SKT - This High-Yield Dividend Stock Just Crushed Earnings
2023-08-06 07:50:00 ET
Despite an uncertain economic environment, Tanger Outlets (NYSE: SKT) is thriving. The real estate investment trust (REIT) that operates 37 mostly open-air outlets across the U.S. and Canada continued its post-pandemic comeback in the second quarter.
Tanger's success comes at a time when retailers, in general, are coping with volatile consumer demand. While Tanger would certainly feel some pain in a recession, the company offers a strong value proposition for both retailers and consumers.
Occupancy reached 97.2% in the second quarter, a full 5 percentage points above the pandemic year of 2020. This critical metric rose 2.3 percentage points year over year and 0.7 percentage points sequentially, and it's now at pre-COVID levels.
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This High-Yield Dividend Stock Just Crushed Earnings