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NOVEMBER 4, 2026
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Our Company and Strategy 3 Activating Growth Leasing, Operations, and Marketing 16 Accelerating Growth A Portfolio Positioned in the Path of Demand 24 External Growth Accretive Portfolio Expansion Drives Value 34 Appendix 41 Table of Contents 23Q 2026 | Tanger Outlets Charleston
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3 Our Company and Strategy 3Q 2026 |Tanger Outlets Asheville
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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 52. Innovating Retail for 45 Years 4 1981 Founded 1993 Listed (NYSE: SKT) ~17M SF of open-air shopping 42 Outlet and Lifestyle centers $4.1B Market capitalization $5.9B Enterprise value (1) 3,000+ Stores (average store size only ~5,000 SF) 800+ Unique brands and retail concepts 4.6x Net debt / Adj. EBITDAre (1) 4.6x Interest coverage ratio (2) 95% of portfolio is open air 90%+ of SF in leading tourist destination or top 50 MSA (3) 3Q 2026 |
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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 national platform • Attractive merchandising mix curated to drive traffic, sales and dwell time *Includes 35 consolidated centers, six unconsolidated joint venture properties, and one managed property through a strategic partnership 3Q 2026 | Open-Air Retail Portfolio in Dynamic Markets 42 Retail Centers* ~17M Square Feet 3K+ Stores 800+ Brands Outlet Center Lifestyle Center Strategic Partnership Corporate Headquarters EXPERIENCE OUR CENTERS …
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6Pinecrest | Cleveland, OH 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, undrawn forward equity, and free cash flow after dividends Balance sheet positioned for growth 3Q 2026 | 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 3Q 2026 |
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3.5%-4.25% $487 +11.0% 2.6M SF 2026 Same Center NOI Growth (Guidance) Sales Per Square Foot (3Q26 TTM) Rent Spreads (3Q26 TTM) Leases Executed (3Q26 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 .6% 4.6x $4.1B $5.9B Core FFO Per Share 3-Year Avg. Growth (1) Net Debt / Adj. EBITDAre (3Q26 TTM) Market Cap (3Q26) Enterprise Value (3Q26) Vs. -0.7% (3YE 2019) Vs. 5.7x (4Q19 TTM) Vs. $1.4B (4Q19) Vs. $3.2B (4Q19) 3 Q 2026 | Refer to presentation notes beginning on page 52.
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8 Additions $840M Invested $185M Sold (10 dispositions since 2019) 9 3Q 2026 | 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 O 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 Tanger Kansas City | Kansas City, KS Acquired - September 2025 Levis Commons Town Center Toledo, OH Acquired - May 2026 Driving Growth Through Accretive Portfolio Expansion
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Through Merchandising Driving Growth Elevating and expanding food & beverage choices Exciting new entertainment and service options Incorporating top beauty and wellness brands Growing & New Brand Additions Stronger sense of place with experiential amenities and brand mix A curated mix of national, regional, and local favorites 32% Non-apparel/footwear GLA, up from 19% in 2019 103Q 2026 | E nhanced mix of in-demand brands
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Reinvesting in our asset base to drive traffic and extend dwell time Leveraging unique traffic drivers in each market Modernizing our loyalty program to reach wider and younger audiences Investing in sustainability with an ROI approach Utilizing AI to drive efficiencies Growing ancillary revenues through sponsored events and partnerships Through a Data-Driven Approach to Leasing, Marketing, and Operating Our Portfolio Driving Growth Empowering retailer partners with a digital-first shopper engagement platform Activating peripheral land to maximize value Connecting with the growing youth sports industry to drive sales and traffic 113Q 2026 |
