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Dow Jones S&P 500 NASDAQ 10-Year Note
10,441.12 1,109.18 2,206.91 35.96
Oil *
73.55
DOWN
10.88
UP
1.25
UP
5.86
DOWN
0.07
10 Yr
3.60%
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+0.11%
+0.27%
-0.19%
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,441.12 1,109.18 2,206.91 35.96
Oil *
73.55
DOWN
10.88
UP
1.25
UP
5.86
DOWN
0.07
10 Yr
3.60%
SPDR Gold
111.59
-0.10%
+0.11%
+0.27%
-0.19%
Data delayed 20 minutes

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RealMoney.com : FaceOff - Glenn Curtis


Tanger's Manages to Hang in There

By Glenn Curtis
Columnist
12/17/2001 07:31 AM EST

If you read my column on a fairly frequent basis, you're probably aware that I'm real keen on real estate investment trusts, or REITs, right now. The reason? I think the economic slowdown has already been more than factored into these stocks. Today, I want to tell you about one REIT in particular that deserves your attention -- Tanger Factory Outlet Centers (SKT:NYSE - news - commentary - research - analysis).

For those unaware, Tanger owns and operates 29 shopping centers (with tenants such as Liz Claiborne, Reebok, Rockport, Coach, Polo Ralph Lauren, Polo Jeans, Gap and Banana Republic) in some 20 states. Here's a quick overview of why this is a terrific company to own:

  • Unlike some other shopping center REITs, Tanger's same-space sales increased 3% in the third quarter. Given the dramatic slowdown in consumer spending, particularly during the month of September, that's darn impressive.

  • Tanger's occupancy rate as of Sept. 30 was 95% -- indicating that its existing leases remain stable.

  • At the company's existing San Marcos, Texas, center, the company recently opened a roughly 91,000-square-foot addition -- a 26% increase in total square feet that management indicated should be 100% leased by the end of this calendar year. Is this something you should write home about? Not really. But it will contribute to the bottom line, and it's a signal that the company's tenants remain happy and have the means to make their rent payments on a timely basis.

  • Even the most pessimistic sell-side analyst estimate has the company earning $3.32 a share in 2002 (the consensus is $3.33). That implies a roughly 3% improvement over 2001's expected results of $3.21 a share. Again, given the environment, not too shabby.

  • Then there is the dividend payment. Since the company went public in 1993, it has paid a dividend every quarter. And management remains intent to continue to do so. At present, Tanger pays $2.44 a share per annum. That equates to a yield of about 11.6%!

    • Folks, the bottom line is that I like Tanger. It's leasing its space. It's expected to show modest earnings growth in the coming year. And it has the means to pay a healthy dividend. What's not to like?

    Note: If you are looking for other bargains like these, be sure to sign up for your free two-week trial of Era of Value -- a value-based newsletter I've been working on.


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    Dow Jones S&P 500 NASDAQ 10-Year Note
    10,441.12 1,109.18 2,206.91 35.96
    Oil *
    73.55
    DOWN
    10.88
    UP
    1.25
    UP
    5.86
    DOWN
    0.07
    10 Yr
    3.60%
    SPDR Gold
    111.59
    -0.10%
    +0.11%
    +0.27%
    -0.19%
    		Data delayed 20 minutes

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    In keeping with TSC's editorial policy, Glenn Curtis doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. Curtis welcomes your feedback and invites you to send it to Glenn Curtis.
    Read our conflicts and disclosure policy.
    Order reprints of RealMoney.com articles. Top


    Click to change or update chart Click to change or update chart Click to change or update chart



    Sorry, the page you requested could not be found

    Sorry that you couldn't find the page you wanted.

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    Content Search:

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    Dow Jones S&P 500 NASDAQ 10-Year Note
    10,441.12 1,109.18 2,206.91 35.96
    Oil *
    73.55
    DOWN
    10.88
    UP
    1.25
    UP
    5.86
    DOWN
    0.07
    10 Yr
    3.60%
    SPDR Gold
    111.59
    -0.10%
    +0.11%
    +0.27%
    -0.19%
    		Data delayed 20 minutes

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    Latest Headlines