Intrinsic value of Tanger Factory Outlet Centers - SKT

Previous Close

$24.08

  Intrinsic Value

$12.37

stock screener

  Rating & Target

sell

-49%

Previous close

$24.08

 
Intrinsic value

$12.37

 
Up/down potential

-49%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as SKT.

We calculate the intrinsic value of SKT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  511
  536
  562
  589
  618
  648
  680
  713
  748
  785
  824
  864
  907
  952
  999
  1,049
  1,101
  1,156
  1,213
  1,273
  1,337
  1,403
  1,473
  1,546
  1,624
  1,705
  1,790
  1,879
  1,973
  2,071
Variable operating expenses, $m
  295
  309
  323
  339
  355
  372
  389
  408
  428
  448
  461
  484
  508
  533
  559
  587
  616
  647
  679
  712
  748
  785
  824
  865
  908
  954
  1,001
  1,051
  1,104
  1,159
Fixed operating expenses, $m
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
  90
Total operating expenses, $m
  343
  358
  373
  390
  407
  426
  444
  464
  485
  506
  521
  545
  570
  597
  624
  654
  684
  717
  750
  785
  822
  861
  902
  944
  989
  1,037
  1,086
  1,137
  1,192
  1,249
Operating income, $m
  168
  178
  188
  199
  211
  223
  236
  249
  263
  278
  303
  320
  337
  356
  375
  395
  417
  439
  463
  488
  514
  542
  571
  602
  634
  668
  704
  741
  780
  822
EBITDA, $m
  451
  474
  499
  524
  551
  579
  609
  641
  674
  708
  745
  783
  824
  866
  911
  958
  1,007
  1,059
  1,113
  1,171
  1,231
  1,294
  1,361
  1,431
  1,505
  1,582
  1,663
  1,748
  1,838
  1,932
Interest expense (income), $m
  0
  73
  73
  74
  74
  75
  75
  76
  77
  77
  78
  79
  80
  80
  81
  82
  83
  84
  85
  86
  88
  89
  90
  92
  93
  94
  96
  98
  100
  101
  103
Earnings before tax, $m
  96
  105
  115
  125
  136
  148
  160
  173
  186
  200
  224
  240
  257
  274
  293
  312
  333
  354
  377
  401
  426
  452
  480
  509
  540
  572
  606
  642
  679
  719
Tax expense, $m
  26
  28
  31
  34
  37
  40
  43
  47
  50
  54
  61
  65
  69
  74
  79
  84
  90
  96
  102
  108
  115
  122
  130
  137
  146
  154
  164
  173
  183
  194
Net income, $m
  70
  77
  84
  91
  99
  108
  117
  126
  136
  146
  164
  175
  187
  200
  214
  228
  243
  259
  275
  292
  311
  330
  350
  372
  394
  417
  442
  468
  496
  525

