Slides
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Management Presentation FEBRUARY 24, 2026 Tanger Outlets Phoenix
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Our Company and Strategy 3 Activating Growth Leasing, Marketing, and Operations 17 Accelerating Growth A Portfolio Positioned in the Path of Demand 27 External Growth Accretive Portfolio Expansion to Drive Value 35 Appendix 45 Table of Contents 24Q 2025 |
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3 Tanger Outlets Grand Rapids Our Company and Strategy 4Q 2025 |
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Our Mission We create shopping destinations that entertain, inspire, and bring our communities together Our Vision To lead the evolution of shopping Refer to presentation notes beginning on page 53. Innovating Retail for 40+ Years 4 1981 Founded 1993 Listed (NYSE: SKT) 16M+ SF of open-air shopping 41 Outlet and Lifestyle centers $4.0B Market capitalization $5.7B Enterprise value (1) 3,000+ Stores (average store size only ~5,000 SF) 800+ Unique brands and retail concepts 4.7x Net debt / Adj. EBITDAre (1) 4.8x Interest coverage ratio (2) 95% of portfolio is open air 90%+ of SF in leading tourist destination or top 50 MSA (3) 4Q 2025 |
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5 • High-quality, open-air Outlet and Lifestyle portfolio attractive to retailers, brands, and shoppers • Focused in high-growth suburban markets and high- frequency tourist destinations • Strong tenant demand and limited new retail supply drives performance of existing portfolio • Portfolio well positioned in the path of population growth and migration trends • Emphasis on market-dominant and unique-to-market centers, with multiple traffic drivers • Led by local teams in each market, backed by our national platform • Attractive merchandising mix curated to drive traffic, sales and dwell time *Includes consolidated and six unconsolidated joint venture properties Outlet Center* Lifestyle Center Strategic Partnership Corporate Headquarters 16M+ Square Feet 41 Retail Centers 3K+ Stores 800+ Brands 4Q 2025 | Open-Air Retail Portfolio in Dynamic Markets
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6Pinecrest, Cleveland Well positioned in the path of population migration trends, with in-demand retailers and high-quality food, beverage, and entertainment Open-air portfolio in sought- after destinations Driving rents, maximizing occupancy, diversifying brand assortment, growing other revenues, activating peripheral land, and operating efficiently Strong NOI growth potential Provide us with unique insights to anticipate shopper trends and expectations Loyal retailer partnerships and customer relationships Over the last five years, a refreshed management team is growing Tanger and harnessing opportunities through its differentiated and best-in-class leasing, marketing, and operating platform Active asset management by both the corporate and local field teams to maximize center value Experienced leadership team and best-in-class platform Proven track record of operational excellence Investment grade, well-laddered, and low- leveraged balance sheet with additional liquidity from untapped credit capacity and free cash flow after dividends Balance sheet positioned for growth 4Q 2025 | Tanger’s Strategic Advantages
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A Differentiated Platform Driving Growth The Pillars driving our growth The Foundation supporting our growth Target Net Debt/EBITDA range of ~5-6x Optimize cost of capital – equity and debt Increase sources of capital to fund growth A Conservative and Flexible Balance Sheet 7 Internal Growth Real Estate Intensification External Growth Deliver strong NOI growth through active leasing, operating, and marketing initiatives Enhance and create value from existing real estate asset base Expand portfolio through selective and disciplined acquisition and development 4Q 2025 |
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4.3% $473 +9.5% 3.1M SF 2025 Same Center NOI Growth Sales Per Square Foot (4Q25 TTM) Rent Spreads (4Q25 TTM) Leases Executed (4Q25 TTM) Vs. -0.7% (FY19) Vs. $398 (4Q19 TTM) Vs. -11.6% (4Q19 TTM) Vs. 1.5M (4Q19 TTM) A Platform Evolution Driving Performance and Growth 8 8.4% 4.7x $4.0B $5.7B Core FFO Per Share 3-Year Avg. Growth Net Debt / Adj. EBITDAre (4Q25 TTM) Market Cap (4Q25) Enterprise Value (4Q25) Vs. -0.7% (3YE 2019) Vs. 5.7x (4Q19 TTM) Vs. $1.4B (4Q19) Vs. $3.2B (4Q19) 4Q 2025 |
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L ifestyle B ridge Street Town Centre | Huntsville, AL Acquired - November 2023 The Promenade at Chenal | Little Rock, AR Acquired - December 2024 Pinecrest | Cleveland, OH Acquired - February 2025 An Enhanced PortfolioO utlet T anger Palm Beach | Palm Beach, FL Strategic Partnership - July 2022 Tanger Nashville | Nashville, TN New Development - October 2023 Tanger Asheville | Asheville, NC Acquired - November 2023 7 Additions $780M Invested $185M Sold (10 dispositions since 2019) 9 4Q 2025 | Tanger Kansas City | Kansas City, KS Acquired - September 2025
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Through Merchandising Driving Growth Enhanced mix of in-demand brands Elevating and expanding food & beverage choices Exciting new entertainment and service options Incorporating top beauty and wellness brands Growing & New Brand Additions 10 Stronger sense of place with curated amenities and brand mix Leveraging unique traffic drivers in each market 31% Non-apparel/footwear GLA, up from 19% in 2019 4Q 2025 |
