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Tanger Factory Outlet Centers (SKT)

Participants
Cyndi Holt Vice President, Investor Relations
Steven Tanger Chief Executive Officer
Tom McDonough President and Chief Operating Officer
Jim Williams Executive Vice President and Chief Financial Officer
Todd Thomas KeyBanc Capital Markets
Christy McElroy Citigroup
Craig Schmidt Bank of America Merrill Lynch
Greg McGinniss Scotiabank
Caitlin Burrows Goldman Sachs
Michael Mueller J. P. Morgan
Steve Sakwa Evercore ISI
Douglas Eden Eden Capital Management
Call transcript
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Cyndi Holt

Good morning. This is Cyndi Holt, Vice President of Investor Relations, and I would like to welcome you to the Tanger Factory Outlet Centers First Quarter 2019 Conference Call. Yesterday, we issued our earnings release as well as our supplemental information package in our investor presentation. This information is available on our Investor Relations website, investors.tangeroutlets.com. Please note that, during this conference call, some of management's comments will be forward-looking statements that are subject to numerous risks and uncertainties and actual results could differ materially from those projected. our detailed the and discussion to Commission and uncertainties. you a for of direct filings Securities with Exchange We these risks

being as Reconciliations FFO, same-center During non-GAAP operating income G, will we net net non-GAAP funds for defined our operating portfolio financial measures income. our earnings in including period to or measures supplemental This the Regulation in are information. measures the these by the rebroadcast most operations, also from and directly included recorded call time of is and a SEC comparable in of call, financial for GAAP future. discuss release

As such, this participants are be include only accurate comments it as in of listen-only time, management's all mode. May is At to that today's information XXXX. may note time-sensitive that date, important X,

your managements will the remarks, We that you to for will two, the your open have all opportunity ask be so prepared Following to ask questions questions. limit callers your questions. call to

call today Operating Officer; On to Please Chief Steve. Chief and Vice call Williams, Executive turn will Tom Jim Chief the go and will President Officer; Tanger. now Tanger, the over Officer. President and I McDonough, be Steven Steven Financial ahead, Executive

Steven Tanger

Today, morning. and outlook provide for our highlights. will Tom will our financials Thank additional Jim review joining us will operational results this and you for this provide with then quarter you I first strategic detail and year.

company and and evolving exactly stabilize dedicated understand our same produces to high-volume, operational instant brands rep. out improves our traffic long-term. is and NOI. for that alike industry is made the where The continued that with and and progress, We spaces There in as to create it drive vacant trying anticipated figure in the tenants. filling centers Everyone the We denying carrying enthusiastic strategy no our ongoing landlords first quarter Tanger are to leasing retail center forward value. our brand-name desired, long-term is a results as revenue came to will team centers our driving

of closures, the bankruptcies well-located impact to demand and important, centers tenants. see seeing stores store for recent and the that of profitable and physical retailers distribution While an for specifically Tanger also essential we're remain centers, some proven channel for provide omnichannel there is high-quality, ongoing we our

have we to bankruptcies we in the the working and of done As store closures. successfully the plan past, headwinds continue through

While timing looking the are stores. remain measured additional new of their retailers for they decision-making distribution, more opening in around

meet current One value finding with the potential that proactively to more shoppers is continue our positive. love clear thing that and a remains with experience tenants We overall good one. of tenor the enjoy and

refine attracting We continue our to centers. includes shoppers In targeted offers to particular, approach and marketing more and this experiences. on-site to our more

in relevant precise our center and data-driven more Our programs. us appeal the be individual offers resulted to focus timely, sales. and with additional enables marketing driven most incremental visits in each Directed to digital have

consistent Tanger We we've are pleased are due a loyal these shoppers. which with successfully increased the already to the large programs, customer base and have participation in realized. retailer has We also who

year. increase join, Tanger pleased loyalty Club are our on which focus time from are I'm XX.X% to a that program, We a customers this increasing requires our over on Tanger efforts. these million the new few bringing Memberships we at positive results seeing to X.X members, last platform. is