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
  -297
  -312
  -327
  -344
  -361
  -378
  -397
  -417
  -438
  -459
  -482
  -506
  -531
  -558
  -586
  -615
  -645
  -678
  -711
  -747
  -784
Adjusted assets (=assets-cash), $m
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
  -297
  -312
  -327
  -344
  -361
  -378
  -397
  -417
  -438
  -459
  -482
  -506
  -531
  -558
  -586
  -615
  -645
  -678
  -711
  -747
  -784
Revenue / Adjusted assets
  -2.634
  -2.640
  -2.638
  -2.641
  -2.641
  -2.645
  -2.646
  -2.641
  -2.643
  -2.643
  -2.641
  -2.642
  -2.637
  -2.637
  -2.643
  -2.642
  -2.640
  -2.639
  -2.643
  -2.641
  -2.642
  -2.642
  -2.640
  -2.638
  -2.641
  -2.643
  -2.640
  -2.643
  -2.641
  -2.642
Average production assets, $m
  2,742
  2,874
  3,013
  3,159
  3,313
  3,475
  3,645
  3,824
  4,011
  4,209
  4,416
  4,634
  4,864
  5,104
  5,357
  5,623
  5,902
  6,195
  6,503
  6,826
  7,166
  7,523
  7,897
  8,291
  8,704
  9,138
  9,594
  10,072
  10,575
  11,102
Working capital, $m
  -2,020
  -2,117
  -2,219
  -2,327
  -2,440
  -2,560
  -2,685
  -2,816
  -2,955
  -3,100
  -3,253
  -3,414
  -3,583
  -3,760
  -3,946
  -4,142
  -4,347
  -4,563
  -4,790
  -5,028
  -5,279
  -5,541
  -5,817
  -6,107
  -6,411
  -6,731
  -7,067
  -7,419
  -7,790
  -8,178
Total debt, $m
  140
  141
  142
  143
  144
  145
  146
  148
  149
  150
  152
  153
  155
  157
  159
  161
  163
  165
  167
  170
  172
  175
  177
  180
  183
  187
  190
  193
  197
  201
Total liabilities, $m
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  78
  82
Total equity, $m
  -214
  -224
  -235
  -246
  -258
  -271
  -284
  -298
  -313
  -328
  -344
  -361
  -379
  -398
  -418
  -438
  -460
  -483
  -507
  -532
  -559
  -587
  -616
  -646
  -679
  -713
  -748
  -785
  -825
  -866
Total liabilities and equity, $m
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -284
  -297
  -312
  -327
  -343
  -361
  -379
  -397
  -417
  -437
  -459
  -482
  -506
  -532
  -558
  -585
  -615
  -646
  -678
  -711
  -747
  -784
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104
  1.104

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  77
  84
  91
  99
  108
  117
  126
  136
  146
  164
  175
  187
  200
  214
  228
  243
  259
  275
  292
  311
  330
  350
  372
  394
  417
  442
  468
  496
  525
Depreciation, amort., depletion, $m
  283
  296
  310
  325
  340
  356
  373
  391
  410
  430
  442
  463
  486
  510
  536
  562
  590
  619
  650
  683
  717
  752
  790
  829
  870
  914
  959
  1,007
  1,057
  1,110
Funds from operations, $m
  353
  373
  394
  416
  440
  464
  490
  517
  546
  576
  605
  639
  674
  711
  749
  790
  833
  878
  925
  975
  1,027
  1,082
  1,140
  1,201
  1,264
  1,331
  1,402
  1,476
  1,553
  1,635
Change in working capital, $m
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -138
  -145
  -153
  -161
  -169
  -177
  -186
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -304
  -320
  -336
  -353
  -370
  -389
Cash from operations, $m
  445
  470
  496
  524
  553
  583
  615
  649
  684
  722
  758
  799
  843
  888
  936
  986
  1,039
  1,094
  1,152
  1,213
  1,277
  1,345
  1,416
  1,490
  1,569
  1,651
  1,737
  1,828
  1,923
  2,024
Maintenance CAPEX, $m
  -262
  -274
  -287
  -301
  -316
  -331
  -347
  -364
  -382
  -401
  -421
  -442
  -463
  -486
  -510
  -536
  -562
  -590
  -619
  -650
  -683
  -717
  -752
  -790
  -829
  -870
  -914
  -959
  -1,007
  -1,057
New CAPEX, $m
  -124
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -197
  -208
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -323
  -340
  -357
  -375
  -393
  -413
  -434
  -456
  -479
  -503
  -528
Cash from investing activities, $m
  -386
  -406
  -426
  -447
  -470
  -493
  -517
  -543
  -570
  -598
  -629
  -660
  -692
  -727
  -763
  -802
  -841
  -883
  -927
  -973
  -1,023
  -1,074
  -1,127
  -1,183
  -1,242
  -1,304
  -1,370
  -1,438
  -1,510
  -1,585
Free cash flow, $m
  59
  64
  70
  76
  83
  90
  98
  106
  114
  123
  130
  140
  150
  161
  172
  184
  197
  211
  225
  240
  255
  272
  289
  307
  326
  347
  368
  390
  414
  438
Issuance/(repayment) of debt, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
Issuance/(repurchase) of shares, $m
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
Cash from financing (excl. dividends), $m  
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -33
  -35
  -37
Total cash flow (excl. dividends), $m
  51
  55
  60
  66
  72
  79
  86
  93
  101
  109
  115
  124
  134
  144
  155
  166
  178
  190
  203
  217
  231
  246
  263
  279
  297
  316
  336
  356
  378
  401
Retained Cash Flow (-), $m
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
Prev. year cash balance distribution, $m
  204
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
  55
Cash available for distribution, $m
  264
  65
  71
  77
  84
  91
  99
  107
  116
  124
  131
  141
  152
  163
  174
  186
  199
  213
  227
  242
  258
  274
  292
  310
  329
  350
  371
  394
  417
  442
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  250
  58
  59
  60
  61
  60
  60
  58
  56
  54
  50
  47
  44
  40
  36
  32
  28
  24
  21
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Tanger Factory Outlet Centers, Inc. is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2016, its portfolio consisted of 36 outlet centers, with a total gross leasable area of approximately 12.7 million square feet, which were 98% occupied and contained over 2,600 stores representing approximately 400 store brands. Its 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 subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner.

