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02.04.2019 00:40:00

Tanger Factory Outlet Centers Trims Its Portfolio

Tanger Factory Outlet Centers (NYSE: SKT) isn't sitting on its hands as a tough retail environment and the prospect of tenant store closings and bankruptcies threatens to hurt its financial performance. Tanger announced on Monday that it had closed on the sale of four noncore outlet centers, raising gross proceeds of $130.5 million and booking a $44 million gain on the properties.Selling off properties that no longer make sense to own is part of Tanger's strategy. The company has now raised a total of $402 million since the end of 2014 by disposing of 13 properties. This latest deal will allow Tanger to reduce its debt load and potentially repurchase some of its shares at a discounted valuation, all while removing some poor-performing centers from its portfolio.Image source: Getty Images.Continue reading
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