Our next question comes from Todd Thomas from KeyBanc. Our properties are a drive to American Resorts where people tend to go year-after-year together. Please refer to the earnings release we issued last night for additional detail provided to quantify the impact on rental revenues. This is Ravi Vaidya on the line for Todd Thomas. Okay. Good morning. Let me just clarify. And I think that's great, obviously, all set to rise. This program is having the intended result of engaging shoppers and allowing them to shop in the way that fits their needs. Third quarter results showed a strong improvement from our second quarter performance, but reflect the ongoing impact of uncollected rent and reserves related to the pandemic and tenant bankruptcies. Please be safe and go shop at our open-air outlet centers. Hi, good morning. So we are working through that and I think we'll continue to make progress there. We've also seen the rents for second quarter and third quarter to be impacted by the bankruptcies and lot of that are write-off coming from the bankruptcies or pre-petition rents. See you at the top! As of today, we have increased hours and access, as we maintain our priorities of shoppers safety, retailer ability to staff the stores and the desire to offer as much access as possible to our customers. Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. Certainly seeing that market have -- the casino industry is having its own challenges. We are committed to ongoing improvement and transparency and we look forward to reporting on our efforts and progress. We are hearing about retailers cutting around closed mall footprints. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. We anticipate the remainder of this year and into next year to be pressure, as we see potential store closures and rent modifications from these recent announcements. I'll turn it over to Jim to sort of share with you little bit more about the leasing spreads. Sorry. This information is available on our Investor Relations website, investors.tangeroutlets.com. Tenants who are currently on a cash basis of accounting comprised less than 3% of our monthly rents. Okay. And then, does that mean, the property is being marketed for sale? At this time tenants are communicating that they are in good shape with regards to holiday inventory having effectively worked through inventory that had built up during the shutdown. Please go ahead with your question. While a number of tenant bankruptcies and brandwide restructurings remain fluid at this time, we expect approximately 80 stores comprising 400,000 square feet to close between the fourth quarter of 2020 and the second quarter of 2021. Gap was an example. Stock Advisor launched in February of 2002. So, Mike, I don't have that kind of writedown in front of me that I can share with you. At quarter-end occupancy for our consolidated portfolio was 92.9%, down 90 basis points from the end of the second quarter, due in large part to Ascena closing 29 stores, totaling 137,000 square feet. The impairments related to Foxwoods is primarily the result of just that property being tied to the casino industry. We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. Pop-ups allow us to fill vacancies and to introduce new brands and new categories to Tanger; such as in the home category, popular food and beverage concepts, well-known local brands and digitally native brands. We remain committed to supporting our employees, customers and communities through this difficult time. TANGER FACTORY OUTLET CENTERS Termine - hier erhalten Sie eine Übersicht über alle anstehenden und vergangenen Termine wie Quartalszahlen und Hauptversammlung von TANGER FACTORY OUTLET CENTERS. Kursinformationen von SIX Financial Information. Diese Aktien empfehlen Experten zu kaufen, Top-News der Woche: Diese Themen waren diese Woche wichtig, zu den Quartalsschätzungen für Tanger Factory Outlet Centers, News zu Tanger Factory Outlet Centers IncShs, Tanger Factory Outlet Centers stellte Ergebnisse des abgelaufenen Quartals vor, Tanger Factory Outlet Centers zog Bilanz zum jüngsten Jahresviertel, Ausblick: Tanger Factory Outlet Centers legt Quartalsergebnis vor, Erste Schätzungen: Tanger Factory Outlet Centers gewährt Anlegern Blick in die Bücher, Was Analysten von der Tanger Factory Outlet Centers-Aktie erwarten. I'd like to turn the conference call back over to Steve Tanger for any closing remarks. So, looking at the reserve components, that $2.3 million tied to bankruptcy primarily pre-petition and then the at risk due to financial weakness, that's about $3.6 million together. In terms of capital allocation, we will continue our disciplined and conservative approach. It also creates opportunity as we curate our centers and target new tenants that will increase the shopping options available to our centers. But, can you help us think about, like, OK, if your 10 tenants are going to increase what is the rent level that they generally pay relative to the portfolio average? Given the additional space you expect to recapture, the 400,000 square feet, just wondering, you have a sense of where occupancy bottoms out and when? The outcome of the bankruptcies is still not fully known at this time and the rents due to uncollectible are largely prepetition rents. But net-net, I think the impact of truing up those items in the second quarter that rolled into third quarter was pretty much a wash. Good morning. Substantially, all of the deferred rents are due in 2021, the majority of which are due in January and February. Steve is leasing, I'm leasing, our center managers are leasing and our retailers, although they are taking a cautious approach, we are talking about future open to buy. We also continued to collect rents billed for prior periods and as of October 31, our second quarter collections improved to 43% of rents billed, as expected payments were received, rents previously under negotiation were resolved and a portion of rents written-off in the second quarter are paid. Okay. Could you offer any commentary on how that's translating into sales? We added West Elm. But the primary reason for those, the termination fee that we recognized is a pretty significant termination fee we've received from a single tenant and we recognized about half of that in the third quarter and the other half will be recognized in the fourth quarter. EMAIL CENTER MANAGER While the rent per square foot on these pop-up leases is lower than the portfolio average, they fill a number of objectives, including keeping the space occupied with desirable retailers and