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Modernizing our loyalty program to reach wider and younger audiences Using a data-driven approach to leasing, marketing, and operating our portfolio Reinvesting in our asset base to drive traffic and extend dwell time Investing in sustainability with an ROI approach Leveraging AI to drive efficiencies Growing ancillary revenues through sponsored events and partnerships 11 Building deeper connections by supporting our communities Through Retailer, Shopper, and Asset Focus Driving Growth Empowering retailer partners with a digital-first shopper engagement platform Activating peripheral land to maximize value 4Q 2025 |
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• Strong NOI growth potential • Prudent balance sheet management with a low- leveraged, investment grade, and flexible balance sheet • Disciplined and targeted approach to external growth • Attractive dividend yield and above average retained cash flow given low dividend payout ratio • Data-driven and analytical approach • Broad investment community exposure to Tanger assets, team, and long-term growth potential The foundation supporting our growth 12 Strategic Finance Pictured: Tanger Outlets Nashville 4Q 2025 |
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81% 19% Unsecured financing Secured financing As of December 31, 2025. Refer to reconciliations of Net debt, Adjusted EBITDAre, and Funds Available for Distribution (FAD) beginning on page 49. Refer to presentation notes beginning on page 53. Strategic Use of Secured Financing (1) Capital Structure (1) (% of Total Enterprise Value) BILLION TOTAL ENTERPRISE VALUE 30% 70% $1.7 BILLION NET DEBT $5.7 $4.0 BILLION EQUITY Strong Balance Sheet 13 Limited Floating Rate Exposure (1) 4Q 2025 | $576M 4.7x 61% Line Availability Net debt / Adj. EBITDAre (2) FAD Payout Ratio (3) $1.4B $341M $1.7B $44M 98% 2% Fixed rate debt Variable rate debt
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$63 $356 $415 $373 $44 $137 $400 $36 $0 $115 $325$350 $300 $400 Cash and Restricted Cash 2026 2027 2028 2029 2030 2031 2032 2033 $576 in borrowing capacity Cash & Restricted Cash Lines of Credit (i) Mortgage Debt (at pro rata share) Unsecured Term Loan Unsecured Bonds As of December 31, 2025 Agency Rating Outlook Latest Action Fitch BBB Stable July 24, 2025 Moody's Baa2 Stable September 11, 2025 S&P BBB Stable January 28, 2026 Refer to presentation notes beginning on page 53. (i) $620M in commitments at Adjusted SOFR + 0.85% maturing in 2029; $44M outstanding at December 31, 2025 Solid Debt Position In millions 14 4Q 2025 | 4.1% Effective Interest Rate (1) 2.8 Years to Maturity (2)
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$458 $356 $415 $48 $0 $387 $650 $36 $150 $308 $150 $115 $137 $250 $150 $250 $350 $300 $400 Cash, Restricted Cash and Delayed Term Loan Draw Availability 2026 2027 2028 2029 2030 2031 2032 2033 $620 in borrowing capacity Cash & Restricted Cash (i) Delayed Term Loan Draw Availability Lines of Credit (ii) Mortgage Debt (at pro rata share) Unsecured Term Loans Exchangeable Notes Unsecured Bonds Pro Forma for 2026 Financing Transactions (3) Refer to presentation notes beginning on page 53. (i) Includes cash of $273M and restricted cash of $35M (ii) $620M in commitments at Daily SOFR + 0.85% maturing in 2029; Undrawn at December 31, 2025 (pro forma) Solid Debt Position 15 4Q 2025 | 3.9% Effective Interest Rate (1) 3.8 Years to Maturity (2) Total Liquidity (Pro Forma) (3) ($ M) Line of credit availability $620 Cash $273 $1.1B Delayed term loan draw availability $150 Restricted cash $35 In millions, unless otherwise noted $100 delayed draw availability $50 delayed draw availability
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$ PER SHARE Guidance for 2026 Low Range High Range Net income per diluted share $1.04 $1.12 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures $1.37 $1.37 Core FFO per diluted share (4) $2.41 $2.49 Guidance Assumptions for 2026 (5) ($ in millions) Low Range High Range Same Center NOI growth - total portfolio at pro rata share 2.25% 4.25% General and administrative expense $80.5 $83.5 Interest expense, net of interest income - consolidated $69.5 $72.5 Annual recurring capital expenditures, renovations and second generation tenant allowances $65.0 $75.0 Guidance as of February 24, 2026. Charts are based on net income and Core FFO available to common shareholders; refer to reconciliations of net income to FFO and Core FFO beginning on page 49. Refer to presentation notes beginning on page 53. Earnings and 2026 Guidance 16 4Q 2025 | $0.92 $0.88 $0.99 $1.12 $1.96 $2.13 $2.33 $2.49 Net Income Core FFO FY23 FY24 FY25 FY26 Guidance $— $0.50 $1.00 $1.50 $2.00 $2.50 (3) $2.41 $1.04 (1) (2)
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17Tanger Outlets Fort Worth Leasing, Marketing, and Operations Activating Growth 4Q 2025 |
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Fueling the performance of our open-air outlet and lifestyle centers A Fully Integrated Platform 18 Working together to drive: Growth Efficiency Exceptional shopping experiences Supported by our national platform Leasing Marketing Operations Real Estate and Investments Localized teams 4Q 2025 |
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Refer to presentation notes beginning on page 53. +9.5% Blended cash rent spreads for executed comparable leases (4)(5)(8) 98.1% Occupancy (1) 5.6% Change in Same Center NOI 4Q25 vs. 4Q24 (2) 9.7% Occupancy cost ratio (3) $473 Tenant sales per SF (4) Up 6.8% from 4Q24 (7) 3.1 Million SF executed in last 12 Months from 630 leases (4)(5)(6) 16 Consecutive quarters of positive rent spreads Operating Metrics 19 Tanger Outlets Columbus 4Q 2025 |
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• Driving rents with higher rent spreads, shifting variable rent to fixed, and converting temp space to permanent deals • Enhancing portfolio with an elevated and diversified retailer mix • Introducing digitally native concepts and non-retail uses including food, entertainment, and experiential • Focusing on opportunities to attract new visitors, increase visit frequency, and extend dwell time Partnering with brands to drive mutual success Leasing 20 Pictured: Bridge Street Town Centre, Huntsville 4Q 2025 |
