Slide 1: Management Presentation
Management Presentation FEBRUARY 24, 2026 Tanger Outlets Phoenix
Slide 2: Table of Contents
Table of Contents Our Company and Strategy 3 Activating Growth 17 Leasing, Marketing, and Operations Accelerating Growth 27 A Portfolio Positioned in the Path of Demand External Growth 35 Accretive Portfolio Expansion to Drive Value Appendix 45 4Q 2025 | 2
Slide 3: Our Company and Strategy
Our Company and Strategy Tanger Outlets Grand Rapids 4Q 2025 | 3
Slide 4: Innovating Retail for 40+ Years
Innovating Retail for 40+ Years 1981 1993 16M+ SF 41 Our Mission Founded Listed (NYSE: SKT) of open-air shopping Outlet and Lifestyle centers We create shopping destinations that entertain, inspire, and $4.0B $5.7B 3,000+ 800+ bring our communities Market capitalization Enterprise value (1) Stores U
Slide 5: Open-Air Retail Portfolio in Dynamic Markets
Open-Air Retail Portfolio in 41 16M+ Dynamic Markets Retail Centers Square Feet 3K+ 800+ Stores 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 ten
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 4.3% $473 +9.5% 3.1M SF 2025 Same Center NOI Sales Per Square Foot Rent Spreads Leases Executed Growth (4Q25 TTM) (4Q25 TTM) (4Q25 TTM) Vs. -0.7% (FY19) Vs. $398 (4Q19 TTM) Vs. -11.6% (4Q19 TTM) Vs. 1.5M (4Q19 TTM) 8.4% 4.7x $4.0B $5.7B Core FFO Pe
Slide 9: An Enhanced Portfolio
7 $780M $185M An Enhanced Portfolio Additions Invested Sold (10 dispositions 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 New Development - October 2023 A
Slide 10: Driving Growth Through Merchandising
Driving Growth 31% Non-apparel/footwear GLA, up from 19% in 2019 Through Merchandising Elevating and Exciting new Stronger sense of expanding food entertainment place with curated & beverage and service amenities and choices options brand mix Enhanced mix Incorporating Leveraging unique of in-demand
Slide 11: Driving Growth Through Retailer, Shopper, and Asset Focus
Driving Growth Through Retailer, Shopper, and Asset Focus Using a data-driven Empowering retailer Reinvesting in our approach to leasing, partners with a asset base to drive marketing, and digital-first shopper traffic and extend operating our engagement dwell time portfolio platform Modernizing our
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 $341M 19% $1.7 BILLION 30% $1.4B NET DEBT $5.7 81% BILLION TOTAL ENTERPRISE Unsecured financing Secured financing VALUE 70% $4.0 Limited Floating Rate Exposure (1) BILLION EQUITY 2% $44M Capital Structure (1) (% of Total Enterprise Value) $
Slide 14: Solid Debt Position
Agency Rating Outlook Latest Action Solid Debt Position Fitch Moody's BBB Baa2 Stable Stable July 24, 2025 September 11, 2025 As of December 31, 2025 S&P BBB Stable January 28, 2026 In millions 4.1% Effective Interest Rate (1) 2.8 Years to Maturity (2) Cash & Restricted Cash $576 in Lines of Credit
Slide 15: Solid Debt Position (Pro Forma)
Total Liquidity (Pro Forma) (3) ($ M) Solid Debt Position Line of credit availability Cash Delayed term loan draw availability $620 $273 $150 $1.1B Pro Forma for 2026 Financing Transactions (3) Restricted cash $35 In millions, unless otherwise noted 3.9% Effective Interest Rate (1) 3.8 Years to Matu
Slide 16: Earnings and 2026 Guidance
Earnings and 2026 Guidance Guidance for 2026 Low Range High Range Net income per diluted share $1.04 $1.12 Depreciation and amortization of real estate assets - $ PER SHARE consolidated and the Company’s share of unconsolidated $1.37 $1.37 joint ventures Core FFO per diluted share (4) $2.41 $2.49 $2
Slide 17: Activating Growth
Activating Growth Leasing, Marketing, and Operations Tanger Outlets Fort Worth 4Q 2025 | 17
Slide 18: 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 4Q 2025 | 18
Slide 19: Operating Metrics
Operating Metrics 98.1% 5.6% 9.7% Occupancy (1) Change in Same Occupancy cost Center NOI ratio (3) 4Q25 vs. 4Q24 (2) 3.1 $473 Million SF executed in last Tenant sales per SF (4) 12 Months from 630 Up 6.8% from 4Q24 (7) leases (4)(5)(6) +9.5% 16 Blended cash rent spreads Consecutive quarters for exec
Slide 20: Leasing
Leasing Partnering with brands to drive mutual success • Driving rents with higher rent spreads, shifting variable • Introducing digitally native concepts and non-retail rent to fixed, and converting temp space to permanent uses including food, entertainment, and deals experiential • Enhancing portf
Slide 21: Strong and Stable Brand Categories
Strong and Stable Brand Categories Apparel Athletic Footwear Accessories 4Q 2025 | 21
Slide 22: 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 4Q 2025 | 22
Slide 23: Strong, Dynamic, and Diverse Tenant Mix
Strong, Dynamic, and Diverse Tenant Mix Top 10 Tenant Athleta Ann Taylor Aerie Coach Under Aéropostale Calvin Klein Converse Columbia Banter by Armour Piercing Brands: Banana Chicos American Kate Spade Brooks Tommy Nike Pagoda Republic Eagle Under Brothers Hilfiger Lane Bryant Outfitters Armour Jare
