Tanger Factory Outlet Centers (SKT 0.53%) bit the bullet Monday, releasing first-quarter results that were strongly impacted by the SARS-CoV-2 coronavirus pandemic.
For the quarter, the retail real estate investment trust (REIT) brought in total revenue of $111.6 million, down from $123.2 million in the same period a year ago. On the bottom line, the company flipped to a net loss just shy of $30 million ($0.30 per share) from the $61.7 million net profit of the year-ago quarter. Adjusted funds from operations (the REIT equivalent of earnings) fell to $48.7 million, or $0.50 per share; this was $55.9 million in last year's Q1.
The REIT also said that once it pays its upcoming dividend of nearly $0.36 per share (scheduled for this week), it will temporarily suspend the payout.
Image source: Tanger Factory Outlet Centers.
On average, analysts tracking the stock had been modeling almost $112.1 in revenue, and a per-share net profit of $0.18.
As with other companies operating in the retail space, Tanger's recent results were negatively affected by store closures and "stay in place" measures enacted to fight the spread of the coronavirus. Yet the company wrote in its earnings release that it should be more than able to bounce back from the situation.
"Over many economic cycles during the past 39 years, we have shown that in good times people love a bargain and in tough times like these, they need a bargain," Tanger wrote. "Outlet stores remain the ideal distribution channel for retailers to monetize inventory."
The company released its Q1 figures after market close on Monday. During regular trading hours, the stock fell by 7%, while the broader market recorded gains.
