Tanger: This 3.6% Retail REIT Is Cheaper But Not Yet Cheap Enough

Philip Wang 1.24K Followers Follow Summary Tanger has raised FFO guidance twice in 2026, yet shares have declined 17% from their 52-week high. SKT's portfolio transformation and strong leasing spreads support robust fundamentals, with FFO projected to grow 6.7% year-on-year. The balance sheet remains conservative with net debt/EBITDAre at 4.7x, significant liquidity, and no major maturities until 2030. I initiate coverage with a Hold rating; the current valuation (14.1x FFO) remains above the sector median despite the recent price pullback. Getty Images Introduction Tanger Inc. ( SKT ) has had a difficult few months on the stock market. Since reaching its 52-week high of $42.52/share at the end of July, the stock has fallen by almost 17% to its current price of $35.11/share. What makes this This article was written by Philip Wang 1.24K Followers Follow Dividend-focused investor specializing in REITs. I write fundamental deep dives on REITs, emphasizing sustainable dividends, balance sheet strength, and catalysts. Follow me for cycle-aware, income-oriented REIT ideas with clear Buy/Hold/Sell calls. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.