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Apparel Athletic Footwear Accessories Strong and Stable Brand Categories 21 4Q 2025 |
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Food, Beverage, & Entertainment Footwear, Apparel, & Accessories Home Beauty New & Expanded Tenants & Categories in the Tanger Portfolio 22 Books, Toys, & Games 4Q 2025 |
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Chart is in terms of annualized base rent (ABR) as of December 31, 2025 and includes all retail concepts of each tenant group for consolidated outlet centers and pro rata share of unconsolidated joint ventures. Top 10 Tenant Brands: Athleta Banana Republic Gap Old Navy Aéropostale Brooks Brothers Eddie Bauer Lucky Brands Nautica Ann Taylor Chicos Lane Bryant Loft Soma Talbots White House / Black Market Coach Kate Spade Calvin Klein Tommy Hilfiger Aerie American Eagle Outfitters Offline by Aerie Under Armour Under Armour Youth ColumbiaConverse Nike Corporate Parent: Banter by Piercing Pagoda Jared Kay Jewelers Peoples Jewellers Zales Strong, Dynamic, and Diverse Tenant Mix 23 4Q 2025 | 5.1% 4.3% 3.1% 3.1% 3.0% 2.6% 2.4% 2.4% 2.0% 2.0% 70.0% The Gap Knitwell, Lane Bryant American Eagle Outfitters Tapestry Under Armour Catalyst Brands PVH Nike Columbia Signet Jewelers Others
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We’ve delivered solid performance with sustained occupancy for 10+ years. Upcoming expirations offer opportunity to continue driving rents, diversification, and elevation. Total Portfolio (1) Same Center (2) Occupancy 24 Opportunity Percentage of Annual Base Rent (4) Percentage of Total GLA (4) +9.5% Blended Cash Rent Spreads for Executed Comparable Leases (3) Refer to presentation notes beginning on page 53. 4Q 2025 | 97.9% 97.5% 97.5% 97.2% 96.8% 97.1% 92.2% 95.3% 97.0% 97.3% 98.0% 98.0% 98.1% 98.1% 98.2% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q24 4Q25 4Q24 4Q25 18% 19% 18% 12% 11% 5% 4% 4% 3% 3% 3% 17% 20% 19% 11% 11% 6% 4% 4% 3% 2% 3% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+
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• Decentralized to empower field managers to drive the performance of their asset • Maximizing center value through redevelopments, renovations, and expansions • Leveraging AI technology to optimize customer service, enhance predictive functionality, and drive efficiency • Generating operating expense efficiencies without impacting the shopper experience • Participating in revenue generation: o Focus on business development opportunities, including sponsorships and paid media o Local leasing focused on iconic local brands o Marketing strategies customized to each asset An empowered team driving efficiency and value Operations 25 Pictured: Tanger Outlets Nashville 4Q 2025 |
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• Leveraging data to unlock greater value for our shoppers and retail partners to drive topline sales • Connecting our shoppers to the brands and value they want through a digital-first platform • Broadening our addressable audience with a free offering of our all-new loyalty program, TangerClub • Growing our customer database and optimizing our marketing spend with an ROI focus • Reaching a younger and broader audience by evolving our messaging and media channels • Engaging with local communities through events and celebrations An unparalleled strategic advantage Marketing 26 4Q 2025 |Pictured: Tanger Outlets Asheville
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A Portfolio Positioned in the Path of Demand Accelerating Growth 27Tanger Outlets Deer Park 4Q 2025 |
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Brick-and-Mortar Retail Demand 28 Retailers want: • Direct touchpoint with customers • Omnichannel structure to support both online and physical store sales • High-traffic retail locations in a time of limited real estate supply • Growth beyond DTC channel Shoppers want: • In-demand brands and new retail experiences • Social, experiential shopping • Tactile interaction with products and instant gratification of in-person shopping • Holistic, social experience with food, beverage, and entertainment Tanger Outlets Grand Rapids 4Q 2025 |
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Tanger Outlets Savannah 90%+ SF in leading tourist destination or top 50 MSA 65%+ Centers in U.S. markets with projected above average population growth (2025-2030) 2x Average population growth in U.S. portfolio markets compared to national average (2010-2025) 29 Positioned in the Path of Demand Our shopping centers are in fast-growing markets with above average population growth, that benefit from tourism, seasonal residents, and today’s flexible workforce. 2015 4Q 2025 |Source: U.S. Census Bureau, ESRI
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• Large, well-positioned portfolio with growth opportunities • Quality, in-demand brands in each center • Proven retail partnership, with local team support • Onsite media and community engagement opportunities • Digital-first loyalty and marketing platforms A unique partnership that drives mutual success 30 Tanger + Retail Brands Pictured: Tanger Outlets Savannah 4Q 2025 |
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Multiple use cases to support retailers’ business strategy: • Clear excess inventory while maintaining brand integrity • Ability to offer a mix of clearance, made-for-outlet, and full price product • “Pop-up” model allows national brands to test the channel and new locations • Avenue for best-in-class local and regional brands to gain exposure alongside proven national brands, plus dining and entertainment 31 Highly profitable and core to retailers’ omnichannel strategy The Outlet Channel • Productive sales model and clearance channel • Lower occupancy cost and higher margins • Lower customer acquisition costs • Direct touchpoint with consumers • Ability to maintain brand integrity Pictured: Tanger Outlets Rehoboth Beach 4Q 2025 |