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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 Pictured: Tanger Outlets Nashville 3Q 2026 | Strategic Finance
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82% 18% Unsecured financing Secured financing As of September 30, 2026. Refer to reconciliations of Net debt, Adjusted EBITDAre, and Funds Available for Distribution (FAD) beginning on page 46. Refer to presentation notes beginning on page 52. Strategic Use of Secured Financing (1) Capital Structure (1) (% of Total Enterprise Value) BILLION TOTAL ENTERPRISE VALUE 30% 70% $1.8 BILLION NET DEBT $5.9 $4.1 BILLION EQUITY Strong Balance Sheet 13 Limited Floating Rate Exposure (1) 3Q 2026 | $618M 4.6x 64% BBB Line Availability Net debt / Adj. EBITDAre (2) FAD Payout Ratio (3) Credit Rating (or equivalent) $1.5B $334M $1.7B $127M 93% 7% Fixed rate debt Variable rate debt
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$52 $0 $415 $47 $2 $486 $650 $36 $200 $115 $136 $350 $250 $300 $400 Cash 2026 2027 2028 2029 2030 2031 2032 2033 $618 in available borrowing capacity Cash and Restricted Cash (i) Lines of Credit (ii) Mortgage Debt (at pro rata share) Unsecured Term Loans Exchangeable Notes Unsecured Bonds Refer to presentation notes beginning on page 52. (i) Includes cash of $20M and restricted cash of $32M (ii) $620M in commitments maturing in 2029; $2M outstanding at 9/30/2026. Solid Debt Position 14 3Q 2026 | $1.8B Pro Rata Debt 4.1% Effective Interest Rate (1) 3.8 Years to Maturity (2) Total Liquidity ($ M) Line of credit availability $618 $662M Cash and Short-term investments $20 Proceeds available from settlement of forward sale agreements $24 In millions, unless otherwise noted As of September 30, 2026 Cash (i)
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$ PER SHARE Guidance for 2026 Low Range High Range Net income per diluted share $1.08 $1.12 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures $1.41 $1.41 Core FFO per diluted share (3) $2.49 $2.53 Guidance Assumptions for 2026 (4) ($ in millions) Low Range High Range Same Center NOI growth - total portfolio at pro rata share 3.50% 4.25% General and administrative expense $80.5 $83.5 Interest expense, net of interest income - consolidated $70.5 $71.7 Annual recurring capital expenditures, renovations, and second generation tenant allowances and other leasing costs $70.0 $75.0 Guidance as of November 4, 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 46. Refer to presentation notes beginning on page 52. Earnings and 2026 Guidance 15 3Q 2026 | $0.88 $0.99 $1.12 $0.71 $0.82 $2.13 $2.33 $2.53 $1.70 $1.87 Net Income Core FFO FY24 FY25 FY26 Guidance 3Q25 YTD 3Q26 YTD $— $1.00 $2.00 $3.00 (2) $2.49 $1.08 (1) (2)
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163Q 2026 | Clockwise from top left: Tanger Outlets Daytona Beach; Pinecrest | Cleveland, OH; Tanger Outlets Fort Worth; Tanger Outlets Pittsburgh; Tanger Outlets Asheville Leasing, Operations, and Marketing Activating Growth
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Fueling the performance of our open-air outlet and lifestyle centers A Fully Integrated Platform 17 Working together to drive: Growth Efficiency Exceptional shopping experiences Supported by our national platform Leasing Marketing Operations Asset Management and Investments Localized teams 3Q 2026 | Development
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Refer to presentation notes beginning on page 52. +11.0% Blended cash rent spreads for executed comparable leases (4)(5)(8) 97.3% Occupancy (1) 3.5% Change in Same Center NOI YTD26 vs. YTD25 (2) 9.7% Occupancy cost ratio (3) $487 Tenant sales per SF (4) Up 2.5% from 3Q25 (7) 2.6 Million SF executed in last 12 Months from 564 leases (4)(5)(6) 19 Consecutive quarters of positive rent spreads Operating Metrics 18 Tanger Outlets Phoenix 3Q 2026 |