to strengthened and their total new areas invest dispose those we can non-core By off customers we of only where in higher to quarter in added from portfolio, assets NOI. believe sales, we portfolio, family growth average about assets XXXX. a In These first our and these we remaining And quality freedom be growth than these We to metrics long-term and our portfolio, than the we overall creation. also quality XX% quarter removal more the we capital. of declining we X% and been key friends to differential. the rather of efforts deliver the we age made to maintain resources further contributed quality reflect Relative of our a profile. additional higher And with on four focus decision in seeing consumers value reduced as improved our have have strong did XXXX, added wanting performance the our completing portfolio to have the capital the interest asset database. first centers

portfolio higher foot For were higher. example, were Notably, the XXXX square year-round XXX the spreads centers XX% remaining of we tenant sales sold. meaningfully and for points in per rent was basis higher occupancy also

benefits discipline strategic generating sold and the more expected the time these of remaining of are gross proceeds and leases Since commenced age basis XXX recently representative than demonstrates long-term profile our were to cash XXXX, straight-line around December a and the dilution. $XXX ongoing our of remaining the that XXXX, will the basis during spreads points four our management. average profile remaining XX of earnings portfolio million declining higher total over growth XXX the that we offset Due For an believe of transaction value they portfolio sold, that on do our of of assets This enhancing portfolio. portfolio years, basis. than short-term not centers we dispositions with have we higher points XX

ownership existing and a new balance and reinvesting we of and history, a this the retailers. well-covered billion to allowed our invested our Throughout attract assets, shares. support the time, partner's successful the portfolio also create includes in centers development of addition portfolio our in over of X.X existing by high-volume This reinvesting feet $X new with thoughtful have flows, interest footprint, our JV to that additional dividend. value us which buying key our a maintaining cash square we through continued eight renovations have back the long delivered conservative along solid and has million through approach, in acquisition expanding three During outlet sheet

along with arise with remains sheet they pursue growth balance Our financial to flexibility as providing to capital return to opportunities prudently well the positioned, and us stability shareholders.

investing given them initiatives had able properties, flow, our which our to drive our Specifically, capital FFO to down our cash modern to back traffic marketing allocating in to centers towards debt, and continue payout implementing customers, paying low a attractive shares. paying our increasing dividend and strong keep our we're and to ratio, buying

balanced move we pursue will forward, we As landscape. continue thoughtful, a similarly to evolving through retail the approach

members Tom over will and unwavering who you With current turn environment. now Tanger every the that, like I'd each commitment the day. for dedication all leasing things of enthusiastic, the A Finally, of special happen team. sales the thanks recognize I'll discuss of to ongoing good and making to the call to

Tom McDonough

Thanks, Steve.

to We our continue tenants. and to centers productive in order with high-quality marketing focused to filled diligently be to on customers centers leasing and drive Tanger our keep activity

represents During feet the X.X That ended of comprising GLAs. in commence, increase the million prior XX, almost months commenced compared trailing we XX the XXX March square which square to leases X% renewal had and an year. new footage

space came the the tenancy, was recaptured consolidated last due to which Approximately was change combination XX.X% XX.X% highest is XX.X% quarter-end in sequential fourth year's XXXX. decline of of portfolio first compared Our end the XX% the in that at a to the occupancy and seasonal along of at with from typically bankruptcies. quarter, quarter year-end

XX Crazy include recaptured we additional stores an the and XX,XXX locations. The XX year-to-date quarter, related Charlotte recapture and to feet During April, XX,XXX XX,XXX feet square In square Gymboree XX,XXX square recaptured we square related feet. X Russe to feet.