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• Top brands on sale every day • Expanded and elevated food, beverage, and entertainment options for every friend and member of the family • All the benefits of in-person shopping: o Social, experiential environment o Direct product interaction o Instant gratification • Easy access for daily and travel shopping, as modern migration patterns put our centers in the path of growth 90%+ of outlet SF in leading tourist destination or top 50 MSA 38 outlet centers in the U.S. and Canada* 45 years as a leading outlet owner and operator Tanger’s Outlet Portfolio 32 Why shoppers choose Tanger’s outlets *Includes consolidated and six unconsolidated joint venture properties 4Q 2025 |
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• Market-dominant, full-price centers with robust residential and economic drivers • Open-air retail formats with similar retail tenant mix, operational efficiencies, and sense of place and purpose to Tanger’s outlet portfolio • Opportunity to leverage Tanger’s existing platform and management team to create value Tanger’s Lifestyle Portfolio 33 3 Open-air lifestyle centers 1.6M Total SF 4Q 2025 |
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Recent Examples Planet Fitness Tanger Outlets Savannah Build to Suit Portillo’s Tanger Outlets Fort Worth Ground Lease Chick-fil-A Tanger Outlets Ottawa Ground Lease Shake Shack Tanger Outlets Riverhead Redevelopment Ground Lease Build to Suit Strategic, Disciplined, Data-Driven Intensification Enhancing Value in our Existing Asset Base 34 ~50% Each opportunity is evaluated for highest and best use, across multiple avenues for value growth: of centers have peripheral land opportunity Redevelopment 4Q 2025 |
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35Tanger Kansas City at Legends Accretive Portfolio Expansion to Drive Value External Growth 4Q 2025 |
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Our Strategic Advantages: • Ability to leverage the strength of our operating, leasing, and marketing platforms • Experienced in-place team with expertise across the retail spectrum • Dynamic and diversified tenancy growing in our existing portfolio – full-price stores, food and beverage, and entertainment venues • Strong and flexible balance sheet with ample sources of liquidity = capacity for growth How do our Recent Portfolio Additions align with our Investment Targets? New centers are in primary retail and entertainment destinations in their regions. Dominant open-air centers 1 All are in sought-after suburban locations amid high- income neighborhoods and premium amenities. Robust residential and economic drivers2 Our last six additions include three outlet centers and three lifestyle centers. Outlets and complementary open-air retail 3 Each offers a strong going-in return with upside potential, funded with existing cash and available liquidity. Attractive returns and ability to add value 4 Growing Our Platform to Create Value 36 4Q 2025 |
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Recent additions continue to advance our external growth strategy to add value (development) (acquisition, formerly Asheville Outlets) (management, formerly Palm Beach Outlets) (Acquisition of adjacent land from Arizona DOT) (Various outparcels acquired adjacent to existing centers) • Acquisitions, development, joint ventures, strategic management agreements • Leverage Tanger's well-established outlet platform and expertise • Retail and land sites near Tanger’s existing asset base • Leverage Tanger platform and brand, retailer relationships, local and regional operating teams, and opportunities for additional densification Outlets Adjacent Accretive Expansion 37 $780M+ Deployed Since 2023 (acquisition) (acquisition) (acquisition) • Similar open-air retail format and tenant mix, with operational efficiencies and sense of place and purpose • Leverage existing Tanger platform and personnel Lifestyle 4Q 2025 | (acquisition, formerly Legends Outlets)
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TANGER KANSAS CITY Key Facts Acquired September 16, 2025 for ~$130M Funded using available liquidity and assumption of $115M CMBS loan (matures Nov. 2027) 690K SF high-performing open-air shopping destination 96.2% occupied* with a mix of 100+ retail stores, restaurants, and entertainment venues Well-located in a vibrant market with multiple tourist and traffic-driving attractions Only outlet destination within 150+ miles of Kansas City, anchoring the state’s premier entertainment district Attractive ~8% initial yield with upside Expectation for additional investment and growth by enhancing the center’s productivity through Tanger’s proven leasing, operating, and marketing platforms Advances external growth strategy Seventh recent portfolio addition of market dominant open-air center leveraging the Tanger platform and strong balance sheet 38 EXPERIENCE TANGER KANSAS CITY 4Q 2025 | *As of December 31, 2025
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Premier open-air outlet center in Kansas’ top tourist destination Anchors the Village West development in Kansas City – the #1 tourist destination in the state serving 10 million+ visitors annually – surrounded by retail, sports and entertainment venues, hotels, and residential Excerpt of Tanger Portfolio Map. Refer to tanger.com for full map. Outlet Center Open-air Lifestyle Center (Apartments) Property Boundary Separately Owned Outparcel Key (Ground lease) Within 2 miles: Within 1 mile: Legends Field (Minor League Baseball League) Children’s Mercy Park (MLS Stadium) Youth Sports Center U.S. Soccer and Sporting KC Training Facility 39 4Q 2025 |
