Tanger Reports 1Q Results; Biting the Bullet Adds Untimely Uncertainty
Tanger reported first-quarter results that were below our expectations and management's guidance. We are lowering our fair value estimate to $35 per share from $37 as a result of near-term disruption from remerchandising efforts and lower expectations of new development activity. However, we are maintaining the firm's narrow moat rating.Tanger's portfolio proved vulnerable to the overall turbulence throughout the retail industry. Consolidated portfolio occupancy fell 40 basis points to 96.2% on...
Tanger Factory Outlet Centers is a self-administered and self-managed real estate investment trust, which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company's outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership and subsidiaries (Operating Partnership). The company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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