Tanger Factory Outlet Centers (SKT) will hike its quarterly dividend by 2.8 percent to 18.25 cents per share. Earlier this year SKT reinstated 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.
The next SKT dividend will be payable on November 15, 2021 to common shareholders of record on October 29, 2021. A new annual dividend rate of approximately 73 cents per share will yield 4.2% at a stock price of $17.50 for Tanger Factory Outlet Centers.
Tanger Factory Outlet Centers will now pay an estimated annual dividend rate of $76 million to shareholders. In 2020, before the COVID-19 pandemic, 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.
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.