Slide 1: Management Presentation
FEBRUARY 19, 2025 Management Presentation
Slide 2: Safe Harbor Statements
FOURTH QUARTER 2024 Certain statements made in this presentation contain forward-looking environmental, sustainability and social initiatives; risks related to uninsured statements within the meaning of Section 27A of the Securities Act of 1933, as losses; the risk that consumer, travel, shopping an
Slide 3: Table of Contents
FOURTH QUARTER 2024 Our Mission and Vision 4 Tanger at a Glance 5 Our Portfolio 6 Foundations of Growth 8 Table of Contents External Growth Strategy 10 The Outlet Channel 11 Tenants and Operating Metrics 16 Core Strategies 23 Recent Transactions 31 Our Executive Team and Board 46 Earnings & 2025 Gui
Slide 4: Our Mission and Vision
FOURTH QUARTER 2024 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 4
Slide 5: Tanger at a Glance
FOURTH QUARTER 2024 Tanger at a Glance Long-Term Foundation Positioned for Growth • 44-year history and 32 years publicly traded on the • Open-air portfolio provides brands and retailers an NYSE (SKT) attractive and integral sales channel • $4.0B market capitalization • Centers sought out by consume
Slide 6: 42 Retail Centers | 16.5M SF
FOURTH QUARTER 2024 42 Retail Centers | 16.5M SF Open-air portfolio well positioned in high-frequency tourist destinations and suburbs of vibrant and fast-growing markets Consolidated or Joint Venture Outlet Center Consolidated Open-Air Lifestyle Center Strategic Partnerships Corporate Headquarters
Slide 7: Strong Portfolio Demographic Drivers
FOURTH QUARTER 2024 Strong Portfolio Demographic Drivers Our centers are located in fast-growing markets that benefit from above average growth along with tourism and seasonal residents Heavy Presence in Top 50 MSAs and Leading Tourist Destinations Broad Shopper Catchment Areas Above Average Populat
Slide 8: Foundations of Tanger's Corporate Growth
FOURTH QUARTER 2024 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 W
Slide 9: Key Initiatives Supporting Growth
FOURTH QUARTER 2024 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
Slide 10: External Growth Strategy
FOURTH QUARTER 2024 External Growth Strategy Investing in market-dominant centers with robust residential and economic drivers where Tanger’s platform can create value 3-Pronged Approach Recent Portfolio Expansions 1. Outlets: Acquisitions, Development, Joint Ventures, Strategic Management Agreement
Slide 11: The Outlet Channel
FOURTH QUARTER 2024 The Outlet Channel 11
Slide 12: Retailer Value Proposition
FOURTH QUARTER 2024 Productive sales model & clearance channel Lower cost of occupancy THE OUTLET CHANNEL Retailer Value Higher margins Proposition One of the most profitable channels for retailers and an Lower customer acquisition costs important component of the omnichannel retail strategy Direct
Slide 13: Retailers' Outlet Strategy
FOURTH QUARTER 2024 Clear excess inventory and maintain brand integrity THE OUTLET CHANNEL Use excess materials with made-for-outlet inventory Retailers’ Outlet Strategy Hybrid and full price offerings Retailers use the channel in a variety of ways that best align with their business model “Try befo
Slide 14: Consumer Value Proposition
FOURTH QUARTER 2024 Brand names at consistent value THE OUTLET CHANNEL Social, experiential shopping Consumer Value Proposition Tactile interaction with products Our centers give shoppers the ability to find their favorite brands at the value they want and provide a variety of options for Instant gr
Slide 15: Tanger Value Proposition
FOURTH QUARTER 2024 Well-positioned large portfolio with growth opportunities UNIQUE PARTNERSHIP Quality, in-demand brands in each center Tanger Value Proposition Proven retail partner with local team support Our centers serve as a hub for connection and development, with a dynamic mix of brands, ac
Slide 16: Tenants and Operating Metrics
FOURTH QUARTER 2024 Tenants and Operating Metrics 16
Slide 17: Strong and Stable Brand Categories in the Tanger Portfolio
FOURTH QUARTER 2024 APPAREL Strong and Stable Brand ATHLETIC Categories in the Tanger Portfolio FOOTWEAR ACCESSORIES 17
Slide 18: New & Expanded Tenants & Categories
FOURTH QUARTER 2024 FOOD, BEVERAGE & ENTERTAINMENT New & FOOTWEAR, APPAREL & Expanded ACCESSORIES Tenants & Categories in HOME the Tanger Portfolio BOOKS, TOYS & GAMES BEAUTY 18
Slide 19: Strong, Dynamic & Diverse Tenant Mix
FOURTH QUARTER 2024 Strong, Dynamic & Diverse Tenant Mix 67.7% Athleta; Ann Taylor; Coach; Under Armour; Aerie; Aéropostale; Calvin Klein; Converse; Columbia Banter by Top 10 Banana Chicos; Kate Spade Under Armour American Eagle Brooks Tommy Nike Piercing Pagoda; Tenant Republic; Lane Bryant; Youth
Slide 20: Operating Metrics
FOURTH QUARTER 2024 12 CONSECUTIVE QUARTERS OF Operating Metrics POSITIVE RENT SPREADS (Total Portfolio at Pro Rata Share Except Where Noted) 50.0% 98.0% Occupancy (1) 40.0% +15.0% Blended Cash Rent Spreads for Executed Comparable Leases (2)(3)(4) 30.0% 20.0% 5.1% Change in Same Center NOI 15.1% 14.
