Tanger Inc. · NYSE:SKT
Tanger — Q2 2026 Earnings Presentation
61 slides from Tanger's earnings presentation, Aug 4, 2026
Slide 1: Management Presentation
Management AUGUST 4, 2026 Presentation 2026 Tanger Kansas City at Legends
Slide 2: Table of Contents
Table of Contents Our Company and Strategy 3 Activating Growth 16 Leasing, Operations, and Marketing Accelerating Growth 24 A Portfolio Positioned in the Path of Demand External Growth 34 Accretive Portfolio Expansion Drives Value Appendix 48 Tanger Outlets Charleston 2Q 2026 | 2
Slide 3: Our Company and Strategy
Our Company and Strategy Tanger Outlets Asheville 2Q 2026 | 3
Slide 4: Innovating Retail for 45 Years
Innovating Retail for 45 Years 1981 1993 ~17M SF 42 Our Mission Founded Listed (NYSE: SKT) of open-air shopping Outlet and Lifestyle centers We create shopping destinations that entertain, inspire, and bring our communities $4.7B $6.5B 3,000+ 800+ together Market capitalization Enterprise value (1)
Slide 5: Open-Air Retail Portfolio in Dynamic Markets
Open-Air Retail Portfolio in 42 RETAIL CENTERS* ~17M SQUARE FEET Dynamic Markets 3K+ STORES 800+BRANDS • 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 tena
Slide 6: Tanger's Strategic Advantages
Tanger’s Strategic Advantages Open-air portfolio in sought- Loyal retailer partnerships and Strong NOI growth after destinations customer relationships potential Well positioned in the path of population Provide us with unique insights to Driving rents, maximizing occupancy, migration trends, with i
Slide 7: A Differentiated Platform Driving Growth
A Differentiated Platform Driving Growth Internal Real Estate External Growth Intensification Growth The Pillars Deliver strong NOI growth Enhance and create value Expand portfolio through driving our through active leasing, from existing real estate selective and disciplined growth operating, and m
Slide 8: A Platform Evolution Driving Performance and Growth
A Platform Evolution Driving Performance and Growth 2.75%-4.25% $487 +10.5% 3.3M SF 2026 Same Center NOI Sales Per Square Foot Rent Spreads Leases Executed Growth (Guidance) (2Q26 TTM) (2Q26 TTM) (2Q26 TTM) Vs. -0.7% (FY19) Vs. $398 (4Q19 TTM) Vs. -11.6% (4Q19 TTM) Vs. 1.5M (4Q19 TTM) 8.2% 4.7x $4.7
Slide 9: Driving Growth Through Accretive Portfolio Expansion
Driving Growth 8 $840M $185M Additions Invested Sold (10 dispositions Through Accretive Portfolio Expansion since 2019) Outlet Tanger Palm Beach | Palm Beach, FL Tanger Nashville | Nashville, TN Tanger Asheville | Asheville, NC Tanger Kansas City | Kansas City, KS Strategic Partnership - July 2022 N
Slide 10: Driving Growth Through Merchandising and Brand Additions
Driving Growth 32% Non-apparel/footwear GLA, up from 19% in 2019 Growing & New Through Merchandising Brand Additions Elevating and Exciting new expanding food & entertainment beverage choices and service options Enhanced mix of Incorporating top in-demand brands beauty and wellness brands Stronger s
Slide 11: Driving Growth Through a Data-Driven Approach
Driving Growth Through a Data-Driven Approach to Leasing, Marketing, and Operating Our Portfolio Empowering retailer Modernizing our Reinvesting in our partners with a loyalty program to asset base to drive digital-first shopper reach wider and traffic and extend engagement younger audiences dwell t
Slide 12: Strategic Finance
Strategic Finance The foundation supporting our growth • Strong NOI growth potential • Attractive dividend yield and above average retained cash flow given low dividend payout ratio • Prudent balance sheet management with a low- leveraged, investment grade, and flexible balance sheet • Data-driven a
Slide 13: Strong Balance Sheet
Strategic Use of Secured Financing (1) Strong Balance Sheet $335M 16% $1.8 BILLION 27% $1.7B NET DEBT $6.5 84% BILLION TOTAL ENTERPRISE Unsecured financing Secured financing VALUE 73% $4.7 Limited Floating Rate Exposure (1) BILLION EQUITY 0% $0M Capital Structure (1) (% of Total Enterprise Value) $6
Slide 14: Solid Debt Position
