Today’s purchase: Tanger Factory Outlet Centers

Everyone loves a comeback story, right? I know I do … and I’m banking on getting one from Tanger Factory Outlet Centers here in the near future. I picked up a share for $22.67 today, doubling my position. My two shares, with an average cost of $22.12, make up 0.26% of my portfolio.

Tanger Factory Outlet Centers

Tanger (SKT) has been beaten down just about as far as it can be (at least in my opinion). I’m not saying the company doesn’t deserve the dip (down 26% in the last year alone). Revenues have slowed and the company has a ton of debt relative to its cash. But, if you look hard enough, there is a thing or two to like.

For starters, the company renewed 84% of the portfolio space that was set to expire in 2017. On top of that, it ended the year with a 97.3% portfolio occupancy ratio. That’s tough to top and speaks volumes about the sustainability of Tanger’s business model.

Tanger has also seen its total cash flow from operating activities – an extremely significant metric for REITs – grow over the last three years. It was $220,755,000 in 2015, $239,316,000 in 2016 and $253,159,000 last year. That’s another good sign.

I don’t know if those things are going spark a turnaround, but I think there’s certainly reason to be optimistic. In the meantime, I’ll just keep collecting the $1.37 annualized dividend – a payment which represents a more than 6% yield at today’s prices.

This week’s steps

Today’s purchase was my third of the week. I also added a share of Starbucks Tuesday and picked up a share of PetMed Express (PETS) Monday, adding another $2.20 to my forward annual dividend income.

Last week’s steps

I earned at least one dividend every day. I received $4.20 from Lockheed Martin and a few others Friday, a combined $1.55 from Home Depot, Daktronics, and Unilever on Thursday, $0.45 from Avery Dennison Wednesday, $1.13 from GameStop and UnitedHealth Tuesday and $1.38 for my three shares of VFC Monday.

Overall, they added up to $8.71 for the week.

I made a bunch of purchases last week as well. Thursday, I picked up single shares of Clorox and Kroger. I also bought single shares of General Mills and Sotherly Hotels on Wednesday, a share of Franklin Resources on Tuesday and a share of CVS Health on Monday.

Combined, the purchases boosted my forward annual dividend income by $9.68.

March on!

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