In terms of rent spreads, positive results. we're seeing

basis a by leases cash basis spreads rent For and X.X% the basis. straight-line increased prior over point XX commenced that on XX on a months,

stores new tenants important that retailers. new are vibrant related non-traditional the end, having in some add help facing and existing select center's Although aggressive are are new taking customers continue leasing with cases, conversations retailers to our longer centers we make to opportunities we to To are and and are to to to challenges, approach and Tanger tenants decisions maximize some expand and centers. Full exploring experiential and, appeal. constructive

our compared top up We portfolio retailers account compared on a for total footwear priorities. prior-year. When at Easter, continue year. basis of exciting this same the to opportunity tenancy popular with points first categories. and looking particularly focus the was mix X.X% to opportunities, shift lifestyle of even our year, Comparable outdoor was have the There increase to April activewear, our remains the curating year-to-date quarter in months traffic traffic this four and delivered apparel, to the athletic one period lot with the XX to we As year. space, in the second the vacant through women's quarter in tenant our of within the for filling traffic up last to Easter shift the upgrade we as potential new specialty

basis, $XXX were XXst, the XX tenant sales basis cosmetics, prior-year. March ended women center they $X $XXX, For increase healthy beauty the a tenant quarter performed a and that performance and the Same from an portfolio increased On prior the square shoes. points. jewelry, from $X were average for family trailing XX sales in and NOI-weighted a consolidated foot, months included well the Categories increase per year.

we results our social efforts. in marketing experiential favorable producing the an efforts With traffic sales. saw increases During events, are and and and campaigns quarter, our marketing emphasis from digital on

shoppers designed specific patterns. analytics increases our us For allowing customers This to the receive their favorably with and further with of segment most the push to center to we data real-time engaged our a responding shopping to are to deals database, offer. offers targeted example, leveraging Tanger likelihood to consumer highly coming resonate

XX% called success. major per the recent increase of year, Tanger are Style, three in saw marketing circulated is program March. Retailers an most times recognizing Our consumer which

participation these We in are active programs. seeing more

held traffic. In drove results addition, we and the marketing events positive incremental saw

to increase drew and quarter of compared and prior exhibit our traffic St. truck example, and and introduce ran included database, to new events as traffic publicity age This Tanger as we and XX a experience Other These Hollywood York golden Me greater in for programs. first friends well brought and Day the events reviews the & days and a the shoppers Riverhead, loyalty year. build ongoing food XX% festivals our increase in increase experiential family celebrations, promotions and and Center. Patrick's increases, X% Club centers. family and Tanger in to exhibit sustained immediate Mommy even New memberships provide rave costume much For during

continuing our Nashville, results over to recap. will planned financial balance Jim Regarding process. due a market take our about future now early the diligence through brief and Tennessee, I the site call we're you and turn we and to development the our are sheet in excited

Jim Williams

Tom. you, Thank

quarter First was quarter FFO first available per $X.XX per $X.XX common in XXXX. the of to share to shareholders share compared

year's same quarter, in fees quarter termination and quarter store the points compared prior-year prior lease of in center and NOI first same expected, consistent portfolio As not and portfolio driven $X.X are XX NOI. consolidated the primarily closures center the in included which recognized by with modifications. to decreased basis XXXX, We the during

of provided face of as the of our posted last the into for remains As million operating first [indiscernible]. a been $X.X recognition priority that incremental costs strong balance standard. in revenues now result revenue have implementing in the lease item the million strategic to supplement us. an related and collapsed quarter, we income in a a statement rental we of to expenses standard, components general by $X.X the leasing table the incremental the related a non-cash single-line previously administrative required that Maintaining showing and a capitalized straight-line sheet Also, in were an new night, recognized on

million. mortgages. portfolio $XX to approximately And of was balances unsecured lines of footage our net debt pay coverage interest leaving times the We trailing sold consolidated was properties utilized maintained our XX% of As $XXX the down We'll first XX a the of XX, only times to million million asset approximately approximately as quarter-end, from EBITDA to March quarter months. ratio by substantial X.X exclude unused sales net the was XX% not consolidated of X.X adjusted $XXX on credit. capacity outstanding, and encumbered for square proceeds the of for in for

our for rate shares as total growth selective The of term not allows produce XXXX. work and as to The total with until the weighted and enterprise consolidated March due provides our interest of pending than maturity X% with no sheet advantage exposure debt to take we less December any arise. of average value represented of years the floating organic of only continue outstanding average X% X.X% to strength our debt that cash may quarter-end was significant debt first quarter, We assets was status opportunities as X.X of Our us the the of rate XX. stability sales. balance dividends maturities to external of and did repurchase us paying primarily from

common have increase However, to In conditions put XXXX. an in market of we we was of million common of May authorization our February, cumulatively authorization repurchase intend remaining $XX.X XXXX, to shares the million by repurchased Board of place, to approximately the Since opportunistically Directors extension an as and warrant. two our when approved $XXX the authorization years shares.

