Tanger Factory Outlet Centers (SKT) will reinstate its quarterly dividend at a lower level of 17.75 cents. Last year the company suspended its quarterly dividend because of the COVID-19 pandemic. Earlier in 2020 year the REIT raised its quarterly dividend by 0.7 percent to $.3575 per share in the first quarter of 2020, marking the 27th consecutive year of dividend increases at the time.
The next dividend will be payable on February 12, 2021 to common shareholders of record on January 29, 2021. A new annual dividend rate of approximately 71 cents per share will yield 5.6% at a stock price of $12.62.
"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 in the company's press release dated January 14, 2021.
Tanger Factory Outlet Centers will now pay an estimated annual dividend rate of $66 million to shareholders.
Tanger Factory Outlet Centers, Inc. is a REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of upscale outlet shopping centers. Tanger's operating properties are located in more than 20 states coast to coast and in Canada. Since becoming a public company in May 1993, the company had paid a cash dividend each quarter and has increased its dividend each year. In 2020 the dividend was suspended because of the COVID-19 pandemic, ending a record of 27 consecutive years of dividend increases.