Tanger Inc. · NYSE:SKT
Tanger — Q3 2026 Earnings Presentation
54 slides from Tanger's earnings presentation, Nov 4, 2026
Slide 1: November 4, 2026
NOVEMBER 4, 2026
Slide 2: Table of Contents
Table of Contents Our Company and Strategy 3 Activating Growth 16 Leasing, Operations, and Marketing Accelerating Growth 24 A Portfolio Positioned in the Path of Demand External Growth 34 Accretive Portfolio Expansion Drives Value Appendix 41 Tanger Outlets Charleston 3Q 2026 | 2
Slide 3: Our Company and Strategy
Our Company and Strategy Tanger Outlets Asheville 3Q 2026 | 3
Slide 4: Innovating Retail for 45 Years
Innovating Retail for 45 Years 1981 1993 ~17M SF 42 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 $4.1B $5.9B 3,000+ 800+ together Market capitalization Enterprise value (1)
Slide 5: Open-Air Retail Portfolio in Dynamic Markets
Outlet Center Lifestyle Center Strategic Partnership Corporate Headquarters Open-Air Retail Portfolio in Dynamic Markets • High-quality, open-air Outlet and Lifestyle portfolio attractive to retailers, brands, and shoppers • Focused in high-growth suburban markets and high-frequency tourist destinat
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 3.5%-4.25% $487 +11.0% 2.6M SF 2026 Same Center NOI Sales Per Square Foot Rent Spreads Leases Executed Growth (Guidance) (3Q26 TTM) (3Q26 TTM) (3Q26 TTM) Vs. -0.7% (FY19) Vs. $398 (4Q19 TTM) Vs. -11.6% (4Q19 TTM) Vs. 1.5M (4Q19 TTM) 8.6% 4.6x $4.1B
Slide 9: Driving Growth Through Accretive Portfolio Expansion
Driving Growth 8 $840M $185M Additions Invested Sold (10 dispositions Through Accretive Portfolio Expansion 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 N
Slide 10: Driving Growth Through Merchandising
Driving Growth 32% Non-apparel/footwear GLA, up from 19% in 2019 Growing & New Through Merchandising Brand Additions Elevating and Exciting new expanding food & entertainment beverage choices and service options Enhanced mix of Incorporating top in-demand brands beauty and wellness brands Stronger s
Slide 11: Driving Growth Through a Data-Driven Approach
Driving Growth Through a Data-Driven Approach to Leasing, Marketing, and Operating Our Portfolio Empowering Modernizing our retailer partners Reinvesting in our loyalty program to with a digital-first asset base to drive reach wider and shopper traffic and extend younger engagement dwell time audien
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 $334M 18% $1.8 BILLION 30% $1.5B NET DEBT $5.9 82% BILLION TOTAL ENTERPRISE Unsecured financing Secured financing VALUE 70% $4.1 Limited Floating Rate Exposure (1) BILLION EQUITY 7% $127M Capital Structure (1) (% of Total Enterprise Value)
Slide 14: Solid Debt Position
Total Liquidity ($ M) Solid Debt Position Line of credit availability Cash and Short-term investments $618 $20 $662M Proceeds available from settlement of As of September 30, 2026 forward sale agreements $24 In millions, unless otherwise noted $1.8B Pro Rata Debt 4.1% Effective Interest Rate (1) 3.8
Slide 15: Earnings and 2026 Guidance
Earnings and 2026 Guidance Guidance for 2026 Low Range High Range Net income per diluted share $1.08 $1.12 Depreciation and amortization of real estate assets - $ PER SHARE consolidated and the Company’s share of unconsolidated $1.41 $1.41 joint ventures Core FFO per diluted share (3) $2.49 $2.53 $3
Slide 16: Activating Growth
Activating Growth Leasing, Operations, and Marketing Clockwise from top left: Tanger Outlets Daytona Beach; Pinecrest | Cleveland, OH; Tanger Outlets Fort Worth; Tanger Outlets Pittsburgh; Tanger Outlets Asheville 3Q 2026 | 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 Development Exceptional shopping experiences Asset Management and Investments
Slide 18: Operating Metrics
