Tanger Factory Outlet Centers (SKT)

Cyndi Holt Vice President of Investor Relations
Steven Tanger Chief Executive Officer
Jim Williams Executive Vice President & Chief Financial Officer
Christy McElroy Citi
Greg McGinniss Deutsche Bank
Todd Thomas KeyBanc Capital Markets
Caitlin Burrows Goldman Sachs
Craig Schmidt Bank of America
Michael Mueller JPMorgan
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
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' Third Quarter 2019 Conference Call.

Yesterday we issued our earnings release as well as our supplemental information package and 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

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

only XXXX. it date, to As is be comments note as important include of October management's today's that XX, such, that accurate may time-sensitive information

this participants all in mode. listen-only time, At are

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

the call Vice Financial will Chief Executive Chief and President Williams, Tanger, Officer. and Steven Jim Officer Executive On be today

the turn now Tanger. to over Steve. will I Please go Steven ahead, call

Steven Tanger

strategic our third year. for morning you Jim our Good I operational quarter highlights. financials review and will results you us. will and with outlook and the provide and joining thank for

are the quarter, by improved encouraged we a our results we of that delivered number exceeded for For headwinds, third facing our expectations. Despite outlook XXXX.

to points momentum XX prior comparable Traffic and into expectations year of periods. was and and shoppers. center the Year-to-date, the our year, for far upon of declined points third continued periods. quarter to has our The quarter are basis the NOI for compared guidance. in continues X.X% resonate basis October. our our desirability so results declined third XXX year-to-date proposition Based raising The favorable the we up same remainder from centers traffic by with value and X.X% the

we of to Leasing expectations, portfolio today's the these high priority million to months for XX.X%. end, curate results retailers feet. retail environment. quality a leases, approximately X.X do a of the an as customer with quarter Commenced challenges top continues our optimal consolidated be our leases trailing reflect totaling At of maintained XX ahead our square included While rate experience. occupancy centers XXX provide

leases had consolidated in the portfolio renewals have -- for of year. we expire calendar We the to during lease scheduled process and executed XXXX is XX% space or

Our ended the straight-line all cash blended on average September rates we're months a for basis off on XXXX. trailing a XX XX basis during commenced rental that increased X% X.X% and leases

we current to For of pressure XX-month the year, seen remainder the on cash trailing anticipate for have we the similar seeing period. ongoing what spreads

and prioritize We continue despite store recent closings tenant that by the anticipated created maintaining were announcements. high occupancy to recent

as believe tenants and works of proposition occupancy pop-up tenants. stores and the compelling high existing to long-term by while distribution testing creative continues profitability. and are tenants new a desirable our a We outlet for because allowing more means, that as Our leasing tenants targets as strategy temporary This outlet we and become being the are new mix well permanent strategy to with a multi-channel maintaining retailers test value its them, presentation a channel customers. that offer of cost of to low also approach to may

recent lower X.X%. Our more tenant any the remains occupancy cost ratio of than

Sportswear, Columbia of this American recent Lauren, openings examples Polo Some Eagle. Ralph store and quarter include

outlet expand categories, jewelry markets. shoes and and in well beauty for opportunities specialty presence of as athletics to health strength their seeing and a new into retailers looking are number We with as

related including brand-wide the the quarter. feet square end restructuring to and third of within Through retailers XXX,XXX by third in portfolio quarter, we feet square the recaptured X,XXX approximately the consolidated bankruptcies

portfolio, of consolidated XX average the a at to to and of sales of Dressbarn In points rent closures, feet beginning base basis regard close all stores our approximately their XXX,XXX stores annualized $XXX comprises anticipated of this foot. XXX about square with square plans With XXXX.

how There do have fee will an been exactly We and stores there any remain and close or open. stores three other when be if recent adjustments tenant many potential will store announcements know that as early of not termination rent closures.

