Tanger Factory Outlet Centers in 7 Charts
Tanger Factory Outlet Centers (NYSE: SKT) has long been considered one of the best-run mall real estate investment trusts (REITs). And yet its shares are down roughly 60% from their 2016 highs while industry bellwether Simon Property Group is down only by around 30%. Is this negative sentiment justified? Here are seven charts that should help you answer that question.
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One of the biggest concerns today is that Tanger isn't as well run as investors have long believed. The entire mall industry has been hit by store closings related to the so-called retail apocalypse, but there's clearly a reevaluation of Tanger's business taking place based on its relatively weak stock performance. At the heart of the problem is a key industry metric: sales per square foot. Take a look at this slide from enclosed mall REIT Taubman Centers and you'll see the issue.
Source Fool.com
