Jim Cramer - Mad Money
Tanger Factory Outlet Centers
SKT-N
BUY
Feb 27, 2023
Trade-down companies are the place to be in this economy. Their outlets are the final destination for marked-down merchandise. SKT was down only 7% in 2022, while retail peers were down double-digits. They delivered a bottom line beat last week with a 97% occupancy rate.
The rents paid were better previously (before Covid), but he is not recommending any companies operating in malls so that people don't get hurt by Covid.
They just had a great quarter, a REIT holding retail outlets: top and bottom line beat and positive guidance. They enjoy accelerating lease momentum and new properties coming, like in Nashville.
Trade-down companies are the place to be in this economy. Their outlets are the final destination for marked-down merchandise. SKT was down only 7% in 2022, while retail peers were down double-digits. They delivered a bottom line beat last week with a 97% occupancy rate.