XX,XXX to Kitchen XX portfolio stores contributing their Collection AVR. our points has currently announced in plans approximately retail close stores. consolidated basis We all have of XX feet, representing square

store two Destination Destination Maternity bankruptcy XX Maternity of basis court AVR. stores XX filed Forever and only current Together, closure XX XX,XXX in Tanger square locations. these and includes The protection October. and stores feet Forever points represent potential five list seven

not While we these from XXXX. in fluid, these situations impact do remain expect significant any

in are the executed. in outlet discussions half space of the expanding entering with which already already in retailers Dressbarn approximately for interested spaces or We are including some active of existing

outlet years the One that and and is centers. for remained consistent ongoing Over there demand past that we has brands located seen high quality come have go. thing retailer well is

confident Leasing opportunity of and our ability priorities with offering the retail space, and are Curating our brands although, some to core top may continues mix refresh our is competencies our the be customers. in is to fill our re-tenanting one of we tenant it most time. one take compelling for to our an

X% September year. or increased the square as foot for per XX, $XXX productivity the portfolio foot prior square the Sales by consolidated XXXX for to per to ended compared XX-month $XX

per On foot, XXX for a increased healthy an for performance the September overall $XX sales months the the Same-center square they year. increase basis, tenant $XXX basis points the year. ended NOI to were portfolio and XX from compared weighted XX prior a X% prior

an branded targeted Tanger in our combination shoppers and drove we for looking experiential and value experience including During programming. successful a the efforts, of programs, marketing to digital engaging Centers the due tailored touch appeal compelling traffic a expanded through third to increase direct leasing strategic aggressive mail, points, highly quarter, offering X.X% a of

in our proving our marketing participating both increasingly consumers centers programs. with effective efforts and are who marketing are brands Our tenant to are who with be visiting

a shoppers to digital for to outreach We and come offers content strengthen providing properties. our reason to and continue refine our compelling targeted with

We extend and dwell to have implement oriented portfolio. successfully across are continued the and family-entertainment drive These time. experiential traffic events to events designed

some quarter, the During the Day. events Labor holiday and back-to-school celebrations in festivals at family July August and Xth highlights numerous of around third include

During X.X%. traffic hosting at weekends, almost event, up was centers events

creating visits. to directly We tenants goals, support promoting with custom such their key excitement store also or programs new drive opening work as a brands building to around

consistent We comp brands. for prospects business key in These double-digits retailer high is collaboration for confident the reasons. other traffic differentiated the formats with of have three is tenants provides It the Tanger. remain to The of distribution events profitable physical help retail capital weekends outlet from single drive increases It for the one unlike promotion. of and built outlet retail other consumers not require value boxes the channels our most is odd-shaped for that and for after industry multi-level re-tenant. not large the investments most to does over and sought formats,

already ahead, look addressing vacancies we going into are we As proactively expected XXXX. the

While some Outlets continues having time sustained attractive landscape new are constructive value cost it with existing provide. will take to who appeal of to retailers the growth, The occupancy conversations return and that Tanger to retail evolve. shopper we and

determine customer optimal world we're engagement its changing, that and to high around away. important is it's hard brand landscape. to our and proposition Tanger centers. the an working emphasizing position ensure a value utilizing to great adapt of Clearly, element with by quality Tanger retail us, Along as going productivity brick-and-mortar we and retains the data continue has not but tenant

search Additionally, Officer. we continuing want identify President thorough are and that I Operating a mention to a process new to Chief

an will announcement not have this an we provide share. to information we at While update time, we have do when

retail their work, retail Tanger I'd like Finally, and dedication creating landscape hard experience this to our for in for thank again navigating the customers creativity and team the Tanger and partners. evolving

over Jim financial now results to take like the a turn I'd that, and balance our you sheet to recap. call With to brief through

Jim Williams

Thank you, Steve.

per $X.XX this available Third current quarter sold of of share was which The shareholders compared to AFFO earlier the in period share year. XXXX. of third year inclusive per quarter were $X.XX $X.XX four assets diluted the common impact is to

closures. tenant to modifications year driven NOI decreased compared by Same-center X.X% primarily lease prior and the bankruptcies, store quarter,

we to of maintain solid financial terms position, our In our continue foundation.

X.X% credit. us undrawn We a significant no consolidated portfolio a maturities provides debt and and our with average both stability of rate largely until low weighted XXXX, optionality. have line This December in interest

consolidated September the of footage XX% As approximately encumbered square not our was by XX, portfolio in of mortgages.

