Greensboro, NC, February 15, 2024, Tanger® (NYSE:SKT), a leading owner and operator of outlet and open-air retail shopping destinations, today reported financial results and operating metrics for the three months and year ended December 31, 2023.

“I am pleased to report another quarter of strong results as we delivered robust organic growth, while also executing on our external growth strategy with the grand opening of Tanger Outlets Nashville and the acquisitions of Tanger Outlets Asheville and Bridge Street Town Centre in Huntsville, our first non-outlet center," said Stephen Yalof, President and Chief Executive Officer. “Leasing momentum continued to accelerate with our eighth-consecutive quarter of positive rent spreads and over 2.3 million square feet of leases executed in 2023, a record for the Company, driving growth in NOI while elevating and diversifying our tenant mix.”

Mr. Yalof continued, “As we progress through 2024, we will leverage the strength of our retail operating, leasing and marketing platforms to create value in our open-air portfolio. We are well-positioned with a strong balance sheet, and as we have demonstrated, we will continue to execute on our long-term growth strategies to unlock additional value for our shareholders.”

•Net income available to common shareholders was $0.22 per share, or $23.5 million, compared to $0.17 per share, or $18.1 million, for the prior year period. The 2022 period included a $0.03 per share, or $3.2 million, gain on the sale of a non-core outlet center located in Blowing Rock, North Carolina.

•Funds From Operations (“FFO”) available to common shareholders was $0.52 per share, or $58.2 million, compared to $0.47 per share, or $51.6 million, for the prior year period.

•Core Funds From Operations (“Core FFO”) available to common shareholders was $0.52 per share, or $58.2 million, compared to $0.47 per share, or $51.8 million, for the prior year period.

•Net income available to common shareholders was $0.92 per share, or $98.0 million, compared to $0.77 per share, or $81.2 million, for the prior year period. Net income available to common shareholders for 2022 included the gain on the sale of an outlet center mentioned above.

•FFO available to common shareholders was $1.96 per share, or $218.4 million, compared to $1.83 per share, or $201.5 million, for the prior year period.

•Core FFO available to common shareholders was $1.96 per share, or $217.6 million, compared to $1.83 per share, or $201.8 million, for the prior year period.

FFO and Core FFO are widely accepted supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. Complete reconciliations containing adjustments from GAAP net income to FFO and Core FFO, if applicable, are included in this release. Per share amounts for net income, FFO and Core FFO are on a diluted basis.

Key portfolio results for the total stabilized portfolio, including the Company’s pro rata share of unconsolidated joint ventures, were as follows:

•Occupancy was 97.3% on December 31, 2023, compared to 98.0% on September 30, 2023 and 97.0% on December 31, 2022. The sequential change from September 30, 2023 was driven by the acquisitions of Tanger Asheville and Bridge Street Town Centre. On a same center basis, occupancy was 97.9% on December 31, 2023

•Same center net operating income (“Same Center NOI”), which is presented on a cash basis, increased 5.4% to $91.1 million for the fourth quarter of 2023 from $86.5 million for the fourth quarter of 2022, and for the full-year period, increased 6.2% to $345.5 million for 2023 from $325.5 million for 2022. Both periods in 2023 benefited from occupancy gains, rent growth, operating expense efficiencies, out-of-period rent collections and the milder winter experienced in 2023

•Average tenant sales per square foot was $436 for the twelve months ended December 31, 2023 compared to $437 for the twelve months ended September 30, 2023 and $444 for the twelve months ended December 31, 2022

•On a same center basis, average tenant sales per square foot was $433 for the twelve months ended December 31, 2023 compared to $437 for the twelve months ended September 30, 2023 and $444 for the twelve months ended December 31, 2022

•The occupancy cost ratio (“OCR”), representing annualized occupancy costs as a percentage of tenant sales, was 9.3% for the twelve months ended December 31, 2023 compared to 9.1% for the twelve months ended September 30, 2023 and 8.6% for the twelve months ended December 31, 2022

•Lease termination fees (which are excluded from Same Center NOI) for the total portfolio totaled $188,000 for the fourth quarter of 2023 and $672,000 for full year 2023, compared to $23,000 for the fourth quarter of 2022 and $2.9 million for full year 2022

Same Center NOI is a supplemental non-GAAP financial measure of operating performance. A complete definition of Same Center NOI and a reconciliation to the nearest comparable GAAP measure is included in this release.

