Tanger Factory Hikes Annual Dividend - Analyst Blog
09 April 2012 - 8:15PM
Zacks
Tanger Factory Outlet
Centers, Inc. (SKT) recently announced a
5.0% hike in its annual dividend from 80 cents per share to 84
cents per share. Simultaneously, the company’s board of directors
declared a quarterly dividend of 21 cents per share for the first
quarter ended March 31, 2012. The new dividend is payable on May
15, 2012 to shareholders of record as of April 30, 2012.
At the end of fourth quarter 2011,
Tanger Factory’s cash balance stood at $7.8 million. The
increase in annual dividend marks the company’s 19th
consecutive dividend hike. The company possesses adequate financial
flexibility to pursue accretive acquisitions and dividend payouts.
This augurs well for its long-term growth.
During the fourth quarter of 2011,
Tanger Factory’s FFO (funds from operations) stood at $41.3 million
or 42 cents per share, compared with $30.1 million or 32 cents per
share in the year-earlier quarter. Fund from operations, a widely
used metric to gauge the performance of REITs, is obtained after
adding depreciation and amortization and other non-cash expenses to
net income.The new developments and acquisitions were primarily
responsible for a 37.6% growth in FFO during the fourth quarter of
2011.
Headquartered in Greensboro, North
Carolina, Tanger is a publicly-traded real estate investment trust
(REIT). The company owns a portfolio of 39 upscale outlet shopping
centers in 25 states coast-to-coast, and in Canada, spanning
approximately 11.8 million square feet leased to over 2,500 stores
that are operated by 450 different companies.
Tanger Factory currently retains a
Zacks #3 Rank, which translates into a short-term Hold rating. We
are also maintaining our long-term Neutral recommendation on the
stock. One of National Retail’s closestcompetitors, CBL
& Associates Properties Inc. (CBL)
also holds a Zacks #3 Rank.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report
TANGER FACT OUT (SKT): Free Stock Analysis Report
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