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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 non-retail uses including food, entertainment, and experiential, along with digitally native concepts • Focusing on opportunities to attract new visitors, increase visit frequency, and extend dwell time Partnering with brands to drive mutual success 19 Pictured: Tanger Outlets Sevierville 3Q 2026 | Leasing
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Chart is in terms of annualized base rent (ABR) as of September 30, 2026; includes all retail concepts of each tenant group in alphabetical order; includes unconsolidated joint ventures at pro rata share Strong, Dynamic, and Diverse Tenant Mix Other Brands Top 10 Tenant Brands Corporate Parent 5.1% 4.3% 3.2% 3.2% 2.9% 2.2% 2.2% 2.0% 1.9% 1.8% 71.2% 203Q 2026 |
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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 21 Opportunity Percentage of Annual Base Rent (4) Percentage of Total GLA (4) +11.0% Blended Cash Rent Spreads for Executed Comparable Leases (3) Refer to presentation notes beginning on page 52. 3Q 2026 | 97.9% 97.5% 97.5% 97.2% 96.8% 97.1% 92.2% 95.3% 97.0% 97.3% 98.0% 98.1% 97.4% 97.3% 97.4% 97.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q25 3Q26 3Q25 3Q26 4% 17% 19% 13% 12% 9% 6% 5% 4% 3% 8% 3% 17% 21% 13% 12% 9% 7% 5% 3% 3% 7% 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 22 Pictured: Tanger Outlets Nashville 3Q 2026 | Operations
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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 multiple membership tiers and channels of our enhanced 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 A differentiated strategic advantage Marketing 23 3Q 2026 |Pictured: Tanger Outlets Asheville
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A Portfolio Positioned in the Path of Demand Accelerating Growth 24Tanger Outlets Charleston 3Q 2026 |
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Brick-and-Mortar Retail Demand 25 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 3Q 2026 |
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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) 26 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 3Q 2026 |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 27 Tanger + Retail Brands Pictured: Tanger Outlets Memphis | Southaven 3Q 2026 |
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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 28 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 3Q 2026 |
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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 29 Why shoppers choose Tanger’s outlets *Includes consolidated and six unconsolidated joint venture properties 3Q 2026 |
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Adding In-Demand Retailers and Food, Beverage, and Entertainment Options Strategic Merchandising Apparel Health & Beauty Accessories Home Footwear Food, Beverage & Entertainment 3Q 2026 | 30 Fabletics Phoenix | September 2026 Psycho Bunny Fort Worth | September 2026 Buckle Savannah | September 2026 Kendra Scott Sevierville | August 2026 Pandora Kansas City | August 2026 Serena & Lily San Marcos | July 2026 Hoka National Harbor | October 2026 Athletic Toys & Games Toys R Us Gonzales | October 2026 Happy Beauty Savannah | October 2026 Ulta Sevierville | June 2026 Starbucks Asheville | August 2026 Shake Shack Charleston | September 2026
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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 • Leverages Tanger’s existing platform and management team to create value Tanger’s Lifestyle Portfolio 31 4 Open-air lifestyle centers 1.9M Total SF 3Q 2026 |
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(under ground lease) (under ground lease) New! New! New! New! New! New! New! Coming Soon! Expansion Coming Soon! 323Q 2026 | (under ground lease) (under ground lease) New! New! New! New! New! New! New! Property boundary Separately owned New! Expansion Coming Soon! Through Tanger’s Proven Platforms Creating Value M ain Event 1 New! N ew! C oming Soon!
