Tanger came out of COVID like a gunshot, 'company continues to grow', says CEO Stephen Yalof

You have to take a look at future growth and where we’re going and I think we’ve got a great growth story. You know, we’ve first of all, we’ve got a fantastic team that we’ve assembled over the past three or four years. We’ve come out from COVID like a shotgun and the company continues to grow. And we think there’s even more growth embedded not only in the organic existing portfolio, but in the new assets that we just purchased and the national asset that we took out of the ground last quarter. Now it’s important when you discuss the new assets that they haven’t been tangerized yet, I’ll say, meaning that they may have some customs, some open spaces that you can put. New tenants in or they may have say I don’t want to pick on anybody, but Express just filed for a bankruptcy, maybe they’ve got something where you can actually do an upgrade. Just because you lose a tenant does not mean that you’re necessarily longer term going to do worse. In some cases you’re going to be doing better. Well, I think some of the reaction is to the fact that we’ve traditionally, at least over the last couple of years have renewed existing tenants at a rate of about 95%. So what a deal comes up for renewal, we get significantly higher rent and but we’ve been willing to renew that tenant. Now what we’re saying is there’s more upside in replacing a tenant that may be oversized, that maybe has it invested in their store whose sales maybe have started to decline. So it’s up to us as stewards of our property as general merchandise managers of our assets throughout there and replace certain tenants with higher, better producing tenants. And the upside there is we’re not getting rid of that tenant. Maybe we’re downsizing them and putting them someplace else in the shopping center. And when they move in the shopping center, you get a new store, a new concept, a right size store and perhaps you get better productivity out of that asset as well. Don’t miss a second of Mad Money follow at Jim Cramer on X. Have a question? Tweet Kramer Hashtag Mad Mentions? Send him an e-mail to [email protected] or give us a call at one 807 Four Three CNBC. Miss something? Head to madmoney.cnbc.com.