In range making portfolio. expectations. FFO of average our be terms expected $X.XX that an adjustments NOI impact from have Therefore, NOI approximate the reflects our NOI per centers These non-core removing estimate growth impact disclosed of for comprise guidance outlook year. the four them significant to share XXXX, dilutive update and broader X% does the between consolidated $X.XX. not trends the had for when portfolio's we not center same The compared to centers only we initial Consequently, $X.XX the from expected on sold our a previously we're sale of our The the lower assets. recently will NOI.

our While a same for down be expected XX center of quarter, only softer result nine occupancy NOI the to NOI last center same was are points months during as basis April. that the square feet the store the in XX,XXX in square feet additional closures quarter to XX,XXX year, closings the the closed of occur first that anticipated and late during including occurred and

time. continue unknown We store the XXXX, impact from closures feet same of XXXX some to this be NOI down of at up XXX,XXX X.XX% portfolio, to center year's of are which square X% expect prior reflecting closures of consolidated projected to with the along store and to

we As XXXX, thoughtful we will through in allocation decisions. remain our capital progress

with in strong CapEx low a We generate to with and for have to safety repurchasing I'd ratio our our questions. Operator, We complete to with question? comfortable uses in assets, balance our flow sheet, shares our for ability long-term dividend. spend for FFO We to our continue can opportunities deleveraging of payout quarter. and open evaluate up leasing first growth. dividend reinvesting cash our paying don't evaluating also continually anticipate a a well-covered free meaningful of leverage it first we while dividend, capital, like in common the the priority opportunistically sheet, therefore, our which XX% planed we the maintain include a and and, our take potential feel balance increase now

Operator

from Thank Todd Thomas. you. [Operator question Instructions]. first And comes your

Todd Thomas

Hi, morning. thanks. Good

the the XX,XXX terms ahead in to in year. closing XX% guidance the you and basis lower still question. leaves to above occupancy else But That that the would represents for you second the maybe talked about occupancy year, will average that feet rebounding maybe year of implies quarter the that that of end the points. First average April, quarter, high of the occupancy of be the understand. you get Jim, the just so the that assumption us What lower, of range impacts before in towards midpoint XX.X% about help XX just square for third bit a holidays.

Jim Williams

– the whole have think, range. think I the you I Todd, Well, to consider,

that come range, year. for will closures XXX,XXX. occupancy projected April, mentioned in the of we In the balance XX,XXX affect to think feet our which have you I square will the up

on Depending on that the on square how of Some NOI have year will that of average feet comes rate. is The less come that just it the depends later that will unknown. timing occupancy get, will back in occupancy affect back. we the and impact when quick

Todd Thomas

impacting there's if Slipped know Okay. into X I you just I redevelopment was or, the the provide when on impact, Can quarter could that full expansion again? and that Lancaster. structural you there. to just And you I in tier tilt the and it center at guess, an begin operating wondering completed might and have some there. at then, been just comment that center expect sales some update been you that substructural issues on

Steven Tanger

experienced Lancaster the Todd, flow. those Steve. are which this the now. underway is in of affected traffic parking right failure part And a repairs lot,

about quite coming future for of the Lancaster. making point major holding optimistic not join differentiation of plans very we're market dramatically. we but our are there to And working yet, us. those is and tenants And center. about space with growing also tenants We are to that We're

excited So, we're that. about

Todd Thomas

talk can you to center can impacted get right restabilized? that you just the guess, quantify is about being timing And maybe the how much Okay, I of asset, now?

