Tanger Factory Outlet Centers, Inc.NYSE
Wed, Oct. 26, 11:26 AM
- The company last night reported adjusted FFO of $62.3M or $0.62 per share vs. $59.4M and $0.59 one year ago. Expectations had been for $0.59.
- Same-center NOI growth of 2.6% for the quarter, with portfolio NOI growth of 7.1%.
- About 20% of the portfolio was affected by major weather events in Q3, leading to a 1% decline in tenant sales for LTM ending Sept. 30.
- The midpoint of full-year AFFO guidance is lifted by $0.015 per share to $2.36. Same-center NOI growth is raised five bps at the midpoint.
- Goldman downgrades to Neutral from Buy.
- SKT -2.9%
- Previously: Tanger Factory beats by $0.03, beats on revenue (Oct. 25)
Tue, Oct. 25, 4:32 PM
Mon, Oct. 24, 5:35 PM
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Thu, Oct. 6, 4:25 PM
Tue, Jul. 26, 5:01 PM
Mon, Jul. 25, 5:35 PM
- AAPL, AIZ, AKAM, AKR, ALDR, AMP, APC, ARI, ASH, AXS, BCR, BJRI, BLDP, BVN, BWLD, BXMT, BXP, CAVM, CB, CEB, CHRW, CINF, CNO, CSV, CTXS, CUZ, CVA, DDR, DMRC, DOX, EQR, ETH, EW, FSP, FTK, GHL, GLF, GMED, HUBG, HURN, ILMN, IRBT, JBT, JNPR, KN, LLTC, LNDC, MDR, MTCH, MTSI, NANO, NCR, NUVA, OIS, PEI, PNRA, PSB, QTS, RGC, RHI, RNR, RRC, RSYS, SGEN, SKT, TGB, TRMK, TRU, TSS, TWTR, UDR, UHS, UIS, ULTI, UMBF, USNA, VR, WES, WGP, WNC, X, ZION, ZIXI
Fri, Jul. 8, 4:17 PM
Mon, Jun. 27, 3:20 PM
- There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
- Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
- Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple (APLE -2.9%), FelCor (FCH -5.4%).
Tue, May 17, 11:02 AM
- Following up on yesterday's story about the divergence between the stock prices of major retailers (down) and those of their landlords (up), Bloomberg's Rani Molla and Shelly Banjo break down the numbers further.
- They find those REITs with a large portion of portfolios concentrated in malls are down 10% Y/Y vs. all REITs, which are higher by 6%. Going further, they find those REITs with exposure to higher-end malls and outlet centers - Simon Property Group (NYSE:SPG) and Tanger Factory (NYSEMKT:SKY) come to mind – have been spared, while those owning older malls have taken the hit. CBL & Associates (NYSE:CBL) and WP Glimcher (NYSE:WPG) are down 40% and 30% this year, respectively.
- It's easy to pick on mall owners, but a broad slowdown at brick-and-mortar stores is ultimately a threat to all retail landlords, as traffic across all types of retail real estate in the U.S. and Canada has fallen as much as 18% Y/Y.
- On the good side is low supply as developers have stopped building, but even that's begun to run its course, they write.
- REITs of interest: O, NNN, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO, ROIC, RPAI, IRC, FRT, DDR, WHLR, EQY, KRG, REG
Mon, May 16, 9:39 AM
- The retail sector has made a lot of headlines of late with a series of poor earnings and forward guidance reports ... and the stock prices of retailers have subsequently been marked down.
- It's created a sizable divergence with the stock prices of the landlords who depend on a steady stream of rising rents from those retailers, notes Marketfield Asset Management's Michael Shaoul.
- via Bloomberg
- REITs of interest: O, NNN, SPG, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO
Tue, Apr. 26, 4:24 PM
- Tanger Factory (NYSE:SKT): Q1 FFO of $0.56 in-line.
- Revenue of $110.8M (+4.6% Y/Y) misses by $1.66M.
Mon, Apr. 25, 5:35 PM
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Thu, Apr. 7, 4:40 PM
- Tanger Factory (NYSE:SKT) declares $0.325/share quarterly dividend, 14% increase from prior dividend of $0.285.
- Forward yield 3.61%
- Payable May 13; for shareholders of record April 29; ex-div April 27.
Tue, Feb. 9, 4:27 PM
- Tanger Factory (NYSE:SKT): Q4 FFO of $0.58 beats by $0.01.
- Revenue of $112.8M (+4.1% Y/Y) beats by $1.69M.
Mon, Feb. 8, 5:35 PM
Thu, Jan. 28, 4:37 PM
- 2015's and early 2016's non-core asset sales will cut 2016 FFO by about $0.08 per share - NOI down $0.11 partially offset by $0.03 in reduced interest costs.
- The company was able to redeploy the proceeds from the sales tax-efficiently, repaying a $150M floating rate mortgage and a $28.4M deferred financing obligation, both of which were tied to the 794K square foot outlet center in Deer Park, NY.
- There was also a $21M special dividend. Another $16.8M from the sales remains in a 1031 type of vehicle, but any proceeds SKT is unable to invest could be used for another special dividend.