On Monday morning, the biggest news in REITdom was Tanger Factory Outlet Center's (SKT) earnings release. We already covered this report in a focus ticker piece - linked here - but here's a brief summary nonetheless…

In short, Tanger's Q4/full-year results were pretty solid. It:

• Beat analyst expectations on both the top and bottom lines for the quarter.
• Posted a full-year occupancy rate of 97% (which was a slight improvement from the 96.8% we saw last year).
• Posted its strongest tenant sales productivity since 2015 in terms of average sales per square foot.
• Maintained the lowest occupancy cost ratio in the industry, at just 10%.

Sure, Tanger's sales, net income, and AFFO/share results continued to trend in negative directions. But this wasn't (or at least shouldn't have been) much of a surprise to REIT investors. We've all known for a while now that mall REITs are facing secular headwinds.

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