Our unsecured We times was million. consolidated capacity $XXX interest or trailing has for the unused the for nearly times. line the a ratio X.X A of to months debt nine year XX of EBITDA maintained of substantial approximately coverage credit XX% first net months. X.X

$XXX for nearly at Our of opportunities to we consolidated X% may advantage debt exposure we generate Year-to-date, floating flow total of expect XX million. was the balance the years. September to strength our represented allows rate X.X have XXXX free outstanding by which outstanding take time us be only average that The our reduced payment sheet cash our million maturity debt we growth selective to dividend, and significant after of $XX arise. of and

quarter, $XX capital we in have of third XXXX. and for million. $XX remaining into XXX,XXX authorization we deployed our Year-to-date, share May the repurchase repurchases through an were in approximately shares program active by During $XX million our have share million

refine outlook, pleased Regarding are the guidance to XXXX year. our we for our full

previous X.X% NOI down X.X% down the range in We be down to to consolidated for be of are of our guidance the to to same-center range increasing the – portfolio in of X.X%. X.XX% the range from

not tough last favorable years a bankruptcies primarily and the occupancy anticipated do deceleration primarily I'm we fourth from and selective year-to-date do previously from a overall to deceleration due of impact lease mild a performance sorry, included the quarter our over well lower in mentioned quarter, quarter, comp – restructurings expense In we the as savings relative which anticipate as modifications NOI winter. fourth in a to some

we Our relative average resulting enhanced our outlook an occupancy QX expectation. to better has trended previously in for than look anticipated prior had

and XX.XX%, between is compared average XX.X% for be our by temporary between XX.X% XX.XX% year program. our to We and expect of and occupancy projection pop-up which augmented store strong prior the to

guidance remain on stores other year not end XXXX have Our remain Dressbarn will closure the the occupancy NOI. at and same-center fluid this which at by announced the significant store plans through open time recently will and impact a of assumes tenants,

details issued guidance be in can we found regarding our Additional the evening. last release

covered we dividend prioritized and succeeded and low a in We various the with we FAD a flows that have XX%. payout discussed cash well solid a headwinds maintaining ratio are sheet balance current levered of encouraged have that conservative despite

our strong capital the the includes repurchasing our and also current opportunistically, evaluating navigate We assets, allocation continually for retail dividend reinvesting that and this priority will thoughtful in of sheet while and balance sheet the dividend, maintain shares use deleveraging comfortable to common long-term capital, which opportunities to the paying necessary landscape. provide our successfully balance our feel support approach continue very to to our evaluate growth. our We potential

to Operator, now questions. it our question? first I'd open up we like for take can


first [Operator Instructions] from question. your question Please ask line Christy the comes Your Citi. of McElroy from

Christy McElroy

space get space is to space all a will a good feet and what It's about in in about in sense give all online - hit that of mentioned counting on I'm this closures. to or morning, XXX,XXX a that store year? know active discussions. half which the reasonable that year you earlier occupancy basis XXXX kind does compares AVR. for the given for of of to big potential the Hi, already you detail everyone. us the about and backfilled that imply the average and pending Dressbarn Can square XXX,XXX what points come pretty Thanks timing that XXXX for XXX you

Steven Tanger

Christy. morning, Good

are next We which we backfill into as have the and occupancy year. conversations we we half for commitments the very mentioned anticipate about to of with have space in space expecting Dressbarn we putting and first half had positive the tenants

the one primary sales our of opportunity I gives so which that were focus. is portfolio an assets, to Dressbarn than improve curate might our our the of mention us and average, XX% less this quality of

seven the If you into have are now XX, prepare we Chapter some immediately. for out, space bankruptcies time headwinds we do next vacates which not that restructurings them. headed and to But have Chapter year. take The

pop-up tenant our So as space the we with new outlet that existing will space. prospective The are aggressively in as -- tenants testing and the have always filled both the with several past, partners new years and partners, past, fill to and in will we work permanent space. and be tenants,

at we tough know. to And as to give fine. It's of we doing progress February, to you our the guidance results, It But announce just we there, happy guidance perform. year. is year-end out we're continue the you will end be as in XXXX our our for -- when