setting us up for additional future growth with many of these tenants. We only have approximately 3% of third quarter billed rent that are being deferred or still under negotiation, and 5% which we do not anticipate collecting, due to one-time concessions or bankruptcies or because we otherwise deemed them uncollectible, because of tenant financial weaknesses. With regard to the social element supporting local communities is embedded in our culture. While leasing velocity remains moderate in this environment, we believe the open-air outlet distribution channel continues to be critically important for many retailers, providing a low relative cost of occupancy, making it a compelling option for retailers due to the channel, particularly strong local brands. Some of the recent bankruptcies that created opportunity where we had space available in some shopping centers that are typically high occupancy and have given us the opportunity to get in front of a number of new retailers and creating opportunities that hadn't been there in the past. Hi, Katy. We are dedicated to engaging with our stakeholders on ESG matters at all levels, to further this engagement Tanger will complete a comprehensive materiality assessment early next year to help guide our ongoing ESG strategy, goals and objectives. And obviously, short-term leases give us the opportunity to reprice our real estate ultimately as we come to the end of this pandemic. In the select cases, where we have granted one-time concessions, we have done so in exchange for landlords favorable lease modifications, such as co-tenancy waivers; term extensions and early option exercises and exchange -- in an exchange of value for value with the ultimate goal of preserving our ongoing income stream, while offering desirable brand variety and product choice to our shoppers. Just, what sort of the impairment charge at Foxwoods? Please go ahead, Steve. Just building on Katy's question a little bit. Good morning, Ravi. To drive this we've added a seasoned executive to our team. And while there will likely be additional fallout as we sit today, our tenant watch list is smaller than it was going into the pandemic. Our next question comes from Craig Schmidt from Bank of America. Importantly, we have maintained our strong liquidity position with an improving outlook, we fully repaid the outstanding balances on our $600 million unsecured lines of credit. But I think, as we reduced our dependency on apparel and footwear going forward, home furnishings, sporting goods, hard goods, and entertainment concepts are things that we are focused on right now. Please go ahead with your question. I am curious when we'd expect to get back to a more normalized level of collections? We don't really break down the rents by category. Ladies and gentlemen, at this time we'll begin the question-and-answer session. But we have always -- it doesn't mean that's marketed for sale. On the Terrell outlet sale, just curious what the drivers were behind the disposition. And eventually be able to visit with you face-to-face as we always have. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. And based on that progress in 2Q, can you touch on any top or bottom categories that contributed to the most improvement or that are still lagging? But I know that you guys had mentioned last quarter that you were expecting them to be high. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. As I mentioned in my opening remarks, we just bought a very seasoned veteran of operating shopping centers to our team. I'll take that question. Operator, can we take our first question? [Operator Instructions] And our first question today comes from Katy McConnell from Citi. We are -- obviously, July was lower, but we don't -- we prefer not to give the monthly break down. Finally, I want to express my ongoing best wishes for everyone's good health and well-being. Our centers offer a compelling option for retailers with an attractive relatively low cost of occupancy. And then, what portion is tied to, I guess, other tenant situations outside of the 400,000 that you know you are going to lose? Or are there other closures and non-renewals in that total space you are going to recapture? So, all the pop-up leasing is not included in any of the leasing metrics. I'm sorry. Alle Informationen zu Umsatz, Gewinn, Dividende und GuV. If you look at the footnote in our supplement, we tell you that let's not inspire to some of the temporary tenant leasing income, which was our pop-ups would be. Got it. And we see that some of these spaces that we are getting back be kicking into some of our better assets creating better opportunities for us to get in front of new retailers, particularly those that haven't been in our platform before. Thanks. If time permits, we are happy for you to requeue for additional questions. Obviously it's smaller. Could you just provide the final collections number by month in Q3? Good morning. In the third quarter approximately $2.2 million of rental income bill, represented deferred rents are those that are under negotiation. So, without that impact, we still would have been about 96% of prior levels that an all transparency we wanted point that out. With regard to dividends, the Board will continue to evaluate future dividend distributions on a quarterly basis, but we remain committed to paying our dividend as required to maintain REIT status. If we're thinking about the 400,000 square feet of space that you expect to lose over the next few quarters, what portion of that $3.6 million is tied to that 400,000? Hier erhalten Sie eine Übersicht über die Dividendenzahlung und Dividendenrendite von TANGER FACTORY OUTLET CENTERS sowie die anstehenden und … And one of the legacy field operations of Tanger being a little bit more marketing-driven are now pivoting into more of an operational model. The pop-up leases? And just a follow-up on Craig's question, just want to clarify. Hi, thanks for taking more of my questions. Returns as of 11/28/2020. This call is being recorded for rebroadcast for a period of time in the future. Please go ahead with your question. Hey, good morning. Yes. Please go ahead with your question. Uncertainty was prevalent, including shoppers comfort and going to stores, retailers ability to open and staff their stores and the full availability of inventory. Let's conquer your financial goals together...faster. Our immediate emphasis is on leasing available space, driving traffic to our open-air outlet centers and building shopper engagement to the important holiday shopping period.