Myrtle Beach is 120 miles southeast of Downtown Charlotte. Greensboro is 60 miles northeast of Charlotte.
Tanger has started applying for the construction permits. The site, part of a joint venture, is expected to begin opening stores in late 2002, according to the company's first-quarter earnings report.
Funds from operations were 70 cents a share or $8.2 million compared to 85 cents per share or $9.9 million in the same quarter of 2000. The REIT blamed higher interest costs on the lower earnings.
The average interest rate on the outstanding long-term fixed rated debt increased to 8.9% from 8.3% in the first quarter of 2000.
Same-space sales per square foot for the 12 months ended March 31, 2001, were $284 per sf. That represented a 5% increase compared to the same period in 2000.
Tanger's 29 centers in 20 states total 5.3 million square feet of gross leasable area. As of March 31, operating properties were 95% occupied, according to the company.
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