Christy McElroy

know on has coming come of I percentage efforts, started as of And that, so short-term what's the as pressure space. commenced you about leasing space leasing, in think creates this a of down to the for kind terms

it's on months, spreads. closers pickup short-term have But leasing that in over next the you pick And the to terms of with again. the up expect impact few in would decreased the to

of create leasing a this sort does well. impact CapEx And on what as

Steven Tanger

the The it's we getting back space entirely is, retail. XXX one, entirely on same are grade and almost depth that re-tenanted. feet It's deep level, easily

So we're not to talking CapEx, re-tenant about the significant space.

significant tenants we're will mentioned, we -- more of that And interest going end I next in give you excitement. space, high have guidance. as by And volume do February. I'm We the today create not to year's will at the

we the occupied. we've you market. this to if our and re-tenant history, successful at been than XX years the been plan be the with successful. new less look And And is first we've faced potential for to ended on year space time XX% But in never space. we've coming continue This not

Christy McElroy

But expect leasing will we that short-term reasonably up? pick can

Steven Tanger

going not of a I'm I'll when visit guide that. have forum on conference at to again public next conference the more on we different our a the and Again, XXXX leases you or in call. either facts at makeup

Christy McElroy

Steve. you, Thank Okay.


Bank. the question line from McGinniss your comes from question. next ask Greg Please Your of Deutsche

Greg McGinniss

morning. We a got just couple questions on XX. of good Hey! Forever

how their they are impacting on current rent? rent And that, then the did What So, recovering is payments. first lost your on -- are rent? for how accounting process bankruptcy the expectations any

Steven Tanger

not it's in for Good impact; were been see still product. file Forever September have have sad to like with paid Consumers their have off regard rents financial for QX. morning, that Greg. to we taken and We And XX written bankruptcy.

have in We been paid October.

on working So their XX, Forever with we're strategy. ongoing

you've potential I'm As seen, their revised sure they significantly. have closing store list

stores fluid list. a on two that remains have situation. It We

We two but certain. those expect the close to quarter, stores not in fourth

Greg McGinniss

calls negotiation. Forever then And the Tanger up we've documents, not earnings necessarily leases learned and second I XX trust other I've thanks. bankruptcy believe they read for company but XX everything Okay, to from listed in originally

So based And Just curious. what appreciated was details go on two there those on those leases, been any reduction we locations? roll-downs have other process leases can into that and the on stores, be assume would of Steve. effect? expected in So the outcome when closure the rent of kind may would

Steven Tanger

be Forever regard so and remains correct. two to give we'd regard fluid it Greg, XX. This happy with at give filing you occurred that the prove guidance the end situation, ago of want I with weeks answer to complicated to an to you is may and February don't not facts be a to

Greg McGinniss

I right well can All Steve. appreciate Thanks, that.


the KeyBanc your line Your next from Markets. ask from question of Todd Please Capital comes Thomas question.

Todd Thomas

Hi, morning. thanks. Good

goal if as for in know percent temporary lease pop-up back of the Historically, over deals kind portfolios that then you permanent convert pop-up time? in you fill permanent temp stand to Steve, tenants and end leases. look tenants tenants convert the realize and the to then some space what portfolios GLA? of the question try and First And so pop-up where percent portfolio, to at to and of I September the a the the of did of temporary

Steven Tanger

Todd. Right This about slightly seasonal morning, account from tenants Good for temporary past occupancy. over is X% average many years. an the elevated pop-up of X% of now our

Our long-term is to exciting and our maintain to strategy occupancy consumers. presentation an

different our like As is to now conversion some far in a Vineyard lot of the centers. permanent them convert do Vines, of which as stores,

we but space Some us local They which opportunity execute years, different to at in. we of temporary the provide them put have a leases. stay if gives for are which tenant color tenant to the don't stay local long-term, and tenants, repossess for the want long-term

Todd Thomas

I or generally in terms stay guess. timing historically happens I or convert the see holiday January? Okay. of post potentially guess of Is to renew something some And in in a Is occupancy not those decision? timing sort of then that that

