AUGUST 4, 2026
Table of Contents
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 | 48 | |
Tanger Outlets Charleston | 2Q 2026 | | 2 |
Our Company and Strategy
Tanger Outlets Asheville 2Q 2026 | 3
Innovating Retail for 45 Years
1981 Founded | 1993 Listed (NYSE: SKT) | ~17M SF of open-air shopping | 42 Outlet and Lifestyle centers |
$4.7B | $6.5B | 3,000+ | 800+ |
Market capitalization | Enterprise value (1) | Stores (average store size only ~5,000 SF) | Unique brands and retail concepts |
4.7x | 4.7x | 95% | 90%+ |
Net debt / Adj. EBITDAre (1) | Interest coverage ratio (2) | of portfolio is open air | of SF in leading tourist destination or top 50 MSA (3) |
Refer to presentation notes beginning on page 59.
Our Mission
We create shopping destinations that entertain, inspire, and bring our communities together
Our Vision
To lead the evolution of shopping
2Q 2026 | 4
Open-Air Retail Portfolio in Dynamic Markets
42
RETAIL CENTERS*
3K+
STORES
~17M
SQUARE FEET
800+
BRANDS
Outlet Center Lifestyle Center Strategic Partnership
Corporate Headquarters
EXPERIENCE OUR CENTERSHigh-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
2Q 2026 | 5
Tanger's Strategic Advantages
Open-air portfolio in sought-after destinations
Well positioned in the path of population migration trends, with in-demand retailers and high-quality food, beverage, and entertainment
Proven track record of operational excellence
Active asset management by both the corporate and local field teams to maximize center value
Loyal retailer partnerships and customer relationships
Provide us with unique insights to anticipate shopper trends and expectations
Experienced leadership team and best-in-class platform
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
Strong NOI growth potential
Driving rents, maximizing occupancy, diversifying brand assortment, growing other revenues, activating peripheral land, and operating efficiently
Balance sheet positioned for growth
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
Pinecrest | Cleveland, OH 2Q 2026 | 6
A Differentiated Platform Driving Growth
The Pillars driving our growth
Internal Growth
Deliver strong NOI growth through active leasing, operating, and marketing initiatives
Real Estate Intensification
Enhance and create value from existing real estate asset base
External Growth
Expand portfolio through selective and disciplined acquisition and development
The Foundation
supporting our growth
A Conservative and Flexible Balance Sheet
Target Net Debt/EBITDA
range of ~5-6x
Optimize cost of capital
- equity and debt
Increase sources of
capital to fund growth
2Q 2026 | 7
A Platform Evolution Driving Performance and Growth
2.75%-4.25%
2026 Same Center NOI Growth (Guidance)
$487
Sales Per Square Foot (2Q26 TTM)
+10.5%
Rent Spreads (2Q26 TTM)
3.3M SF
Leases Executed (2Q26 TTM)
Vs. -0.7% (FY19)
Vs. $398 (4Q19 TTM)
Vs. -11.6% (4Q19 TTM)
Vs. 1.5M (4Q19 TTM)
8.2%
Core FFO Per Share
Year Avg. Growth (1)
7x
Net Debt / Adj. EBITDAre (2Q26 TTM)
$4.7B
Market Cap (2Q26)
$6.5B
Enterprise Value (2Q26)
Vs. -0.7% (3YE 2019)
Vs. 5.7x (4Q19 TTM)
Vs. $1.4B (4Q19)
Vs. $3.2B (4Q19)
Refer to presentation notes beginning on page 59.
2Q 2026 | 8
Driving Growth
Through Accretive Portfolio Expansion
8
Additions
$840M
Invested
$185M
Outlet
Sold (10 dispositions since 2019)
Tanger Palm Beach | Palm Beach, FL
Lifestyle
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
Bridge Street Town Centre Huntsville, AL
Acquired - November 2023
The Promenade at Chenal Little Rock, AR
Acquired - December 2024
Pinecrest Cleveland, OH Acquired - February 2025
Levis Commons Town Center Toledo, OH
Acquired - May 2026
2Q 2026 | 9
32%
Non-apparel/footwear
GLA, up from 19% in 2019
Driving Growth
Through Merchandising
Exciting new
entertainment and service options
Elevating and
expanding food & beverage choices
Incorporating top
beauty and wellness brands
Enhanced mix of
in-demand brands
Stronger sense of place with experiential amenities and brand mix
A curated mix of national, regional, and local favorites
Growing & New
Brand Additions
2Q 2026 | 10
Driving Growth
Reinvesting in our asset base to drive traffic and extend dwell time
Through a Data-Driven Approach to Leasing, Marketing, and Operating Our Portfolio
Activating peripheral land to maximize value
Empowering retailer partners with a digital-first shopper engagement platform
Modernizing our loyalty program to reach wider and younger audiences
Leveraging unique traffic drivers in each market
Investing in sustainability with an ROI approach
Utilizing AI to drive efficiencies
Connecting with the growing youth sports industry to drive sales and traffic
Growing ancillary revenues through sponsored events and partnerships
2Q 2026 | 11
Strategic Finance
The foundation supporting our growth
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
Pictured: Tanger Outlets Nashville 2Q 2026 | 12
Strong Balance Sheet
Strategic Use of Secured Financing (1)
$335M
16%
$1.8
BILLION NET DEBT
27%
$6.5
BILLION TOTAL ENTERPRISE VALUE
73%
$4.7
BILLION EQUITY
$1.7B
84%
Unsecured financing Secured financingLimited Floating Rate Exposure (1)
0% $0M
Capital Structure (1)
(% of Total Enterprise Value)
$620M
Line Availability
4.7x
Net debt /
Adj. EBITDAre (2)
64%
FAD Payout Ratio (3)
BBB
Credit Rating
(or equivalent)
$2.0B
100%
Fixed rate debt Variable rate debtAs of June 30, 2026. Refer to reconciliations of Net debt, Adjusted EBITDAre, and Funds Available for Distribution (FAD) beginning on page 54. Refer to presentation notes beginning on page 59.