Slide 21: Solid Performance With Sustained Occupancy
FOURTH QUARTER 2024 Solid Performance With Sustained Occupancy 97.9% 98.0% 98.2% 97.5% 97.5% 97.2% 96.8% 97.1% 97.0% 97.3% 97.3% 95.3% 92.2% 2019 2016 2024 2024 2021 2018 2015 2023 2023 2020 2017 2014 2022 Total Portfolio Same Center Total portfolio occupancy represents period-end occupancy for stab
Slide 22: Upcoming Expirations Provide Opportunity
FOURTH QUARTER 2024 Upcoming Expirations Provide Opportunity PERCENTAGE OF ANNUAL BASE RENT PERCENTAGE OF TOTAL GLA 2025 23% 2025 23% 2026 19% 2026 19% 2027 15% 2027 15% 2028 13% 2028 14% 2029 9% 2029 9% 2030 6% 2030 6% 2031 2% 2031 3% 2032 4% 2032 4% 2033 4% 2033 3% 2034 3% 2034 3% 2035+ 2% 2035+ 1
Slide 23: Core Strategies
FOURTH QUARTER 2024 Core Strategies 23
Slide 24: Leasing
FOURTH QUARTER 2024 STRATEGIC, DISCIPLINED & DATA-DRIVEN Leasing Drive Rents Diversify the Assortment Increase Occupancy Activate Peripheral Land • Driving rents with higher rent spreads, shifting variable rent to fixed and converting temp tenants to permanent • Enhancing portfolio with an elevated
Slide 25: Operations
FOURTH QUARTER 2024 STRATEGIC, DISCIPLINED & DATA-DRIVEN Operations 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 generatio
Slide 26: Marketing
FOURTH QUARTER 2024 STRATEGIC, DISCIPLINED & DATA-DRIVEN Marketing Data & 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 t
Slide 27: Financial Drivers and External Growth
FOURTH QUARTER 2024 • Strong NOI growth potential ◦ Increasing rents and operating efficiently amplified by other income initiatives and significant real estate value creating opportunities • Low-leveraged, investment grade and flexible balance STRATEGIC, DISCIPLINED & DATA-DRIVEN sheet provides cap
Slide 28: Strong Balance Sheet
FOURTH QUARTER 2024 LIMITED USE OF SECURED FINANCING (1) Strong Balance Sheet 14% $0.2B 86% $1.4B $1.5 BILLION NET DEBT $5.5 Secured financing Unsecured financing 28% BILLION TOTAL ENTERPRISE (1) LIMITED FLOATING RATE EXPOSURE VALUE $4.0 72% BILLION 4% EQUITY $0.1B CAPITAL STRUCTURE (1) 96% (% of To
Slide 29: Manageable Debt Maturities
FOURTH QUARTER 2024 Manageable Debt Maturities Effective Interest Rate (1) 4.0% $620 in Years to Maturity (2) 3.7 borrowing capacity $403 $400 $357 $352 $46 $36 $0 $0 2025 2026 2027 2028 2029 2030 2031 2032 Lines of Credit ($620M in commitments at Adjusted SOFR + 0.85% maturing in 2029; undrawn at 1
Slide 30: Solid Debt Ratios
FOURTH QUARTER 2024 Solid Debt Ratios IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 36% < 60% Total secured debt to adjusted total assets 2% < 40% Total unencumbered assets to unsecured debt 275% > 150% Consolidated income avai
Slide 31: Recent Transactions
FOURTH QUARTER 2024 Recent Transactions 31
Slide 32: Growing Portfolio Through Outlets and Open-Air Lifestyle Centers
FOURTH QUARTER 2024 Growing Portfolio Through Outlets and Open-Air Lifestyle Centers Tanger Outlets Palm Beach Tanger Outlets Nashville Tanger Outlets Asheville Bridge Street Town Centre The Promenade at Chenal Pinecrest 32
Slide 33: Investment Targets Chenal and Pinecrest
THE PROMENADE AT CHENAL AND PINECREST 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 diversified
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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 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: Dynamic West Little Rock Location
