From Seekingalpha · Andres Veurink · · 50s
Tanger Fundamentals Outpace Sector
Tanger's strong rent spreads and growth beat sector averages despite recent share price drop.
In brief
Tanger's strong rent spreads and growth beat sector averages despite recent share price drop. Tanger's rent spreads and growth outpace sector averages with 10.8% last quarter rent spreads and 18 consecutive quarters of positive rent spreads. Originally reported by Seekingalpha.
Tanger Fundamentals
Tanger is rated a Buy after a near 20% selloff with fundamentals and growth outpacing sector averages.
Strong Rent Spreads
SKT delivers strong rent spreads at 10.8% last quarter and new tenant rent increases near 30%.
18 Consecutive Quarters
SKT has 18 consecutive quarters of positive rent spreads and robust dividend coverage at 1.11x.
Solid Balance Sheet
Balance sheet remains solid with interest rate swaps cushioning upcoming debt refinancing.
Dividend Growth
Dividend coverage is robust at 1.11x with a 6.8% YoY increase supported by organic growth and rising occupancy.
The bottom line
Tanger's rent spreads and growth outpace sector averages with 10.8% last quarter rent spreads and 18 consecutive quarters of positive rent spreads.