The Company completed the following external growth activities during the fourth quarter of 2023, which were funded through cash on hand, available liquidity and common shares issued under its at-the-market (“ATM”) equity offering program as discussed below:

•Tanger Outlets Nashville, the Company’s newest development in Nashville, TN, opened on October 27, 2023. The center is approximately 291,000 square feet with a cost of approximately $145 million and a projected stabilized yield range of 7.5% to 8.0%. The open-air center offers shopping and dining across seven retail buildings and a unique, placemaking community space. Tanger Nashville reflects the Company’s commitment to diversify and enhance the shopping experience for its customers with nearly one quarter of the center’s dynamic assortment new to Tanger’s portfolio or first to the outlet channel.

•Tanger Outlets Asheville, a 382,000-square-foot, open-air shopping center in Asheville, NC, was acquired on November 13, 2023 for $70 million. The established center is occupied by a diverse mix of brands that includes leading home furnishings providers as well as iconic apparel, footwear and accessories brands. Management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.

•Bridge Street Town Centre, an 825,000-square-foot, open-air lifestyle center in Huntsville, AL, was acquired on November 30, 2023 for $193.5 million. The center comprises over 80 retail stores, restaurants, and entertainment venues and serves as the dominant shopping destination in the market. Management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.

For the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures, as of January 31, 2024, Tanger has renewals executed or in process for 23.8% of the space scheduled to expire during 2024 compared to 41.0% of expiring 2023 space as of January 31, 2023. Relative to 2023, the Company expects a higher re-tenanting rate in 2024 as it focuses on portfolio enhancement and further elevating and diversifying its retailer mix.

The following key leasing metrics are presented for the total domestic portfolio, including the Company’s pro rata share of domestic unconsolidated joint ventures.

•Total renewed or re-tenanted leases (including leases for both comparable and non-comparable space) executed during the twelve months ended December 31, 2023 included 544 leases, totaling over 2.3 million square feet

•Blended average rental rates were positive for the eighth consecutive quarter at 13.3% on a cash basis for leases executed for comparable space during the twelve months ended December 31, 2023. These blended rent spreads, which were up 320 basis points year over year, are comprised of re-tenanted rent spreads of 37.5% and renewal rent spreads of 11.2%

In January 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on February 15, 2024 to holders of record on January 31, 2024.

During the fourth quarter of 2023, Tanger sold 3.4 million common shares under its ATM equity offering program at a weighted average price of $25.77 per share, generating gross proceeds of $87.3 million. During 2023, the Company sold 3.5 million shares at a weighted average price of $25.75 per share, generating gross proceeds of $90.0 million, and as of December 31, 2023, the Company has a remaining authorization of $220.1 million.

The following balance sheet and liquidity metrics are presented for the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures. As of December 31, 2023:

•Net debt to Adjusted EBITDAre (calculated as net debt divided by Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)) increased to 5.8x for 2023 from 5.1x for 2022, reflecting incremental Nashville development spending and the acquisitions of Tanger Asheville and Bridge Street Town Centre in the fourth quarter of 2023. Management estimates that Net debt to Adjusted EBITDAre would be in a range of 5.2x to 5.3x for 2023 assuming a full year of Adjusted EBITDAre for Nashville and the acquisitions.

•Interest coverage ratio (calculated as Adjusted EBITDAre divided by interest expense) was 4.7x for both 2023 and 2022

•Cash and cash equivalents and short-term investments totaled $29.0 million with $507.0 million of availability on the Company’s $520 million unsecured lines of credit

•Total outstanding debt aggregated $1.6 billion with $104.2 million (principal) of floating rate debt, representing approximately 6% of total debt outstanding and 2% of total enterprise value

•Weighted average interest rate was 3.5% and weighted average term to maturity of outstanding debt, including extension options, was approximately 4.7 years

•Approximately 89% of the total portfolio’s square footage was unencumbered by mortgages with secured debt of $225.1 million (principal), representing 14% of total debt outstanding

•Funds Available for Distribution (“FAD”) payout ratio was 58% for 2023

As of December 31, 2023, $300 million of the outstanding balance of the Company’s $325 million unsecured term loan, which matures in January 2027 plus a one-year extension, was fixed with interest rate swaps at a weighted average daily Secured Overnight Financing Rate (“Daily SOFR”) of 0.4%, which matured on February 1, 2024. The Company has entered into $325 million of forward-starting swaps that commenced February 1, 2024 and have varying maturities through January 2027, as outlined in the table below. Collectively, these swaps fix the Daily SOFR base rate at a weighted average of 3.9% as of February 1, 2024, resulting in incremental interest expense of approximately $10 million, or $0.09 per share, in 2024.

