Presentation Q3 2026

NOVEMBER 4, 2026

Tanger Outlets Asheville 3Q 2026 | 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

42

Retail Centers*

~17M

Square Feet

3K+

Stores

800+

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 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

Open-air portfolio in sought-after destinations

Well positioned in the path of population migration trends, with in-demand retailers and high-quality food, beverage, and entertainment

Proven track record of operational excellence

Active asset management by both the corporate and local field teams to maximize center value

Loyal retailer partnerships and customer relationships

Provide us with unique insights to anticipate shopper trends and expectations

Experienced leadership team and best-in-class platform

Over 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 potential

Driving rents, maximizing occupancy, diversifying brand assortment, growing other revenues, activating peripheral land, and operating efficiently

Balance sheet positioned for growth

Investment 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

Internal Growth

Deliver strong NOI growth through active leasing, operating, and marketing initiatives

Real Estate Intensification

Enhance and create value from existing real estate asset base

External Growth

Expand portfolio through selective and disciplined acquisition and development

A Conservative and Flexible Balance Sheet

supporting our growth

Target Net Debt/EBITDA range of ~5-6x

Optimize cost of capital - equity and debt

Increase sources of capital to fund growth

Through Accretive Portfolio Expansion

Additions

Invested

Outlet

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

32%

Non-apparel/footwear

GLA, up from 19% in 2019

Through Merchandising

Exciting 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

Connecting with the growing youth sports industry to drive sales and traffic

Through a Data-Driven Approach to Leasing, Marketing, and Operating Our Portfolio

Empowering retailer partners with a digital-first shopper engagement platform

Modernizing our loyalty program to reach wider and younger audiences

Utilizing AI to drive efficiencies

The foundation supporting our growth

• Strong 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

Strategic Use of Secured Financing (1)

$334M

18%

$1.8

BILLION NET DEBT

30%

$5.9

BILLION TOTAL ENTERPRISE VALUE

70%

$4.1

BILLION EQUITY

$1.5B

82%

Unsecured financing Secured financing

Limited Floating Rate Exposure (1)

7% $127M

Capital Structure (1)

(% of Total Enterprise Value)

Line Availability

Net debt /

Adj. EBITDAre (2)

FAD Payout Ratio (3)

Credit Rating

(or equivalent)

$1.7B

93%

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)

$2

$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

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

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

Leasing, Operations, and Marketing

Localized teams

Working together to drive:

Growth

Efficiency

Exceptional shopping experiences

Supported by our national platform

Leasing

Marketing

Operations

Development

Asset Management and Investments

A Fully Integrated Platform

Fueling the performance of our open-air outlet and lifestyle centers

Refer to presentation notes beginning on page 52.

Tanger Outlets Phoenix 3Q 2026 | 18

Partnering with brands to drive mutual success

• 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 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

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

17%

17%

19%

21%

Upcoming expirations offer opportunity to continue driving rents, diversification, and elevation.

+11.0%

Blended Cash Rent Spreads for Executed Comparable Leases (3)

Percentage of Annual Base Rent (4)

Percentage of Total GLA (4)

3Q26

3Q25

3Q26

3Q25

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

4%

3%

13%

13%

12%

12%

9%

9%

6%

7%

5%

5%

4%

3%

3%

3%

8%

7%

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+

Occupancy

We've delivered solid performance with sustained occupancy for 10+ years.

97.9% 97.5% 97.5% 97.2%

96.8%

97.1%

97.0% 97.3% 98.0% 98.1% 97.4% 97.3% 97.4% 97.3%

95.3%

92.2%

Refer to presentation notes beginning on page 52.

An empowered team driving efficiency and value

• Decentralized to empower field managers to drive the performance of their asset

• Maximizing center value through redevelopments, renovations, and expansions

• Leveraging AI technology to optimize customer service, enhance predictive functionality, and drive efficiency

• Generating operating expense efficiencies without impacting the shopper experience

• Participating in revenue generation:

  • Focus on business development opportunities, including sponsorships and paid media

  • Local leasing focused on iconic local brands

  • Marketing strategies customized to each asset

    Marketing

    A differentiated strategic advantage

• Leveraging data to unlock greater value for our shoppers and retail partners to drive topline sales

• Connecting our shoppers to the brands and value they want through a digital-first platform

• Broadening our addressable audience with multiple membership tiers and channels of our enhanced loyalty program, TangerClub

• Growing our customer database and optimizing our marketing spend with an ROI focus

• Reaching a younger and broader audience by evolving our messaging and media channels

• Engaging with local communities through events and celebrations

A Portfolio Positioned in the Path of Demand

Tanger Outlets Charleston 3Q 2026 | 24

• In-demand brands and new retail experiences

• Social, experiential shopping

• Tactile interaction with products and instant gratification of in-person shopping

• Holistic, social experience with food, beverage, and entertainment

  Retailers want:

