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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 0.82   0.0 -0.95 0.30 35.81
WP GLIMCHER 3.20   18.8 0.17 1.00 28.25
TAUBMAN CENTERS 40.74   55.0 0.74 2.70 6.53
SIMON PROPERTY GROUP 147.89   19.8 7.48 8.40 5.28
NATIONAL RETAIL PROPERTIES 54.60   35.9 1.52 2.06 3.76
REALTY INCOME 72.21   55.1 1.31 2.72 3.76


Older articles featuring Cbl & Associates Properties (CBL):
CBL Properties Declares Preferred Stock Dividends
Cashing In Dividends From Excessive Fear To Generate Income From Mall REITs
The Stunning Story Of Retail eREITs And Why Total Return Matters Even For Dividend Growth Investors - Part II
Washington Prime Group: Why A Dividend Cut Is Very Likely
Our High Yield REIT Portfolio: Q2 2019 Update
CBL Properties Declares Preferred Stock Dividends
Our High Yield REIT Portfolio Heading Into The 2nd Quarter
Washington Prime: Why I'm Short This 18% Yielder
Dividends By The Numbers For March 2019 And 2019-Q1
Deep Value And 18.5% Yield From Washington Prime