Tanger Factory Outlet Centers Inc.'s board increased its annual dividend 5.4% to $1.37 per common share, up from $1.30 per share.

The board also declared a quarterly dividend of 34.25 cents per share for the first quarter, up from the previous quarterly dividend of 32.50 cents per share.

The cash dividend is payable May 15 to shareholders on record as of April 28.