Where Will Tanger Outlets Be in 1 Year?
We're shopping in the real world again, and Tanger Factory Outlet Centers (NYSE: SKT) is in the best shape it's been in a long time. The operator of 36 open-air outlet shopping centers is naturally faring better than it was a year ago when we were sheltering in place, stunned into inactivity during the early days of the COVID-19 crisis. However, Tanger is starting to compare favorably to where it was two years ago.
Tanger reported encouraging financial results earlier this month. Some of the metrics still have a way to go before returning to peak Tanger, but shoppers have come storming back. Traffic to its outlet malls reached 97% of where the foot traffic was during the first three months of 2019. In April traffic actually exceeded where Tanger was two years earlier.
Tanger is turning things around. It has resumed a quarterly dividend that should go even higher later this year. Things are looking up, so where will the outlet center landlord be a year from now? Let's take a closer look.
Source Fool.com
