Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| But in the meantime, we're going to continue to deliver revenue growth, positive rent spreads and continue to grow our business with the retailers that our customer base wants to shop |
| Usage continues to grow and we are encouraged by the program's ability to personalize offers, drive additional shopping visits, and provide us with important information about our shoppers that helps us target our marketing more efficiently and improve the shopping experience |
| This was driven by record leasing velocity and positive rent spreads |
| We delivered earnings ahead of expectations with core FFO of $1.96 per share, which was 7.1% ahead of last year |
| These assets are consistent with our long-term strategy of investing in dominant open-air retail centers in markets that benefit from outsized residential and tourism growth and can immediately benefit from Tanger's leasing, marketing, and operating platforms |
| I'm pleased to report another strong quarter that closed out a milestone year for Tanger |
| And I think we've done a pretty impressive job of executing that to that, you know, eight consecutive quarters of positive rent spreads and we continue to build on that The other thing is our leasing velocity hasn't slowed down last year was a banner year for us |
| However, we believe there is great upside opportunity as Tanger Asheville will greatly benefit from the market's growth and infrastructure investments combined with the impact of our branding, marketing, leasing, and operations over time |
| So we are very proud of what we've done |
| We are very proud of our execution to our diversification strategy |
| We continue to see positive trends across our business |
| Leasing activity remains strong as we grew our portfolio with new and existing tenants |
| Eight consecutive quarters of positive leasing spreads reflect both the value of our properties and the demand from retailers |
| We continue to believe we're going to have positive spreads overall, as we have demonstrated for the last eight quarters overall, and that is really driving our OCR is driven by the rent increases that we've been able to attain |
| Our diverse tenancy continues to contribute to driving more shopper visits, longer dwell times, and bigger spends, while adding to the vibrancy of our centers and enhancing the overall shopping experience |
| 2023 was a record year for leasing productivity |
| We accomplished this while elevating and diversifying our tenant mix and driving strong rent spreads |
| We're excited about those prospects |
| Our high occupancy and strong tenant demand allows us to be proactive and asset manage our centers, creating additional value while optimizing the tenant mix and center configurations |
| We've been able to drive new tenancy into our centers, new uses, and we think that's going to help us grow our sales over time |
| We're anxious to get there, we see this great opportunity, a great source of organic growth |
| December sales and traffic comps were positive continuing the trend of improvement we realized during the quarter and culminating with a strong holiday retail season year-over-year |
| We're pretty good at keeping those spaces filled and occupied and minimizing downtime as much as we can |
| We are encouraged by the recent sales and traffic growth and are optimistic that this trend will continue into 2024 |
| And we've been very successful as we've been replacing temp, getting great mark-to-market on the space |
| We are proud of the value we've generated for our shareholders and tenants |
| And we feel Shake Shack's got this great core customer base where customers will come to our centers for Shake Shack and stay for the shopping or vice versa |
| I think it's been very good for us |
| Deliver organic growth driven by strategic leasing and proactive asset management |
| We're constantly seeking to replace lesser productive retailers with far more productive retailers and we think we've done a really good job |
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| First question, I guess, is obviously, tenant sales were down a little bit |
| Occupancy was down 70 basis points versus last quarter driven by the acquisitions of Tanger Asheville and Bridge Street Town Centre in the fourth quarter |
| Hook decided that they wanted to -- they had excess -- they had excess product |
| So there's a lot of puts and takes, and there's not necessarily a number that's within the range of downtime, but it is a headwind |
| Occupancy in aggregate was 97.3%, which includes the acquisitions of Huntsville and Asheville, which were below average occupancy to our portfolio |
| So as we've been talking about during the year, we've certainly had a milder winter |
| First question was on the same-store guidance, so 2% to 4% and the higher re-tenanting activity that you discussed in the year ahead, just compared to '23, which could cause some disruption |
| There are some of the uncontrollable items like taxes and insurance which continue to go higher |
| But the most important point is the leasing velocity hasn't slowed down |
| So you got about a $2 million or call it just over 50 basis point headwind in that OpEx |
| What's interesting, Todd, is with the reduction in credit spreads and the decline in interest rates, the cost of debt from when we did those transactions has come in meaningfully |
| And as Michael mentioned, it's more of a pool issue and not necessarily a tougher comps issue |
| Pro forma for a full year of EBITDA from the three new centers, we estimate that our leverage ratio would be between 5.2 and 5.3 times, still one of the lowest in the retail and REIT sectors |
| Again, I'm just wondering if they kind of deserve to be higher, so there is not really tough comps? Or if, in reality, they are tough comps because if they were only built 10 years ago, then they were established well or something and now maybe the upside is less |
| Michael mentioned there'll be a drag |
| We feel that over time, we've been able to handle difficulty in the retailer environment |
| While athletic, athleisure, and family apparel saw continued gains, discretionary categories were more challenged |
| There's a competitive marketplace out there |
| And we're going to try to mitigate as much of that downtime with some temp tenants, but there is certainly a modest drag in our numbers from it |
| It's a lot of the retailers that want to be in the business don't necessarily have 10 years' worth of excess inventory and product to sell |
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