Slide 24: 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% 98.0% 98.1% 98.1% 98.2% 97.2% 96.8% 97.1% 97.0% 97.3% 92.2% 95.3% +9.5% Blended Ca
Slide 25: 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 26: 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 27: Accelerating Growth
Accelerating Growth A Portfolio Positioned in the Path of Demand Tanger Outlets Deer Park 4Q 2025 | 27
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: Tanger's Lifestyle Portfolio
Tanger’s Lifestyle Portfolio 3 1.6M 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 34: Enhancing Value in our Existing Asset Base
Enhancing Value in our Existing Asset Base 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 multiple avenues for val
Slide 35: External Growth
External Growth Accretive Portfolio Expansion to Drive Value Tanger Kansas City at Legends 4Q 2025 | 35
Slide 36: How do our Recent Portfolio Additions align with our Investment Targets?
How do our Recent Portfolio Additions Growing Our Platform align with our Investment Targets? to Create Value Our Strategic Advantages: 1 Dominant open-air centers New centers are in primary retail and entertainment destinations in their regions. • Ability to leverage the strength of our operating,
Slide 37: Accretive Expansion
Accretive Expansion Recent additions continue to advance our external growth strategy to add value $780M+ Deployed Since 2023 Outlets • Acquisitions, development, joint ventures, strategic management agreements • Leverage Tanger's well-established outlet platform and (management, (development) (acqu
Slide 38: 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 96.2% occupied* with a mix of 100+ retail stores, restaurants, and entertainment venues Well-located in a vibr
Slide 39: 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 40: 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 41: 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 42: 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 43: Kansas City, KS-MO
Kansas City, KS-MO [add photo] 4Q 2025 | 43
Slide 44: Exciting and Unique-to-Market Brands
Exciting and Unique-to-Market Brands DISCOVER MORE Food, Beverage Primary Retail & Entertainment 4Q 2025 | 44
Slide 45: Appendix
Appendix Additional Information, Non-GAAP Reconciliations and Definitions, and Notes Bridge Street Town Centre, Huntsville 4Q 2025 | 45
Slide 46: Safe Harbor Statements
Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of our entry into the operation of full price retail may not achieve our expected results; risks associated with Section 27A of the Securities Act of 1933, as amended, and Sectio
Slide 47: Solid Debt Ratios
Solid Debt Ratios IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 37 % < 60% Total secured debt to adjusted total assets 4% < 40% Total unencumbered assets to unsecured debt 277 % > 150% Consolidated income available for debt ser
Slide 48: Experienced and Engaged Executive Team
Experienced EXECUTIVE TEAM and Engaged Executive Team Stephen Yalof Michael Bilerman Leslie Swanson Jessica Norman Justin Stein and Board Director, President and Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Chief Executive Officer Chief Fina
Slide 49: 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): YEAR ENDED DECEMBER 31, 2025 2024 2023 Reconciliations NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 113,904 $ 97,675 $
Slide 50: 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, 2025 2024 % Change Reconciliations NET INCOME Adju
Slide 51: Non-GAAP Reconciliations
YEAR ENDED DECEMBER 31, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2025 2024 Non-GAAP NET INCOME $ 119,501 $ 102,760 Adjusted to exclude: Interest expense, net 65,060 59,414 Reconciliations Income tax expense (benefit) Depreciation and amortization Impa
Slide 52: Non-GAAP Reconciliations
Non-GAAP YEAR ENDED DECEMBER 31, Below is a reconciliation of FFO to FAD (in thousands): 2025 2024 FFO AVAILABLE TO COMMON SHAREHOLDERS $ 277,986 $ 245,449 Reconciliations Adjusted for: Corporate depreciation 4,916 3,762 Amortization of finance costs 3,735 3,496 Amortization of net debt discount 321
Slide 53: 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 54: Notes (continued)
Page 19 1. As of December 31, 2025; Includes the occupancy rate of Pinecrest, and Tanger Kansas City at Legends, which were acquired during the last 12 months, and excludes the occupancy rate at the Howell, Michigan center that was sold in April 2025. On a same center basis, occupancy Notes 2. was 9
Slide 55: Investor Relations Contacts
Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping Doug McDonald destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of SVP, Treasurer and Investments 38 outlet centers and three open-air lifestyle cent