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Tanger Factory Outlet Centers: What Does A Complete And Unbiased Analysis Yield?

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 1.38   0.0 -0.95 0.35 27.34
WP GLIMCHER 4.18   24.6 0.17 1.00 24.10
TAUBMAN CENTERS 43.64   59.0 0.74 2.70 6.16
SIMON PROPERTY GROUP 155.27   20.8 7.48 8.40 5.21
NATIONAL RETAIL PROPERTIES 54.39   35.8 1.52 2.06 3.81
REALTY INCOME 74.49   56.9 1.31 2.72 3.69


Older articles featuring Cbl & Associates Properties (CBL):
Retail REITs: Double-Digit Yields, Secular Shifts And Mean-Reversion
We Need To Talk About Dividend Cuts - They Are A Necessary Evil
REIT Preferreds: Higher-Yield Without Excess Risk
Dividend Cuts And Overdue Rent: REIT Earnings Recap
Our High Yield REIT Portfolio - Optimizing Rebound Potential
Now Is Not The Time To Be A High-Yield REIT Investor
Macerich: Debunking Three Bear Theses, Including Why I Want A Dividend Cut
Introducing This Growing Dividend Portfolio
Washington Prime Is Undervalued Regardless If It Cuts The Dividend
Our 2020 High Yield REIT Portfolio