SKT - Tanger Factory Outlet adopts $80M stock buyback program

Tanger Factory Outlet Centers' (SKT) board authorizes the repurchase of up to $80M of its common shares through May 31, 2023, the company said in a filing.The authorization replaces a previous authorization for ~$80M that expired in May 2021. Any repurchases are subject to the expiration of a covenant prohibiting share repurchases in the company’s debt agreements that is expected to expire on July 1, 2021 and the affirmative approval of the board to resume repurchases.The shopping center REIT amended its debt arrangements in June 2020 to allow it to access its surge leverage provision, which allowed it to increase its maximum leverage threshold if it suspended share repurchases.

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Tanger Factory Outlet adopts $80M stock buyback program