Guidance assumes 2020 same-center net operating income for consolidated portfolio between -6.75% and -8.25%, reflecting $37.6M impairment recognized for Jeffersonville, OH, property, average occupancy of 92%-93%; and projected store closures related to tenant bankruptcies and restructurings.
“While we anticipate potential near-term occupancy and rent pressure, we plan to lease strategically to upgrade our tenancy and the consumer experience in order to drive long-term growth,” said CEO Steven B. Tanger.
Q4 adjusted FFO per share of 59 cents per share beats the average analyst estimate of 56 cents and compares with 64 cents in the year-ago period.
Current quarter includes a 4-cent per share dilutive impact related to assets sold in March 2019.
Q4 same-center NOI for the consolidated portfolio fell 0.4% for the quarter and 0.7% for the full year, primarily due to the impact of tenant bankruptcies, lease modifications, and store closures.
2020 guidance assumes 303K square feet of known closures relating to all Dressbarn and Kitchen Collection stores and certain Forever 21 and Destination Maternity stores that closed in January and 322K-372K square feet of potential additional closures.
Conference call at 8:30 AM ET.
Previously: Tanger Factory FFO beats by $0.03, beats on revenue (Jan. 27)