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Kansas City International Airport (MCI) DES MOINES, IA (180 miles) SPRINGFIELD, MO (160 miles) KANSAS CITY Kansas City, KS-MO MSA OMAHA, NE (160 miles) TOPEKA INDEPENDENCE HARRISONVILLE WICHITA, KS (170 miles) LAWRENCE OVERLAND PARK LEE’S SUMMIT MISSOURI KANSAS ST JOSEPH ST. LOUIS, MO (250 miles) LEAVENWORTH MISSOURIKANSAS WYANDOTTE COUNTY Kansas City, KS-MO 2.3M MSA Population +2.1% 2025-2030 MSA Future Population Growth Rate 38.6 MSA Median Age $114K Average Household Income Sources (slides 3 and 4): 2025 ESRI Demographics, Visit KC, Placer.ai, Kansas City International Airport, Wyandotte County Economic Development, Axios Kansas City STRONG DEMOGRAPHICS RECORD TOURISM AND ECONOMIC IMPACT Kansas City, KS-MO MSA (2023) • 28M Visitors (+5% YOY) • $6.7B total economic impact (+11% YOY) STRONG ACCESSIBILITY • Centrally located at the I-435 and I-70 interchange, attracting customers from over two hours away CLOSEST AIRPORT Distance, Passengers in 2024 • MCI – 14 miles, 12.1 Million (+5% vs 2023) AVG. DAILY TRAFFIC • I-70 – 73K AADT • I-435 – 53K AADT • 37% of the U.S. population lives within a day’s drive 40 Major Sports Destination Major Employers NEARBY MAJOR CITIES • Omaha, NE (160 mi) • Springfield, MO (160 mi) • Wichita, KS (170 mi) • Des Moines, IA (180 mi) • St. Louis, MO (250 mi) Chiefs (NFL) Royals (MLB) Sporting KC (MLS) KC Current (NWSL) Kansas City Speedway (NASCAR) Monarchs (MiLB) FIFA World Cup 26TM Host City HCA Health Ford Children’s Mercy Honeywell Oracle Amazon Garmin Hallmark The University of Kansas The University of Missouri 4Q 2025 |
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Surrounding Densification within 10 milesKansas Speedway & Hollywood Casino: Premier NASCAR venue (50K capacity) / Casino $166M in annual gaming revenue (2024, +4.0% YoY) Legends Field (MiLB): 5K seating with 20K capacity for concerts and special events Great Wolf Lodge: 38K SF indoor water park; 281 resort rooms Nearby Entertainment Haven | within 2 miles Class A+B Office | 2.7M SF Existing Multi-Family | 2.4K Units since 2020 / +1.7K Units by 2028 Hotels | 31 / 2.7K Rooms Existing; +2 / +224 Rooms Proposed (2028) Children’s Mercy Park (Sporting KC MLS stadium): 18.5K capacity for major league soccer and 25K for concerts – 2026 FIFA World Cup Host Venue Margaritaville Hotel: Opened June of 2025; 228 guest rooms/14K SF of event space Future Attractions: Atlas9 Immersive Art Experience (2026), Mattel Adventure Park (2026), TopGolf (2026), Buc-ee’s (2027) Everything for Everyone - Right Here Car Dealerships Tanger Large Retailer Sports & Entertainment Other Coming Soon Key * Sources: CoStar, Wyandotte County Economic Development, American Gaming Association, Kansas City Speedway, Sporting KC, Kansas City Monarchs, Margaritaville Kansas City, Great Wolf Lodge Kansas City I-435 I-70 Apartments Golf Course Apartments Residential Residential Apartments Children’s Mercy Park (MLS Stadium) * * Agriculture Showcase & Discovery Campus Equestrian Center* Distribution Center * Compass Minerals National Performance Center Training home of Sporting KC and renowned youth sports medicine and MLS training center Youth Sports Center 41 Legends Field (MiLB) 4Q 2025 |
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Community Hub for Kansas City Expansive Central Green Space Features park-like amenities and a jumbo outdoor LED screen in the heart of the property, along with courtyards, fountains, and an extensive public art series honoring legendary Kansans across the state’s history Leveraging the Tanger Name, Brand, and Platform Tanger will rename the center Tanger Kansas City at Legends and introduce access to even more savings through the TangerClub loyalty program Tanger’s Commitment to Kansas City Continued community-centric programming and events, which will be expanded to include signature charitable initiatives and best-in- class operations for wellness, security, and sustainability 424Q 2025 |
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Kansas City, KS-MO [add photo] 434Q 2025 |
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44 Exciting and Unique-to-Market Brands Primary Retail Food, Beverage & Entertainment DISCOVER MORE 4Q 2025 |
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Bridge Street Town Centre, Huntsville Additional Information, Non-GAAP Reconciliations and Definitions, and Notes Appendix 454Q 2025 |
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Certain statements made in this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are generally identifiable by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions that do not report historical matters. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this presentation as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All of our forward-looking statements are qualified in their entirety by this statement. There are a number of risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this presentation. Any forward-looking statements should be considered in light of the risks, uncertainties and other factors referred to in Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission ("SEC"). Such risks and uncertainties include, but are not limited to: risks associated with general economic and financial conditions, including inflationary pressures and recessionary fears, newly-imposed and potentially additional U.S. tariffs and responsive non-U.S. tariffs; increased capital costs and capital markets volatility; increases in unemployment and reduced consumer confidence and spending; risks related to our ability to develop new retail centers or expand existing retail centers successfully; risks related to the financial performance and market value of our retail centers and the potential for