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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 Portfolio Value Through Strategic Asset Intensification 33 ~50% Each opportunity is evaluated for highest and best use, across multiple avenues for value growth: of centers have peripheral land opportunity Redevelopment 3Q 2026 |
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34 Accretive Portfolio Expansion Drives Value External Growth 3Q 2026 | Bridge Street Town Centre, Huntsville
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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 drivers 2 Our last seven additions include three outlet centers and four 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 353Q 2026 |
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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 $840M Deployed Since 2023 • Similar open-air retail format and tenant mix, with operational efficiencies and sense of place and purpose • Leverage existing Tanger platform and personnel Lifestyle (acquisition, formerly Legends Outlets) (acquisition) (acquisition) (acquisition) (acquisition) 363Q 2026 |
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L E V I S C O M M O N S T O W N C E N T E R Acquired May 27, 2026 for ~$60M Funded using cash on hand and available liquidity Market-dominant lifestyle center in growing mixed-use district ~300K SF that is 96.9% occupied* with a mix of 40+ shopping, dining, and entertainment uses, surrounded by strong immediate demand drivers, including existing and planned residential, office, healthcare, and hotels Located in an affluent Toledo submarket Perrysburg, one of Ohio’s most desirable communities for families, professionals, and business development Strong yield with ~8.5% estimated first-year return Expectation for additional growth by enhancing the center’s productivity through Tanger’s proven leasing, marketing, and operating platforms Advances external growth strategy Eighth portfolio addition of market-dominant, open-air center leveraging the Tanger platform and strong balance sheet Key Facts 373Q 2026 |*As of September 30, 2026
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L E V I S C O M M O N S T O W N C E N T E R 383Q 2026 |
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Medical Office and Cancer Center (80K SF) Residential – 382 units Residential – 216 units Residential – 288 units z 184 Rooms z 105 Rooms Residential – 18 units z Conference & Event Facilityz z Office Space with Ground Floor Retail Office Space with Ground Floor Retail 18k SF Retail Building Under Construction Future Medical Office New Development zO-I Glass Global Headquarters (100K SF) Property boundary 40+ Shopping, Dining, and Entertainment Uses 393Q 2026 |
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Higher Education & Employment Strength Colleges & Universities1 Bowling Green State University • 20K Enrollment, 2.8K Employees Toledo University • 14K Enrollment, 5.8K Employees Owens Community College • 7.4K Enrollment, 1.3K Employees Corporate Headquarters: ProMedica Health Systems (15K) 2, The Anderson’s Inc (1.6K), Dana Inc (1.5K), Owens Corning (1.5K), Libbey Inc. (1.2K), GEM Inc. (1.1K), Block Communications Inc. (500), Owens- Illinois (O-I) (600) Premier Submarket Location Perrysburg Zip Code 43551: • #1 Best Public Schools in MSA 2026 Niche • #1 Largest Zip in MSA (Population of 45K) • #1 Population Growth in MSA, +20% 2010 to 2025 3 • #2 Highest Avg. Household Income ($134K)3 Major Proximate Cities • Detroit (70 mi) • Cleveland (115 mi) • Columbus (130 mi) • Chicago (240 mi) Avg. Daily Traffic • I-475 – 72K AADT • Hwy 25 – 33K AADT • 53% of the U.S. population lives within a day’s drive Gateway to the Midwest • Strategically positioned within a day’s drive of the Midwest’s major metros • Seamless access to Detroit, Chicago, Cleveland, Columbus and beyond • Central location connects businesses and consumers to key markets across the region with ease 1Sources: ESRI, Placer.ai, Inrix, CoStar, Niche, Bowling Green State University, Toledo University, Owens Community College, Destination Toledo, Regional Growth Partnership Northwest Ohio. Levis Commons Town Center Toledo, OH ~600K Population 39.5 Median Age (U.S. 39.6) 2025 ESRI Demographics OREGON BOWLING GREEN N $127K 48% Avg Household Income (MSA $95K | U.S. $116K) Bachelor’s Degree + (MSA 31% | U.S. 37%) Surrounding Density (w/in 5 miles): • 72K resident population • 2.9M SF Class A+B Office • 9K Multi-Family Units • 40 Hotels / 3.5K Rooms SYLVANIA WHITEHOUSE LAMBERTVILLE TEMPERANCE SWANTON WOOD COUNTY LUCAS COUNTYFULTON COUNTY LAKE ERIEMI OH DETROIT, MI (70 miles) CLEVELAND, OH (115 miles) COLUMBUS, OH (130 miles) TOLEDO Levis Commons Town Center Strong 5 Mile Demographics PERRYSBURG Owens Community College University of Toledo Bowling Green State University CHICAGO, IL (240 miles) Market Tourism • 15.9M Tourists (2024) • $1.5B Visitor Spend (2024) MSA Demographics Toledo, OH MSA Toledo, OH MSA • Top U.S. Glass Manufacturing Metro (home to 4 largest glass companies: Owens Corning, Libbey Glass, Pilkington, and Owens-Illinois) • #4 Housing Market in the U.S. (based on existing home sales and price growth rates, 2026 Realtor.com) • Top 10 Metro for Business Investment in the East North Central Region of U.S. Market Attractions: • Toledo Zoo & Aquarium • Toledo Museum of Art + Glass Pavilion • Nature Based Recreation: Metroparks / Nationally known Birding areas / Lake & River activities • Minor League, Youth and Amateur Sports 2Regional employee counts in parentheses – 2024. 3 Zips with 10K+ people. 403Q 2026 |
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Pinecrest | Cleveland, OH | Taste of Pinecrest Appendix 413Q 2026 | Appendix
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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 cautionary 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 acquire or 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 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 Report on Form 10-K 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 46 and the Company's filings with the SEC for definitions. Safe Harbor Statements 42 3Q 2026 |
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IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 38 % < 60% Total secured debt to adjusted total assets 4 % < 40% Total unencumbered assets to unsecured debt 276 % > 150% Consolidated income available for debt service to annual debt service charge 5.2 x > 1.5 x Key Lines of Credit and Term Loan Covenants Actual Limit Total liabilities to total adjusted asset value 34 % < 60% Secured indebtedness to total adjusted asset value 6 % < 35% EBITDA to fixed charges 4.5 x > 1.5 x Total unsecured indebtedness to adjusted unencumbered asset value 29 % < 60% Unencumbered interest coverage ratio 5.7 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 loans, as well as definitions of the above terms, please refer to the Company’s filings with the SEC. As of September 30, 2026 Solid Debt Ratios 43 3Q 2026 | 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
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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 Steven B. TangerLuis Ubiñas Chair of the Board Jeffrey Citrin Director Sandeep Mathrani Director Thomas Reddin Director Bridget Ryan Berman Director Susan Skerritt Director Sonia Syngal Director Stephen Yalof Director, President and Chief Executive Officer Experienced and Engaged Leadership EXECUTIVE TEAM BOARD OF DIRECTORS 443Q 2026 | CHAIR EMERITUS
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Consistently Recognized for Best-in-Class PerformanceCulture and Awards 453Q 2026 | One of America’s Greatest Midsize Workplaces Newsweek, 2026 One of America’s Greatest Midsize Workplaces for Culture, Belonging & Community Newsweek, 2026 One of America’s Greatest Midsize Workplaces for Women Newsweek, 2026 Gold Visual Victory Award - Tanger Outlets Savannah ICSC, 2026 Gold Investor CARE Award (Small Cap) Nareit, 2026, 2025, 2024 Green Lease Leaders Silver Institute for Market Transformation, 2026 Leader in the Light, Transparency Nareit, 2026 10 Best Outlet Centers in the U.S. - Tanger Outlets Sevierville, Riverhead, and National Harbor USA Today, 2026
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Refer to presentation notes beginning on page 52. Refer to the Company's SEC filings for definitions of the non-GAAP supplemental measures used in this report. Non-GAAP Reconciliations 46 Below is a reconciliation of net income (loss) 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 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $113,904 $97,675 Noncontrolling interests in Operating Partnership 4,725 4,245 Noncontrolling interests in other consolidated partnerships — (80) Allocation of earnings to participating securities 872 920 NET INCOME $119,501 $102,760 Adjusted for: Depreciation and amortization of real estate assets - consolidated 146,060 134,927 Depreciation and amortization of real estate assets - unconsolidated joint ventures 9,790 9,334 Impairment charges - consolidated 4,249 — FFO $279,600 $247,021 FFO attributable to noncontrolling interests in other consolidated partnerships — 80 Allocation of earnings to participating securities (1,614) (1,652) FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $277,986 $245,449 As further adjusted for: Executive departure-related adjustments (2) — 1,554 Impact of above adjustments to the allocation of earnings to participating securities — (10) CORE FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $277,986 $246,993 FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $2.33 $2.12 CORE FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $2.33 $2.13 Diluted weighted average common shares (for earnings per share computations) 114,727 111,079 Diluted weighted average common shares (for FFO and Core FFO per share computations) (1) 119,393 115,787 3Q 2026 |
