Slide 1: Management Presentation
Management Presentation SEPTEMBER 3, 2025 Tanger Outlets Phoenix
Slide 2: Table of Contents
Table of Contents Our Company and Strategy 3 Activating Growth 16 Leasing, Marketing, and Operations Accelerating Growth 26 A Portfolio Positioned in the Path of Demand External Growth 34 Accretive Portfolio Expansion to Drive Value Appendix 46 2Q 2025 | 2
Slide 3: Our Company and Strategy
Our Company and Strategy Tanger Outlets Grand Rapids 2Q 2025 | 3
Slide 4: Innovating Retail for 40+ Years
Innovating Retail for 40+ Years 1981 1993 16M SF 40 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 $3.6B $5.3B 3,000+ 700+ together Market capitalization Enterprise value (1)
Slide 5: Open-Air Retail Portfolio in Dynamic Markets
Open-Air Retail Portfolio in 40 16M Retail Centers Square Feet Dynamic Markets 3K+ 700+ 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 tenan
Slide 6: Tanger's Strategic Advantages
Tanger’s Strategic Advantages Open-air portfolio in sought- Loyal retailer partnerships Strong NOI growth after destinations and 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 operating, and marketin
Slide 8: A Platform Evolution Driving Performance and Growth
A Platform Evolution Driving Performance and Growth 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 $3.6
Slide 9: An Enhanced Portfolio
An Enhanced Portfolio 6 $650M $185M Additions Invested Sold (10 dispositions since 2019) Outlet Tanger Outlets Palm Beach | Palm Beach, FL Tanger Outlets Nashville | Nashville, TN Tanger Outlets Asheville | Asheville, NC Strategic Partnership - July 2022 New Development - October 2023 Acquired - Nov
Slide 10: Driving Growth Through Merchandising
Driving Growth 30% 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 • Data-driven and anal
Slide 13: Strong Balance Sheet
Limited Use of Secured Financing (1) Strong Balance Sheet $0.2B $1.7 BILLION $1.5B 32% NET DEBT $5.3 BILLION TOTAL ENTERPRISE VALUE 68% $3.6 Limited Floating Rate Exposure (1) BILLION EQUITY $0.1B Capital Structure (1) (% of Total Enterprise Value) $1.6B $528M $70M 5.0x 56% Line Undrawn Net debt / D
Slide 14: Solid Debt Position
Agency Rating Outlook Latest Action Solid Debt Position Fitch Moody's BBB Baa3 Stable Positive July 24, 2025 November 18, 2024 Manageable Debt Maturities S&P BBB- Positive March 3, 2025 4.0% 3.4 Lines of Credit ($620M in commitments at Effective Years to Adjusted SOFR + 0.85% maturing in 2029; $92M
Slide 15: Earnings and Guidance for 2025
Earnings and Guidance for 2025 Low High 2025 Guidance Range Range Net income per diluted share $0.93 $1.00 Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint $1.28 $1.28 ventures $ PER SHARE Impairment charges - consolidated $0.04 $0.04
Slide 16: Activating Growth
Activating Growth Leasing, Marketing, and Operations Tanger Outlets Fort Worth 2Q 2025 | 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 2025 | 17
Slide 18: Operating Metrics
Operating Metrics 96.6% 3.8% 9.7% Occupancy (1) Change in Same Occupancy Cost Center NOI Ratio (3) 2Q25 vs. 2Q24 (2) 2.8 $465 Million SF Executed in Tenant Sales per SF (4) Last 12 Months from 625 Up 2.2% from 1Q25 and up Leases (4)(5)(6) 6.2% from 2Q24 (7) +12.0% 14 Blended Cash Rent Spreads Consec
Slide 19: Leasing
Leasing Partnering with brands to drive mutual success • Driving rents with higher rent spreads, shifting variable • Introducing digitally native concepts and non- rent to fixed, and converting temp space to retail uses including food, entertainment, and permanent deals experiential • Enhancing port
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: 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% 98.0% 97.5% 97.5% 97.0% 97.3% +12.0% 97.2% 96.8% 97.1% 96.4% 96.6% 96.6% 96.6% 95.3% Blended Cash Re
Slide 24: 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 25: Marketing
Marketing An unparalleled strategic advantage • Leveraging data to unlock greater value for our • Growing our customer database and optimizing our shoppers 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 26: Accelerating Growth
Accelerating Growth A Portfolio Positioned in the Path of Demand Tanger Outlets Deer Park 2Q 2025 | 26
Slide 27: 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 28: 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. 16 Centers in Top 50 MSAs 19% average population growth in portfolio markets (U.S. national avg.