Operating Metrics 97.3% 3.5% 9.7% Occupancy (1) Change in Same Occupancy cost Center NOI ratio (3) YTD26 vs. YTD25 (2) 2.6 $487 Million SF executed in last Tenant sales per SF (4) 12 Months from 564 Up 2.5% from 3Q25 (7) leases (4)(5)(6) +11.0% 19 Blended cash rent spreads Consecutive quarters for e
Slide 19: Leasing
Leasing Partnering with brands to drive mutual success • Driving rents with higher rent spreads, shifting variable • Introducing non-retail uses including food, rent to fixed, and converting temp space to permanent entertainment, and experiential, along with digitally deals native concepts • Enhanci
Slide 20: Strong, Dynamic, and Diverse Tenant Mix
Strong, Dynamic, and Diverse Tenant Mix Top 10 Tenant Brands 71.2% 5.1% 4.3% 3.2% 3.2% 2.9% 2.2% 2.2% 2.0% 1.9% 1.8% Corporate Parent Other Brands Chart is in terms of annualized base rent (ABR) as of September 30, 2026; includes all retail concepts of each tenant group in alphabetical order; includ
Slide 21: 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% 98.1% 97.2% 96.8% 97.1% 97.0% 97.3% 97.4% 97.3% 97.4% 97.3% 92.2% 95.3% +11.0% Ble
Slide 22: 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 23: Marketing
Marketing A differentiated 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
Slide 24: Accelerating Growth
Accelerating Growth A Portfolio Positioned in the Path of Demand Tanger Outlets Charleston 3Q 2026 | 24
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: Strategic Merchandising
Strategic Merchandising Adding In-Demand Retailers and Food, Beverage, and Entertainment Options Apparel Athletic Toys & Games Health & Beauty Psycho Bunny Buckle Fabletics Toys R Us Ulta Happy Beauty Fort Worth | September 2026 Savannah | September 2026 Phoenix | September 2026 Gonzales | October 2
Slide 31: Tanger's Lifestyle Portfolio
Tanger’s Lifestyle Portfolio 4 1.9M 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 32: Creating Value
Creating Value Through Tanger’s Proven Platforms Coming Soon! New! New! (under New! New! ground lease) Coming Soon! New! Main Event 1 New! New! New! Expansion Coming New!Soon! New! (under ground lease) 3Q 2026 | 32 Property boundary Separately owned
Slide 33: Strategic Asset Intensification
Enhancing Portfolio Value Through Strategic, Disciplined, Data-Driven Intensification Strategic Asset 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 m
Slide 34: External Growth
External Growth Accretive Portfolio Expansion Drives Value Bridge Street Town Centre, Huntsville 3Q 2026 | 34
Slide 35: Growing Our Platform to Create Value
How do our Recent Portfolio Additions Growing Our Platform align with our Investment Targets? to Create Value Dominant open-air centers Our Strategic Advantages: 1 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 $840M Deployed Since 2023 Recent additions continue to advance our external growth strategy to add value Outlets • Acquisitions, development, joint ventures, strategic management agreements • Leverage Tanger's well-established outlet platform and expertise (management, formerly (
Slide 37: Levis Commons Town Center Key Facts
LEVIS COMMONS TOWN CENTER Key Facts Acquired May 27, 2026 for ~$60M Funded using cash on hand and available liquidity Market-dominant lifestyle center in growing mixed-use district ~300K SF that is 96.9% occupied* with a mix of 40+ shopping, dining, and entertainment uses, surrounded by strong immed
Slide 38: Levis Commons Town Center
LEVIS COMMONS TOWN CENTER 3Q 2026 | 38
Slide 39: Levis Commons Site Plan
Residential – 288 units Residential – 18 units Office Space with Ground Floor Retail z 184 Rooms z O-I Glass Global Residential – 216 units z Headquarters z z (100K SF) Conference & Event Future Facility Medical Office Office Space with New Development z Residential – 382 units Ground Floor Retail 1
Slide 40: Levis Commons Town Center Location and Demographics