FINANCIAL RATIOS  of  Tanger Factory Outlet Centers (SKT)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 5
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 34.5
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.3%
Cap. Spend. - 3 Yr. Gr. Rate 25.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 251.9%
Total Debt to Equity 251.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 31.2%
Return On Equity - 3 Yr. Avg. 28.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 79.6%
Gross Margin - 3 Yr. Avg. 79.4%
EBITDA Margin 66.1%
EBITDA Margin - 3 Yr. Avg. 60.1%
Operating Margin 32.4%
Oper. Margin - 3 Yr. Avg. 31.2%
Pre-Tax Margin 41.4%
Pre-Tax Margin - 3 Yr. Avg. 35.3%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 35.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 72.7%

SKT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SKT stock intrinsic value calculation we used $488 million for the last fiscal year's total revenue generated by Tanger Factory Outlet Centers. The default revenue input number comes from 2017 income statement of Tanger Factory Outlet Centers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SKT stock valuation model: a) initial revenue growth rate of 4.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for SKT is calculated based on our internal credit rating of Tanger Factory Outlet Centers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tanger Factory Outlet Centers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SKT stock the variable cost ratio is equal to 57.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for SKT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 52.4% for Tanger Factory Outlet Centers.

Corporate tax rate of 27% is the nominal tax rate for Tanger Factory Outlet Centers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SKT stock is equal to 2.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SKT are equal to 536.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Tanger Factory Outlet Centers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SKT is equal to -394.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Tanger Factory Outlet Centers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 95 million for Tanger Factory Outlet Centers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tanger Factory Outlet Centers at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ 20 Dividend Stocks to Fund 20 Years of Retirement   [Aug-13-18 03:46PM  Kiplinger]
▶ Tanger Factory Outlet Centers Offers an In-Line Quarter   [Aug-01-18 09:36PM  Motley Fool]
▶ 3 Top Mid-Cap Stocks to Buy Right Now   [02:56PM  Motley Fool]
▶ Tanger: 2Q Earnings Snapshot   [Jul-31-18 06:39PM  Associated Press]
▶ Tanger Reports Second Quarter Results   [04:24PM  PR Newswire]
▶ 3 High-Yield Stocks Still Worth Buying   [02:46PM  Motley Fool]
▶ 20 Stocks With Big Short-Squeeze Potential   [Jul-25-18 03:17PM  InvestorPlace]
