GREENSBORO, N.C.,
April 10,
2024 /PRNewswire/ --
Tanger® (NYSE: SKT), a leading owner
and operator of outlet and open-air retail shopping destinations,
announced today that its Board of Directors approved a 5.8%
increase in the dividend on its common shares from $1.04 to $1.10 per
share on an annualized basis. Simultaneously, the Board of
Directors declared a quarterly cash dividend of $0.275 per share, payable on May 15, 2024 to common shareholders of record on
April 30, 2024.
"With the foundation of our well-positioned balance sheet and
the strength of our operating platform, we have the liquidity and
flexibility to grow our well-covered dividend and return capital to
our shareholders," said Stephen
Yalof, President and Chief Executive Officer. "Tanger is
committed to unlocking additional value for our shareholders as we
continue to execute on our long-term growth strategies."
About Tanger®
Tanger Inc. (NYSE: SKT)
is a leading owner and operator of outlet and open-air retail
shopping destinations, with over 43 years of expertise in the
retail and outlet shopping industries. Tanger's portfolio of 38
outlet centers, one adjacent managed center and one open-air
lifestyle center comprises over 15 million square feet well
positioned across tourist destinations and vibrant markets in 20
U.S. states and Canada. A publicly
traded REIT since 1993, Tanger continues to innovate the retail
experience for its shoppers with over 3,000 stores operated by more
than 700 different brand name companies. For more information on
Tanger, call 1-800-4TANGER or visit the Company's website
at www.tanger.com.
Forward-Looking Statements
Certain statements made in
this press release contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company intends such forward-looking statements to be covered
by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995
and includes this statement for purposes of complying with these
safe harbor provisions. Forward-looking statements, which are based
on certain assumptions and describe the Company's future plans,
strategies, beliefs and expectations, are generally identifiable by
use of the words "anticipate," "believe," "can," "continue,"
"could," "designed," "estimate," "expect," "forecast," "goal,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "target," "will," "would," or
similar expressions, and include the Company's expectations
regarding future financial results and assumptions underlying that
guidance, long-term growth, uses of and efforts to reduce costs of
capital, liquidity, dividend payments and cash flows.
You should exercise caution in relying on forward-looking
statements since they involve known and unknown risks,
uncertainties and other important factors which are, in some cases,
beyond our control and which could materially affect our actual
results, performance or achievements. Other important factors which
may cause actual results to differ materially from current
expectations include, but are not limited to, the important factors
set forth under Item 1A - "Risk Factors" in the Company's and the
Operating Partnership's most recently filed Annual Report on Form
10-K, as may be updated or supplemented in the Company's Quarterly
Reports on Form 10-Q and the Company's other filings with the
Securities and Exchange Commission ("SEC"). Accordingly, there is
no assurance that the Company's expectations will be realized. The
Company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the Company makes or related subjects in the Company's
Current Reports on Form 8-K that the Company files with the
SEC.
Investor Contact
Doug McDonald
SVP, Treasurer and Investments
T: (336) 856-6066
tangerir@tanger.com
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SOURCE Tanger