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Tanger Factory Outlet Centers pulls guidance, draws line of credit amid virus

Tanger Factory Outlet Centers Inc. withdrew its 2020 guidance amid the uncertainty surrounding the coronavirus pandemic and said most of the stores in its outlet centers are shut.

The real estate investment trust said it has drawn down substantially all of its capacity under its $600 million unsecured lines of credit and has taken measures to reduce cash outflows.

The company noted that it plans to pay its first-quarter dividend, declared in January, as scheduled May 15, adding that its board aims to evaluate the payment and rate of any subsequent dividends quarterly.

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