Tanger Reinstates Cash Dividend

Rhea-AI Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has declared a cash dividend of $0.1775 per share, payable on February 12, 2021, to shareholders of record on January 29, 2021. The announcement reflects the company's strong liquidity position, with over $80 million in cash and $600 million in undrawn lines of credit. This dividend aims to meet minimum taxable income distribution requirements for maintaining REIT status.

Positive

• Declared a dividend of $0.1775 per share, indicating shareholder returns.
• Strong liquidity position with over $80 million in cash and $600 million in undrawn credit lines.
• Positive traffic and rent collection trends reported, indicating business strength.

Negative

• None.

GREENSBORO, N.C., Jan. 14, 2021 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a leading operator of upscale open-air outlet centers, announced today that its Board of Directors declared a cash dividend of $0.1775 per share, payable on February 12, 2021 to common shareholders of record on January 29, 2021.

"This dividend declaration reflects Tanger's strong liquidity position, with more than $80 million of cash on hand and $600 million of undrawn lines of credit, and the Board's confidence in our business, as demonstrated by the positive traffic and rent collections trends we recently reported," said Stephen Yalof, President and Chief Executive Officer.

The Company currently intends to satisfy minimum taxable income distribution requirements to maintain its REIT status.

About Tanger Factory Outlet Centers, Inc.

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies. The Company has more than 40 years of experience in the outlet industry and is a publicly-traded REIT. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the Company's website at www.tangeroutlets.com. 

Investor Contact	Media Contact
Cyndi Holt	Quentin Pell
VP of Investor Relations	VP of Corporate Communications and Enterprise Risk
Cyndi.holt@tangeroutlets.com	Management
	Quentin.pell@tangeroutlets.com

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SOURCE Tanger Factory Outlet Centers, Inc.

FAQ

What is the dividend amount announced by Tanger Factory Outlet Centers (SKT)?

Tanger Factory Outlet Centers announced a cash dividend of $0.1775 per share.

When will the dividend for SKT be paid?

The dividend will be paid on February 12, 2021.

What is the record date for SKT's dividend payment?

The record date for the dividend payment is January 29, 2021.

What is Tanger's current liquidity position?

Tanger has over $80 million in cash and $600 million in undrawn lines of credit.

What are the expectations regarding Tanger's REIT status?

The company intends to satisfy minimum taxable income distribution requirements to maintain its REIT status.