Total Liquidity ($ M) Solid Debt Position Line of credit availability Cash and Short-term investments (iii) $620 $205 Delayed term loan draw availability (iii) $150 $1.0B As of June 30, 2026 Proceeds available from settlement of In millions, unless otherwise noted forward sale agreements $24 3.9% Ef
Slide 15: Earnings and 2026 Guidance
Earnings and 2026 Guidance Guidance for 2026 Low Range High Range Net income per diluted share $1.06 $1.13 Depreciation and amortization of real estate assets - $ PER SHARE consolidated and the Company’s share of unconsolidated $1.39 $1.39 joint ventures Core FFO per diluted share (3) $2.45 $2.52 $2
Slide 16: Activating Growth
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
Slide 17: A Fully Integrated Platform
A Fully Integrated Platform Fueling the performance of our open-air outlet and lifestyle centers Localized teams Working together to drive: Supported by our national platform Growth Efficiency Leasing Marketing Operations Exceptional shopping experiences Real Estate and Investments 2Q 2026 | 17
Slide 18: Operating Metrics
Operating Metrics 96.6% 3.5% 9.7% Occupancy (1) Change in Same Occupancy cost Center NOI ratio (3) 2Q26 vs. 2Q25 (2) 3.3 $487 Million SF executed in last Tenant sales per SF (4) 12 Months from 652 Up 4.7% from 2Q25 (7) leases (4)(5)(6) +10.5% 18 Blended cash rent spreads Consecutive quarters for exe
Slide 19: Leasing
Leasing Partnering with brands to drive mutual success • Driving rents with higher rent spreads, shifting variable • Introducing non-retail uses including food, rent to fixed, and converting temp space to permanent entertainment, and experiential, along with digitally deals native concepts • Enhanci
Slide 20: Strong, Dynamic, and Diverse Tenant Mix
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% Corporate Parent Other Brands 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 un
Slide 21: Occupancy Opportunity
Occupancy Opportunity We’ve delivered solid performance with Upcoming expirations offer opportunity to continue sustained occupancy for 10+ years. driving rents, diversification, and elevation. 97.9% 97.5% 97.5% 98.0% 98.1% 97.2% 96.8% 97.1% 97.0% 97.3% +10.5% Blended 96.6% 96.6% 96.6% 96.6% 95.3% C
Slide 22: Operations
Operations An empowered team driving efficiency and value • Decentralized to empower field managers to drive the • Generating operating expense efficiencies without performance of their asset impacting the shopper experience • Maximizing center value through redevelopments, • Participating in revenu
Slide 23: Marketing
Marketing An unparalleled strategic advantage • Leveraging data to unlock greater value for our shoppers • Growing our customer database and optimizing our and retail partners to drive topline sales marketing spend with an ROI focus • Connecting our shoppers to the brands and value they • Reaching a
Slide 24: Accelerating Growth
Accelerating Growth A Portfolio Positioned in the Path of Demand Tanger Outlets Charleston 2Q 2026 | 24
Slide 25: Brick-and-Mortar Retail Demand
Brick-and-Mortar Retail Demand Shoppers want: Retailers want: • In-demand brands and new retail • Direct touchpoint with customers experiences • Omnichannel structure to support • Social, experiential shopping both online and physical store sales • Tactile interaction with products and • High-traffi
Slide 26: Positioned in the Path of Demand
2015 Positioned in the Our shopping centers are in fast-growing markets with Path of Demand above average population growth, that benefit from tourism, seasonal residents, and today’s flexible workforce. 90%+ SF in leading tourist destination or top 50 MSA 2x Average population growth in U.S. portfo
Slide 27: Tanger + Retail Brands
Tanger + Retail Brands A unique partnership that drives mutual success • Large, well-positioned portfolio with growth • Onsite media and community engagement opportunities opportunities • Quality, in-demand brands in each center • Digital-first loyalty and marketing platforms • Proven retail partner
Slide 28: The Outlet Channel
