Posted on June 30, 2017
Tanger used to lead all outlet centers in drawing consumers but now, like all centers, is seeing only a modest increase in shoppers, according to RS Metrics, which uses satellites to monitor cars in scores of shopping centers.
“They are no longer outperforming the sector,” said Mike Gantcher, managing director of RS Metrics. At investment bank Boenning & Scattergood, analyst Floris van Dijkum predicts that base rentals will rise 3.5 percent next year, down from a 6.6 percent bump in 2016. Tanger shares are down 31 percent over the past 12 months, and the company earlier this year said profits for 2017 would be lower than expected. Bank of America analyst Craig Schmidt recently downgraded Tanger to underperform from neutral.
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