Steven Tanger

the know, we'll would them with XX%, to be I level. I'm is the three the will finalized property What next think be I of impacted The happy and we're There's it – the to over bring don't XX% going plans you. property share to maybe to trying do next by or say to it. quarters, four certainly stabilized. is is And

Todd Thomas

thank right, you. Okay. All

Operator

Your Citi. comes with McElroy next question from Christy

Christy McElroy

Hi. Good morning, everyone.

wanted for events, as that accounting to lease helpful. you're disclosure Where leasing the it new extent talk the you and And in I XXXX seem and ramping into that's in does experiential do you flow programs to First, drive costs expense regard G&A? factored can With up the which that as It's P&L? to to on property is marketing the disclosure. the just costs doing these activity targeted like or be versus to operating these traffic. thank expect about well Capex guidance? this how Is your XXXX you higher through you're that

Tom McDonough

morning, property operating Good are McDonough. category. expenses It's Tom Those in Christy.

Christy McElroy

through store NOI? flow well? as feet Square those And same Okay.

Tom McDonough

Yes.

Christy McElroy

been Okay. a previously? regard NOI contra in the to And then, was it in component the previously it's of debt, is store now does a revenue, with bad now same same-store NOI factor not a mean it And that G&A, having that calculations? that

Jim Williams

not really it NOI. insignificant us. same-store bad It's for been really has right. Last was Yes, in Christy. been debt – That's year,

to quarter is basis, really XX quarter three If it year-over-year varies the than $XXX,XXX. you I $XXX,XXX points. less years, And look between which basis think varies over and $XXX,XXX, it just last

was the in put feet the it to and change it appropriate disclosures pool. talking, With we're into standard square the

So, over It debt flat year, been current debt for up the quarter, in the is the and this periods. expense, feet year square the is NOI which the that have feet year in would quarter. about bad for bad Without both is our prior square $XXX,XXX.

Christy McElroy

thank you. Okay,

Operator

Craig question Schmidt from comes with Your next America. of Bank

Craig Schmidt

Thank you.

As you change? you through apparel will store work will to guys the exposure or of the maintain that your closings, releasing

Steven Tanger

is morning, Steve. Craig. This Good

was apparel. We We of profitable our very are heavily The is appropriate. retailers. for weighted department went for distribution is towards our finding that that out stores and company think channels the mix apparel other

that As I XX% higher in to a don't are margin, be And non-apparel haven't users, But or, we opportunities other have desire still them there think frankly, of we put that. decided room you is that focused really lot with know, We the apparel we're looking think but may yet. of growth over restaurants install the occupied. at on on we're risk. a to we're and any that

Craig Schmidt

do you. higher you then, thank same three next or for Okay, that in the sales terms or slip? maintain will think And performance tenant X.X% quarters, the of center the go than

Steven Tanger

Right is trend now, we're continue but, the year, of the what of sales update balance this course, seeing way quarter. every you should that we'll for the

Craig Schmidt

you. Thank

Operator

McGinniss comes Greg Scotiabank. Your question with from next

Greg McGinniss

color might or want following I some aren't Hey, reorg, get a to closures sure but just be higher on range there on closures feet is us from than with thought of give appreciated. good make the would square ones The expected portfolio you you details up the morning. Any what Could from level with initial sale, updated store on smaller be I a I base XXX,XXX liquidation? changed closed those closures. closures believe. understand to the guidance ended tenants of based the that that

Jim Williams

Greg? doing, under you year-end In remind XXX,XXX. XXX,XXX original now to at range to up feet square to about that properties XXX,XXX. XXX,XXX saying you, was XX,XXX was initial are Just was We're range the XXX,XXX in our sold. that to are How that

from midpoint So, original range, our it's the still XXX,XXX for the impact of based occur year. from out from – than not that's But want that back, closures may is the of the unknown than square that's we other gotten point less midpoint or room to the the to so on still changed. have balance quarter-over-quarter year end. that, feet We'll that that there

Greg McGinniss

I that. last appreciate dealt are an on the Appreciate thanks. And on being with, the do I that is right, which how before All XXXX similar that expirations report year. have to to the then, or XXXX? number I'm color XX% – curious average, comps also say, of

Steven Tanger

to past. pretty it that's think years I way the in was comparable

able area we term, renewal the their been the in of existing historically about the the tenants them, space. space have renew of of existing for the replacement need expand lease, end tenants for existing We leases have XX% tenants. to as we tenants sometimes And up sometimes to in sometimes come at

years So, the of there past. it's is transition, but always consistent in part with space

Greg McGinniss

Okay. Thanks, Steve.

