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News Release Company Release - 11/1/2021 4:15 PM ET Greensboro , NC , November 1 , 2021 , Tanger Factory Outlet Centers , Inc. ( NYSE : SKT ) , a leading owner and operator of upscale open - air outlet centers , today reported financial results and operating metrics for the three and nine months ended September 30 , 2021 . " We are pleased to report strong quarterly results . Our leasing efforts pushed occupancy to 94.3 % as of September 30 , 2021 , up 130 basis points since June 30th and 140 basis points over the last twelve months . Our rent spreads improved by 240 basis points sequentially on a cash basis . We also benefited from significant percentage rental growth , which was more than two and a half times the comparable 2019 period during the third quarter . Tenant sales at our open - air centers are accelerating , reaching an all - time high of $ 448 per square foot for the consolidated portfolio during the twelve months ended September 30 , 2021 , an increase of more than 13 % over the comparable 2019 period . Traffic has remained strong , representing approximately 99 % of third quarter 2019 levels . Furthermore , we are seeing continued traction in monetizing the non - store elements of our centers , particularly paid media and marketing partnerships . These trends demonstrate retailers ' commitment to the outlet distribution channel , and we believe sustaining this momentum will drive cash flow and increase the value of our real estate , " said Stephen Yalof , President and Chief Executive Officer . TANGER REPORTS THIRD QUARTER RESULTS Tenant Sales Exceed 2019 by More Than 13 % Percentage Rentals More Than Double 2019 " In addition , our 2021 capital markets activity , including bond issuance and redemptions and opportunistic equity issuance under our ATM program , have resulted in low leverage and a strong liquidity position . As of quarter end , leverage was below our target of 6 times net debt to EBITDA , and with significant cash flow generation and undrawn lines of credit , our balance sheet is well positioned to deliver long - term growth , " he added . Third Quarter Results ● Net loss available to common shareholders was $ 0.11 per share , or $ 11.0 million , compared to net income available to common shareholders of $ 0.14 per share , or $ 12.9 million , for the prior year period . The current year includes a loss on the early extinguishment of debt of $ 33.8 million , or $ 0.31 per share . The prior year period was heavily impacted by the COVID - 19 pandemic and also included a $ 2.3 million , or $ 0.02 per share , gain on the sale of a non - core outlet center . Funds From Operations ( " FFO " ) available to common shareholders was $ 0.16 per share , or $ 17.8 million , compared to $ 0.44 per share , or $ 42.6 million , for the prior year period . Year - to - Date Results Core Funds From Operations ( " Core FFO " ) available to common shareholders was $ 0.47 per share , or $ 51.8 million , compared to $ 0.44 per share , or $ 42.6 million , for the prior year period . Core FFO for the third quarter of 2021 excludes the loss on the early extinguishment of debt discussed above , which the Company does not consider indicative of its ongoing operating performance . Net loss available to common shareholders was $ 0.05 per share , or $ 4.8 million , compared to net loss available to common shareholders of $ 0.40 per share , or $ 37.2 million , for the prior year period . The current year period includes losses on the early extinguishment of debt totaling $ 47.9 million , or $ 0.46 per share . The prior year period was heavily impacted by the COVID - 19 pandemic and also included the Company's share of non - cash impairment charges totaling $ 48.8 million or $ 0.50 per share . FFO available to common shareholders was $ 0.84 per share , or $ 88.4 million , compared to $ 1.04 per share , or $ 101.4 million , for the prior year period . Core FFO available to common shareholders was $ 1.32 per share , or $ 138.7 million , compared to $ 1.04 per share , or $ 101.4 million , for the prior year period . Core FFO for the first nine months of 2021 excludes the losses on the early extinguishment of debt discussed above and general and administrative expense of $ 2.7 million , or $ 0.03 per share , for compensation costs related to a voluntary retirement plan and other executive severance costs , both of 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 . 1