Tanger Factory Outlet Centers Launches Share Repurchase Plan

Tanger Factory Outlet Centers has authorized a $125 million share repurchase plan, as well as the sale of Tanger’s outlet center located in Westbrook, Conn.

Repurchases may be made through open market, privately negotiated, structured or derivative transactions (including accelerated stock repurchase transactions), or other methods of acquiring shares.

The company also closed on the sale of its Westbrook, Conn., center on May 17 to a private real estate developer and operator for $40 million. Tanger expects to record a gain of approximately $6.6 million on the sale of the Westbrook outlet center during Q2. It said it will use the net proceeds from the sale to fund purchases under the newly authorized share repurchase plan.

By Caroline Williams