Operator

Goldman Your next Burrows comes from Caitlin with question Sachs.

Caitlin Burrows

Hi. Good morning.

on on from Just of some questions one of remarks. prepared following and the little up maybe the a earlier

that non-traditional types You have you're more it's be? might could and that food Could or home spaces. or details some something give not different vacant talked considered? tenants you of I any these new to exploring like on that tenants about categories what it Is else

Tom McDonough

is Tom This Good morning, Caitlin. McDonough.

say tenants are prefer Polo, of opening instance, – Worth Lauren, to that them with really actually But them are Garden the are and leases One, are has new I center. already We category. Olive a We other those Vans, food for And opened executed. expanding that until will is beyond that, including and are working American stores, announce in that adidas. executed Columbia, there are in of some been Ralph recently Eagle, don't folks. that Fort are the – not some

Caitlin Burrows

they Got based it. going the just year, assumed forward, share on terms your guidance. it maybe in then like, the assumption And are count of in buybacks quickly looks for

end quarter have generally the So, you was is when a it it otherwise timing you announced, obviously do ability? get by but you plan to just them that transaction do versus the to chance the didn't when

Steven Tanger

value Again, for shareholders. are we one morning, buybacks ways you to of to add that just I the remind share Caitlin. our Good want allocate capital only try to

the find place year, among of And implement have we million priorities to since We authorization we think as the I over But during May balance in to announced take put of expect allocation will buy the stock. capital in buybacks our of a continue previously. back you'll various was other $XX we've we different share the allocated thoughtful XXXX, priorities. approach that, the that will to some

Caitlin Burrows

thanks. Okay,

Operator

comes with from question next Michael Your P. J. Mueller Morgan.

Michael Mueller

the because anything cause Following asset says of to sales. about you not being back release what buy stocks pending pending didn't I just to buyback, back? buy up able you on am sales curious, the would be asset

Steven Tanger

very this would, We approach domain. asset portfolio sale nature, public may year. which that not took a chose any knowing we in in pending stock close from information preclude not that have cautious the a our sales to in buying back the the opinion, stock asset We first And in with balance quarter. back buy of significant of us don't the

Michael Mueller

okay. it. Got

on on about then, So, And that. Nashville there that any the of the interest development literally, update last is timing in sort you talked quarter?

Steven Tanger

will project, with balance people process. be I south can large a wish developer will us This due early void shop, which apartments, thousands diligence buildings. of Farms continuing play. this The in funded Tanger is interchange be you fully actually will office This we're outlets now. the Sentry be will the could [ph] Nashville market color. live, the is hub. of construction major more a where master under give of of continuing our now, The of multi-use Right I and There be project permitting.

three project, to you it's for exciting two color years. won't still but an open probably more it premature another Our give since retail to it's –

Michael Mueller

it. Got

that it. was you. Okay, Thank

Operator

Evercore Your next Steve question with comes ISI. from Sakwa

Steve Sakwa

Thanks. Good morning.

specific number either square stack couple number about of just maybe ago? or just talk feet XX, watchlist a tenants versus, names, could X, today do questions. not of XX Steve, today, up stores Just the maybe but watchlist, by kind the how or of say, tenants tenant of you you months

Steven Tanger

Good morning, Hi. Steve.

a to refill of their tenant significant to would on stores add liquidation, difference. Chapter go the Usually, and due And it reorganize much and Our up assessment, two the in to calls. that's stores XI vacated keep it Chapter all takes to internal a watchlist and I and creating disclosures is and in These square immediately reorganization. goes myself tenants of Right of everybody space bit said curate not an liquidations our put in not all just new XXX,XXX want the space. get rep. little own Tanger our open. conference you their past, and or time our We're We to was leasing closings experience best update less are properties close listening as that very we fighting I remarks, the perform company tenants. We're the a tenant there on. feet to to the comfortable to to have the we'll what now, to fill credit them as going overall is we in going ago. the including bankruptcies out to shopping monitoring year just We inferior our prepared at to want continue plus just in add with to public fill store was than in the year that, every day a tenants a center. VIIs

