Leasing remains a top priority, as those continuing to build on our positive traffic momentum, particularly as we enter the holiday shopping period, as we evolve from the defensive stance we needed to take at the outset of the pandemic, we are taking a fresh look at our center operations with a view toward achieving additional NOI and sustained long-term growth. Following management's prepared comments, the call will be opened for your questions. While we are encouraged by sequential improvements and our long-term outlook, we do recognize the continued challenges we face, largely due to the impact of COVID-19. The first thing I want to say is that everybody in our company is a leasing representative. Vince Tibone -- Green Street Advisors -- Analyst. What percentage of your square footage is currently leased to pop-up or temporary tenants? Diese Aktien empfehlen Experten zu kaufen, Top-News der Woche: Diese Themen waren diese Woche wichtig, zu den Quartalsschätzungen für Tanger Factory Outlet Centers, News zu Tanger Factory Outlet Centers IncShs, Tanger Factory Outlet Centers stellte Ergebnisse des abgelaufenen Quartals vor, Tanger Factory Outlet Centers zog Bilanz zum jüngsten Jahresviertel, Ausblick: Tanger Factory Outlet Centers legt Quartalsergebnis vor, Erste Schätzungen: Tanger Factory Outlet Centers gewährt Anlegern Blick in die Bücher, Was Analysten von der Tanger Factory Outlet Centers-Aktie erwarten. Yes. Let me just clarify. Same-center NOI for the consolidated portfolio decreased $10.9 million for the quarter, including a $6.6 million charge to write-off uncollectible revenues or reserve for rents that were deferred or under negotiation at quarter end and may not be collectible. Kursinformationen von SIX Financial Information. Yesterday evening, we issued our earnings release, as well as our supplemental information package and our investor presentation. But, right now, that's expanded to a 5.5%. We are also strategically and successfully utilizing pop-up stores. Thank you. Obviously it's smaller. Our priority uses of capital include investments to deliver NOI growth, such as retenanting vacancies, reducing leverage that has increased in the current environment, as well as a value in selective accretive opportunities over the long-term. This is Jim. And then, just on the lease termination fees, they were high this quarter. And based on that progress in 2Q, can you touch on any top or bottom categories that contributed to the most improvement or that are still lagging? With regard to expense savings, so I think, lot of the Q3 expense savings had to do with the fact that we cut our hours by 30% and actually starting today, we are going to add back two hours a day for holiday shopping season. This is Jim. So we are working through that and I think we'll continue to make progress there. We anticipate the remainder of this year and into next year to be pressure, as we see potential store closures and rent modifications from these recent announcements. The portfolio we have is not dependent upon visitors and tourists from other parts of the world, which obviously, have been impacted by this terrible virus. Please refer to the earnings release we issued last night for additional detail provided to quantify the impact on rental revenues. With regard to the social element supporting local communities is embedded in our culture. That doesn't necessarily mean that it's being marketed for sale. Tanger Factory Outlet Centers Aktie (SKT) Branche: Diverse:Holdings (WKN: 886676 ISIN: US8754651060 ) Kurs mit Realtime Chart Alle Entwicklungen, Kommentare und News auf BörsenNEWS.de live verfolgen. And while there will likely be additional fallout as we sit today, our tenant watch list is smaller than it was going into the pandemic. And specifically, how are your two important Long Island centers performing, compared to the rest of the portfolio? And those were retailers that were positioned in other centers in that community, but they wanted to position themselves where the traffic is, and they came to our shopping centers. Terrell was a very small poorly productive non-core asset and it's consistent with our long-standing policy of an aggressive and active asset management program. Obviously, the goal there is to bring in some exciting new and fresh tenants to upgrade our tenant mix and we think that's where we need to go and take the portfolio. Please go ahead with your question. We believe we are well positioned to capture pent-up demand going into this holiday shopping season and beyond. Hey, good morning. Similarly, we have continued to utilize the Tanger virtual shopper program, which allows shoppers to seamlessly access product from across our platform. Good morning, Vince. Okay. And then, seeing as we made great progress on the rent collections this quarter. Furthermore, since the start of the third quarter, we have generated positive cash flow each month, resulting in $640 million of available liquidity at the end of October. With the [Technical Issues] environment during the quarter, we fully paid down the balance, we have no significant debt maturities until December 2023. Ravi Vaidya -- KeyBanc Capital Markets -- Analyst. I hope everyone is doing well. We don't really have -- we are not a proxy for retail. Steve Yalof will provide additional details on our strategic initiatives; and Jim Williams will discuss our financial results and balance sheet. Well, our centers are all open air, where basically consumers feel more comfortable in today's environment shopping. We do and as we've said, we expect to see a little bit continued pressure on the spread as we are working with our tenants through this environment and the challenges that, that faces to maintain high occupancy. There is certainly a component that's in the bankruptcy section. Any updates on sales metrics or performance of the Tanger Club membership, average basket size, anything like that? It also