SKT - This Dividend Champ Just Boosted Its Payout
2023-10-15 07:28:00 ET
Tanger Factory Outlet Centers (NYSE: SKT) briefly halted its dividend payments during the early days of the pandemic. The company had little choice, given the immense disruption to the retail industry caused by measures to slow the spread of COVID-19. Tanger restarted its dividend in early 2021 as the situation improved, and it's been growing the dividend consistently ever since.
On Friday, Tanger announced its fifth dividend increase since early 2021. The company boosted its quarterly dividend to $0.26, a 6.1% increase compared to the previous payment. On a forward basis, Tanger stock now sports a dividend yield of about 4.5%.
Historically, Tanger has enjoyed occupancy levels at its 37 properties spanning the U.S. and Canada in the range of 97% to 99%. The pandemic pushed this metric down to 92.2% in 2020, although it would have been lower had Tanger not supported its tenants. The company offered rent deferrals, allowing some tenants to stick it out that would have otherwise closed shop.
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This Dividend Champ Just Boosted Its Payout