(1)     Includes a 10-basis point credit adjustment spread related to the Company’s unsecured term loan.

Adjusted EBITDAre, Net debt and FAD are supplemental non-GAAP financial measures of operating performance. Definitions of Adjusted EBITDAre, Net debt and FAD and reconciliations to the nearest comparable GAAP measures are included in this release.

Tanger will host a conference call to discuss its fourth quarter and full year 2023 results for analysts, investors and other interested parties on Friday, February 16, 2024, at 8:30 a.m. Eastern Time. To access the conference call, listeners should dial 1-877-605-1702. Alternatively, a live audio webcast of this call will be available to the public on Tanger’s Investor Relations website, investors.tanger.com. A telephone replay of the call will be available from February 16, 2024 at approximately 11:30 a.m. through March 1, 2024 at 11:59 p.m. by dialing 1-877-660-6853, replay access code #13743616. An online archive of the webcast will also be available through March 1, 2024.

The Company is scheduled to participate in the following upcoming events:

•Wolfe Research’s Virtual Real Estate Conference 2024 on February 28, 2024

•Citi’s 2024 Global Property CEO Conference held at the Diplomat Resort & Spa in Hollywood, FL from March 4 through March 6, 2024

•A tour of Tanger Outlets Nashville in connection with ICR’s Nashville Multi-Property REIT Tour on March 11, 2024

•A tour of Tanger Outlets National Harbor in connection with Evercore ISI’s Multi-Property REIT Tour of Washington, DC on March 25, 2024

•BofA’s NYC Retail REIT Headquarter Tour on March 27, 2024

About Tanger®

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 700 different brand name companies.

Tanger is furnishing a Form 8-K with the Securities and Exchange Commission (“SEC”) that includes a supplemental information package for the quarter and year ended December 31, 2023. For more information on Tanger, call 1-800-4TANGER or visit tanger.com.

The Company uses, and intends to continue to use, its Investor Relations website, which can be found at investors.tanger.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about the Company can also be found through social media channels. The Company encourages investors and others interested in the Company to review the information on its Investor Relations website and on social media channels. The information contained on, or that may be accessed through, our website or social media platforms is not incorporated by reference into, and is not a part of, this document.

Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies, beliefs and expectations, are generally identifiable by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions. Such forward-looking statements include the Company’s expectations regarding future financial results and assumptions underlying that guidance, long-term growth, trends in retail traffic and tenant revenues, development initiatives and strategic partnerships, the anticipated impact of the Company’s newly acquired assets in Huntsville and Asheville, as well as its newly opened Nashville development and related costs and anticipated yield, expectations regarding operational metrics, renewal trends, new revenue streams, its strategy and value proposition to retailers, participation in upcoming events, uses of and efforts to reduce costs of capital, liquidity, dividend payments and cash flows.

You should exercise caution in relying on forward-looking statements since they involve known and unknown risks, uncertainties and other important factors which are, in some cases, beyond our control and which could materially affect our actual results, performance or achievements. Other important factors which may cause actual results to differ materially from current expectations include, but are not limited to: our inability to develop new retail centers or expand existing retail centers successfully; risks related to the economic performance and market value of our retail centers; the relative illiquidity of real property investments; impairment charges affecting our properties; our dispositions of assets may not achieve anticipated results; competition for the acquisition and development of retail centers, and our inability to complete the acquisitions of retail centers we may identify; competition for tenants with competing retail centers; the diversification of our tenant mix and our entry into the operation of full price retail may not achieve our expected results; environmental regulations affecting our business; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to the impact of macroeconomic conditions, including rising interest rates and inflation, on our tenants and on our business, financial condition, liquidity, results of operations and compliance with debt covenants; our dependence on rental income from real property; our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us; the impact of geopolitical conflicts; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our tenants and on our business (including the impact of actions taken to contain the outbreak or mitigate its impact); the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to climate change; increased costs and reputational harm associated with the increased focus on environmental, sustainability and social initiatives; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or other support we may provide to, joint venture properties; the effectiveness of our interest rate hedging arrangements; our potential failure to qualify as a REIT; our legal obligation to make distributions to our shareholders; legislative or regulatory actions that could adversely affect our shareholders; our dependence on distributions from the Operating Partnership to meet our financial obligations, including dividends; the risk of a cyber-attack or an act of cyber-terrorism on our systems; the uncertainties of costs to comply with regulatory changes (including potential costs to comply with proposed rules of the SEC to standardize climate-related disclosures); and other important factors set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s most recently filed Annual Report on Form 10-K, as may be updated or supplemented in the Company’s Quarterly Reports on Form 10-Q and the Company’s other filings with the SEC. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s Current Reports on Form 8-K that the Company files with the SEC.

