That real estate sector includes nine industries all related to real property ownership. The industries are: general real estate; Real estate services; and seven varieties of real estate investment trusts: diversified, healthcare facilities, hotel & motel, industrial, office, residential, and retail.

Today I'm reviewing a mid-cap real estate investment trust - retail, named Tanger Factory Outlet Centers. Its trading ticker symbol is SKT. 

Tanger Factory Outlet Centers Inc owns and operates outlet centers in the United States and Canada. It is a self-administered and self-managed REIT. It also develops, acquires, owns and manages outlet shopping centers.

Headquartered in Greensboro, North Carolina Tanger Outlet Centers operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. 

Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 510 different brand name companies. 

The Company has more than 37 years of experience in the outlet industry. Tanger Outlet Centers continue to attract more than 189 million shoppers annually.

I use three key data points to gauge the value of any dividend equity or fund like Tanger Factory Outlet Centers: 

(1) Price

(2) Dividends

(3) Returns

Besides those three, four more keys will finally unlock an equity or fund in which to invest.

But those first three primary keys, best tell whether a company has made, is making, and will make money. 

SKT Price

Tanger's price per share was $22.55 at yesterday's market close. A year ago its price was $23.06 for a price drop of $0.51 per share for the year, that's a 2% downside. 

Assuming Tanger's price will trade in the range of $20 to $17 next year, Arbor's recent $22.55 price could improve by $3.00 to $25.55 by late-October, 2019. 

SKT Dividends

Tanger's most recent quarterly dividend was $0.35 declared October 11th and payable November 15th. 

At this most recent $0.35 quarterly rate, Arbor's annual dividend equals $1.40 yielding 6.2% at yesterday's closing $22.55 price.

Gains For SKT?

Adding the $1.40 estimated annual dividend to my estimated $3.00 annual price upside for Tanger Factory Outlet Centers makes a $4.40 potential gross annual per share gain, which will be reduced by any costs to trade the shares.  

 A little under $1,000.00 invested today at the $22.55 recent price buys 44 Tanger Factory Outlet Centers shares. 

A $10 broker fee paid half at purchase and half at sale costs $0.23 per share

Subtracting that $0.23 brokerage cost from the estimated $4.40 gross annual gain leaves a net gain of $4.17 X 44 shares 

= $183.48

for an 18.4% net gain on a $992.20 investment.

Therefore, Tanger Factory Outlet Centers whose trading ticker symbol is SKT, now shows a possible 18.4% net gain including a 6.2% dividend yield. 

Eight brokers cover this stock:

None say "buy" SKT.

None say SKT will "outperform" it peers.

Five say "hold" the stock.

One thinks SKT will "underperform" the peer marketplace.

Two say "sell" SKT

In those eight opinions, the general recommendation number comes up as 3.63 or "underperform".

These eight wizards of Wall Street also reckon a price target $0.64 lower than the current market price or $3.64 lower than my calculated upside estimate.

So, you could look at these speculative numbers this way, Tanger Factory Outlet Centers whose trading ticker symbol is SKT, has made money, is making money, and could net a 1% to 18% net annual gain including a 6.2% dividend yield. It could be more, it could be less. 

The above speculation is based on past year performance. The actual results remain to be seen to determine if Tanger Factory Outlet Centers is worth your time and money.