Tanger To Raise Annual Dividend By 18.8%

Tanger Factory Outlet Centers Inc. said Wednesday that it will raise its annual dividend by 18.8% to $1.14 a share from 96 cents a share. The company also said it's signed a letter of intent to sell four properties it has put up for sale to a different buyer after the original buyer didn't close on the terms in the previously- agreed-upon deal. If the new buyer moves forward, Tanger expects the deal to close in the second half of this year. It said the four properties generate "good cash flow, are highly occupied and free of mortgage encumberances." Tanger, which didn't identify where the four properties are, owns or has a stake in 44 upscale outlet shopping malls in 24 U.S. states and Canada. Its shares were unchanged in after-hours trading.