2Q 2026 | 13
$620 in borrowing capacity
3.9%
Effective Interest Rate (1)
Years to Maturity (2)
$100 delayed draw availability
3.3
$650
Cash, Restricted Cash, and Short-term Investments (i)Delayed Term Loan Draw Availability
$387
$400
$50 delayed draw availability (iii)
$250
$386
$150
$350
$415
$150
$115
$300
$236
$48
$36
$0
Cash and Delayed Term Loan Draw Availability
$137
$250
Cash (i) and Delayed Term Loan Draw Availability (iii)
2026 2027 2028 2029 2030 2031 2032 2033
Refer to presentation notes beginning on page 59.
(i) Includes cash of $185M, restricted cash of $31M, and short-term investments of $20M.
(ii) $620M in commitments at Daily SOFR + 0.85% maturing in 2029; Undrawn at 6/30/2026.
(iii) On July 1, 2026, the Company drew down the $50M of availability under the 2033 Term Loan, increasing the principal to $200M, increasing cash by $50M, and reducing the total delayed term loan draw availability to $100M
2Q 2026 | 14
Solid Debt Position
As of June 30, 2026
In millions, unless otherwise noted
Total Liquidity
Line of credit availability
Cash and Short-term investments (iii) Delayed term loan draw availability (iii) Proceeds available from settlement of
forward sale agreements
($ M)
$620
$205
$150
$24
$1.0B
Guidance for 2026 | Low Range | High Range |
Net income per diluted share | $1.06 | $1.13 |
Depreciation and amortization of real estate assets -consolidated and the Company's share of unconsolidated | $1.39 | $1.39 |
joint ventures | ||
Core FFO per diluted share (3) | $2.45 | $2.52 |
Earnings and 2026 Guidance
$ PER SHARE$2.50
$2.00
$2.52
Guidance Assumptions for 2026
($ in millions)
(4)
High Range
Low Range
$1.50
$1.00
$0.50
Same Center NOI growth - total portfolio at pro rata share 2.75% 4.25% General and administrative expense $80.5 $83.5
Interest expense, net of interest income - consolidated $71.0 $73.0
Annual recurring capital expenditures, renovations, and
$2.33
$2.13
$2.45
$1.13
$1.11
$1.23
$0.88
$0.99
$1.06
$0.43
$0.53
$-
FY24(1)
FY25 (2)
FY26
Guidance
2Q25 YTD(2)
2Q26 YTD
second generation tenant allowances and other leasing costs
$65.0 $75.0
Net Income Core FFO
Guidance as of August 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 54. Refer to presentation notes beginning on page 59.
2Q 2026 | 15
Activating Growth
Leasing, Operations, and Marketing
Clockwise from top left: Tanger Kansas City at Legends; Tanger Outlets Daytona Beach; Tanger Outlets Deer Park; Tanger Outlets Hilton Head I; Tanger Outlets Palm Beach 2Q 2026 | 16
Localized teams
Working together to drive:
Growth
Efficiency
Exceptional shopping experiences
Supported by our national platform
Leasing
Marketing
Operations
Real Estate and Investments
2Q 2026 | 17
A Fully Integrated Platform
Fueling the performance of our open-air outlet and lifestyle centers
Operating Metrics
96.6% Occupancy (1) | 3.5% Change in Same Center NOI 2Q26 vs. 2Q25 (2) | 9.7% Occupancy cost ratio (3) | |
3.3 Million SF executed in last 12 Months from 652 leases (4)(5)(6) | $487 Tenant sales per SF (4) Up 4.7% from 2Q25 (7) | ||
+10.5%
Blended cash rent spreads for executed comparable leases (4)(5)(8)
18
Consecutive quarters of positive rent spreads
Refer to presentation notes beginning on page 59.
Tanger Outlets Phoenix 2Q 2026 | 18
Leasing
Partnering with brands to drive mutual success
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
Pictured: Pinecrest | Cleveland, OH 2Q 2026 | 19
Strong, Dynamic, and Diverse Tenant Mix
Top 10 Tenant Brands
71.0% 5.2% 4.4% 3.2% 3.2% 2.9% 2.2% 2.2% 2.0% 1.9% 1.8%Chart is in terms of annualized base rent (ABR) as of June 30, 2026; includes all retail concepts of each tenant group in alphabetical order; includes unconsolidated joint ventures at pro rata share
2Q 2026 | 20
Corporate Parent
Other Brands
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Disclaimer
Tanger Inc. published this content on August 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 04, 2026 at 22:29 UTC.