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Refer to presentation notes beginning on page 52. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. 47 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): NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $94,425 $80,663 Noncontrolling interests in Operating Partnership 3,891 3,363 Allocation of earnings to participating securities 727 651 NET INCOME $99,043 $84,677 Adjusted for: Depreciation and amortization of real estate assets - consolidated 119,910 107,198 Depreciation and amortization of real estate assets - unconsolidated joint ventures 6,937 7,458 Impairment charge - consolidated — 4,249 FFO $225,890 $203,582 Allocation of earnings to participating securities (1,333) (1,184) FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $224,557 $202,398 CORE FFO AVAILABLE TO COMMON SHAREHOLDERS (1) $224,557 $202,398 FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $1.87 $1.70 CORE FFO AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (1) $1.87 $1.70 Diluted weighted average common shares (for earnings per share computations) 115,688 114,228 Diluted weighted average common shares (for FFO and Core FFO per share computations) (1) 120,364 118,895 3Q 2026 | Non-GAAP Reconciliations
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Refer to presentation notes beginning on page 52. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. 48 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 charges 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 % 3Q 2026 | Non-GAAP Reconciliations
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Refer to presentation notes beginning on page 52. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. 49 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): NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 % Change NET INCOME $99,043 $84,677 17.0 % Adjusted to exclude: Equity in earnings of unconsolidated joint ventures (11,259) (9,654) Interest expense 57,937 48,610 Other income (5,338) (75) Impairment charge — 4,249 Depreciation and amortization 124,273 110,857 Other non-property income (657) (831) Corporate general and administrative expenses 61,192 56,622 Non-cash adjustments (3) (9,737) (2,284) Lease termination fees (1,495) (806) PORTFOLIO NOI - CONSOLIDATED $313,959 $291,365 Non-same center NOI - Consolidated (22,186) (9,395) SAME CENTER NOI - CONSOLIDATED (4) $291,773 $281,970 PORTFOLIO NOI - CONSOLIDATED $313,959 $291,365 Pro rata share of unconsolidated joint ventures 23,982 23,245 PORTFOLIO NOI - TOTAL PORTFOLIO AT PRO RATA SHARE $337,941 $314,610 Non-same center NOI - Total portfolio at pro rata share (22,186) (9,395) SAME CENTER NOI - TOTAL PORTFOLIO AT PRO RATA SHARE (4) $315,755 $305,215 3.5 % 3Q 2026 | Non-GAAP Reconciliations
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Refer to presentation notes beginning on page 52. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. 50 Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 NET INCOME $99,043 $84,677 Adjusted to exclude: Interest expense, net 51,828 48,136 Income tax expense (benefit) 893 519 Depreciation and amortization 124,273 110,857 Impairment charges - consolidated — 4,249 Pro rata share of interest expense, net - unconsolidated joint ventures 5,868 6,514 Pro rata share of depreciation and amortization - unconsolidated joint ventures 6,937 7,458 EBITDAre $288,842 $262,410 ADJUSTED EBITDAre $288,842 $262,410 Below is a reconciliation of estimated diluted net income per share to estimated diluted FFO per share guidance for the year ended December 31, 2026: LOW RANGE HIGH RANGE ESTIMATED DILUTED NET INCOME PER SHARE $1.08 $1.12 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures 1.41 1.41 ESTIMATED DILUTED FFO PER SHARE (5) $2.49 $2.53 Below is a reconciliation of total debt to net debt for the consolidated portfolio and total portfolio at pro rata share (in thousands): SEPTEMBER 30, 2026 Consolidated Pro Rata Share of Unconsolidated JVs Total at Pro Rata Share TOTAL DEBT $1,663,654 $156,678 $1,820,332 Less: Cash and cash equivalents (12,257) (7,916) (20,173) Less: Restricted cash (31,996) — (31,996) Less: Short-term investments — — — NET DEBT $1,619,401 $148,762 $1,768,163 3Q 2026 | Non-GAAP Reconciliations
