Tanger Factory Outlet hikes dividend by 9.6%

Tanger Factory Outlet Centers (SKT) will hike its quarterly dividend by 9.6 percent to 20 cents per share in 2022. This comes after a dividend hike of 2.8 percent to 18.25 cents per share in 2021, following SKT's reinstated quarterly dividend at a lower level of 17.75 cents earlier in 2021. In 2020 SKT had suspended its quarterly dividend because of the COVID-19 pandemic, ending 27 consecutive years of dividend growth.

The next SKT dividend is payable on May 13, 2022, to common shareholders of record on April 29, 2022.  A new annual dividend rate of $0.80 per share will yield 4.7% at a stock price of $17.09 for Tanger Factory Outlet Centers. 

Tanger Factory Outlet Centers will now pay an estimated annual dividend rate of $83 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.