The Outlet Channel Highly profitable and core to retailers’ omnichannel strategy 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 • Productive sales mo
Slide 29: Tanger's Outlet Portfolio
Tanger’s Why shoppers choose Outlet Portfolio Tanger’s outlets • 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 inte
Slide 30: Strategic Merchandising
Strategic Merchandising Adding In-Demand Retailers and Food, Beverage, and Entertainment Options Apparel Athletic Health & Beauty Victoria’s Secret Buckle Lululemon Vuori Miss A Sephora Asheville | April 2026 Foley | June 2026 Daytona Beach | May 2026 Rehoboth Beach | June 2026 San Marcos | April 20
Slide 31: Tanger's Lifestyle Portfolio
Tanger’s Lifestyle Portfolio 4 1.9M Open-air Total SF lifestyle centers • 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 •
Slide 32: Creating Value
Creating Value Through Tanger’s Proven Platforms Coming Soon! New! New! Coming Soon! (under New! ground lease) New! Main Event 1 New! Coming New! Soon! Expansion Coming New!Soon! New! (under ground lease) 2Q 2026 | 32 Property boundary Separately owned
Slide 33: Enhancing Portfolio Value Through Strategic Asset Intensification
Enhancing Portfolio Value Through Strategic Asset Intensification Strategic, Disciplined, Data-Driven Intensification Recent Examples ~50% of centers have peripheral land opportunity Planet Fitness Tanger Outlets Savannah Each opportunity is evaluated for highest and best use, Build to Suit across m
Slide 34: External Growth
External Growth Accretive Portfolio Expansion Drives Value Bridge Street Town Centre, Huntsville 2Q 2026 | 34
Slide 35: Growing Our Platform to Create Value
How do our Recent Portfolio Additions Growing Our Platform align with our Investment Targets? to Create Value Dominant open-air centers Our Strategic Advantages: 1 New centers are in primary retail and entertainment destinations in their regions. • Ability to leverage the strength of our operating,
Slide 36: Accretive Expansion
Accretive Expansion $840M Deployed Since 2023 Recent additions continue to advance our external growth strategy to add value Outlets • Acquisitions, development, joint ventures, strategic management agreements • Leverage Tanger's well-established outlet platform and expertise (management, formerly (
Slide 37: Levis Commons Town Center Key Facts
LEVIS COMMONS TOWN CENTER Key Facts 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 97.5% occupied* with a mix of 40+ shopping, dining, and entertainment uses, surrounded by strong immed
Slide 38: Levis Commons Town Center
LEVIS COMMONS TOWN CENTER 2Q 2026 | 38
Slide 39: Levis Commons Site Plan
Residential – 288 units Residential – 18 units Office Space with Ground Floor Retail z 184 Rooms z O-I Glass Global Residential – 216 units z Headquarters z z (100K SF) Conference & Event Future Facility Medical Office Office Space with New Development z Residential – 382 units Ground Floor Retail 1
Slide 40: Levis Commons Town Center Market
N DETROIT, MI LAMBERTVILLE (70 miles) Levis Commons TEMPERANCE LAKE MI ERIE Major Proximate Cities • Detroit (70 mi) Town Center SYLVANIA OH • Cleveland (115 mi) • Columbus (130 mi) • Chicago (240 mi) Toledo, OH FULTON COUNTY University of Toledo OREGON LUCAS COUNTY Avg. Daily Traffic CHICAGO, IL Ow
Slide 41: Key Facts
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 96.5% occupied* with a mix of 100+ retail stores, restaurants, and entertainment venues Well-located in a vibr
Slide 42: Premier open-air outlet center in Kansas' top tourist destination
Premier open-air outlet center Anchors the Village West development in Kansas City – the #1 tourist destination in the state serving 10 million+ visitors annually – surrounded in Kansas’ top tourist destination by retail, sports and entertainment venues, hotels, and residential Within 2 miles: (Apar
Slide 43: Kansas City, KS-MO
ST JOSEPH OMAHA, NE DES MOINES, IA (160 miles) (180 miles) RECORD TOURISM AND Kansas City, KS-MO ECONOMIC IMPACT Kansas City, KS-MO MSA (2023) MISSOURI Kansas City • 28M Visitors (+5% YOY) STRONG DEMOGRAPHICS KANSAS International Airport (MCI) • $6.7B total economic impact Kansas City, KS-MO (+11% Y
