Toller Dividenden Wert

(https://seekingalpha.com/article/4316591-10-must-reits-to-own-during-next-decade)

Tanger Factory Outlet (SKT) is referred to as a “battleground” pick for two reasons. For one, there’s the enormous sensitivity to its dividend yield, which is now 8.9%. And then, there’s the substantial short interest involved: 57% as of Dec. 31.

We’ve covered this name extensively on Seeking Alpha, the latest of which had over 136,000 web views. That’s a record, so thank you for reading.

Withstanding the fundamentals, Tanger has drastically underperformed. It’s down 20.1% in 2019 with a mere 3.2% annualized return over the last 10 years.

Of course, though, we’re value investors here, so fundamentals drive our decisions. Thus, we believe the next decade could be more favorable.

Up until the last recession and commencing January 2000, Tanger returned an average of 21% annually. And from 2009 through 2016, the pure-play outlet REIT returned an average of 18% per year.

It’s really the last few years where Tanger has completely bombed, returning an average -18% annually from July 2016.

Even so, its fundamentals just aren’t that bad. The company had an occupancy of 95.9% in Q3-19 – a figure that hasn’t dropped below 95% in more than 25 years.

Also, in Q3, Tanger matched its all-time-high average sales per square foot of $395. That was the same as in 2016. And although earnings, or FFO, has slipped modestly since that year, the bulk of the decline has been due to dispositions.