Justin Stein's questions to Tanger Inc (SKT) leadership • Q4 2024
Question
Juan Sanabria asked about the specifics of Tanger's Forever 21 exposure and backfilling strategy. Caitlin Burrows inquired about the process of converting percentage rent to fixed rent and the use of the temporary leasing program in different property types.
Answer
Justin Stein, an executive at Tanger, explained that the company is proactively managing its nine Forever 21 locations, which range from 6,000-12,000 sq. ft., and has deals pending. He confirmed the ongoing strategy to convert variable rent to fixed rent and stated that the temporary leasing program is a key tool to mitigate downtime and is used effectively across both outlet and full-price platforms.