Tanger Outlets Says Foot Traffic Is Back To Normal

Tanger Outlets this week said that in January, footfall at its U.S. shopping centers returned to pre-pandemic levels, thanks to their outdoor orientation and value proposition. In the fourth quarter, traffic was at about 90% of the prior-year level, rising to about 96% last month. The mall REIT also said in a press release that fourth quarter rent collection improved to 95% of billed rent by the end of January and that it collected 90% of rent due in January that had been deferred last year as retailers struggled. Fourth-quarter net income available to shareholders reached $260,000, compared to a net loss of $12.1 million in the year-ago period, as funds from operations available to common shareholders fell to $52.7 million from $57.5 million a year ago. For the full year, net loss available to common shareholders was $37 million, down from net income of $86.5 million the year before as FFO fell to $154.1 million from $221.7 million the previous year. Read more at Retail Dive.