More Retail Property Landlords Take Pay Cuts
April 07 2020 - 11:18AM
Dow Jones News
By Esther Fung
More retail property owners are taking pay cuts amid rising
uncertainties of rent collection from their tenants that have been
forced to close their business to contain the spread of the
coronavirus.
Tanger Factory Outlet Centers said Tuesday that its executive
leadership team and board of directors will be taking a temporary
pay cut in an effort to avoid layoffs and to maintain healthcare
benefits for all employees. Steven B. Tanger, chief executive
officer of the Greensboro, North Carolina- based outlet shopping
center company, will take a 50% reduction and other executive
officers will take a 25% reduction. Other employees will also see a
lesser reduction to their wages.
Tanger Factory Outlet Centers, which owns 39 shopping centers,
had earlier withdrawn its 2020 guidance. It noted that while most
stores are closed, its open air properties will be available for
blood donation drives, food collection, curbside food pick-up, law
enforcement and emergency medical services.
In late March, Simon Property Group said its Chief Executive
Officer David Simon has agreed to temporarily reduce his base
salary to zero and for other executives to temporarily reduce
theirs by 25% to 30%. The mall landlord added that Mr. Simon has
agreed to defer payment of his $2.85 million bonus for 2019, until
market conditions improve.
(END) Dow Jones Newswires
April 07, 2020 12:03 ET (16:03 GMT)
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