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Subject:  Re: Brad Thomas is really bullish on SKT Date:  3/5/2019  9:13 AM
Author:  coolprash Number:  84528 of 86498

I had purchased SKT in the 30s, then I sold out early this year.

- Management is great
- Headwinds of economy, internet, location
- People are moving to City Centers, away from suburbia and this bodes ill for SKT.
- Most of their renters are for goods that suffer from internet competition, reducing SKT's pricing power.
- In the event of a recession, I could see the dividend yield spiking to 10% on SKT.
- Dividend growth shouldn't be great.
- Difficult to see alternate purposes for their outlet centers. A city center store could with som effort become an office, or condo. City Malls/Shopping Centers could become multipurpose areas with some residential, office, retail etc. What do you do with something that's 20 miles from major city centers?

I still love the company and have great respect for the management, unfortunately I have come to the conclusion that there are too many headwinds from the economy, demographic and social changes for SKT to be a decent investment going forward.

I'd rather invest in BRX or KIM.
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