Tanger Factory Outlet Centers: Dividend Cut Inevitable, What To Do Now [Seeking Alpha]
Tanger Inc. (SKT)
Last tanger inc. earnings: 10/30 04:15 pm
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US:NYSE Investor Relations:
investors.tangeroutlet.com
Company Research
Source: Seeking Alpha
SummarySKT was guiding for -7.5% same-store NOI growth prior to COVID-19.Based on even conservative estimates, it appears that SKT will breach unsecured debt covenants.A dividend cut looks inevitable - equity raises may also be on the table.I explain why in spite of my pessimistic forward outlook, I am neutral on SKT.I have been a long time bear on Tanger Factory Outlet Centers, Inc. (turned bearishIt Wasn’t A Buy Prior To COVID-19SKT closed out 2019 with pressured but solid results. Re-leasing spreads declined 1.3% for the year, a slight improvement from the -1.4% spread a year earlier. Debt to EBITDA stood at 5.7 times, and the dividend payout ratio with respect to funds available for distribution was 70%. It is understandable why many authors on this site rated it a buy when it traded around a 9% yield for much of 2019.I saw things differently. SKT’s average sales psf across its portfolio is low at $395 psf. We can see below that around 50% of the portfolio has average sales psf be
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News
- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Tanger Inc. (NYSE: SKT) was upgraded by analysts at Compass Point from a "neutral" rating to a "buy" rating. They now have a $32.00 price target on the stock, up previously from $31.00.MarketBeat
- Tanger Inc. (NYSE: SKT) had its price target lowered by analysts at Evercore ISI from $29.00 to $28.00. They now have an "in-line" rating on the stock.MarketBeat
- Tanger Reports First Quarter Results and Raises Full-Year 2024 Guidance [Yahoo! Finance]Yahoo! Finance
- Tanger Reports First Quarter Results and Raises Full-Year 2024 GuidancePR Newswire
SKT
Earnings
- 4/30/24 - In-Line
SKT
Sec Filings
- 4/30/24 - Form 8-K
- 4/4/24 - Form ARS
- 4/4/24 - Form DEFA14A
- SKT's page on the SEC website