Slide 1: Management Presentation
Management Presentation APRIL 30, 2025 Tanger Outlets Phoenix
Slide 2: Safe Harbor Statements
Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of of retail centers we may identify; competition for tenants with competing retail centers and our inability to execute Section 27A of the Securities Act of 1933, as amended, an
Slide 3: Table of Contents
Table of Contents Our Mission and Vision 4 Tanger at a Glance 5 Our Portfolio 6 Foundations of Growth 8 External Growth Strategy 10 The Outlet Channel 11 Tenants and Operating Metrics 16 Core Strategies 23 Our Executive Team and Board 31 Earnings & 2025 Guidance 32 Recent Transactions 33 Non-GAAP Su
Slide 4: Our Mission and Our Vision
Our Mission To deliver the best value, experience and opportunity for our communities, stakeholders and partners Our Vision Using customer insights and experience to inform the future of shopping Tanger Outlets Columbus 1Q 2025 | 4
Slide 5: Tanger at a Glance
Tanger at a Glance Long-Term Foundation Positioned for Growth • 44-year history + 32 years publicly traded on NYSE (SKT) • Open-air portfolio provides brands and retailers an attractive and integral sales channel • $4.0B market capitalization • $5.7B total enterprise value (1) • Centers sought out b
Slide 6: 41 Retail Centers | 16.2M SF
41 Retail Centers | 16.2M SF Open-air portfolio well positioned in high-frequency tourist destinations and suburbs of vibrant and fast-growing markets Outlet Center Consolidated or Joint Venture Open-Air Lifestyle Center Consolidated Strategic Partnerships Corporate Headquarters As of April 30, 2025
Slide 7: Strong Portfolio Demographic Drivers
Strong Portfolio Demographic Drivers Heavy presence in Top 50 MSAs and leading tourist destinations Benefit from post-Covid migration and flexible work trends Located in fast-growing markets with above- average population and job growth Broad shopper catchment areas with tourism and seasonal residen
Slide 8: Foundations of Tanger's Corporate Growth
Foundations of Tanger’s Corporate Growth Internal Real Estate External Growth Intensification Growth Deliver strong Enhance and create Grow Tanger through Same Center NOI value from existing selective and disciplined growth real estate asset base acquisition and development All while maintaining a •
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: External Growth Strategy
External Growth Strategy Investing in market-dominant centers with robust residential and economic drivers where Tanger’s platform can create value Three-Pronged Approach Recent Portfolio Expansions 1. Outlets: Acquisitions, development, joint ventures, strategic management agreements • Leverage Tan
Slide 11: The Outlet Channel
The Outlet Channel Tanger Outlets Deer Park 1Q 2025 | 11
Slide 12: 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 13: 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 14: 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 15: 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 16: Tenants and Operating Metrics
Tenants and Operating Metrics Tanger Outlets Nashville 1Q 2025 | 16
Slide 17: Strong and Stable Brand Categories
Strong and Stable Brand Categories APPAREL ATHLETIC FOOTWEAR ACCESSORIES 1Q 2025 | 17
Slide 18: 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 1Q 2025 | 18
Slide 19: Strong, Dynamic, and Diverse Tenant Mix
Strong, Dynamic, and Diverse Tenant Mix Top 10 Tenant Athleta Ann Taylor Coach Under Armour Aerie Aéropostale Calvin Klein Converse Columbia Banter by Piercing 69.3% Brands: Banana Chicos Kate Spade Under Armour American Brooks Tommy Nike Pagoda Republic Youth Eagle Brothers Hilfiger Lane Bryant Out
Slide 20: Operating Metrics
Operating Metrics (Total Portfolio at Pro Rata Share Except Where Noted) 13 CONSECUTIVE QUARTERS OF POSITIVE RENT SPREADS 50.0% 95.8% Occupancy (1) 40.0% +14.1% Blended Cash Rent Spreads for Executed Comparable Leases (2)(3)(4) 30.0% 2.3% Change in Same Center NOI 1Q25 vs. 1Q24 (5) 20.0% 13.8% 13.2%
Slide 21: 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% 96.5% 96.8% 95.8% 95.9% 95.3% 92.2% 2024 2015 2019 2023 1Q25 2014 2018 2022 1Q24 1Q25 2017 2021 1Q24 2016 2020 Total Portfolio Same Center Total portfolio occupancy represents period-end occupancy for st
Slide 22: Upcoming Expirations Provide Opportunity
Upcoming Expirations Provide Opportunity PERCENTAGE OF ANNUAL BASE RENT PERCENTAGE OF TOTAL GLA 2025 16% 2025 17% 2026 19% 2026 19% 2027 15% 2027 16% 2028 14% 2028 15% 2029 11% 2029 10% 2030 8% 2030 7% 2031 3% 2031 3% 2032 4% 2032 4% 2033 4% 2033 4% 2034 3% 2034 3% 2035+ 3% 2035+ 2% As of March 31,
Slide 23: Core Strategies
Core Strategies Tanger Outlets Fort Worth 1Q 2025 | 23
Slide 24: 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 diversified r
Slide 25: 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 business
Slide 26: 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 want throu
Slide 27: 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 to grow