reductions in asset valuations and related impairment charges; our dependence on rental income from real property; the relative illiquidity of real property investments; failure of our acquisitions or dispositions of retail centers to achieve anticipated results; competition for the acquisition and development of retail centers, and our inability to complete the acquisitions of retail centers we may identify; competition for tenants with competing retail centers and our inability to execute leases with tenants on terms consistent with our expectations; the diversification of our tenant mix and our entry into the operation of full price retail may not achieve our expected results; risks associated with environmental regulations; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to international military conflicts, international trade disputes and foreign currency volatility; the fact that certain of our leases include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us; the impact of geopolitical conflicts; the impact of a prolonged government shutdown; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our tenants and on our business (including the impact of actions taken to contain the outbreak or mitigate its impact); the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to climate change; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or other support we may provide to, joint venture properties; the effectiveness of our interest rate hedging arrangements; our potential failure to qualify as a REIT; our legal obligation to pay dividends to our shareholders; legislative or regulatory actions that could adversely affect our shareholders; our dependence on distributions from Tanger Properties Limited Partnership’s (together with its subsidiaries, the “Operating Partnership”) to meet our financial obligations, including dividends; risks of costs and disruptions from cyber-attacks or acts of cyber-terrorism on our information systems or on third party systems that we use; unanticipated threats to our business from changes in information and other technologies, including artificial intelligence; and the uncertainties of costs to comply with regulatory changes and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in Tanger Inc.’s (together with its subsidiaries, the "Company") and the Operating Partnership's Annual Reports on Form 10-K for the year ended December 31, 2024 and for the year ended December 31, 2025, and in other reports that we file with the SEC. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. We use certain non-GAAP supplemental measures in this presentation, including Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), same center net operating income (“Same Center NOI”), portfolio net operating income (“Portfolio NOI”), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”), Net Debt, and Funds Available for Distribution (“FAD”). See reconciliations beginning on page 49 and the Company's filings with the SEC for definitions. Safe Harbor Statements 46 4Q 2025 |
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IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 37 % < 60% Total secured debt to adjusted total assets 4 % < 40% Total unencumbered assets to unsecured debt 277 % > 150% Consolidated income available for debt service to annual debt service charge 5.6 x > 1.5 x Key Lines of Credit and Term Loan Covenants Actual Limit Total liabilities to total adjusted asset value 35 % < 60% Secured indebtedness to total adjusted asset value 6 % < 35% EBITDA to fixed charges 4.7 x > 1.5 x Total unsecured indebtedness to adjusted unencumbered asset value 29 % < 60% Unencumbered interest coverage ratio 5.8 x > 1.5 x For a complete listing of all material debt covenants related to the Company’s senior unsecured notes, unsecured lines of credit and term loan, as well as definitions of the above terms, please refer to the Company’s filings with the SEC. As of December 31, 2025 Solid Debt Ratios 47 4Q 2025 |
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EXECUTIVE TEAM Stephen Yalof Director, President and Chief Executive Officer Michael Bilerman Executive Vice President, Chief Financial Officer and Chief Investment Officer Leslie Swanson Executive Vice President, Chief Operating Officer Jessica Norman Executive Vice President, Chief Administrative Officer, General Counsel and Secretary Justin Stein Executive Vice President, Chief Revenue Officer BOARD OF DIRECTORS Steven B. Tanger Chair of the Board Stephen Yalof Director, President and Chief Executive Officer Bridget M. Ryan- Berman Lead Director Jeffrey B. Citrin Director Sandeep L. Mathrani Director Thomas J. Reddin Director Susan E. Skerritt Director Sonia Syngal Director Luis A. Ubiñas Director Experienced and Engaged Executive Team and Board 484Q 2025 |
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Refer to presentation notes beginning on page 53. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. Non-GAAP Reconciliations 49 Below is a reconciliation of net income available to common shareholders to FFO and Core FFO available to common shareholders (in thousands, except per share information): YEAR ENDED DECEMBER 31, 2025 2024 2023 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 113,904 $ 97,675 $ 97,965 Noncontrolling interests in Operating Partnership 4,725 4,245 4,483 Noncontrolling interests in other consolidated partnerships — (80) 248 Allocation of earnings to participating securities 872 920 1,186 NET INCOME $ 119,501 $ 102,760 $ 103,882 Adjusted for: Depreciation and amortization of real estate assets - consolidated 146,060 134,927 106,450 Depreciation and amortization of real estate assets - unconsolidated joint ventures 9,790 9,334 10,514 Impairment charge - consolidated 4,249 — — FFO $ 279,600 $ 247,021 $ 220,846 FFO attributable to noncontrolling interests in other consolidated partnerships — 80 (248) Allocation of earnings to participating securities (1,614) (1,652) (2,151) FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $ 277,986 $ 245,449 $ 218,447 As further adjusted for: Executive departure-related adjustments (2) — 1,554 (806) Impact of above adjustments to the allocation of earnings to participating securities — (10) 6 CORE FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $ 277,986 $ 246,993 $ 217,647 FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $ 2.33 $ 2.12 $ 1.96 CORE FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $ 2.33 $ 2.13 $ 1.96 Diluted weighted average common shares (for earnings per share computations) 114,727 111,079 106,532 Diluted weighted average common shares (for FFO and Core FFO per share computations) (1) 119,393 115,787 111,266 4Q 2025 |