creates opportunity as we curate our centers and target new tenants that will increase the shopping options available to our centers. And then, regarding, like home and hard goods categories and new retailers that are entering your properties, what kind of ABR do they pay comparable to the overall portfolio? Blended average rental rates for all leases that commenced in the quarter were off 6% on a straight-line basis and 11% on a cash basis. During the third quarter, we made meaningful improvements across each of our areas of focus; including liquidity, rent collections, driving traffic to our centers; leasing and shopper engagement. Craig Schmidt -- Bank of America Merrill Lynch -- Analyst. Finally, I would like to highlight some of our ESG activities. So, Katy, I think, we are delighted to see that our collection rates get to 89% and really, if we look at what we expect to get, we think that will get up to 92%. Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. But net-net, I think the impact of truing up those items in the second quarter that rolled into third quarter was pretty much a wash. At the start of the pandemic out of caution, we drew down our entire line of credit. Let's conquer your financial goals together...faster. With the increase in rent collections, we have achieved positive cash flow each month, since the start of the third quarter. We do believe that we have compelling offerings to consumers and we are prepared to satisfy what our research shows is tremendous pent-up demand for people to go shop. Additionally, we believe we have a compelling opportunity from an operational perspective with some enhancements to our field management team. And we think that's going to be a great opportunity for us to build upon as we continue to maintain our strong -- decent relationships with a lot of retailers. I guess, then, Jim, as noted in the earnings release, there were some rents written-off in Q2 that are repaid in Q3. Okay. Okay. For shoppers our open-air outdoor centers offer an inviting way to find the brands and value they seek. Our next question comes from Todd Thomas from KeyBanc. While the rent per square foot on these pop-up leases is lower than the portfolio average, they fill a number of objectives, including keeping the space occupied with desirable retailers and setting us up for additional future growth with many of these tenants. Yes. Good morning. Good morning. In addition, we recognized a write-off of approximately $2.4 million in straight-line rents associated with the bankruptcies and uncollectible accounts. Market data powered by FactSet and Web Financial Group. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, November 6, 2020. And any notable trends by region? In the select cases, where we have granted one-time concessions, we have done so in exchange for landlords favorable lease modifications, such as co-tenancy waivers; term extensions and early option exercises and exchange -- in an exchange of value for value with the ultimate goal of preserving our ongoing income stream, while offering desirable brand variety and product choice to our shoppers. For the third quarter, we expect to collect approximately 92% of rents billed, including 89% that we have already collected. These brands have opened new locations during the pandemic, including marquee stores in Centre Court locations. Thank you and good morning everyone. Our leasing strategy is a sound one and we are talking to a lot of the national retailers that are currently in our footprint about expanding. Great. Sorry. As evidenced by the rebound in traffic that we experienced as the third quarter progressed. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Balance sheet strength has long been a core tenant of Tanger and this discipline is serving us well. We are working closely with our retailers to provide exclusive promotions at our centers and to provide a safety, conscious and fun environment for shoppers. Hi, good morning, everyone. Today there might be extraordinary non-recurring issues. Handeln Sie für nur 5 Euro Orderprovision* pro Trade aus der Informationswelt von finanzen.net! And just a follow-up on Craig's question, just want to clarify. We are committed to ongoing improvement and transparency and we look forward to reporting on our efforts and progress. Caitlin Burrows -- Goldman Sachs -- Analyst. If we're thinking about the 400,000 square feet of space that you expect to lose over the next few quarters, what portion of that $3.6 million is tied to that 400,000? Okay, fair enough. And obviously, short-term leases give us the opportunity to reprice our real estate ultimately as we come to the end of this pandemic. So, if I told you the southern properties were doing better than the northern properties, I don't know if will give you a true picture. But the primary reason for those, the termination fee that we recognized is a pretty significant termination fee we've received from a single tenant and we recognized about half of that in the third quarter and the other half will be recognized in the fourth quarter. Yes. We've also seen the rents for second quarter and third quarter to be impacted by the bankruptcies and lot of that are write-off coming from the bankruptcies or pre-petition rents. So could you provide a little more color on what the pipeline is backfill leasing demand looks like today? Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig. Okay. We are dedicated to engaging with our stakeholders on ESG matters at all levels, to further this engagement Tanger will complete a comprehensive materiality assessment early next year to help guide our ongoing ESG strategy, goals and objectives. But because it's not showing up in spreads and I don't know where all that would flow through in the financials, it's revenue ultimately. During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G, including funds from operations or FFO, core FFO, same-center net operating income and adjusted EBITDA. Third quarter results showed a strong improvement from our second quarter performance, but reflect the ongoing impact of uncollected rent and reserves related to the pandemic and tenant bankruptcies. That said, we have taken a prudent approach toward collectability. Okay. As we have previously discussed, we have always prioritized maintaining a strong financial position and particularly through the pandemic, this discipline has proven to be critical. Hey. Coronajahr 2020 fast vorüber - kommt die Jahresendrally? Great. That would be helpful to you. Please be safe and go shop at our open-air outlet centers. We are not going to be able to give you much guidance as into 2021. Due to the ongoing uncertainty around the current environment, we are not reinstating guidance at this time. Through our leasing efforts, we limited our occupancy declined for the quarter to 90 basis points, as new leases offset almost half of the vacancies created by the recaptured space. Third quarter core FFO available to common shareholders was $0.44 per share, compared to $0.58 per share in the third quarter of 2019. And I guess, just one more from me. Tanger Factory Outlet Centers Inc (NYSE:SKT)Q3 2020 Earnings CallNov 6, 2020, 8:30 a.m. Caitlin, it's Steve again. On the call today will be Steven Tanger, Chief Executive Officer; Stephen Yalof, President and Chief Operating Officer; and Jim Williams, Executive Vice President and Chief Financial Officer. The outcome of the bankruptcies is still not fully known at this time and the rents due to uncollectible are largely prepetition rents. We are also employing our pop-up strategy as I said in my remarks and we think pop-up is a strategy as great opportunity to turn some of that vacant space into net income. I'll take that question. Just one from me here. Could you just provide the final collections number by month in Q3? I'd like to turn the conference call back over to Steve Tanger for any closing remarks. Thank you. In some cases, we've increased the reserves what had and in some cases we had some positive results for folks either paid or we think they were going to pay it, or we get some termination fees what we were previously written-off. Is that 92% number the bogie here? Two such examples of Tory Burch and Vineyard Vines, both of which initiated their relationship with us as pop-ups and have since expanded to have multiple long-term leases. Please note that during this conference call some of management's comments will be forward-looking statements that are subject to numerous risks and uncertainties and actual results could differ materially from those projected. So, as we went through the year, we will have to continue to go through what's still on the books, what's still unpaid and do the collectability assessment. What's in short-term leases are those that's beyond a year or more. But I just don't have that information. With that I would now like to turn the call over to Jim to take you through our financial results, balance sheet and liquidity recap. Is that correct? And I would like to welcome you to the Tanger Factory Outlet Centers Third Quarter 2020 Conference Call. I think one of the casinos is still not opened today. We remain committed to supporting our employees, customers and communities through this difficult time. But yes, I mean, the collection rates for the month, that was very similar to particularly the latter marks, to where I average had turned out to be of 89% and so far, what we are seeing in October is very similar to that range. Thank you. Enhancing our digital strategy and marketing efforts has been an objective for some time and the current environment is only accelerated this initiative. Cumulative Growth of a $10,000 Investment in Stock Advisor, Tanger Factory Outlet Centers Inc (SKT) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $SKT, Tanger Factory Outlet Centers Inc (SKT) Q4 2019 Earnings Call Transcript, Tanger Factory Outlet Centers Inc (SKT) Q2 2019 Earnings Call Transcript, Tanger Factory Outlet Centers Inc (SKT) Q3 2018 Earnings Conference Call Transcript, Copyright, Trademark and Patent Information. And I'm not going to get too much into the details, because it was an insignificant transaction. I will now turn the call over to Steve Yalof. This is Steve Yaloff. Good morning. Each has different variables impacting traffic. As of today, we have increased hours and access, as we maintain our priorities of shoppers safety, retailer ability to staff the stores and the desire to offer as much access as possible to our customers. At this time tenants are communicating that they are in good shape with regards to holiday inventory having effectively worked through inventory that had built up during the shutdown. This call is being recorded for rebroadcast for a period of time in the future. Tanger continues to support important social services throughout the pandemic by making our centers available for blood drive in food collection and distribution sites. So in that number is both bankruptcy and also restructuring. We hope to see virtually a lot of you at NAREIT, a couple of weeks. I'll start-off and Steve Yaloff, if you want to jump in. This program is having the intended result of engaging shoppers and allowing them to shop in the way that fits their needs. Hi. Have a great holiday, if we don't see or speak to you before. First of all, as it relates to Gap, we had a very favorable resolution with Gap, in fact looking at new concepts with Gap as we speak. Some of which are weather and other issues that present themselves. I was wondering, going forward, you did talked about expense savings. Our priorities remain consistent, maintain a strong balance sheet, provide a compelling value proposition for our retailers and consumers and maintain a high quality portfolio with desirable brand name tenants.
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