Tanger Factory Outlet Center said a $19.2 million impairment charge on its 312,000-square-foot shopping outlets at Foxwoods helped lead to a profitless fourth quarter.
North Carolina-based Tanger said Wednesday that it earned $300,000, or zero cents per share, in the final three months of 2020.
It was the second Connecticut-related non-cash impairment charge in 2020 for the company, which operates or has interests in 37 centers in the U.S. and Canada.
In the first quarter, it booked a charge of $45.7 million for the Foxwoods property.
For the full year, Tanger said it lost $37 million, or 40 cents per share.
The company said it had collected 57% of rents it had agreed to defer during 2020 until 2021, and that customer traffic is back to 90% of what it was a year ago.
“Our business continues to improve, with the consumer embracing open-air outlet centers as a preferred venue for shopping and entertainment,” CEO Stephen Yalof said in a statement.
