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Good morning. My name is Andrea and I will be your conference operator today. At this time I would like to welcome everyone to the Tanger Factory Outlet Centers third quarter 2010 earnings conference call. All lines have been placed on mute to prevent noise. After the speakers' remarks, there will be a question and answer session.Thank you. I would now like to turn the call over to our presenters, Steven Tanger, President and Chief Executive Officer, Frank Marchisello, Executive Vice President and Chief Financial Officer and Mona Walsh, Assistant Vice President, Corporate Communications. Miss Walsh, you may begin your conference.Thank you. Good morning. This is the Tanger Factory Outlet Centers third quarter 2010 conference call. Please note that during the call, some of management's comments will be forward looking statements regarding the company's property operations, leasing, tenant sales trends, development, acquisition, expansion and disposition activities as well as their comments regarding the company's funds from operations, funds available for distribution and dividends. These forward looking statements are subject to numerous risks and uncertainties. Actual results could differ materially from those projected due to factors including but not limited to changes in economic and real estate conditions, the availability and cost of capital, the company's ongoing ability to lease, develop and acquire properties as well as potential tenant bankruptcies and competition. We direct you to the company's filings with the Securities and Exchange Commission for a details discussion of the risks and uncertainties. This call is being recorded for rebroadcast for a period of time in the future. As such, it is important to note that management's comments include time sensitive information that may be accurate only as of today's date, October 27, 2010.At this time, all participants are in a listen only mode. Following management's prepared comments, the call will be opened up for your questions. I'll now turn the call over to Steven Tanger. Please go ahead Steve.Thank you Mona and good morning everyone. Before we get started today, I would like to acknowledge the passing of our Founder, my father Stanley Tanger. Dad died last Saturday peacefully surrounded by our family including my mother, his wife of over 62 years, his three children and six grandchildren.Stanley Tanger was a dedicated family man and an entrepreneur who will be remembered for his lifetime commitment to philanthropy. He was a visionary, but more than anything, he was my mentor and my friend. His legacy will be carried forward by everyone at Tanger Outlet Centers, of whom he was very proud.As you can imagine, it is with mixed emotions that we conduct this call today. Stanley Tanger never sat still, and always moved forward, so it is in this spirit that we share our thoughts on our performance during the third quarter.Our operating results were strong and above plan with same center NOI increasing by 3.6 % in the third quarter and 2.4 % in the first nine months of 2010. Our tenant comparable sales for the rolling 12 months ended September 30, 2010 increased 6.3 % to $349.00 per square foot. Comparable sales for the third quarter increased 4.9 % compared to the third quarter of 2009.During the quarter, we expanded our senior management team with the appointment of Thomas E. McDonough to the newly created position of Executive Vice President of Operations. Tom brings to Tanger nearly 30 years of REIT management, leasing acquisition and development experience. He has served in senior management positions at several REIT's. Tom joined the Tanger management team in August and we are very pleased to have him on board.We also expanded and strengthened our Board of Directors with the addition of Thomas J. Reddin, a 30 year consumer marketing and e commerce veteran. Appointed a Director in July, Tom has already brought value and perspective to our Board.Each year, millions of shoppers across America look to Tanger Outlet Centers to receive value on all the brand name fashions and accessories they purchase for their family. Kicking off on September 15, Tanger added even more value to our consumer's visits by giving them a chance to also fight breast cancer in their community.For the 17th year, the annual Tanger style of Pink Campaign is providing consumers in our 32 outlet centers across the country, the opportunity to purchase Tanger Pink cards for a dollar donation and receive a 25 % discount at participating stores.The money raised is locally donated to nearly 20 different organizations across the country through the Stanley K. Tanger Breast Cancer Fund. Tanger's 2010 Pink campaign, concluded on October 25, and raised approximately $1.2 million. Since 1994, Tanger Outlet Centers has contributed more than $8.7 million to this important cause, giving back and supporting the communities where we live and work.I will now turn the call over to Frank who will take you through our financial results for the quarter, and then I will follow with a summary of our operating performance and our current expectations for the balance of 2010.Thank you Steve and good morning everyone. Total adjusted funds from operations, or FFO for the nine months ended September 30, 2010 increased approximately 9.1 % for the period. As expected, adjusted FFO per share decreased approximately 3.9 % to $1.96 per share compared to $2.04 per share for the nine months ended September 30, 2009.The decrease in FFO per share was due to the issuance of 8.3 million additional common shares associated with the two successful equity transactions completed during 2009. More information on these transactions may be found in our Form 10 K for the year ended December 31, 2009.On a consolidated basis, our total market capitalization at September 30, 2010 was approximately $2.9 billion including $609 million of debt outstanding, equating to a debt to total market capitalization of approximately 21.2 %.We also maintained a strong interest coverage ratio of 4.62 times for the quarter compared to 4.63 times last year. As of September 30, 2010 approximately 91 % of our debt was at fixed rates. Our only floating rate debt is the $54.8 million outstanding on our $325 million in unsecured lines of credit, which mature between June and August of 2011.Following our recent senior notes offering, we have no significant debt maturities until November 2015, and June of 2020. As of September 30, our whole owned portfolio properties had no mortgages and was 100 % unencumbered.Tanger's Board of Directors declared a dividend of $0.3875 per common share for the third quarter ended September 30, payable on November 15 to shareholders of record on October 29. Tanger has paid cash dividends each quarter since becoming a publicly traded entity in May of 1993.Our dividend is well covered. We will generate incremental cash flow over our dividend, which we plan on using to help fund our new developments and to reduce amounts outstanding on our lines of credit. In addition, no single tenant accounts for more than 8.5 % of our gross leasable area or 6.8 % of our base in %age rents. Most of our tenants have very strong balance sheets.Tanger has a conservative approach to all aspects of our business, and this approach continues to build value for our stakeholders. I'll now turn the call back over to Steve. Go ahead Steve.Thank you Frank. I'm very pleased to report that through the end of the quarter, we continued to see positive rent spreads on the renewal and leasing of space within our portfolio. As of the end of September, we executed 358 leases totaling 1,441,000 square feet throughout our wholly owned portfolio.New tenants to Tanger in 2010 included outstanding brands such as PS by Aeropostale, Ed Hardy, New Balance, Jos. A. Bank, Coach Men's Stores, Hurley, Soma and New York Co.Lease renewals during the first nine months accounted for 1,014,000 square feet, or about 69% of the square footage coming up for renewal during 2010 and generated an increase in average base rental rates on the executed renewals of 10.1%.In addition, during the first nine months, we re tenanted approximately 427,000 square feet with an increase in average base rental rates of 25%. Tanger's low cost of occupancy and our tenant's increasing sales allow us the opportunity to continue to drive up rents while maintaining a very profitable distribution channel for our tenant partners.As I mentioned earlier, same center NOI growth increased 2.4% for the first nine months of 2010 and 23.6% during the third quarter of 2010. Our overall occupancy rate for our wholly owned stabilized properties was 98.1% at the end of the third quarter, up from 96.9% at June 30, 2010 and 96% at year end 2009.Reported tenant comparable sales within our wholly owned portfolio increased 6.3% for the rolling 12 months ended September 2010 to $349.00 per square foot. Sales for the third quarter increased 4.9% compared to the third quarter of 2009.Tanger Factory Outlet Centers' CEO Discusses Q3 2013 Results
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