
NOVEMBER 4, 2026
Table of Contents
Our Company and Strategy | 3 | |
Activating Growth Leasing, Operations, and Marketing | 16 | |
Accelerating Growth A Portfolio Positioned in the Path of Demand | 24 | |
External Growth Accretive Portfolio Expansion Drives Value | 34 | |
Appendix | 41 | |
Tanger Outlets Charleston | 3Q 2026 | | 2 |
Tanger Outlets Asheville 3Q 2026 | 3
Innovating Retail for 45 Years1981 Founded | 1993 Listed (NYSE: SKT) | ~17M SF of open-air shopping | 42 Outlet and Lifestyle centers |
$4.1B | $5.9B | 3,000+ | 800+ |
Market capitalization | Enterprise value (1) | Stores (average store size only ~5,000 SF) | Unique brands and retail concepts |
4.6x | 4.6x | 95% | 90%+ |
Net debt / Adj. EBITDAre (1) | Interest coverage ratio (2) | of portfolio is open air | of SF in leading tourist destination or top 50 MSA (3) |
Refer to presentation notes beginning on page 52.
Our Mission
We create shopping destinations that entertain, inspire, and bring our communities together
Our Vision
To lead the evolution of shopping
3Q 2026 | 4
Outlet Center Lifestyle Center Strategic Partnership
Corporate Headquarters
Open-Air Retail Portfolio in Dynamic Markets42
Retail Centers*~17M
Square Feet3K+
Stores800+
BrandsHigh-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 tenant demand and limited new retail supply drives performance of existing portfolio
Portfolio well positioned in the path of population growth and migration trends
Emphasis on market-dominant and unique-to-market centers, with multiple traffic drivers
Led by local teams in each market, backed by national platform
Attractive merchandising mix curated to drive traffic, sales and dwell time
EXPERIENCE OUR CENTERS
*Includes 35 consolidated centers, six unconsolidated joint venture properties, and one managed property through a strategic partnership 3Q 2026 | 5
Tanger's Strategic Advantages Open-air portfolio in sought-after destinationsWell positioned in the path of population migration trends, with in-demand retailers and high-quality food, beverage, and entertainment
Proven track record of operational excellenceActive asset management by both the corporate and local field teams to maximize center value
Loyal retailer partnerships and customer relationshipsProvide us with unique insights to anticipate shopper trends and expectations
Experienced leadership team and best-in-class platformOver the last five years, a refreshed management team is growing Tanger and harnessing opportunities through its differentiated and best-in-class leasing, marketing, and operating platform
Strong NOI growth potentialDriving rents, maximizing occupancy, diversifying brand assortment, growing other revenues, activating peripheral land, and operating efficiently
Balance sheet positioned for growthInvestment grade, well-laddered, and low-leveraged balance sheet with additional liquidity from untapped credit capacity, undrawn forward equity, and free cash flow after dividends
Pinecrest | Cleveland, OH 3Q 2026 | 6
A Differentiated Platform Driving Growth The Pillars driving our growth Internal GrowthDeliver strong NOI growth through active leasing, operating, and marketing initiatives
Real Estate IntensificationEnhance and create value from existing real estate asset base
External GrowthExpand portfolio through selective and disciplined acquisition and development
A Conservative and Flexible Balance Sheet
The Foundationsupporting our growth
Target Net Debt/EBITDA range of ~5-6x
Optimize cost of capital - equity and debt
Increase sources of capital to fund growth
3Q 2026 | 7
A Platform Evolution Driving Performance and Growth3.5%-4.25%
2026 Same Center NOI Growth (Guidance)
$487
Sales Per Square Foot (3Q26 TTM)
+11.0%
Rent Spreads (3Q26 TTM)
2.6M SFLeases Executed (3Q26 TTM)
Vs. -0.7% (FY19)
Vs. $398 (4Q19 TTM)
Vs. -11.6% (4Q19 TTM)
Vs. 1.5M (4Q19 TTM)
8.6%
Core FFO Per Share
Year Avg. Growth (1)
6x
Net Debt / Adj. EBITDAre (3Q26 TTM)
$4.1BMarket Cap (3Q26)
$5.9BEnterprise Value (3Q26)
Vs. -0.7% (3YE 2019)
Vs. 5.7x (4Q19 TTM)
Vs. $1.4B (4Q19)
Vs. $3.2B (4Q19)
Refer to presentation notes beginning on page 52.