Steve Sakwa

Okay.

of of is, How or plus minus, you maybe do particularly mark. about costs, you're hovering you bit if the entertainment, food? about just occupancy more sort number as XX% apparel, more right more around kind mix of tenants think away towards home, forward, change, going from question Second think I maybe think that a

Steven Tanger

that on tenant our the most occupancy to profitable XX% both in is. to what distribution occupancy And least market, partners. XXX anywhere But of from cost retail for partners are or cost Steve, seems business public still by channels. we're and other the of among work read outlets company our their our we XXX profitable told at still it tenant less units. A the than basis most points

Steve Sakwa

Nashville the the or merchandising about for two, differently of Okay. forward? are next of kind thinking are moving thinking very doing I mix early And as kind programming decade about you design kind outlet it project, of or of or you about and kind still thinking days, the and then, how you're last, that realize about thinking differently there on you're but the your it's things

Steven Tanger

Sure.

the at market time. the of reflective be will We

We it's don't I the types of at We mentioned, we other very be appropriate we developers may what As we not assets would product. professional a of benefit. putting rather build that development. we that our two like with well. we building major There's We But do take professional. units hub to risk apartment build think and be to where do capital X,XXX office risk. product rather have shareholders' developers risk our that three and multifamily last without contiguous projects We'd all an in opened capital us. years some we've benefit or of have our appropriate have the their

Steve Sakwa

thanks. for me. That's it's Okay,

Operator

next question Eden, Eden Your from comes Management. Capital Douglas

Douglas Eden

Good morning.

Steven Tanger

morning Good

Douglas Eden

team. there's It buyback, Perfect. bit a chorus a appears about of the

nearly share? While I attractive suppressed are of I would value capital the repurchasing in the a shareholders valuations these stock imagine over in clients, it level? and number more share agree are, it float, in comments the been years you past at obviously XX% at so even very shares If provide large currently and these differing and down usual Tanger times environment retail each not With stock have situations. company therefore, the allocation And appreciate three than shortage with would being more about not typical with their balancing appear why greater by nearly Thank long not you. $XX $XX a at of repurchasing to your than at ago, XX%

Steven Tanger

course our every is we balance decisions. to Buying thoughtful And manage stock a fortress. and we of as We of be proud of and But balance on to we prudently fact try investment one rating our mentioned. are very just our you and allocation mindful of maintain want also grade sure that those back be are components. capital we very sheet that

to shoppers maintain that close XXX million We centers. the Tanger to presentation – also best the want to visit very

to those terrific. is to ratios. presentation dividend appropriate assets, our we sure assets, safe and that historically, be in we dividend sure raised We the every So, that our to year. continue to invest upgrade the And be we've maintain is coverage want

than committed to balanced us And day. right just to try time. for a decision So, complicated put the everything over looking continue seems it's the more have stock what that's at We approach to been and a price we're every into decision doing. that

Douglas Eden

Thank you.

Operator

follow-up Caitlin a Goldman Burrows from is question Your with next Sachs.

Caitlin Burrows

Again, leasing a wanting you 'XX and on of quick include to the just confirm, morning. I on XQ TI the XX-month Capex. good new activity? Thanks data, data that's compared just XQ disclosure the data, that 'XX your basis, to showed remerchandising Hi, one XQ previous the the was trailing impact since for 'XX one. does now

Jim Williams

it Yes, for all Jim. It's Okay. leases does. including Those were those executed, projects.

Caitlin Burrows

sense. Makes Thanks.

Operator

are no at questions time. this There further

Steven Tanger

bye want everybody next just for thank at you this seeing call. to look day. Good now. wherever forward our that a Hope you have We the I be. morning may to in conference their participation nice Again,

Operator

for call. on Thank joining disconnect. today's time, At may this you you