Tanger Factory Outlet Centers Hikes Dividend By 6%

Real estate investment trust Tanger Factory Outlet Centers Inc SKT said its Board of Directors approved a 6.1% increase in the dividend on its shares from $0.98 to $1.04 per share on an annualized basis.

The Board also declared a quarterly cash dividend of $0.26 per share, payable on November 15, 2023, to common shareholders of record on October 31, 2023. 

Tanger is slated to report its third-quarter FY23 earnings on November 6, 2023, after the market close. 

As of June 30, 2023, the company held cash and equivalents of $233.8 million with full availability on its $520 million unsecured lines of credit.

Tanger operates upscale open-air outlet centers, fully or partially owns and/or manages a portfolio of 37 centers, including one center under development.

Price Action: SKT shares are trading lower by 0.48% at $23.00 on the last check Friday.