Investor Contact Information

Media Contact Information

Doug McDonald

KWT Global

SVP, Finance and Capital Markets

Tanger@kwtglobal.com

336-856-6066

tangerir@tanger.com

    

(1)The year ended December 31, 2023 includes the reversal of $0.8 million of previously expensed compensation related to a voluntary executive departure. The year ended December 31, 2022 includes $2.4 million of executive severance costs.

(2)The year ended December 31, 2022 includes a $2.4 million gain on the sale of the corporate aircraft.

(1)Amounts may not recalculate due to the effect of rounding.

(2)Metrics for December 2023 include the results of Tanger Outlets Asheville and Bridge Street Town Centre, both of which were acquired in the fourth quarter of 2023, and exclude the results of Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(3)The Company also has an ownership interest in two centers located in Ontario, Canada.

RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTAL MEASURES (1)

(1)Refer to Non-GAAP Definitions beginning on page xiv for definitions of the non-GAAP supplemental measures used in this release.

(2)Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status.

(3)For the 2023 period, represents the reversal of previously expensed compensation related to a voluntary executive departure. For the 2022 period, represents executive severance costs.

(4)Represents gain on sale of the corporate aircraft.

Below is a reconciliation of FFO to FAD (1):

(1)Refer to page ix for a reconciliation of net income to FFO available to common shareholders.

(2)Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status.

(1)Non-cash items include straight-line rent, above and below market rent amortization, straight-line rent expense on land leases and gains or losses on outparcel sales, as applicable.

(2)Centers excluded from Same Center NOI:

(3)Pro rata share metrics are presented on a constant currency basis. Constant currency is a non-GAAP measure, calculated by applying the average foreign exchange rate for the current period to all periods presented.

(1)For the 2023 period, represents the reversal of previously expensed compensation related to a voluntary executive departure. For the 2022 period, represents executive severance costs.

(2)Represents gain on sale of the corporate aircraft.

(3)Amount for the three months ended December 31, 2022 reflects the correction of an immaterial error in the prior year’s presentation.

•FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements; and

•Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure.

We present Core FFO because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we believe it is useful for investors to have enhanced transparency into how we evaluate management’s performance and the effectiveness of our business strategies. We use Core FFO when certain material, unplanned transactions occur as a factor in evaluating management’s performance and to evaluate the effectiveness of our business strategies, and may use Core FFO when determining incentive compensation.

•Core FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•Core FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Core FFO does not reflect any cash requirements for such replacements;

•Core FFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

•Other companies in our industry may calculate Core FFO differently than we do, limiting its usefulness as a comparative measure.

•They do not reflect our net interest expense;

•They do not reflect gains or losses on sales of operating properties or impairment write-downs of depreciated property and of investment in unconsolidated joint ventures caused by a decrease in value of depreciated property in the affiliate;

•Adjusted EBITDA and Adjusted EBITDAre do not reflect gains and losses on extinguishment of debt and other items that may affect operations; and

•Other companies in our industry may calculate these measures differently than we do, limiting its usefulness as a comparative measure.

 

Certain statements made in this supplement contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies, beliefs and expectations, are generally identifiable by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions. Such forward-looking statements include the Company’s expectations regarding future financial results and assumptions underlying that guidance.

