Stock Alert: Tanger Factory Outlet Tumbles 14%

(RTTNews) - Shares of Tanger Factory Outlet Centers, Inc. (SKT) are sinking 14 percent in Wednesday's trading at $4.29. The shares have traded in a range of $4.05 to $20.66 in the past 52 weeks.

Tuesday, Tanger said it is withdrawing its financial outlook for fiscal 2020 due to the uncertainty regarding the impact of the COVID-19 pandemic on its business.

Tanger Factory Outlet Centers is a publicly-traded REIT based in Greensboro, North Carolina that presently operates and owns, or has stake in 39 upscale outlet shopping centers.

As a result of the pandemic, most of the stores in the company's outlet centers are currently closed, with many having already been so for two full weeks. Tanger has drawn down substantially all of its capacity under its $600 million unsecured lines of credit.

However, Tanger intends to pay its first-quarter 2020 dividend that was declared in January, as scheduled on May 15, 2020. The company's board of directors plans to evaluate the payment and rate of any subsequent dividends quarterly.