Tanger Increases Dividend by 5.8%

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
[email protected]

SOURCE Tanger