Steven Tanger

end and happy of situation focused what this be give want we're compelling value small get when Todd, be forum tenants we and give is happy There the and Again, they temporary public tenants in percentage will certainty no of you on with a with valued a excitement. those again the facts the you I'd landlord February to reiterate, customers the portfolio. and know just guidance really for we together long-standing create we'll the These is to strategy present or pop-up contribution expense. take stores to part is important of come thoughts when to properties. our vacant a and our experience XXXX. to and to I our space

that our to have So of we strategy. important part continue will an as

Todd Thomas

a just Jim. for then And Okay. question

think in on said but give growth just provide some could comments, expansions curious maybe I you acquisitions, or that potential you context you I Nashville could And don't that project? update Nashville, us I if with know and referring you made comment. or could if that we opportunities were to an about comment to you also regards around was your a

Steven Tanger

Nashville out they with working Todd, new developer is We're I'll development. take one. that install is this point want just a schedule. I do interchange. to grating mass that their large a and progressing the on master as

We will million very as center use. is first include hub which for be this in. and the one to and feet $X development, of currently go important mixed we're hub outlet zoned the square It a office, of the apartments will

far target will be on and next permits that disciplines and all maintained by have the construction. pre-leased I'm are and concerned we as hopefully to year with time over we've we the So many able this as non-appealable XX% start years,

Todd Thomas

you. thank Okay


from the question. Goldman question Sachs. Please next Caitlin Burrows comes ask Your your line from of

Caitlin Burrows

SG&A XXXX you guys of increased Good a bit. Hi. part morning. Maybe the little as just guidance part the

in time nature you about go being or that we more and driving what's through whether could one permanent? So it think should

Steven Tanger

got will do. than hearing Caitlin, you were you. I -- I better take ears trouble he's Jim What that had

Jim Williams

increased from expense are quarter stand to -- accelerated in not the for related reelection take of -- question. guidance. including to year. recurring. the is fourth not the necessarily compensation G&A the I'll previous to components the some vesting part going of Caitlin are next additional from that several small there that directors Yeah related that some There A share-base

Caitlin Burrows

high the above then mid an dividends XX% the on basis; FAD around your basis, And we're in you being it. Got now on talked have guys getting on to levels. past FFO maybe as those about payout but ratio XXs

how do lower as wondering should dividend about just until that think moderate forward? you dividend go we forward or we expect So increases to growth going gets

Steven Tanger

not and XX, the between there's XX XX. much high Caitlin XX's. difference

certainly So is of ratio our payout sector competitors exception as with our we our the -- the of lowest know. valued are sector you one in in the

dividend Our reviewed managements policy XXXX. will for our be board outlook by on based

we We you will when guidance give our February. next provide that XXXX disclosure

takes board the for and many The increases is free management The dividend one the that our seriously dividend of have. of its one each responsible policy dividend flow allocation -- of is year. is the only we priorities cash

-- will announce really to premature this dividend it strategy it's So a time. at

Caitlin Burrows

Okay, thanks.


Please line from Craig question. question next Your comes your Bank of from Schmidt the ask of America.

Craig Schmidt

in you. closings? percent Thank drag the same-store lease of XXXX wonder due I NOI store versus Good is to what modifications roughly morning.

Steven Tanger

year. that our landscape guided And a we associated receive expected view is with on of gave we of they're in that question, based complicated again We square that's space will being We the occupied. year back year earlier that at you our of restructurings best the XXX,XXX NOI do as this would next we guidance tenant Craig, with it and time. had in and and that course space about bankruptcies through interrelated. of February I'm guided feet and the sure

expectations did to to are -- quarter, doing quarter. to don't our there. as I we're our well we've -- that to we've delighted continue going fact to the with expectations increased compared We There last fourth quarter. the regard we challenges, we for out NOI, lessen but to pretty that want it's into continue and exceed tough been are are guidance and guidance we delighted, NOI, have raise are our as the same-center to able fourth

Craig Schmidt

store back between then, looking a history, paying? a many and just closing how in rent at backfilled on And Okay. average, space months

Steve Tanger

us Dressbarn, to were seven That's time as the notice, Dave, It will gives and we get their who tenant six rent through with paid honorable plan new and specific. and of other the closing landlords months to tenant. date. If did install tenant we pay a us and gave advanced rent notice

occupancy We after tenants will departs. weeks have take some Dressbarn that

Some months. space XX nine to could take

but space occupancy, So, we've tenants. updated you -- looking hard we space the new which get that still for with exciting it's portfolio, very and to entire year-end give our at and back answer, guidance just we incorporates one the filling

occupancy the you will year, release new give install incorporate and next tenants. will ability We guidance which to

guidance -- the of guidance, NOI be FFO guidance, occupancy our will that guidance. same-center All NOI guidance for in and

simple a gave can't it's I answer give you Craig So, than the one the other I and complicated question you.