Slide 29: 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 30: 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 31: 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 inter
Slide 32: 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 33: 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 34: External Growth
External Growth Accretive Portfolio Expansion to Drive Value Pinecrest, Cleveland 2Q 2025 | 34
Slide 35: Growing Our Platform to Create Value
Growing Our Platform How do our Recent Portfolio Additions 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 36: Accretive Expansion
Accretive Expansion Recent additions continue to advance our external growth strategy to add value $650M+ Deployed Since 2023 Outlets • Acquisitions, development, joint ventures, strategic management agreements • Leverage Tanger's well-established outlet platform and (management) (development) (acqu
Slide 37: 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 38: Little Rock, AR
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 39: 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 40: The Promenade
cS THE PROMENADE AT CHENAL a Tanger Property 220264 |. 40
Slide 41: 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 42: 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 | 42
Slide 43: Cleveland, OH
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 44: 2019 Gold Winner
2019 Gold Winner New Development International Council of Shopping Centers’ North America Design & Development Awards 2Q 2025 | 44
Slide 45: Pinecrest
PINECREST 4 Tanger property
Slide 46: Appendix
Appendix Additional Information, Non-GAAP Reconciliations and Definitions, and Notes Bridge Street Town Centre, Huntsville 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 with our expectations; the diversification of our tenant mix and our entry into the operation of full price retail may Section 27A of the Securities Act of 1933, as amended, a
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 and Board
Experienced EXECUTIVE TEAM and Engaged Executive Team and Board Stephen Yalof Michael Bilerman Leslie Swanson Jessica Norman Justin Stein Director, President and Executive Vice Executive Vice Executive Vice Executive Vice Chief Executive Officer President, Chief President, Chief President, General P
Slide 50: Non-GAAP Reconciliations
Non-GAAP Reconciliations Below is a reconciliation of net income (loss) available to common shareholders to FFO and YEAR ENDED DECEMBER 31, 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 Noncontrolling interest
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 YEAR ENDED DECEMBER 31, 2024 2023 % Change Reconciliations joint ventures at pro rata share (in thousands): NET INCOME $ 10
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 SIX MONTHS ENDED JUNE 30, Reconciliations unconsolidated joint ventures at pro rata share (in thousands): 2025 2024 % Change NET INCOME $
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 Adjusted to exclude: $ 51,329 $ 49,221 Reconciliations Interest expense, net 31,805 29,595 Income tax expense (benefit) 262 (248) Depreciation and amortiz
Slide 55: Non-GAAP Reconciliations
Non-GAAP Below is a reconciliation of FFO to FAD (in thousands): SIX MONTHS ENDED JUNE 30, Reconciliations 2025 2024 FFO AVAILABLE TO COMMON SHAREHOLDERS $ 131,344 $ 119,478 Adjusted for: Corporate depreciation 2,392 1,627 Amortization of finance costs 1,861 1,695 Amortization of net debt discount 4
Slide 56: 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 57: Notes (continued)
Page 18 1. As of June 30, 2025; Includes the occupancy rate of The Promenade at Chenal and Pinecrest, which were acquired during the fourth Notes quarter of 2024 and the first quarter of 2025, respectively, and excludes the occupancy rate at the Howell, Michigan center that was sold in April 2025. O
Slide 58: About Tanger
About Tanger Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping Doug McDonald destinations, with over 44 years of expertise in the retail and outlet shopping industries. Tanger’s SVP, Treasurer and Investments portfolio of 37 outlet centers and three open-