Slide 1: Management Presentation
Management Presentation AUGUST 4, 2025 Tanger Outlets Phoenix
Slide 2: Table of Contents
Table of Contents Our Company and Strategy 3 The Outlet Channel 14 Tenants and Operating Metrics 19 Core Strategies 26 Recent Transactions 31 Additional Information 46 2Q 2025 | 2
Slide 3: Our Company and Strategy
Our Company and Strategy Tanger Outlets Tanger OutletsColumbus Asheville 2Q 2025 | 3
Slide 4: Innovating Retail for 40+ Years
Innovating Retail for 40+ Years Our Mission 1981 1993 16M SF 40 To deliver the best Founded Listed of open-air Outlet and Lifestyle value, experience and (NYSE: SKT) shopping centers opportunity for our communities, stakeholders and $3.6B $5.3B 3,000+ 700+ partners Market Enterprise Stores Brand-nam
Slide 5: Open-Air Retail Portfolio in Dynamic Markets
Open-Air Retail Portfolio in Dynamic Markets Outlet Center* 40 16M Lifestyle Center* Retail Centers SF Strategic Partnership Corporate Headquarters High-quality, open-air Outlet and Lifestyle retail centers Focused in high-growth suburban markets and high-frequency tourist destinations Well position
Slide 6: Tanger's Strategic Advantages
Tanger’s Strategic Advantages Open-air portfolio Loyal retailer partnerships Strong Same Center NOI Well positioned in the path and customer relationships growth potential of population migration Provide us with unique insights to Driving rents, maximizing occupancy, trends anticipate shopper trends
Slide 7: A Platform Evolution
A Platform Evolution 2.5% - 4.0% $465 +12.0% 2.8M SF 2025 Same Center NOI Sales Per Square Foot Rent Spreads Leases Executed Growth (Guidance) (2Q25 TTM) (2Q25 TTM) (2Q25 TTM) Vs. -0.7% (FY19) Vs. $398 (4Q19 TTM) Vs. -11.6% (4Q19 TTM) Vs. 1.5M (4Q19 TTM) 7.5% 5.0x $3.6B $5.3B Core FFO Per Share Net
Slide 8: A Differentiated Platform Driving Growth
A Differentiated Platform Driving Growth The Pillars Internal Growth Real Estate Intensification External Growth driving our Deliver strong Same Enhance and create value Expand portfolio through growth Center NOI growth from existing real estate asset selective and disciplined base acquisition and d
Slide 9: Key Initiatives Supporting Growth
Key Initiatives Supporting Growth Strategic, Disciplined, Data-Driven Tanger Outlets Daytona Beach Tanger Outlets Nashville Pinecrest Active Leasing Efficient Operations Targeted Marketing Strategic Finance • Grow total rent (base rent and • Grow ancillary revenues • Drive sales and traffic • Pruden
Slide 10: Growing Our Platform to Create Value
Growing Our Platform to Create Value Investing in market-dominant centers with robust residential and economic drivers, where Tanger’s platform can create value Strategic, Disciplined, Data-Driven Approach $650M+ Deployed Since 2023 1. Outlets: Acquisitions, development, joint ventures, strategic ma
Slide 11: Strong Balance Sheet
Strong Balance Sheet LIMITED USE OF SECURED FINANCING (1) $0.2B 13% $1.7 $1.5B 87% BILLION NET DEBT $5.3 32% BILLION TOTAL ENTERPRISE Secured financing Unsecured financing VALUE $3.6 68% BILLION LIMITED FLOATING RATE EXPOSURE (1) EQUITY 5% $0.1B CAPITAL STRUCTURE (1) (% of Total Enterprise Value) $1
Slide 12: Solid Debt Position
Solid Debt Position Agency Fitch Rating BBB Outlook Stable Latest Action July 24, 2025 Moody's Baa3 Positive November 18, 2024 Manageable Debt Maturities S&P BBB- Positive March 3, 2025 Effective Interest Rate (1) 4.0% Lines of Credit ($620M in commitments at Adjusted SOFR + 0.85% maturing in 2029;
Slide 13: Earnings and 2025 Guidance
Earnings and 2025 Guidance Low High $ PER SHARE GUIDANCE FOR 2025 Range Range $2.50 Net income per diluted share $0.93 $1.00 $2.31 $2.13 Depreciation and amortization of real estate assets - consolidated and $2.24 $1.28 $1.28 the Company’s share of unconsolidated joint ventures $1.96 $2.00 Impairmen