Craig Schmidt

it. Nope, you. I appreciate Thank


JPMorgan. line question. Please next Your the Mueller your ask question from comes Michael of from

Michael Mueller

from Hi. of in I detailed is just about guidance you're or that see in closure, XXXX. be guess high February I would going similar appreciated. point earlier color appreciate year; XXXX following amendment one store that level this lease more this I guess the but perspective any closures a questions your what worse to just up than at better, expectation on that give or so, be could we

Steve Tanger

Certainly, year. closures Michael. the three challenge morning, a past for the give next weeks and Dressbarn in us Good announced

closing for closing many stores two. list the list situation fluid. XX original revised store As is The and and mentioned Forever is I previously, the now

The situations other fluid. are

reluctant -- any you really I am sort give of for year. guidance I next So, to

and now year. our go are season filling space end right the focus. our We tenants focused totally into the to holiday high-volume on That's with exciting

on and Our focus providing for balance sheet. fabulous our strong is shoppers experience really a a maintaining

if that happy we'd as when us, bear guidance. much -- you I'm appropriate, XXXX give be you give -- to So, we you'll detail as happy with

Michael Mueller

Got it.

closures to square I the you year, better the XXX,XXX I is drivers to you was so. think, guidance? out, exactly feet mean, laid -- the and I were where it for have better it -- what you up going you've the then, balance of mean, could up guidance is this of bankruptcy to, it, And Okay. know or I closures guess of

on it leasing are there So is you be something there would where that the color rents percentage other now or something else happening -- or less any were just or side expecting you great?

Jim Williams

drivers is to This temporary or that. the Jim. pop-up certainly And Yeah, expected rents is program to and making supported so it and guidance. improved by somewhat Michael. out, strong better outlook also Hi, you for ROI were is store as variable occupancy contributions is contributing primary a the pointed the and same-center

Michael Mueller

Okay. That's you. it. Thank


comes question of from the next Advisors. Your from line [indiscernible] Street Green

open. is your line Your ask Please question.

Unidentified Analyst

the excess a value Hi, good you why of Could to share more now morning. enterprise little -- share maybe rational for given in a buybacks just the debt I'm over capital attractive buybacks bit of talk like about just a the past sense debt quarters? few is get of use are XX%? to reducing then

Steven Tanger

morning. Good

We is and paying a occasionally down selected as Two major for allocation each pay, assets. maintain basis our and is in Buying have capital to our measured years stock invest of dividend debt. back have on the One we've buckets. to and we public. four been our raise XX

worth So this bought million paid of debt million. down and stock, we over back far $XXX year, by $XX we our

stock. ratios pride and will attempt our buy-back and are conservatively we to or mall most grade better capital to continue selectively ratings, to our REIT's, I attractive, the they're than and Our that and ratings we allocate those of think take investment appropriately maintain in very maintain great

Unidentified Analyst

fact that's your the done best place of put or Is a and view the lot share sense. to any the that The that this trying and the to sizable was on? sheet, the you're year is that the discount here what you deleveraging arbitrage can fair you've criteria, that comfortable value there's like a you're with capital to capitalize it discounts made or makes balance -- really buyback That there NAV attractive?

Steven Tanger

the mean we of let's stock. I think it end at third of of million And In only the into put stock. $XX I quarter, quarter, bought Well, the back worth perspective. probably the of worth $XX million it's bought we back second above. all only

don't approach, to internal the at back in value, asset a We of thought stock undervalued. time, down is I assume and we $XXX -- but was get balanced want bought we So our that debt. since paid into can you it it million we our calculations same

Unidentified Analyst

you. Fair enough. Thank


please no are time. There Presenters, this further continue. at questions

Steven Tanger

for to want thank I Well, everybody morning. Okay. us joining this

We see all NAREIT now. thank you or in New either York, next happy you I hosted being conference a I'm day an at again. very Goodbye will investor and wish week at you and


conference Ladies call. Thank concludes participating. for and today's you gentlemen, this

now may disconnect. You