Financial Performance - Tanganger shares increased by 4.7% following revenue estimates beat and raised full-year guidance [1] - Tanganger is regaining occupancy after a decline in the last quarter [1] Consumer Shopping Trends - Consumers are seeking value and the best price, especially in the outlet portfolio [3] - Back-to-school shopping is considered the second biggest shopping holiday of the year [3] - Early back-to-school selling was initiated to drive customer traffic [8] - Customers are resilient to tariff increases [7] Retail Strategy & Operations - Retailers are being promotional, especially with back-to-school sales and tax-free week promotions [3][4] - Pricing is a function of inventory, with nimble retailers having sufficient stock [6][7] - Tanganger is focusing on replacing underperforming retailers with new ones, renewing only about 85% of retailers compared to 95% in the past [11][12] - Tanganger is diversifying its offerings with more food, beverages, restaurants, experiences, services, and grocery options to attract customers [10] - Tanganger's occupancy rate is 96.6% [10]

Portfolio Adjustment - The company sold Organon after it cut its dividend and the stock price declined [1][2] - The company bought VICI Properties, a triple net lease REIT specializing in gaming and casino properties [1][3][4] VICI Properties Investment Rationale - VICI Properties owns 93 properties, including 54 casinos such as the Venetian and Mandalay Bay, and 39 experiential properties [4] - VICI Properties has a strong management team [4] - VICI Properties offers a 53% dividend yield and an expected 3% FFO growth [5] - VICI Properties' rent escalators are tied to CPI, potentially benefiting from rising inflation [5] - VICI Properties' tenants (e g MGN and Caesars) ensure 100% occupancy and rent collection, even during the pandemic [6] - The investment in VICI Properties is expected to generate a 9-10% annualized return [7] - VICI Properties is considered a compelling investment in a lower growth environment [8]