• Simon Property Group, but exclusively for outlet malls.
• Prologis for retail outlets.

• Retail Space Leasing: Tanger develops, owns, and manages upscale outlet shopping centers, leasing retail space to a diverse array of brand-name manufacturers and retailers.
• Property Management Services: It provides comprehensive property management and operational services for its outlet centers, ensuring a high-quality shopping environment for tenants and consumers.

The public company Tanger (symbol: SKT) is a Real Estate Investment Trust (REIT) that owns and operates outlet centers. As such, it sells primarily to other companies, which are the retail tenants that lease space within its properties.

Tanger's tenant base is highly diversified, with no single tenant accounting for more than 2.0% of its consolidated annualized base rent as of December 31, 2023. However, based on their contribution to consolidated annualized base rent, its major customers include a wide array of well-known national and international retail brands. Some of its top customer companies are:

• PVH Corp. (NYSE: PVH) - Parent company of brands like Calvin Klein and Tommy Hilfiger.
• Gap Inc. (NYSE: GPS) - Parent company of brands like Old Navy Outlet, Gap Outlet, and Banana Republic Factory.
• Nike, Inc. (NYSE: NKE) - Known for Nike Factory Stores.
• VF Corporation (NYSE: VFC) - Parent company of brands like The North Face, Vans, and Timberland.
• Tapestry, Inc. (NYSE: TPR) - Parent company of brands like Coach Outlet and Kate Spade New York Outlet.

Stephen Yalof, President and Chief Executive Officer

Stephen Yalof joined Tanger in April 2020 as President and Chief Operating Officer, and assumed the role of Chief Executive Officer in January 2021. Prior to Tanger, he served as the Chief Executive Officer of Simon Premium Outlets for six years, where he was responsible for the expansion and development of their real estate portfolio. Yalof also held leadership roles in real estate for Ralph Lauren Corporation and The Gap, Inc. His career spans over 30 years in the outlet shopping center industry, including experience on both the landlord and retailer sides.

Michael Bilerman, Executive Vice President, Chief Financial Officer and Chief Investment Officer

Michael Bilerman joined Tanger as Executive Vice President, Chief Financial Officer and Chief Investment Officer in November 2022. He brings over two decades of experience in the real estate industry. Before joining Tanger, Bilerman spent 18 years at Citi, where he served as Managing Director and led the firm's global real estate investment research franchise, as well as the US Real Estate and Lodging team. His career began at Goldman Sachs, where he spent six years in Investment Banking and Equity Research.

Leslie Swanson, Executive Vice President, Chief Operating Officer

Leslie Swanson serves as Tanger's Executive Vice President, Chief Operating Officer.

Jessica Norman, Executive Vice President, General Counsel and Secretary

Jessica Norman holds the position of Executive Vice President, General Counsel and Secretary at Tanger.

Justin Stein, Executive Vice President, Leasing

Justin Stein is the Executive Vice President, Leasing for Tanger.

The key risks to Tanger's (SKT) business include the ongoing impact of e-commerce, potential economic downturns affecting consumer spending, and sensitivity to interest rate fluctuations.

1. E-commerce Growth and Structural Challenges in Retail: The most significant long-term risk to Tanger is the continued growth of e-commerce, which poses structural challenges to traditional physical retail. This trend may reduce the overall need for brick-and-mortar retail space, including outlet centers, and could lead to a decline in their consumer relevance over time. While outlet centers have shown some resilience, sustained e-commerce shifts could impact traffic and rents, potentially undermining assumptions about occupancy rates and earnings growth.

2. Economic Downturn and Impact on Discretionary Spending: Tanger is vulnerable to economic downturns and recessions. A weakening economy, characterized by factors such as slower wage growth or rising unemployment, can lead to reduced discretionary spending by consumers. This directly impacts Tanger's retailers, potentially resulting in lower sales, which could then translate to declining rental income for Tanger.

3. Interest Rate Sensitivity and Debt Maturity: As a real estate investment trust (REIT), Tanger's business model is capital-intensive and relies significantly on external debt financing. The company faces risks from higher interest rates, particularly given its relatively low weighted average debt maturity of 3.1 years as of December 2025. Rising interest rates can increase borrowing costs, potentially impacting profitability and hindering the company's ability to grow its dividend quickly.

The rapid growth and mainstream adoption of online resale marketplaces (e.g., Poshmark, ThredUp, The RealReal) represent a clear emerging threat. These platforms provide consumers with a convenient and often more affordable way to acquire branded fashion and accessories, directly competing with the value proposition of new, discounted goods offered at Tanger's outlet centers. This trend is fueled by shifting consumer preferences towards sustainability and value, and it offers an alternative distribution channel that bypasses the need for physical outlet destinations.

