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26.05.2019 17:02:00

The Worst Mistake Tanger Factory Outlet Centers Investors Can Make Right Now

Shares of real estate investment trust (REIT) Tanger Factory Outlet Centers (NYSE: SKT) are down nearly 60% from the highs they reached in 2016. It has been a brutal period for the retail landlord, which operates in the market most dramatically affected by the much hyped "retail apocalypse." The fears surrounding the long-term impact of online sales are likely overblown, but the difficulty of the transition that retailers and their landlords will have to make is very real.Based on the stock action at Tanger, it looks like investors believe the REIT will have trouble surviving as consumers shift their buying habits. But giving up on Tanger could be a huge mistake right now. Here's why.Tanger is a retail landlord, but it isn't an owner of enclosed malls. That's an important distinction, because the factory outlet properties it runs are inherently different. With an open structure, they are generally less expensive to operate. The generic nature of the space means it is easier (and less costly) to bring in new tenants when old ones leave. And there are no anchor tenants like department stores to worry about. Most of its lessees occupy smaller spaces that are, again, easier to fill. With the inherent advantages of the factory outlet model, Tanger may actually be in a better position than enclosed mall peers as it shifts along with end customers.Continue reading
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