Slide 14: The Outlet Channel
The Outlet Channel Tanger Outlets Deer Park 2Q 2025 | 14
Slide 15: Retailer Value Proposition
THE OUTLET CHANNEL Productive sales model & clearance channel Retailer Value Proposition Lower cost of occupancy & higher margins One of the most profitable channels for retailers and an important component of the omnichannel retail strategy Lower customer acquisition costs Direct touchpoint with co
Slide 16: Retailers' Outlet Strategy
Clear excess inventory and maintain brand THE OUTLET CHANNEL integrity Retailers’ Outlet Strategy Use excess materials with made-for-outlet inventory Retailers use the channel in a variety of ways that best align with their business model Hybrid and full price offerings “Try before you buy” model fo
Slide 17: Consumer Value Proposition
THE OUTLET CHANNEL Brand names at consistent value Consumer Value Proposition Social, experiential shopping Our centers give shoppers the ability to find their favorite brands at the value they want and Tactile interaction with products provide a variety of options for every member of the family Ins
Slide 18: Tanger Value Proposition
UNIQUE PARTNERSHIP Tanger Value Proposition • Large, well-positioned portfolio with growth opportunities • Quality, in-demand brands in each center • Proven retail partner with local team support • Onsite media and community engagement opportunities • Digital-first loyalty and marketing platforms Ta
Slide 19: Tenants and Operating Metrics
Tenants and Operating Metrics Tanger Outlets Nashville 2Q 2025 | 19
Slide 20: Strong and Stable Brand Categories
Strong and Stable Brand Categories APPAREL ATHLETIC FOOTWEAR ACCESSORIES 2Q 2025 | 20
Slide 21: New & Expanded Tenants & Categories in the Tanger Portfolio
New & Expanded Tenants & Categories in the Tanger Portfolio FOOD, BEVERAGE + ENTERTAINMENT FOOTWEAR, APPAREL, + ACCESSORIES HOME BOOKS, TOYS + GAMES BEAUTY 2Q 2025 | 21
Slide 22: Strong, Dynamic, and Diverse Tenant Mix
Strong, Dynamic, and Diverse Tenant Mix Top 10 Tenant Athleta Ann Taylor Coach Aerie Under Aéropostale Calvin Klein Converse Columbia Banter by 69.7% Armour Piercing Brands: Banana Chicos Kate Spade American Brooks Tommy Nike Pagoda Republic Eagle Under Brothers Hilfiger Lane Bryant Outfitters Armou
Slide 23: Operating Metrics
Operating Metrics (Total Portfolio at Pro Rata Share Except Where Noted) 14 CONSECUTIVE QUARTERS OF POSITIVE RENT SPREADS 50.0% 96.6% Occupancy (1) 40.0% +12.0% Blended Cash Rent Spreads for Executed Comparable Leases (2)(3)(4) 30.0% 3.8% Change in Same Center NOI 2Q25 vs. 2Q24 (5) 20.0% 13.8% 13.2%
Slide 24: Solid Performance with Sustained Occupancy
Solid Performance with Sustained Occupancy 97.9% 97.5% 97.5% 98.0% 97.2% 96.8% 97.1% 97.0% 97.3% 96.4% 96.6% 96.6% 96.6% 95.3% 92.2% 2014 2018 2022 2Q24 2Q25 2017 2021 2Q24 2016 2020 2024 2015 2019 2023 2Q25 Total Portfolio Same Center Total portfolio occupancy represents period-end occupancy for st
Slide 25: Upcoming Expirations Provide Opportunity
Upcoming Expirations Provide Opportunity PERCENTAGE OF ANNUAL BASE RENT PERCENTAGE OF TOTAL GLA 2025 9% 2025 8% 2026 19% 2026 19% 2027 18% 2027 19% 2028 15% 2028 16% 2029 11% 2029 11% 2030 10% 2030 10% 2031 3% 2031 3% 2032 4% 2032 4% 2033 4% 2033 4% 2034 3% 2034 3% 2035+ 4% 2035+ 3% As of June 30, 2
Slide 26: Core Strategies
Core Strategies Tanger Outlets Fort Worth 2Q 2025 | 26
Slide 27: Leasing
