Published Wed, 20 Mar 2019 21:02:57 -0400 on Seeking Alpha
Williams Equity Research has evaluated many REITs. Many. We've published countless articles on public REITs on Seeking Alpha and performed in-depth due diligence on dozens of private REITs and real estate-focused private equity funds on the institutional side. We carry that experience with us every day.
Source. One of our PMs is a real wood working nerd.
Regardless of a particular REIT's strategy, size, or domicile, the core tools to understand it remain the same. We don't mention this by chance. Tanger Factory Outlet Centers (SKT) as seen through the traditional REIT valuation lens is highly attractive. Its management is conservative and consistent. Its asset quality is high and diversified. Tanger's leverage profile is not just good - it is excellent. Distributions are 7.0% annually, easily surpassing its peers with similar risk profiles yet the payout ratio is significantly better than average.
Even same-store sales have exceeded analyst expectations. Unlike most REITs in the Institutional Income Plus portfolio, which are up double-digits year-to-date (not that we are complaining), Tanger continues to drift hopelessly along 52-week lows. Our actively managed income model portfolio has no exposure to Tanger today nor has it since inception. We'll discuss why and what could change for us to consider an allocation to Tanger.
Why? Despite consistent financial performance and the ideal treatment of shareholders, the company and its stock cannot... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|CBL & ASSOCIATES PROPERTIES||1.08||0.0||-0.72||0.30||28.30|
|PENNSYLVANIA REAL ESTATE INVESTMENT TRUST||6.20||0.0||-2.00||0.84||14.84|
|SIMON PROPERTY GROUP||178.15||22.6||7.87||8.20||4.72|
|NATIONAL RETAIL PROPERTIES||52.34||31.3||1.67||2.00||3.94|
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