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News Release TANGER REPORTS FIRST QUARTER RESULTS Collected 95 % of First Quarter Rents April Domestic Traffic Exceeds 2019 Company Release - 5/5/2021 4:15 PM ET Greensboro , NC , May 5 , 2021 , Tanger Factory Outlet Centers , Inc. ( NYSE : SKT ) , a leading owner and operator of open - air outlet centers , today reported financial results and operating metrics for the first quarter of 2021 . " We are pleased that traffic to our domestic open - air centers reached 97 % of 2019 levels during the first quarter of 2021 , and exceeded 2019 levels in April . These strong results clearly reflect the attraction of our centers , their dominant market locations and the value proposition that we offer to both our retailer partners and shoppers , " said Stephen Yalof , President and Chief Executive Officer . " As we further evolve Tanger's core strategies the leasing , operations and marketing of our outlet centers , we are empowering our team as we rebuild occupancy , drive leasing and curate our tenant mix to maximize shopper frequency and dwell time and attract new shoppers to Tanger Outlet Centers . We are also accelerating our digital transformation efforts to meet the customer where they are , and our outlets continue to demonstrate their importance as a vital component of an omnichannel strategy . " " Beyond all these exciting initiatives , we remain committed to maintaining a strong balance sheet . During the first quarter of 2021 , we opportunistically generated nearly $ 130 million in net proceeds from the issuance of equity , and year to date , we have reduced debt by $ 175 million , creating additional financial flexibility . As we move forward , we are confident that executing these operational and growth initiatives will create long - term shareholder value , " he added . First Quarter Results Net income available to common shareholders was $ 0.04 per share , or $ 3.9 million , compared to net loss available to common shareholders of $ 0.30 per share , or $ 27.4 million , for the prior year period . The prior year period was impacted by a $ 45.7 million , or $ 0.47 per share , non - cash impairment charge . Funds From Operations ( " FFO " ) available to common shareholders was $ 0.38 per share , or $ 38.2 million , compared to $ 0.50 per share , or $ 48.7 million , for the prior year period . Core Funds From Operations ( " Core FFO " ) available to common shareholders was $ 0.40 per share , or $ 40.6 million , compared to $ 0.50 per share , or $ 48.7 million , for the prior year period . Core FFO for the first quarter of 2021 excludes general and administrative expense of $ 2.4 million , or $ 0.02 per share , for compensation costs related to a voluntary retirement plan and other executive severance costs , which the Company does not consider indicative of its ongoing operating performance . FFO and Core FFO are widely accepted supplemental non - GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies . Complete reconciliations containing adjustments from GAAP net income ( loss ) to FFO and Core FFO , if applicable , are included in this release . Per share amounts for net income ( loss ) , FFO and Core FFO are on a diluted basis . Operating Metrics The Company's key portfolio results were as follows : Consolidated portfolio occupancy rate was 91.7 % on March 31 , 2021 , compared to 91.9 % on December 31 , 2020 and 94.3 % on March 31 , 2020 Blended average rental rates decreased 2.8 % on a straight - line basis and 8.5 % on a cash basis for all renewals and re tenanted leases that commenced during the trailing twelve months ended March 31 , 2021 Lease termination fees totaled $ 0.7 million for the first quarter of 2021 compared to $ 0.2 million for the first quarter of 2020 Same center net operating income ( " Same Center NOI " ) for the consolidated portfolio decreased to $ 65.0 million for the first quarter of 2021 from $ 70.7 million for the first quarter of 2020 , largely due to the impact of the COVID - 19 pandemic Same Center NOI is a supplemental non - GAAP financial measure of operating performance . A complete definition of Same Center NOI and a reconciliation to the nearest comparable GAAP measure is included in this release . 1