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Tanger Factory Outlet Centers Misses on Revenue and Earnings and Suspends Its Dividend

Eric Volkman, The Motley Fool
·2-min read
Tanger Factory Outlet Centers Misses on Revenue and Earnings and Suspends Its Dividend

Tanger Factory Outlet Centers (NYSE: SKT) bit the bullet Monday, releasing first-quarter results that were strongly impacted by the SARS-CoV-2 coronavirus pandemic. Adjusted funds from operations (the REIT equivalent of earnings) fell to $48.7 million, or $0.50 per share; this was $55.9 million in last year's Q1. The REIT also said that once it pays its upcoming dividend of nearly $0.36 per share (scheduled for this week), it will temporarily suspend the payout.

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