NEW YORK, Dec 1 (Reuters) - The 39 malls owned by Tanger Factory Oulet Centers, one of the U.S.’s largest outlet landlords, have flourished despite the so-called retail apocalypse, while shares have fallen more than 60 percent since the middle of 2016, weekly newspaper Barron’s said in its Dec. 2 edition.
Concerns about profit growth have hurt the shares and things could get worse for Tanger before they get better if retail tenants continue to struggle and go out of business, according to Barron’s.
But, Barron’s said, shares could likely reach $20 as those bankruptcies dwindle and it is able to re-lease vacant space.
Tanger shares closed on Friday at $15.22 in New York, which is less than seven times funds from operations, a standard real estate investment trust cash-flow metric, Barron’s said. That cmopares with about 15 times for Kimco Realty and Weingarten Realty Investors, it said. (Reporting by Caroline Humer Editing by Nick Zieminski)
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