Tanger Factory Outlet Centers (SKT) reinstates common stock dividend.

Tanger Factory Outlet Centers, Inc. (SKT) announced today that is has reinstated a quarterly cash dividend of $0.1775/share, payable on February 12, 2012 to shareholders of record on January 29, 2021.  The reinstated dividend, if continued, represents an annualized dividend rate of $0.71/share, or an approximate 6.1% dividend yield based on the previous day's closing stock price of $11.68.

SKT's prior dividend was $0.3575/share declared for the second quarter of 2020, representing an annualized dividend rate of $1.43/share.  The reinstated dividend for 2021 therefore represents an approximate 50% decrease in payout.  SKT's press release also said that "the company currently intends to satisfy minimum taxable income distribution requirements," suggesting that $0.71/share is close to the company's current estimate of 2021 taxable income.

Tanger Factory Outlet Centers specializes in the ownership, management and development of factory outlet centers in the United States and Canada.  SKT has a total market capitalization of approximately $2.7 billion and is a member of the S&P SmallCap 600 and Russell 2000 indexes.