N DETROIT, MI LAMBERTVILLE (70 miles) Levis Commons TEMPERANCE LAKE MI ERIE Major Proximate Cities • Detroit (70 mi) Town Center SYLVANIA OH • Cleveland (115 mi) • Columbus (130 mi) • Chicago (240 mi) Toledo, OH FULTON COUNTY University of Toledo OREGON LUCAS COUNTY Avg. Daily Traffic CHICAGO, IL Ow
Slide 41: Appendix
Appendix Pinecrest | Cleveland, OH | Taste of Pinecrest 3Q 2026 | 41
Slide 42: Safe Harbor Statements
Safe Harbor Statements Certain statements made in this presentation contain forward-looking statements within the meaning of the operation of full price retail may not achieve our expected results; risks associated with environmental Section 27A of the Securities Act of 1933, as amended, and Section
Slide 43: Solid Debt Ratios
Agency Rating Outlook Latest Action Solid Debt Ratios Fitch Moody's BBB Baa2 Stable Stable July 24, 2025 September 11, 2025 S&P BBB Stable January 28, 2026 IN COMPLIANCE WITH ALL DEBT COVENANTS Key Bond Covenants Actual Limit Total consolidated debt to adjusted total assets 38 % < 60% Total secured
Slide 44: Experienced and Engaged Leadership
Experienced and Engaged Leadership EXECUTIVE TEAM BOARD OF DIRECTORS CHAIR EMERITUS Stephen Yalof Michael Bilerman Leslie Swanson Luis Ubiñas Jeffrey Citrin Sandeep Mathrani Thomas Reddin Steven B. Tanger Director, President and Executive Vice President, Executive Vice President, Chair of the Board
Slide 45: Culture and Awards Consistently Recognized
Culture and Awards Consistently Recognized for Best-in-Class Performance One of America’s Greatest One of America’s Greatest One of America’s Greatest Gold Visual Victory Award - Midsize Workplaces Midsize Workplaces for Culture, Midsize Workplaces for Tanger Outlets Savannah Belonging & Community W
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Below is a reconciliation of net income (loss) 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 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $113,904 $97,675 N
Slide 47: 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): NINE MONTHS ENDED SEPTEMBER 30, Reconciliations 2026 2025 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $94,425 $80,663 N
Slide 48: 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, Reconciliations joint ventures at pro rata share (in thousands): 2025 2024 % Change NET INCOME $119
Slide 49: 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 NINE MONTHS ENDED SEPTEMBER 30, Reconciliations unconsolidated joint ventures at pro rata share (in thousands): NET INCOME 2026 $99,043 20
Slide 50: Non-GAAP Reconciliations
NINE MONTHS ENDED SEPTEMBER 30, Below is a reconciliation of net income to EBITDAre and Adjusted EBITDAre (in thousands): 2026 2025 Non-GAAP NET INCOME Adjusted to exclude: $99,043 $84,677 Reconciliations Interest expense, net Income tax expense (benefit) 51,828 893 48,136 519 Depreciation and amort
Slide 51: Non-GAAP Reconciliations
Non-GAAP Below is a reconciliation of FFO to FAD (in thousands): NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 Reconciliations FFO AVAILABLE TO COMMON SHAREHOLDERS $ 224,557 $ 202,398 Adjusted for: Corporate depreciation 4,363 3,659 Amortization of finance costs 3,899 2,801 Amortization of net debt (pre
Slide 52: 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 53: Notes (continued)
Page 18 1. As of September 30, 2026; Includes the occupancy rate of Levis Commons Town Center, which was acquired during the last twelve months. On a same center basis, occupancy was 97.3% on September 30, 2026. Notes 2. 3. For nine months ended September 30, 2026 compared to the nine months ended S
Slide 54: Investor Relations Contacts
Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and other open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and four open-air lifestyle centers includes nearly 17 million square fe