APG Asset Management revealed its 5.21% passive stake in Tanger Factory Outlet Centers Inc. (SKT) on November 29th. The 13G filing shows APG Asset Management now has 4.51 million shares in the stock. APG Asset Management reported 3.84 million SKT shares in its 13F filing at the end of June and September, so this is an 18% expansion in the firm’s position. SKT realized a significant downturn in late November. APG Asset Management might regard this price movement as a buying opportunity. The stock is now trading at $28.35, and has returned 13% year to date.
Thirteen hedge funds were also bullish about SKT in the second quarter. Ken Heebner’s Capital Growth Management took the most, with 2.70 million shares in the stock. Andrew Sandler’s Sandler Capital Management increased its position by 72% and revealed 1.09 million shares. Ken Griffin’s Citadel Investment Group increased its position by 48% and had 765 thousand shares.
According to Manta, Apg Asset Management Us Inc is based in New York, NY. It is “a private company categorized under Financial Planning Consultants”. It was “established in 1989 and incorporated in New York. Current estimates show this company has an annual revenue of $57,000,000 and employs a staff of approximately 109.”
According to Yahoo! Finance, Tanger Factory Outlet Centers, Inc. “operates as a real estate investment trust (REIT). The company, through its subsidiary, Tanger Properties Limited Partnership, engages in acquiring, developing, owning, operating, and managing factory outlet shopping centers. As of September 30, 2005, Tanger owned and operated 33 factory outlet centers in 22 states totaling 8.7 million square feet of gross leasable area. It also provides development, leasing, and management services for its outlet centers. The company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to Federal income taxes provided it distributes at least 90% of its taxable income to its shareholders. Tanger Factory Outlet Centers was founded by Stanley K. Tanger in 1981. The company is headquartered in Greensboro, North Carolina.”