Tanger Factory Outlet Centers (SKT) Tops Q4 EPS by 2c; Offers FY21 EPS Guidance Above Consensus

Tanger Factory Outlet Centers (NYSE: SKT) reported Q4 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02).

"Our business continues to improve, with the consumer embracing open-air outlet centers as a preferred venue for shopping and entertainment. Traffic was approximately 90% of prior year levels during the fourth quarter and in January, improved to more than 99% for domestic centers. Outlets are an important component of the omnichannel retail strategy, given the low cost structure and access to an incremental consumer that is both value-oriented and aspirational," said Stephen Yalof, Chief Executive Officer.

"Rent collections for the quarter improved to 95% of billed rents as of the end of January. As of that date, we had already collected 57% of 2020 rents that we allowed our tenants to defer until this year, nearly half of which represented prepayments. We collected 90% of deferred rents due in January. Our liquidity position is strong, with $84 million of cash and $600 million in unsecured lines of credit that were undrawn at the end of January," he added.

GUIDANCE:

Tanger Factory Outlet Centers sees FY2021 EPS of $0.30-$0.40, versus the consensus of ($0.03).

For earnings history and earnings-related data on Tanger Factory Outlet Centers (SKT) click here.

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