Tanger draws down credit, will pay Q1 dividend

  • Tanger Factory Outlet (NYSE:SKT) has drawn "substantially all" of its capacity under $600M unsecured lines of credit, a move that will help preserve its dividend for now.
  • The company intends to pay its Q1 dividend as scheduled on May 15.
  • "The Board of Directors plans to evaluate the payment and rate of any subsequent dividends quarterly," Tanger says.
  • It's withdrawing guidance due to uncertainty. Most stores in the company's outlet centers are closed, and operations in more than half of Tanger Outlets are restricted by authorities "and additional orders are expected."
  • The company's also working to reduce outflows, including deferring its Nashville project and other planned capex.
  • It also says it will remain in compliance with REIT taxable income distribution requirements for the 2020 tax year.
  • The company notes it entered 2020 with "one of the strongest balance sheets in our peer group and no borrowings outstanding under our lines of credit."

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