Tanger has all credit-tenants, which is good.
The risk is the REIT participates in sales with Percentage Rents, so an economic downturn automatically results in lower rents and lower dividends, as in 2008.
As the timeline to the next recession shortens, all of these "good dividend stocks have been declining in anticipation of less revenue for dividends - temporarily resulting in quite high dividend yields.
As you know, yields are falling, not rising on bonds because short of absolute default the bond yield is guaranteed in a downturn.
These are great plays if we avoid recession or if the coming economic downturn is far less severe than currently anticipated.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.