Tanger's Portfolio Will Need a New Look to Succeed Long Term
We are re-initiating coverage of Tanger Factory Outlet Centers due to an analyst change. We assign a fair value estimate per share of $38, a narrow moat rating, and a negative moat trend.ÂConsumer preferences have shifted, creating demand for value-focused retail options from shoppers and increasingly scarce growth drivers they represent for retailers. And as a pioneer in the outlet industry and the second largest outlet landlord, Tanger and its shareholders have benefited from a rising tide an...
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.
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