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SKT

Tanger Factory

09:11
05/19/17
05/19
09:11
05/19/17
09:11

Tanger Factory closes on sale of Westbrook, Connecticut center

In keeping with the company's long-standing practice of pruning its portfolio and recycling capital, Tanger closed on the sale of its Westbrook, Connecticut center on May 17, 2017 to a private real estate developer and operator for $40M, which represents a capitalization rate of approximately 10.0% on forward property level net operating income excluding lease termination fees and non-cash adjustments and net of property management fees. This compares favorably to four similar, but more productive, non-core assets the Company sold in 2015 at an average 10.4% cap rate. The 290,000 square foot Westbrook center was 90% occupied at March 31, 2017 and was the least productive asset in Tanger's consolidated portfolio, having generated average tenant sales 44% below the Company's consolidated portfolio per square foot average for the trailing twelve months ended March 31, 2017. Tanger expects to record a gain of approximately $6.6M on the sale of the Westbrook outlet center during the second quarter of 2017 and has elected not to defer any taxable gain on this transaction, which is currently not expected to have a significant impact on the Company's 2017 taxable income. Tanger intends to use the net proceeds from the sale of this unencumbered asset to fund purchases under the newly authorized share repurchase plan as soon as possible, based on market conditions. Tanger expects a net accretive effect on 2017 net income per share of approximately $0.04, which reflects the expected gain on the Westbrook transaction, partially offset by the loss of seven and a half months of net operating income from the Westbrook property. The dilutive effect on 2017 funds from operations is expected to be approximately $0.025 per share. The Westbrook transaction is not expected to have a significant impact on Tanger's 2017 same center net operating income growth. The impact of the share repurchase plan is contingent upon the quantity and timing of shares repurchased as well as the weighted average purchase price of shares repurchased.

  • 19

    May

  • 30

    May

SKT Tanger Factory

11/07/16
HDLY
11/07/16
UPGRADE
HDLY
Buy
Tanger Factory upgraded to Buy from Neutral at Hilliard Lyons
12/13/16
SBSH
12/13/16
DOWNGRADE
Target $33
SBSH
Sell
Tanger Factory downgraded to Sell from Neutral at Citi
Citi analyst Michael Bilerman downgraded Tanger Factory to Sell saying he sees risk into 2017 following 2016's outperformance. The analyst lowered his price target for the shares to $33 from $37.
01/04/17
JEFF
01/04/17
UPGRADE
Target $42
JEFF
Buy
Tanger Factory upgraded to Buy from Hold at Jefferies
Jefferies analyst Omotayo Okusanya upgraded Tanger Factory (SKT) to Buy saying accelerating economic growth should be a positive for the company's customer and tenant base. The analyst raised his price target for the shares to $42 from $41. Okusanya's top Mall REIT picks for 2017 are Simon Property (SPG) and CBL & Associates (CBL).
03/03/17
EVER
03/03/17
UPGRADE
Target $37
EVER
Outperform
Tanger Factory upgraded to Outperform from Hold at Evercore ISI
Evercore ISI changed its rating system to Outperform, In Line and Underperform. Analyst Steve Sakwa upgraded Tanger Factor to Outperform citing relative valuation and maintained his $37 price target. Sakwa said occupancy costs are still lower in this distribution channel and outlets have little exposure to the department store closings that the malls will continue to face.

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