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 Headquarters New 127 rooms Class
Slide 38: The Promenade at Chenal
THE PROMENADE AT CHENAL A Tanger PROPERTY
Slide 39: Cleveland, OH
Cleveland, OH 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: Northeast Ohio's Premier Retail and Entertainment District
NORTHEAST OHIO’S PREMIER RETAIL AND ENTERTAINMENT DISTRICT Offices at Future Development Opportunity & Rooftop Restaurant Property boundary Separately owned 41
Slide 42: 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 43: 2019 Gold Winner New Development
2019 Gold Winner New Development International Council of Shopping Centers’ North America Design & Development Awards 43
Slide 44: Pinecrest
PINECREST a Tanger property
Slide 45: Pinecrest
PINECREST a Tanger property
Slide 46: Experienced and Engaged Executive Team and Board
FOURTH QUARTER 2024 EXECUTIVE TEAM Stephen Yalof Michael Bilerman Leslie Swanson Jessica Norman Justin Stein Experienced Director, President and Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Chief Executive Officer Chief Financial Officer Chi
Slide 47: Earnings & 2025 Guidance
FOURTH QUARTER 2024 $ PER SHARE $3.00 $2.30 $2.13 $1.83 $1.96 $2.00 $2.22 $0.92 $1.02 $1.00 $0.77 $0.88 $0.94 Earnings & $— 2025 Guidance (1) (2) (3) 2022 2023 2024 2025 Guidance Net Income Core FFO Low High GUIDANCE FOR 2025 Range Range Net income per diluted share $0.94 $1.02 Core FFO per diluted
Slide 48: Non-GAAP Supplemental Measures
FOURTH QUARTER 2024 Non-GAAP Supplemental Measures 48
Slide 49: Non-GAAP Reconciliations
FOURTH QUARTER 2024 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 2022 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 97,675 $ 97,965
Slide 50: Non-GAAP Reconciliations
FOURTH QUARTER 2024 Below is a reconciliation of net income to Portfolio NOI for the consolidated portfolio YEAR ENDED DECEMBER 31, and Same Center NOI for the consolidated portfolio and including unconsolidated joint ventures at pro rata share (in thousands): 2024 2023 % Change NET INCOME $ 102,760
Slide 51: Non-GAAP Reconciliations
FOURTH QUARTER 2024 YEAR ENDED DECEMBER 31, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2024 2023 NET INCOME $ 102,760 $ 103,882 Adjusted to exclude: Interest expense, net 59,414 38,149 Income tax expense (benefit) 45 (408) Depreciation and amortization
Slide 52: Non-GAAP Definitions
FOURTH QUARTER 2024 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
Slide 53: Non-GAAP Definitions: Core FFO and NOI
FOURTH QUARTER 2024 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 prese
Slide 54: Non-GAAP Definitions: EBITDAre
FOURTH QUARTER 2024 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, Taxe
Slide 55: Notes and Additional Information
FOURTH QUARTER 2024 Notes and Additional Information 55
Slide 56: Notes
FOURTH QUARTER 2024 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 December 3
Slide 57: Notes (continued)
FOURTH QUARTER 2024 Page 47 (1) Net income available to common shareholders in 2022 was impacted by a $0.03 per share gain on the sale of a non-core outlet center located in Blowing Rock, North Carolina; a $0.02 per share gain on sale of the corporate aircraft; and general and administrative expense
Slide 58: 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 38 outlet centers, one adjacent managed center, and three open-air lifestyle centers