Tanger (symbol: SKT) operates as a real estate investment trust (REIT) specializing in the ownership, operation, and development of outlet shopping centers. Their main service involves leasing retail space to brand-name retailers.

The addressable market for Tanger's core services in the United States is the outlet stores market.

The market size of outlet stores in the U.S. was approximately $64.6 billion in 2024. This market is projected to reach $65.6 billion in 2025.

1. Strong Leasing Activity and Occupancy Growth: Tanger has consistently reported robust leasing volumes and increasing occupancy rates across its portfolio. For instance, in the third quarter of 2025, the company achieved a record leasing volume with over 600 transactions, totaling 2.9 million square feet over the trailing 12 months, contributing to a quarter-end occupancy of 97.4%, an 80 basis point sequential increase. This strong tenant demand, including both existing and new tenants, directly translates to higher rental income.

2. Positive Rent Spreads and Strategic Merchandising: Tanger has demonstrated its ability to command higher rents, reporting positive rent spreads for 15 consecutive quarters as of Q3 2025, with blended rent spreads exceeding 10%. This indicates successful lease renegotiations and the ability to secure higher base rents. The company's strategy of merchandising, replacing less productive tenants, and evolving its portfolio also contributes to increased sales per square foot, which can lead to higher percentage rents and overall revenue.

3. Strategic External Growth and Acquisitions: Tanger is actively pursuing accretive external growth through strategic acquisitions. The acquisition of properties like Tanger Kansas City at Legends (formerly Legends Outlets) in September 2025, and Pinecrest and Chenal earlier in 2025, are expected to contribute to revenue growth. These acquisitions expand Tanger's footprint in desirable markets and are projected to deliver an attractive return.

4. Diversification of Tenant Mix and Enhanced Shopper Experience: The company is focused on diversifying its tenant mix beyond traditional apparel and footwear retailers to include more food and beverage options, entertainment venues, and beauty and wellness brands. This strategic shift aims to broaden its shopper demographic, increase traffic, and enhance the overall customer experience, which in turn drives sales productivity and rental income.

5. Increased Traffic and Sales Productivity: Tanger has observed strong shopper traffic, particularly leading into important selling seasons, and has seen its portfolio sales productivity reach an all-time high of $475 per square foot as of Q3 2025. Successful marketing efforts, focusing on on-center events and targeted digital offers, are contributing to this growth in traffic and sales. Higher sales productivity generally supports the company's ability to achieve higher rents and attract desirable tenants, contributing to future revenue expansion.

Share Repurchases

• In May 2025, Tanger Inc. authorized a new $200 million share repurchase plan, replacing the previous $100 million authorization that was set to expire on May 31, 2025.
• In May 2023, the Board authorized a $100 million share repurchase plan through May 31, 2025, which superseded an earlier $80 million authorization through May 31, 2023.
• Tanger did not repurchase any common shares in the first quarter of 2025 or 2024, and no repurchases were made during 2020 due to amendments to debt agreements.

Share Issuance

• For the full year 2024, Tanger sold 3.4 million common shares under its at-the-market (ATM) program, generating gross proceeds of $115.9 million.
• During the fourth quarter of 2024, the company sold 2.6 million common shares through its ATM program for gross proceeds of $90.9 million and entered into forward sale agreements for 1.9 million shares, representing $70 million in future gross proceeds.
• In the third quarter of 2025, Tanger settled approximately $70 million of previously issued forward equity in conjunction with an acquisition, which contributed to an increase in weighted average shares outstanding.

Outbound Investments

• In the third quarter of 2025, Tanger acquired Legends Outlets in Kansas City, Kansas, for $130 million, financed through available liquidity and the assumption of a $115 million CMBS loan.
• The company acquired Pinecrest in Cleveland, Ohio for $167.0 million in the first quarter of 2025.
• Tanger sold a non-core center in Howell, Michigan for $17.0 million in April 2025.

Capital Expenditures

• Tanger expects total capital expenditures for 2025 to be approximately $105.0 million, compared to $100.4 million in 2024.
• The higher expected capital expenditures for 2025 are primarily driven by renovations and redevelopments at certain centers and ongoing operational capital expenditures.
• Annual recurring capital expenditures, which include renovations and second-generation tenant allowances, are projected to be between $55.0 million and $65.0 million for 2025.