▶ Tanger Declares Dividend For Second Quarter 2018   [Jul-12-18 08:30AM  PR Newswire]
▶ 3 Stocks That Are Absurdly Cheap Right Now   [Jun-19-18 07:10AM  Motley Fool]
▶ 3 Top Mall REITs You Can Buy Right Now   [Jun-15-18 03:24PM  Motley Fool]
▶ Top Real Estate Dividend Picks For The Day   [May-21-18 11:02AM  Simply Wall St.]
▶ Tanger Elects Directors and Officers   [May-18-18 04:15PM  PR Newswire]
▶ Playing The REIT M&A Game   [May-11-18 10:01AM  Forbes]
▶ 3 Top Retail Stocks to Buy in May   [May-08-18 03:54PM  Motley Fool]
▶ Can Tanger Factory Outlets Rebound From an 8-Year Low?   [May-06-18 03:00PM  Motley Fool]
▶ Tanger: 1Q Earnings Snapshot   [May-01-18 06:32PM  Associated Press]
▶ Tanger Reports First Quarter Results   [04:15PM  PR Newswire]
▶ 6 High-Quality REITs Yielding Over 6%   [Apr-30-18 07:00AM  Forbes]
▶ 3 Retail REITs Buffett Should Buy   [07:00AM  Forbes]
▶ Every Retail REIT Is Toast -- Except For These 3   [Apr-19-18 08:36AM  Forbes]
▶ 3 Dividend Stocks That Pay You More Than Verizon Does   [Apr-15-18 09:54AM  Motley Fool]
▶ 3 Top Stocks With High Dividend Yields   [Mar-20-18 06:49PM  Motley Fool]
▶ Downside Momentum Slows For Tanger Factory Outlet Centers   [Mar-15-18 02:45PM  TheStreet.com]
▶ 2 High-Yield Dividend Stocks I'd Buy Right Now   [Mar-13-18 07:04AM  Motley Fool]
▶ 3 Rock-Solid Cheap Stocks With a P/E Under 14   [Mar-09-18 08:18AM  Motley Fool]
▶ Value-Adding Real Estate Dividend Stocks To Buy Now   [Mar-05-18 10:02AM  Simply Wall St.]
▶ 3 Embarrasingly Cheap Dividend Stocks   [Feb-19-18 07:03AM  Motley Fool]
▶ [$$] Yerak's Take: Some Mall Owners See Less-Dire Retail Conditions Ahead   [Feb-16-18 03:28PM  The Wall Street Journal]
▶ Tanger Factory Outlet Positions Itself for the Future   [Feb-14-18 07:29PM  Motley Fool]
▶ 5 High-Quality REITs Yielding Over 5%   [Feb-12-18 07:00AM  Forbes]
▶ 5 Top Stocks to Buy in February   [Feb-05-18 07:02AM  Motley Fool]
▶ Wealthy millennials want expensive real estate   [Jan-30-18 01:44PM  Yahoo Finance Video]
▶ Top Real Estate Dividend Picks For The Day   [Jan-29-18 10:02AM  Simply Wall St.]
▶ 2 Bargain Stocks With Big Yields You Can Buy Today   [Jan-18-18 07:45AM  Motley Fool]
▶ Tanger Declares Dividend For Fourth Quarter 2017   [Jan-11-18 08:30AM  PR Newswire]
▶ 3 Dividend Stocks to Fund Your Nest Egg   [Jan-09-18 09:11AM  Motley Fool]
▶ 5 REITs Paying Over 5%   [Dec-29-17 10:38AM  Forbes]
▶ 3 Top Stocks Wall Street Is Overlooking   [Dec-26-17 10:30AM  Motley Fool]
▶ All I Want For Christmas Are A Few Good REITs   [Dec-24-17 11:37AM  Forbes]
▶ 3 Top Dividend Stocks With Yields Over 3%   [Dec-21-17 07:48AM  Motley Fool]
▶ 3 Great Stocks for Your Roth IRA   [Dec-20-17 07:50AM  Motley Fool]
▶ These 5 Dividend Aristocrats Pay Up to 5.6%   [Dec-15-17 03:56AM  Harvest Exchange]
▶ Tanger reports 3Q results   [Nov-07-17 06:56PM  Associated Press]
▶ Tanger Reports Third Quarter 2017 Results   [04:15PM  PR Newswire]
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