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Refer to presentation notes beginning on page 52. Refer to the Company's filings with the SEC for definitions of the non-GAAP supplemental measures used in this report. 51 Below is a reconciliation of FFO to FAD (in thousands): NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 FFO AVAILABLE TO COMMON SHAREHOLDERS $ 224,557 $ 202,398 Adjusted for: Corporate depreciation 4,363 3,659 Amortization of finance costs 3,899 2,801 Amortization of net debt (premium) discount (689) 550 Amortization of equity-based compensation 10,782 9,471 Straight-line rent adjustments (6,206) (2,069) Market rent adjustments (6) (3,493) (185) Second generation tenant allowances, lease incentives, lease commissions, and other lease costs (32,111) (12,154) Capital improvements (25,609) (25,260) Adjustments from unconsolidated joint ventures (1,786) (2,355) FAD AVAILABLE TO COMMON SHAREHOLDERS (1) $ 173,707 $ 176,856 Dividends per share $ 0.9175 $ 0.8600 FFO payout ratio 49% 51% FAD payout ratio 64% 58% Diluted weighted average common shares (1) 120,364 118,895 3Q 2026 | Non-GAAP Reconciliations
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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 46 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 for the twelve month period ended September 30, 2026 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 8 1. Based on midpoint of 2026 Core FFO per share guidance. See page 15 for additional information. 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 nine months ended September 30, 2026 Page 14 • 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 Page 15 1. Net income available to common shareholders in 2024 included executive severance costs of $0.01 per share. 2. Net income available to common shareholders in 2025 included a non-cash impairment charge of $0.04 per share recorded in the first quarter of 2025 related to the April 2025 sale of a center in Howell, Michigan. 3. Amounts may not recalculate due to the effect of rounding. 4. 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. The current guidance does not include the impact of any future acquisition or sale of any properties, outparcels, or joint venture interests, or any additional financing activity. 523Q 2026 | Notes
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Page 18 1. As of September 30, 2026; Includes the occupancy rate of Levis Commons Town Center, which was acquired during the last twelve months. On a same center basis, occupancy was 97.3% on September 30, 2026. 2. For nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 3. Represents annualized occupancy costs as of September 30, 2026 as a percentage of tenant sales for the trailing twelve-month period ended September 30, 2026 for consolidated properties and Tanger’s pro rata share of unconsolidated joint ventures 4. For the twelve months ended September 30, 2026 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 21 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 Levis Commons Town Center, which was acquired during the last 12 months. 3. For the twelve months ended September 30, 2026; 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 September 30, 2026 for consolidated centers and pro rata share of unconsolidated joint ventures, net of renewals executed. Percentage of annual base rent includes ground lease rent. 2026 lease expirations include month-to-month leases. Page 46-51 1. Assumes the Class A and Class C common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A and Class C 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 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 lease incentives. 4. Centers excluded from Same Center NOI on p. 48 and 49 : Additionally, on p. 48, Little Rock, AR, which was acquired in December 2024, is excluded from Same Center NOI. 5. Amounts may not recalculate due to the effect of rounding. 6. 2026 periods include $2.2 million of accelerated below market rent on a lease that was terminated in the second quarter of 2026. 53 Cleveland, OH February 2025 Acquired Consolidated Kansas City, KS September 2025 Acquired Consolidated Toledo, OH May 2026 Acquired Consolidated Howell, MI April 2025 Sold Consolidated 3Q 2026 | Notes (continued)
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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 other 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 four open-air lifestyle centers includes nearly 17 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