You should exercise caution in relying on forward-looking statements since they involve known and unknown risks, uncertainties and other important factors which are, in some cases, beyond our control and which could materially affect our actual results, performance or achievements. Other important factors which may cause actual results to differ materially from current expectations include, but are not limited to: our inability to develop new retail centers or expand existing retail centers successfully; risks related to the economic performance and market value of our retail centers; the relative illiquidity of real property investments; impairment charges affecting our properties; our dispositions of assets may not achieve anticipated results; competition for the acquisition and development of retail centers, and our inability to complete the acquisitions of retail centers we may identify; competition for tenants with competing retail centers; the diversification of our tenant mix and our entry into the operation of full price retail may not achieve our expected results; environmental regulations affecting our business; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to the impact of macroeconomic conditions, including rising interest rates and inflation, on our tenants and on our business, financial condition, liquidity, results of operations and compliance with debt covenants; our dependence on rental income from real property; our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us; the impact of geopolitical conflicts; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our tenants and on our business (including the impact of actions taken to contain the outbreak or mitigate its impact); the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to climate change; increased costs and reputational harm associated with the increased focus on environmental, sustainability and social initiatives; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or other support we may provide to, joint venture properties; the effectiveness of our interest rate hedging arrangements; our potential failure to qualify as a REIT; our legal obligation to make distributions to our shareholders; legislative or regulatory actions that could adversely affect our shareholders; our dependence on distributions from the Operating Partnership to meet our financial obligations, including dividends; the risk of a cyber-attack or an act of cyber-terrorism on our systems; the uncertainties of costs to comply with regulatory changes (including potential costs to comply with proposed rules of the Securities and Exchange Commission (the “SEC” to standardize climate-related disclosures); and other important factors set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s most recently filed Annual Report on Form 10-K, as may be updated or supplemented in the Company’s Quarterly Reports on Form 10-Q and the Company’s other filings with the SEC. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s Current Reports on Form 8-K that the Company files with the SEC.

(1)Amounts may not recalculate due to the effect of rounding.

(2)Metrics for December 2023 include the results of Tanger Outlets Asheville and Bridge Street Town Centre, both of which were acquired in the fourth quarter of 2023, and exclude the results of Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(3)Average tenant sales per square foot is presented on a constant currency basis for the trailing twelve-month periods and include stores in stabilized centers that have been occupied a minimum of twelve months and are less than 20,000 square feet. Constant currency is a non-GAAP measure, calculated by applying the average foreign exchange rate for the current period to all periods presented.

(4)Occupancy cost ratio represents annualized occupancy costs as of the end of the reporting period as a percentage of tenant sales for the trailing twelve-month periods for consolidated properties and the Company’s pro rata share of unconsolidated joint ventures.

Property Summary - Occupancy at End of Each Period Shown (1)

(1)Excludes square footage and occupancy associated with ground leases to tenants.

(2)Includes the occupancy rates at the Huntsville and Asheville centers, which were acquired during the fourth quarter of 2023 and excludes the occupancy rate at the Nashville center, which opened during the fourth quarter of 2023 and has not yet stabilized. On a same center basis, occupancy was 97.9% on December 31, 2023.

Portfolio Occupancy at the End of Each Period (1)

(1)    Includes the Company’s pro rata share of unconsolidated joint ventures. December 2023 includes the occupancy rates at the Huntsville and Asheville centers (88.4% and 95.5%, respectively), which were acquired during the fourth quarter of 2023 and excludes the occupancy rate at the Nashville center (96.5%), which opened during the fourth quarter of 2023 and has not yet stabilized. On a same center basis, occupancy was 97.9% on December 31, 2023.

Center Sales Per Square Foot Ranking as of December 31, 2023 (1)

As of December 31, 2023 (1)

(1)Excludes leases that have been entered into but which tenant has not yet taken possession, leases that have turned over but are not open, and temporary leases. Includes all retail concepts of each tenant group; tenant groups are determined based on leasing relationships.

(2)Includes the Company’s pro rata share of unconsolidated joint ventures.

(3)Annualized base rent is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases. Includes rents which are based on a percentage of sales in lieu of fixed contractual rents and ground lease rent.

(4)In January 2024, Chicos was acquired and added to the Knitwell portfolio of brands. On a combined basis, these tenants represent 5.1% of ABR as of December 31, 2023.

(5)Tapestry and Capri have entered into a merger agreement and, on a combined basis, represent 5.1% of ABR as of December 31, 2023.

Percentage of Total Gross Leasable Area (1) (2)

Percentage of Total Annualized Base Rent (1) (2) (3)

(1)     Includes the Company’s pro rata share of unconsolidated joint ventures.

(2)     Excludes leases that have been entered into but which tenant has not yet taken possession, vacant space, leases that have turned over but are not open, and temporary leases.

(3)    Includes ground lease rent.

Leasing Activity for the Trailing Twelve Months Ended December 31 - Comparable Space for Executed Leases (1) (2)