Slide 28: Strong Balance Sheet
Strong Balance Sheet LIMITED USE OF SECURED FINANCING (1) $0.2B 13% $1.7 87% $1.5B BILLION NET DEBT $5.7 30% BILLION TOTAL Secured financing Unsecured financing ENTERPRISE VALUE $4.0 (1) 70% BILLION LIMITED FLOATING RATE EXPOSURE EQUITY $0.2B 12% (1) CAPITAL STRUCTURE (% of Total Enterprise Value) $
Slide 29: Manageable Debt Maturities
Manageable Manageable Debt Debt Maturities Maturities Effective Interest Rate (1) 4.1% Years to Maturity (2) 3.5 $481 in borrowing capacity $403 $400 $357 $352 $139 As of March 31, 2025, in millions $46 $36 Refer to presentation notes beginning $0 on page 58. 2025 2026 2027 2028 2029 2030 2031 2032
Slide 30: 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 260% > 150% Consolidated income available for debt servi
Slide 31: 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 32: Earnings & 2025 Guidance
$ PER SHARE $3.00 $2.30 $2.13 Earnings & $2.00 $1.96 $2.22 2025 Guidance $1.00 $0.92 $0.88 $0.99 $0.91 $0.52 $0.53 $0.20 $0.17 $— 2023 (1) 2024 (2) 2025 Guidance 1Q24 (2) 1Q25 (3) Net Income Core FFO Low High GUIDANCE FOR 2025 Range Range Net income per diluted share $0.91 $0.99 Depreciation and amo
Slide 33: Recent Transactions
Recent Transactions Pinecrest | Cleveland, OH – a Tanger property 1Q 2025 | 33
Slide 34: 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 35: 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 36: Little Rock, AR
Little Rock, AR 1Q 2025 | 36
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 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 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 at Chenal
THE PROMENADE AT CHENAL a Tanger Property 10.2025, 1°40 =
Slide 41: Cleveland, OH
Cleveland, OH 1Q 2025 | 41
Slide 42: 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 43: 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 1Q 2025 | 43
Slide 44: Cleveland, OH 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 45: 2019 Gold Winner New Development
2019 Gold Winner New Development International Council of Shopping Centers’ North America Design & Development Awards 1Q 2025 | 45
Slide 46: Pinecrest
PINECREST a Tanger Property
Slide 47: Pinecrest
: P SHAK PINECREST iy gh ae A Tanger PROPERTY
Slide 48: Non-GAAP Supplemental Measures
Non-GAAP Supplemental Measures Tanger Outlets Columbus 1Q 2025 | 48
Slide 49: 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 50: 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): THREE MONTHS ENDED MARCH 31, 2025 2024 Reconciliations NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 18,999 $ 22,182 No
Slide 51: 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 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): THREE MONTHS ENDED MARCH 31, 2025 2024 % Change Reconciliations NET INCOME
Slide 53: Non-GAAP Reconciliations
THREE MONTHS ENDED MARCH 31, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2025 2024 Non-GAAP NET INCOME $ 19,999 $ 23,306 Adjusted to exclude: Interest expense, net 15,496 14,151 Reconciliations Income tax expense (benefit) Depreciation and amortization I
Slide 54: Non-GAAP Definitions
Funds From Operations (“FFO”) is a widely used measure of the described in the section below. We believe it is useful for operating performance for real estate companies that investors to have enhanced transparency into how we evaluate supplements net income (loss) determined in accordance with our
Slide 55: Core FFO
Core FFO Portfolio Net Operating Income and Same Center Net Operating Core FFO has limitations as an analytical tool. Some of these Income We present Core Funds From Operations (“Core FFO”) as a supplemental measure of our performance. We define Core FFO limitations are: We present portfolio net ope
Slide 56: EBITDAre and Adjusted EBITDAre
revenues and expenses involved in owning and operating real EBITDAre and Adjusted EBITDAre EBITDAre and Adjusted EBITDAre have significant limitations as estate assets and provide a perspective not immediately analytical tools, including: We present Earnings Before Interest, Taxes, Depreciation and
Slide 57: Notes and Additional Information
Notes and Additional Information Tanger Outlets Asheville 1Q 2025 | 57
Slide 58: Notes
Notes Page 5 (1) Includes Tanger's pro rata share of unconsolidated joint ventures (2) Metropolitan Statistical Area as defined by the U.S. Census Bureau; Includes Ottawa, ON center located in a top 5 census metropolitan area as defined by Statistics Canada Page 20 (1) As of March 31, 2025; Includes
Slide 59: Notes (continued)
Notes Page 32 (continued) (1) Net income available to common shareholders in 2023 included the reversal of previously expensed compensation related to a voluntary executive departure of $0.01 per share. (2) Net income available to common shareholders for the first quarter and full-year 2024 periods
Slide 60: 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, one adjacent managed center, and three open-air lifestyle centers