Slide 44: Everything for Everyone - Right Here
Key Tanger Residential Car Compass Minerals National Dealerships Performance Center Large Retailer Training home of Sporting KC and renowned youth sports medicine and MLS Sports & Apartments training center Entertainment Apartments Other * Coming Soon Legends Field (MiLB) Agriculture Showcase & Disc
Slide 45: Community Hub for Kansas City
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,
Slide 46: Kansas City, KS-MO
Kansas City, KS-MO [add photo] 2Q 2026 | 46
Slide 47: Exciting and Unique-to-Market Brands
Exciting and Unique-to-Market Brands DISCOVER MORE Food, Beverage Primary Retail & Entertainment 2Q 2026 | 47
Slide 48: Appendix
Appendix Levis Commons Town Center | Toledo, OH | Summer Concert Series 2Q 2026 | 48
Slide 49: Safe Harbor Statements
Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of the operation of full price retail may not achieve our expected results; risks associated with environmental Section 27A of the Securities Act of 1933, as amended, and Section
Slide 50: Solid Debt Ratios
Agency Rating Outlook Latest Action Solid Debt Ratios Fitch Moody's BBB Baa2 Stable Stable July 24, 2025 September 11, 2025 S&P BBB Stable January 28, 2026 IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 41 % < 60% Total secured
Slide 51: Experienced and Engaged Leadership
Experienced and Engaged Leadership EXECUTIVE TEAM BOARD OF DIRECTORS CHAIR EMERITUS Stephen Yalof Michael Bilerman Leslie Swanson Luis Ubiñas Jeffrey Citrin Sandeep Mathrani Thomas Reddin Steven B. Tanger Director, President and Executive Vice President, Executive Vice President, Chair of the Board
Slide 52: Culture and Awards Consistently Recognized for Best-in-Class Performance
Culture and Awards Consistently Recognized for Best-in-Class Performance One of America’s Greatest One of America’s Greatest One of America’s Greatest Gold Visual Victory Award - Midsize Workplaces Midsize Workplaces for Culture, Midsize Workplaces for Tanger Outlets Savannah Belonging & Community W
Slide 53: Non-GAAP Reconciliations
Non-GAAP Reconciliations 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 N
Slide 54: Non-GAAP Reconciliations
Non-GAAP 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): SIX MONTHS ENDED JUNE 30, Reconciliations 2026 2025 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $61,035 $48,860 Noncont
Slide 55: Non-GAAP Reconciliations
Non-GAAP 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 YEAR ENDED DECEMBER 31, Reconciliations joint ventures at pro rata share (in thousands): 2025 2024 % Change NET INCOME $119
Slide 56: Non-GAAP Reconciliations
Non-GAAP Below is a reconciliation of net income to Portfolio NOI for the consolidated portfolio and Same Center NOI for the consolidated portfolio and including SIX MONTHS ENDED JUNE 30, Reconciliations unconsolidated joint ventures at pro rata share (in thousands): NET INCOME 2026 $64,016 2025 $51
Slide 57: Non-GAAP Reconciliations
SIX MONTHS ENDED JUNE 30, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2026 2025 Non-GAAP NET INCOME Adjusted to exclude: $64,016 $51,329 Reconciliations Interest expense, net Income tax expense (benefit) 34,626 440 31,805 262 Depreciation and amortizatio
Slide 58: Non-GAAP Reconciliations
Non-GAAP Below is a reconciliation of FFO to FAD (in thousands): SIX MONTHS ENDED JUNE 30, 2026 2025 Reconciliations FFO AVAILABLE TO COMMON SHAREHOLDERS $ 147,497 $ 131,344 Adjusted for: Corporate depreciation 2,666 2,392 Amortization of finance costs 2,609 1,861 Amortization of net debt (premium)
Slide 59: Notes
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
Slide 60: Notes
Page 18 1. As of June 30, 2026; Includes the occupancy rate of Tanger Kansas City at Legends and Levis Commons Town Center, which were acquired during the last 12 months. On a same center basis, occupancy was 96.6% on June 30, 2026. Notes 2. 3. For six months ended June 30, 2026 compared to the six
Slide 61: About Tanger
About Tanger 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 mill