• Direct touchpoint with customers

• Omnichannel structure to support both online and physical store sales

• High-traffic retail locations in a time of limited real estate supply

• Growth beyond DTC channel

Tanger Outlets Grand Rapids 3Q 2026 | 25

2015

Our shopping centers are in fast-growing markets with 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

Average population growth in

U.S. portfolio markets compared to national average (2010-2025)

65%+

Centers in U.S. markets with projected above average population growth (2025-2030)

Tanger Outlets Savannah

Source: U.S. Census Bureau, ESRI

3Q 2026 | 26

Tanger + Retail Brands

A unique partnership that drives mutual success

• Large, well-positioned portfolio with growth opportunities

• Quality, in-demand brands in each center

• Proven retail partnership, with local team support

• Onsite media and community engagement opportunities

• Digital-first loyalty and marketing platforms

  • Productive sales model and clearance channel

  • Lower occupancy cost and higher margins

  • Lower customer acquisition costs

  • Direct touchpoint with consumers

  • Ability to maintain brand integrity

  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

  • "Pop-up" model allows national brands to test the channel and new locations

  • Avenue for best-in-class local and regional brands to gain exposure alongside proven national brands, plus dining and entertainment

The Outlet Channel

Highly profitable and core to retailers' omnichannel strategy

Why shoppers choose Tanger's outlets

outlet centers in

the U.S. and Canada*

years as a leading outlet owner and operator

90%+

of outlet SF in leading tourist destination or top 50 MSA

• 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:

  • Social, experiential environment

  • Direct product interaction

  • Instant gratification

• Easy access for daily and travel shopping, as modern migration patterns put our centers in the path of growth

*Includes consolidated and six unconsolidated joint venture properties 3Q 2026 | 29

Strategic Merchandising

Adding In-Demand Retailers and Food, Beverage, and Entertainment Options

Apparel

Psycho Bunny Fort Worth | September 2026

Buckle Savannah | September 2026

Athletic

Toys & Games

Fabletics Phoenix | September 2026

Toys R Us Gonzales | October 2026

Health & Beauty

Ulta Sevierville | June 2026

Happy Beauty Savannah | October 2026

Accessories

Kendra Scott Sevierville | August 2026

Pandora Kansas City | August 2026

Home

Serena & Lily San Marcos | July 2026

Footwear

Hoka National Harbor | October 2026

Food, Beverage & Entertainment

Starbucks Asheville | August 2026

Shake Shack Charleston | September 2026

3Q 2026 | 30

Tanger's Lifestyle Portfolio

Open-air lifestyle centers

Total SF

• 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

• Leverages Tanger's existing platform and management team to create value

3Q 2026 | 31

Through Tanger's Proven Platforms

Coming Soon!

New!

New!

(under ground lease)

New!

New!

Main Event 1

Coming Soon!

New!

New!

New!

New!

3Q 2026 | 32

Expansion

ComNinegwS!oon!

New!

(under ground llease)

Property boundary Separately owned

~50%

of centers have peripheral land opportunity

Each opportunity is evaluated for highest and best use, across multiple avenues for value growth:

Ground Lease

Build to Suit

Redevelopment

Recent Examples

Planet Fitness

Tanger Outlets Savannah Build to Suit

Portillo's

Tanger Outlets Fort Worth Ground Lease

Chick-fil-A

Tanger Outlets Ottawa Ground Lease

Shake Shack

Tanger Outlets Riverhead Redevelopment

3Q 2026 | 33

Enhancing Portfolio Value Through Strategic Asset Intensification

Strategic, Disciplined, Data-Driven Intensification

Accretive Portfolio Expansion Drives Value

Bridge Street Town Centre, Huntsville

3Q 2026 | 34

Our Strategic Advantages:

• Ability to leverage the strength of our operating, leasing, and marketing platforms

• Experienced in-place team with expertise across the retail spectrum

• Dynamic and diversified tenancy growing in our existing portfolio - full-price stores, food and beverage, and entertainment venues

  4

  Attractive returns and ability to add value

  Each offers a strong going-in return with upside potential, funded with existing cash and available liquidity.

• Strong and flexible balance sheet with ample sources of liquidity = capacity for growth

How do our Recent Portfolio Additions align with our Investment Targets?

1

Dominant open-air centers

New centers are in primary retail and entertainment destinations in their regions.

2

Robust residential and economic drivers

All are in sought-after suburban locations amid high-income neighborhoods and premium amenities.

3

Outlets and complementary open-air retail

Our last seven additions include three outlet centers and four lifestyle centers.

