Business continues to improve at the local outlet mall. Tanger Factory Outlet Centers (NYSE:SKT) offered an encouraging financial update after Monday’s market close. The operator of 38 upscale outlet shopping centers came through with another month of positive cash flow in August, and it was enough to pay off its unsecured lines of credit.
Its properties are starting to retain tenants and, more importantly, attract customers. With funds from operations now positive — and likely to continue rising — it’s just a matter of time before the REIT resumes its once hefty quarterly distributions.
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Tanger Factory Outlet Centers was doing fine — but not great — before the pandemic. Brick-and-mortar malls are struggling, and many retail concepts are going under. Tanger Factory Outlet Centers is tethered to its tenants, and some of its retail partners have filed for bankruptcy. The shift