Leasing STRATEGIC, DISCIPLINED, DATA-DRIVEN • Drive rents • Diversify the assortment • Increase occupancy • Activate peripheral land • Driving rents with higher rent spreads, shifting variable rent to fixed and converting temp space to permanent deals • Enhancing portfolio with an elevated and diver
Slide 28: Operations
Operations STRATEGIC, DISCIPLINED, DATA-DRIVEN • Drive operational efficiencies • Grow ancillary revenue • Invest strategically in sustainability • Maximize asset value • Decentralized to empower field managers to drive the performance of their asset • Participating in revenue generation – Focus on
Slide 29: Marketing
Marketing STRATEGIC, DISCIPLINED, DATA-DRIVEN • Data and insights-led • Digital-first platform • Modern approach to loyalty • ROI-focused spend • Leveraging data to unlock greater value for our guests and retail partners to drive topline sales • Connecting guests to the brands and value that they wa
Slide 30: Financial Drivers and External Growth
Financial Drivers and External Growth STRATEGIC, DISCIPLINED, DATA-DRIVEN • Prudent balance sheet management • Disciplined external growth • Data and analytical approach • Increased awareness • Strong NOI growth potential • Low-leveraged, investment grade and flexible balance sheet provides capacity
Slide 31: Recent Transactions
Recent Transactions Pinecrest | Cleveland, OH – a Tanger property 2Q 2025 | 31
Slide 32: Growing Portfolio
Growing Portfolio through Outlets and Open-Air Lifestyle Centers Tanger Outlets Palm Beach Tanger Outlets Nashville Tanger Outlets Asheville Strategic Partnership - July 2022 New Development - October 2023 Acquired - November 2023 Bridge Street Town Centre | Huntsville, AL The Promenade at Chenal |
Slide 33: The Promenade at Chenal and Pinecrest
The Promenade at Chenal and Pinecrest Recent Acquisitions Continue Advancement of External Growth Strategy and Core Competencies to Add Value • Leveraging strength of operating, leasing, and marketing platforms • Experienced in-place team with expertise across the retail spectrum • Dynamic and diver
Slide 34: Little Rock, AR
Little Rock, AR 2Q 2025 | 34
Slide 35: Key Facts
Key Facts Acquired December 10, 2024 for ~$73M Funded using cash on hand and available liquidity Dominant Open-Air Lifestyle Center in Affluent Master-Planned Community Located in the Chenal Valley neighborhood in West Little Rock, where continued densification has strengthened a live-work-play dyna
Slide 36: Little Rock, AR Market Demographics
KANSAS CITY, MO (380 miles) ST. LOUIS, MO Little Rock, AR MAJOR CITIES Little Rock, AR MSA (350 miles) STRONG DEMOGRAPHICS • Little Rock, AR (10 mi) • North Little Rock, AR (13 mi) • Conway, AR (32 miles) OKLAHOMA 765K MSA Population CITY, OK CONWAY (340 miles) AVG. DAILY TRAFFIC NASHVILLE, TN +2.3%
Slide 37: The Promenade at Chenal | Dynamic West Little Rock Location
The Promenade at Chenal | Dynamic West Little Rock Location CARRINGTON PARK AT CHENAL VALLEY 202 Units COMING SOON PALISADES AT 104 Rooms CHENAL VALLEY 248 Units Planned development for office, hotel, 300+ Employees restaurant, and medical services 0.3 Miles 40K SF Only Costco in AR 20K SF HQ Headqu
Slide 38: The Promenade at Chenal
THE PROMENADE AT CHENAL a Tanger Property 202025 1°38 <=
Slide 39: Cleveland, OH
Cleveland, OH 2Q 2025 | 39
Slide 40: Key Facts
Retail / Medical FB&E / Services Office (88K SF) (331K SF) (164K SF) Hotel (145 keys) Parking (754 stalls) Retail / Residential Restaurant (87 units) (55K SF) Grocery Anchor (45K SF) Key Facts Acquired February 12, 2025 for ~$167M Funded using cash on hand and available liquidity Market-Dominant Ret
Slide 41: Pinecrest | Northeast Ohio's Premier Retail and Entertainment District
Pinecrest | Northeast Ohio’s Premier Retail and Entertainment District Offices at Future Development Opportunity & Rooftop Restaurant Property boundary Separately owned 2Q 2025 | 41