$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

  (development)

  (acquisition)

  (acquisition, formerly Asheville Outlets)

  (acquisition, formerly Legends Outlets)

  (acquisition)

  (acquisition)

  (management, formerly Palm Beach Outlets)

  Lifestyle

• Similar open-air retail format and tenant mix, with operational efficiencies and sense of place and purpose

• Leverage existing Tanger platform and personnel

  (acquisition)

  Adjacent

• Retail and land sites near Tanger's existing asset base

• Leverage Tanger platform and brand, retailer relationships, local and regional operating teams, and opportunities for additional densification

(Various outparcels acquired adjacent to existing centers)

(Acquisition of adjacent land from Arizona DOT)

Key Facts

LEV IS COMMONS TOWN CENTER

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 immediate demand drivers, including existing and planned residential, office, healthcare, and hotels

Located in an affluent Toledo submarket

Perrysburg, one of Ohio's most desirable communities for families, professionals, and business development

Strong yield with ~8.5% estimated first-year return

Expectation for additional growth by enhancing the center's productivity through Tanger's proven leasing, marketing, and operating platforms

Advances external growth strategy

Eighth portfolio addition of market-dominant, open-air center leveraging the Tanger platform and strong balance sheet

*As of September 30, 2026

3Q 2026 | 37

LEV IS COMMONS TOWN CENTER

3Q 2026 | 38

Residential - 288 units

Residential - 18 units

Office Space with Ground Floor Retail

184 Rooms

Residential - 382 units

Residential - 216 units

Office Space with Ground Floor Retail

18k SF Retail Building Under Construction

O-I Glass Global Headquarters (100K SF)

105 Rooms

Conference & Event Facility

Future Medical Office New Development

Medical Office and Cancer Center (80K SF)

40+ Shopping, Dining, and Entertainment Uses

Property boundary

3Q 2026 | 39

Town Center

N

Major Proximate Cities

• Detroit (70 mi)

• Cleveland (115 mi)

• Columbus (130 mi)

  MI

  SYLVANIA

  OH

  LAMBERTVILLE

  DETROIT, MI

  (70 miles)

  TEMPERANCE

  LAKE ERIE

  Toledo, OH

  MSA Demographics

• Chicago (240 mi)

  Avg. Daily Traffic

  FULTON COUNTY

  CHICAGO, IL

  LUCAS COUNTY

  University of Toledo

  Owens

  OREGON

  ~600K

  Population

  • I-475 - 72K AADT

  • Hwy 25 - 33K AADT

  • 53% of the U.S. population

    (240 miles)

    SWANTON

    TOLEDO

    Community College

    CLEVELAND, OH

    39.5

    Median Age (U.S. 39.6)

    Strong 5 Mile Demographics

    lives within a day's drive

    Gateway to the Midwest

  • Strategically positioned within a day's drive of the Midwest's major metros

  • Seamless access to Detroit,

    WHITEHOUSE

    PERRYSBURG

    WOOD COUNTY

    Levis Commons Town Center

    (115 miles)

    $127K

    48%

    2025 ESRI Demographics

    Avg Household Income (MSA $95K | U.S. $116K)

    Bachelor's Degree + (MSA 31% | U.S. 37%)

    Chicago, Cleveland, Columbus and beyond

  • Central location connects businesses and consumers to key markets across the region with ease

Toledo, OH MSA

Bowling Green State University

BOWLING GREEN

COLUMBUS, OH

(130 miles)

Toledo, OH MSA

• Top U.S. Glass Manufacturing Metro (home to 4 largest glass companies: Owens Corning, Libbey Glass, Pilkington, and Owens-Illinois)

• #4 Housing Market in the U.S. (based on existing home sales and price growth rates, 2026 Realtor.com)

• Top 10 Metro for Business Investment in the East North Central Region of U.S.

  Market Tourism

• 15.9M Tourists (2024)

• $1.5B Visitor Spend (2024)

  Market Attractions:

• Toledo Zoo & Aquarium

• Toledo Museum of Art + Glass Pavilion

• Nature Based Recreation: Metroparks / Nationally known Birding areas / Lake & River activities

• Minor League, Youth and Amateur Sports

  Higher Education & Employment Strength

  Colleges & Universities1

  Bowling Green State University

• 20K Enrollment, 2.8K Employees Toledo University

• 14K Enrollment, 5.8K Employees Owens Community College

• 7.4K Enrollment, 1.3K Employees

  Corporate Headquarters: ProMedica Health Systems (15K) 2, The Anderson's Inc (1.6K), Dana Inc (1.5K), Owens Corning (1.5K), Libbey Inc. (1.2K), GEM Inc. (1.1K), Block Communications Inc. (500), Owens-Illinois (O-I) (600)

  Premier Submarket Location

  Perrysburg Zip Code 43551:

• #1 Best Public Schools in MSA 2026 Niche

• #1 Largest Zip in MSA (Population of 45K)

• #1 Population Growth in MSA, +20% 2010 to 2025 3

• #2 Highest Avg. Household Income ($134K)3

  Surrounding Density (w/in 5 miles):

• 72K resident population

• 2.9M SF Class A+B Office

• 9K Multi-Family Units

• 40 Hotels / 3.5K Rooms

1Sources: ESRI, Placer.ai, Inrix, CoStar, Niche, Bowling Green State University, Toledo University, Owens Community College, Destination Toledo, Regional Growth Partnership Northwest Ohio.

2Regional employee counts in parentheses - 2024. 3 Zips with 10K+ people.

3Q 2026 | 40