SKT - This Bargain Retail REIT Just Boosted Its Dividend
It's not all doom and gloom in the retail industry. While many retailers are struggling with too much inventory and rapidly shifting consumer behavior, Tanger Factory Outlet Centers (NYSE: SKT) is confident enough to dole out more cash to shareholders.
Tanger raised its dividend by 10% on Tuesday, bumping up the quarterly payment to $0.22 per share. That works out to a dividend yield of about 5.7%.
Tanger is a real estate investment trust that operates 37 upscale outlet centers in the U.S. and Canada. These centers are mostly open air, and 90% of them are either in a top 50 metropolitan statistical area or near a major tourist destination. Many of them are in the South and Southwest, where winter weather isn't much of an issue.
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This Bargain Retail REIT Just Boosted Its Dividend