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Refer to presentation notes beginning on page 53. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. Non-GAAP Reconciliations 50 Below is a reconciliation of net income to Portfolio NOI for the consolidated portfolio and Same Center NOI for the consolidated portfolio and including unconsolidated joint ventures at pro rata share (in thousands): YEAR ENDED DECEMBER 31, 2025 2024 % Change NET INCOME $ 119,501 $ 102,760 16.3 % Adjusted to exclude: Equity in earnings of unconsolidated joint ventures (13,580) (11,289) Interest expense 65,860 60,637 Other income (668) (1,484) Impairment charge 4,249 — Depreciation and amortization 150,976 138,690 Other non-property income (1,648) (1,174) Corporate general and administrative expenses 78,923 78,341 Non-cash adjustments (3) (3,776) (91) Lease termination fees (1,103) (896) PORTFOLIO NOI - CONSOLIDATED $ 398,734 $ 365,494 Non-same center NOI - Consolidated (22,587) (4,278) SAME CENTER NOI - CONSOLIDATED (4) $ 376,147 $ 361,216 PORTFOLIO NOI - CONSOLIDATED $ 398,734 $ 365,494 Pro rata share of unconsolidated joint ventures 31,529 29,549 PORTFOLIO NOI - TOTAL PORTFOLIO AT PRO RATA SHARE $ 430,263 $ 395,043 Non-same center NOI - Total portfolio at pro rata share (22,587) (4,278) SAME CENTER NOI - TOTAL PORTFOLIO AT PRO RATA SHARE (4) $ 407,676 $ 390,765 4.3 % 4Q 2025 |
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Refer to presentation notes beginning on page 53. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. Non-GAAP Reconciliations 51 Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): YEAR ENDED DECEMBER 31, 2025 2024 NET INCOME $ 119,501 $ 102,760 Adjusted to exclude: Interest expense, net 65,060 59,414 Income tax expense (benefit) 567 45 Depreciation and amortization 150,976 138,690 Impairment charges - consolidated 4,249 — Pro rata share of interest expense, net - unconsolidated joint ventures 8,477 8,725 Pro rata share of depreciation and amortization - unconsolidated joint ventures 9,790 9,334 EBITDAre $ 358,620 $ 318,968 Executive departure-related adjustments (2) — 1,554 ADJUSTED EBITDAre $ 358,620 $ 320,522 Below is a reconciliation of estimated diluted net income per share to estimated diluted FFO per share guidance for the year ended December 31, 2025: LOW RANGE HIGH RANGE ESTIMATED DILUTED NET INCOME PER SHARE $ 1.04 $ 1.12 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures 1.37 1.37 ESTIMATED DILUTED FFO PER SHARE (5) $ 2.41 $ 2.49 Below is a reconciliation of total debt to net debt for the consolidated portfolio and total portfolio at pro rata share (in thousands): DECEMBER 31, 2025 Consolidated Pro Rata Share of Unconsolidated JVs Total at Pro Rata Share TOTAL DEBT $ 1,596,821 $ 157,873 $ 1,754,694 Less: Cash and cash equivalents (18,133) (9,685) (27,818) Less: Restricted cash (35,395) — (35,395) NET DEBT $ 1,543,293 $ 148,188 $ 1,691,481 4Q 2025 |
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Refer to presentation notes beginning on page 53. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. Non-GAAP Reconciliations 52 Below is a reconciliation of FFO to FAD (in thousands): YEAR ENDED DECEMBER 31, 2025 2024 FFO AVAILABLE TO COMMON SHAREHOLDERS $ 277,986 $ 245,449 Adjusted for: Corporate depreciation 4,916 3,762 Amortization of finance costs 3,735 3,496 Amortization of net debt discount 321 747 Amortization of equity-based compensation 12,734 11,989 Straight-line rent adjustments (3,410) (607) Market rent adjustments (339) 528 Second generation tenant allowances and lease incentives (20,540) (24,437) Capital improvements (45,321) (33,395) Adjustments from unconsolidated joint ventures (3,159) (2,873) FAD AVAILABLE TO COMMON SHAREHOLDERS (1) $ 226,923 $ 204,659 Dividends per share $ 1.1525 $ 1.085 FFO payout ratio 49% 51% FAD payout ratio 61% 61% Diluted weighted average common shares (1) 119,393 115,787 4Q 2025 |
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Net debt, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre"), Same Center Net Operating Income ("Same Center NOI"), Core Funds From Operations ("Core FFO"), and Funds Available for Distribution (“FAD”) are non-GAAP financial measures. Refer to reconciliations beginning on page 49 and to Tanger's filings with the Securities and Exchange Commission ("SEC") for definitions. Page 4 1. Includes Tanger's pro rata share of unconsolidated joint ventures 2. Includes Tanger's pro rata share of unconsolidated joint ventures; calculated as Adjusted EBITDAre divided by interest expense 3. Metropolitan Statistical Area as defined by the U.S. Census Bureau ; Includes Ottawa, ON center located in a top 5 census metropolitan area as defined by Statistics Canada Page 13 1. Outstanding debt including pro rata share of unconsolidated joint ventures; excludes debt discounts, premiums and origination costs. Amounts may not sum to total due to rounding. 