National platform continues to drive operating results – Tanger

25 Feb '10

4 min read

Highlights of Achievements for 2009

• Dividend increase approved by Board of Directors to raise the quarterly common share cash dividend from $0.38 to $0.3825 per share, $1.53 per share annualized, representing the 16th consecutive year of increased dividends
• Successfully completed exchange offer related to 3.75% Exchangeable Senior Notes, which reduced outstanding debt by $142.3 million, in exchange for approximately 4.9 million common shares
• Successfully completed 3,450,000 common share offering at a price of $35.50 per share, with net proceeds amounting to approximately $116.8 million
• Received an upgrade from Moody's Investor Service from Baa3 stable to Baa3 positive
• 23.7% debt-to-total market capitalization ratio, compared to 34.5% last year
• 5.17 times interest coverage ratio for the three months ended December 31, 2009 compared to 3.84 times last year
• 9.7% average increase in base rental rates on 1,218,000 square feet of signed renewals
• 30.9% average increase in base rental rates on 305,000 square feet of re-leased space
• 1.4% increase in same center net operating income for the year 96.0% occupancy rate for wholly-owned properties, up 0.4% from September 30, 2009
• $339 per square foot in reported same-space tenant sales for the rolling twelve months ended December 31, 2009

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Tanger Factory Outlet Centers Inc

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