On Tanger Outlet Centers

From the Fool:


"Many retail businesses are struggling. This is especially true with higher-end or full-retail-price businesses that specialize in discretionary goods -- that is, things people really don't need. There simply is too much competition from e-commerce and discount retailers.
One smart way to invest in the changing retail landscape is with outlet retail. Outlets offer discounts that often can't be matched online, and also offer unique bargains in stores, creating an experiential component.
Pure-play outlet-shopping REIT Tanger Factory Outlet Centers could be a smart way to take advantage, especially at its current rock-bottom valuation.
Tanger's properties are currently more than 97% occupied and have never fallen below 95% in its 37-year history. This is why the company has increased its dividend for 24 years in a row, and with one of the lowest FFO payout ratios in the real estate sector, there should be plenty of room for future increases.
This is especially true considering Tanger's growth potential. Outlet shopping is still a relatively small part of the retail landscape, and there could be lots of room to grow in the coming decades. Shoppers are becoming increasingly bargain conscious, and this could be a huge positive catalyst for Tanger. With arguably the most recognizable brand name in outlet shopping, Tanger is only in 22 states so far, so there are plenty of underserved markets Tanger could take advantage of in the years ahead."