9 million, or $0.04 a common share, compared to a net loss of $27.4 million, or $0.30 a share, in the prior-year period.Total revenues, including rent, management, leasing and other services, came to $100.7 million for the first quarter ended March 31, compared to $111.6 million in the year-ago period.
Yalof joined Tanger in April 2020 as president and chief operating officer after serving as president of Simon Premium Outlets, and became Tanger’s CEO on Jan. 1. On his agenda: bringing a greater digital dimension to the business with more products available to see online; offering categories not sold before at Tanger centers, and extending the “dwell time” of shoppers so they purchase more.
“Beyond all these exciting initiatives, we remain committed to maintaining a strong balance sheet. During the first quarter of 2021, we opportunistically generated nearly $130 million in net proceeds from the issuance of equity, and year to date, we have reduced debt by $175 million, creating additional financial flexibility. As we move forward, we are confident that executing these operational and growth initiatives will create long-term shareholder value,” he added.
The consolidated portfolio occupancy rate was 91.7 percent as of March 31, compared to 91.9 percent as of Dec. 31 and 94.3 percent as of on March 31, 2020, the company said.
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