Slide 42: Cleveland, OH Market Demographics
DETROIT, MI Cleveland, OH SURROUNDING CITIES / TOWNS (100 miles) TORONTO, ON (185 miles) Avg. HH Income (Distance) • Orange - $190K (<1.0 mi) STRONG DEMOGRAPHICS • Pepper Pike - $286K (<1.0 mi) • Moreland Hills - $258K (1.4 mi) • Shaker Heights - $168K (1.7 mi) MENTOR 2.2M MSA Population 42 MSA Medi
Slide 43: 2019 Gold Winner New Development
2019 Gold Winner New Development International Council of Shopping Centers’ North America Design & Development Awards 2Q 2025 | 43
Slide 44: Pinecrest
PINECREST a Tanger Property
Slide 45: Pinecrest
@) PINECREST eg rar = tes - ae a Tanger Property “= = I F iy a 14 Ta
Slide 46: Additional Information
Additional Information Tanger Outlets Tanger OutletsColumbus Asheville 2Q 2025 | 46
Slide 47: Safe Harbor Statements
Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of expectations; the diversification of our tenant mix and our entry into the operation of full price retail may not Section 27A of the Securities Act of 1933, as amended, and Se
Slide 48: Solid Debt Ratios
Solid Debt Ratios 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 2% < 40% Total unencumbered assets to unsecured debt 264% > 150% Consolidated income available for debt servi
Slide 49: Experienced and Engaged Executive Team
EXECUTIVE TEAM Experienced and Engaged Executive Team Stephen Yalof Director, President and Michael Bilerman Leslie Swanson Executive Vice President, Executive Vice President, Jessica Norman Justin Stein Executive Vice President, Executive Vice President, Chief Executive Officer Chief Financial Offi
Slide 50: Non-GAAP Reconciliations
Non-GAAP Below is a reconciliation of net income (loss) available to common shareholders to FFO and YEAR ENDED DECEMBER 31, Reconciliations Core FFO available to common shareholders (in thousands, except per share information): 2024 2023 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 97,675 $ 97,965
Slide 51: 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, 2025 2024 Reconciliations NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 48,860 $ 46,793 Nonco
Slide 52: 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 joint ventures at pro rata share (in thousands): YEAR ENDED DECEMBER 31, 2024 2023 % Change Reconciliations NET INCOME Adju
Slide 53: 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 joint ventures at pro rata share (in thousands): SIX MONTHS ENDED JUNE 30, 2025 2024 % Change Reconciliations NET INCOME Ad
Slide 54: Non-GAAP Reconciliations
SIX MONTHS ENDED JUNE 30, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2025 2024 Non-GAAP NET INCOME $ 51,329 $ 49,221 Adjusted to exclude: Interest expense, net 31,805 29,595 Reconciliations Income tax expense (benefit) Depreciation and amortization Impa
Slide 55: Notes
Page 4 Net debt and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("Adjusted EBITDAre") are non-GAAP Notes financial measures. Refer to reconciliations beginning on page 50 and to Tanger's filings with the Securities and Exchange Commission (SEC) for definit
Slide 56: Notes (continued)
Page 13 (continued) (4) Amounts may not recalculate due to the effect of rounding. Notes (5) Weighted average diluted common shares are expected to range from approximately 114.0 million to 115.0 million for earnings per share and 118.5 million to 119.5 million for FFO and Core FFO per share. The es
Slide 57: About
About Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 44 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 37 outlet centers and three open-air lifestyle centers includes 16 million square fee