2. Includes Tanger's pro rata share of unconsolidated joint ventures 3. Represents FAD payout ratio (dividends per share as a percentage of FAD available to common shareholders per share) for the twelve months ended December 31, 2025 Page 14 and 15 • Assumes all extension options are exercised; although some mortgage debt is amortizing, outstanding balance is shown in the month of final maturity • Excludes debt discounts, premiums, and origination costs • Includes pro rata share of debt maturities related to unconsolidated joint ventures • Debt maturities may not sum to total principal debt due to the effect of rounding 1. Weighted average; includes the impact of discounts and premiums and interest rate swaps, as applicable 2. Weighted average; includes applicable extensions available at the Company’s option 3. This table reflects the following impacts from transactions that occurred in January 2026: (i) the amendment, expansion and extension of the Company’s existing unsecured term loan through the 2030 Term Loan as well as the removal of the 10-basis point SOFR credit adjustment spread, (ii) the entry into the 2033 Term Loan, (iii) the issuance of $250 million aggregate principal amount of 2.375% Exchangeable Senior Notes due 2031, (iv) the repayment of $44 million of borrowings under the unsecured lines of credit, and (v) approximately $12 million of origination costs associated with the issuance of the 2030 and 2033 Term Loans and the exchangeable senior notes. For additional information on these transactions, please see the Current Reports on Form 8-K filed with the SEC on January 6, 2026 and January 12, 2026. Page 16 1. Net income available to common shareholders in 2023 included the reversal of previously expensed compensation related to a voluntary executive departure of $0.01 per share. 2. Net income available to common shareholders in 2024 included executive severance costs of $0.01 per share. 3. Net income available to common shareholders in 2025 included a non-cash impairment charge of $0.04 per share related to the center in Howell, Michigan that was sold in April 2025. 4. Amounts may not recalculate due to the effect of rounding. 5. Weighted average diluted common shares are expected to range from approximately 115.5 million to 116.5 million for earnings per share and 120.0 million to 121.0 million for FFO and Core FFO per share. Guidance does not include the impact of any additional acquisition or sale of any outparcels, properties or joint venture interests, or any additional financing activity. 6. Includes interest income Notes 534Q 2025 |
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Page 19 1. As of December 31, 2025; Includes the occupancy rate of Pinecrest, and Tanger Kansas City at Legends, which were acquired during the last 12 months, and excludes the occupancy rate at the Howell, Michigan center that was sold in April 2025. On a same center basis, occupancy was 98.2% on December 31, 2025. 2. For twelve months ended December 31, 2025 compared to the twelve months ended December 31, 2024 3. Represents annualized occupancy costs as of December 31, 2025 as a percentage of tenant sales for the trailing twelve-month period ended December 31, 2025 for consolidated properties and Tanger’s pro rata share of unconsolidated joint ventures 4. For the twelve months ended December 31, 2025 5. Presented for the consolidated portfolio and domestic unconsolidated joint ventures at pro rata share 6. Number of leases is presented at 100% 7. For the trailing twelve-month period 8. Includes comparable space leases (which exclude leases for space that was vacant for more than 12 months); excludes leases executed under license agreements, seasonal tenants, month-to-month leases and new developments Page 24 1. Total portfolio occupancy represents period-end occupancy for stabilized consolidated centers and pro rata share of unconsolidated joint ventures. 2. Same center occupancy excludes Pinecrest, and Tanger Kansas City at Legends, which were acquired during the last 12 months, and the center in Howell, Michigan that was sold in April 2025. 3. For the twelve months ended December 31, 2025; Presented for the consolidated portfolio and domestic unconsolidated joint ventures at pro rata share; Includes comparable space leases (which exclude leases for space that was vacant for more than 12 months); excludes leases executed under license agreements, seasonal tenants, month-to-month leases and new developments 4. As of December 31, 2025 for consolidated centers and pro rata share of unconsolidated joint ventures, net of renewals executed. Percentage of annual base rent includes ground lease rent. 2025 lease expirations include month-to-month leases. Page 49-52 1. Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. 2. For 2023 period, represents the reversal of previously expensed compensation related to a voluntary executive departure. For 2024 period, represents executive severance costs. 3. Non-cash items include straight-line rent, above and below market rent amortization, straight-line rent expense on land leases and gains or losses on outparcel sales, as applicable. 4. Centers excluded from Same Center NOI: 5. Amounts may not recalculate due to the effect of rounding. Notes (continued) 54 Little Rock December 2024 Acquired Consolidated Cleveland February 2025 Acquired Consolidated Kansas City September 2025 Acquired Consolidated Howell April 2025 Sold Consolidated 4Q 2025 |
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Doug McDonald SVP, Treasurer and Investments TangerIR@Tanger.com Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and three open-air lifestyle centers includes more than 16 million square feet well positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 800 different brand name companies. For more information on Tanger, call 1-800-4TANGER or visit tanger.inc. Ashley Curtis AVP, Investor Relations Ashley.Curtis@Tanger.com 55Pictured: Tanger Team Members at Tanger Outlets Asheville 4Q 2025 |