3Q 2026 | 8
Driving Growth Through Accretive Portfolio Expansion8
Additions
$840MInvested
$185MOutlet
Sold (10 dispositions since 2019)
Tanger Palm Beach | Palm Beach, FL
Lifestyle
Strategic Partnership - July 2022
Tanger Nashville | Nashville, TN
New Development - October 2023
Tanger Asheville | Asheville, NC
Acquired - November 2023
Tanger Kansas City | Kansas City, KS
Acquired - September 2025
Bridge Street Town Centre Huntsville, AL
Acquired - November 2023
The Promenade at Chenal Little Rock, AR
Acquired - December 2024
Pinecrest Cleveland, OH Acquired - February 2025
Levis Commons Town Center Toledo, OH
Acquired - May 2026
3Q 2026 | 9
32%
Non-apparel/footwear
GLA, up from 19% in 2019
Driving Growth Through MerchandisingExciting new
entertainment and service options
Elevating and
expanding food & beverage choices
Incorporating top
beauty and wellness brands
Enhanced mix of
in-demand brands
Stronger sense of place with experiential amenities and brand mix
A curated mix of national, regional, and local favorites
Growing & New
Brand Additions
3Q 2026 | 10
Driving GrowthReinvesting in our asset base to drive traffic and extend dwell time
Activating peripheral land to maximize value
Empowering retailer partners with a digital-first shopper engagement platform
Modernizing our loyalty program to reach wider and younger audiences
Investing in sustainability with an ROI approach
Utilizing AI to drive efficiencies
Leveraging unique traffic drivers in each market
Connecting with the growing youth sports industry to drive sales and traffic
Growing ancillary revenues through sponsored events and partnerships
3Q 2026 | 11
Strategic Finance The foundation supporting our growthStrong NOI growth potential
Prudent balance sheet management with a low-leveraged, investment grade, and flexible balance sheet
Disciplined and targeted approach to external growth
Attractive dividend yield and above average retained cash flow given low dividend payout ratio
Data-driven and analytical approach
Broad investment community exposure to Tanger assets, team, and long-term growth potential
Pictured: Tanger Outlets Nashville 3Q 2026 | 12
Strong Balance SheetStrategic Use of Secured Financing (1)
$334M18%
$1.8
BILLION NET DEBT
30%
$5.9
BILLION TOTAL ENTERPRISE VALUE
70%
$4.1
BILLION EQUITY
$1.5B82%
Unsecured financing Secured financing
Limited Floating Rate Exposure (1)
7% $127M
Capital Structure (1)
(% of Total Enterprise Value)
$618MLine Availability
4.6xNet debt /
Adj. EBITDAre (2)
64%FAD Payout Ratio (3)
BBBCredit Rating
(or equivalent)
$1.7B93%
Fixed rate debt Variable rate debt
As of September 30, 2026. Refer to reconciliations of Net debt, Adjusted EBITDAre, and Funds Available for Distribution (FAD) beginning on page 46. Refer to presentation notes beginning on page 52.
3Q 2026 | 13
Debt
4.1%
3.8
$1.8B Pro Rata
Effective Interest Rate (1)
Years to Maturity (2)
Cash and Restricted Cash (i)
$115
$618 in available borrowing capacity
$400
$2
$350
$300
$250
$136
$650
$0
Cash (i) 2026 2027 2028 2029 2030 2031 2032 2033
$36
$47
$52
$200
$415
$486
Lines of Credit (ii) Mortgage Debt (at pro rata share) Unsecured Term Loans Exchangeable Notes Unsecured Bonds
Cash
Refer to presentation notes beginning on page 52.
(i) Includes cash of $20M and restricted cash of $32M
(ii) $620M in commitments maturing in 2029; $2M outstanding at 9/30/2026.
3Q 2026 | 14
Solid Debt Position
As of September 30, 2026
In millions, unless otherwise noted
Total Liquidity
Line of credit availability
Cash and Short-term investments
Proceeds available from settlement of forward sale agreements
($ M)
$618
$20
$24
$662M
Earnings and 2026 GuidanceHigh Range
Low Range
Guidance for 2026
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 joint ventures
$1.41 $1.41
$3.00
$2.00
$1.00
Core FFO per diluted share (3) $2.49 $2.53
High Range
Low Range
Guidance Assumptions for 2026 (4)
($ in millions)
Same Center NOI growth - total portfolio at pro rata share 3.50% 4.25% General and administrative expense $80.5 $83.5
Interest expense, net of interest income - consolidated $70.5 $71.7
Annual recurring capital expenditures, renovations, and
$2.33
$2.13
$2.53
$2.49
$1.87
$1.70
$1.12
$0.88
$0.99
$1.08
$0.71
$0.82
FY24(1)
FY25 (2)
FY26
Guidance
3Q25 YTD(2) 3Q26 YTD
second generation tenant allowances and other leasing costs
$-
$70.0 $75.0
Net Income Core FFO
Guidance as of November 4, 2026. Charts are based on net income and Core FFO available to common shareholders; refer to reconciliations of net income to FFO and Core FFO beginning on page 46. Refer to presentation notes beginning on page 52.
3Q 2026 | 15
Activating Growth
Leasing, Operations, and MarketingClockwise from top left: Tanger Outlets Daytona Beach; Pinecrest | Cleveland, OH; Tanger Outlets Fort Worth; Tanger Outlets Pittsburgh; Tanger Outlets Asheville 3Q 2026 | 16
Localized teams
Working together to drive:
Growth
Efficiency
Exceptional shopping experiences
Supported by our national platformLeasing
Marketing
Operations
Development
Asset Management and Investments
3Q 2026 | 17
A Fully Integrated Platform
Fueling the performance of our open-air outlet and lifestyle centers
Operating Metrics97.3% Occupancy (1) | 3.5% Change in Same Center NOI YTD26 vs. YTD25 (2) | 9.7% Occupancy cost ratio (3) | |
2.6 Million SF executed in last 12 Months from 564 leases (4)(5)(6) | $487 Tenant sales per SF (4) Up 2.5% from 3Q25 (7) | ||
+11.0%
Blended cash rent spreads for executed comparable leases (4)(5)(8)
19
Consecutive quarters of positive rent spreads
Refer to presentation notes beginning on page 52.
Tanger Outlets Phoenix 3Q 2026 | 18
Leasing Partnering with brands to drive mutual successDriving rents with higher rent spreads, shifting variable rent to fixed, and converting temp space to permanent deals
Enhancing portfolio with an elevated and diversified retailer mix
Introducing non-retail uses including food, entertainment, and experiential, along with digitally native concepts
Focusing on opportunities to attract new visitors, increase visit frequency, and extend dwell time
Pictured: Tanger Outlets Sevierville 3Q 2026 | 19
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%
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; includes unconsolidated joint ventures at pro rata share
3Q 2026 | 20
Corporate Parent
Other Brands

