The Company in a Nutshell
- With its last dividend increase, SKT will become a dividend aristocrat.
- SKT is one of the rare REITs showing a stellar dividend growth history combined with a high yield.
- Is this the end of a “retirement dream”?
- We do not cover Tanger Factory Outlet at the moment.
Date Reviewed | N/A |
Company Name | Tanger Inc |
Symbol | SKT |
Sector | Real Estate |
Industry | REIT - Retail |
Beta | 1.834 |
PRO Rating | 4 |
Dividend Safety | 4 |
Business Model
Tanger Inc. is an owner and operator of outlet and open-air centers in the United States and Canada. The Company is a fully integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. Its outlet centers and other assets are held by, and all its operations are conducted by Tanger Properties Limited Partnership and subsidiaries (Operating Partnership). The Company operates 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 United States and Canada. It offers over 3,000 stores operated by more than 700 different brand name companies. Its consolidated outlet centers include Deer Park, New York, Riverhead, New York, Foley, Alabama, Bridge Street Town Centre, and others.
Current price | 32.24 |
ROE | 18.50 % |
ROIC | 0.00 % |
Shareholder Yield | 0.40 % |
5-Yr Total Return | 161.25 % |
1-Yr Total Return | 47.35 % |
Next Earnings Date | 11-06-24 |
Latest Quarter Information
What the CEO said:
I am pleased to announce another quarter of strong performance and an increase in our full-year guidance. Our team continues to execute on our strategic plan, which is translating into total rent growth including the tenth consecutive quarter of positive leasing spreads. With an elevated shopper experience that includes in-demand retailer brands, a diversified tenant mix, and more food and beverage and experiential destinations, we continue to increase the value and appeal of our open-air centers. Tanger is well positioned to further enhance our portfolio for our shoppers and retail partners.
What we say:
08-29-2024, Q2 was marked by the execution of Tenant Diversification and re-merchandising strategy. SKT executed 2M SF of leases TTM, had a blended average rental rent of 15.1%, and occupancy of 96.5% remaining constant with 1Q'24. Q2 same-center NOI increased 8% to $89.6M, driven by higher rental revenues from increased base rent and expense recoveries. Tanger had cash equivalents and short-term investments of $20.2M, total outstanding debt of $1.6B, as well as, renewals executed or in process for 65.5% of the space scheduled to expire in 2024. For FY24, the estimated diluted FFO per share is $2.04-$2.11 from $2.02-$2.10 earlier, and diluted net income per share is $0.85-$0.92.
Investment Thesis
We do not cover this company.
Dividend Triangle
5-Yr Rev. Growth | -1.25 % |
5-Yr EPS Growth | 15.40 % |
5-Yr Div Growth | -7.00 % |
Potential Risks
Debt/Equity | 2.55 |
Financial Debt to EBITDA (TTM) | 5.45 |
Current Ratio (Quarterly) | 0.00 |
Credit Score | 15 |
Dividend Growth Perspective
Dividend ($) | 1.1 |
Dividend Yield Fwd | 3.45 % |
Dividend Frequency | Quarterly |
Average 5-Yr Yield | 3.10 % |
Payout Ratio (%) | 105.90 |
Cash Payout Ratio (%) | 48.15 |
DGR 1-Yr | 12.25 |
DGR 3-Yr | 10.85 |
DGR 5-Yr | -7.00 |
DGR Streak | |
Chowder Score | -3.55 |
Next DVD PMT | 08-15-24 |
Valuation
(Data for `ddm_recent_annual_dividend` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
Market Cap | 4 B |
PE Ratio | 35.90 |
Fwd PE | 37.15 |
Price to Book Ratio | 6.35 |
DDM Valuation | N/A |
Average 5-Yr PE | 45.35 |
Value Score | 26 |
- All financial metrics are updated weekly.
- The DSR PRO rating and Dividend Safety Score are updated quarterly.
- The analysis (investment thesis, risk potential, dividend growth perspective and DDM calculation) is reviewed every 6 months.
- The PDF format includes only comments (no metrics) and is reviewed every 6 months.