Greensboro, NC, February 19, 2025, 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, 2024.

“I am pleased to report another quarter of strong performance contributing to a successful year as we saw improved sales productivity and delivered robust organic growth. We acquired two open-air shopping centers, The Promenade at Chenal in Little Rock, Arkansas, in December and Pinecrest in Cleveland, Ohio, post-year-end,” said Stephen Yalof, President and Chief Executive Officer. “We continue to execute our external growth strategy and apply our leasing, marketing, and operations platform at these market-dominant shopping centers to further elevate the exceptional experience they offer.”

Mr. Yalof continued, “Leasing momentum remains strong as we continue to add new retailers, brands, and uses to our centers, enhancing the shopping environment for our customers. Our balance sheet provides the liquidity and flexibility to execute our business plan and unlock additional value for our stakeholders.”

•Net income available to common shareholders was $0.23 per share, or $26.3 million, compared to $0.22 per share, or $23.5 million, for the prior year period.

•Funds From Operations (“FFO”) available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year period.

•Core Funds From Operations (“Core FFO”) available to common shareholders was $0.54 per share, or $63.3 million, compared to $0.52 per share, or $58.2 million, for the prior year period.

•Net income available to common shareholders was $0.88 per share, or $97.7 million, compared to $0.92 per share, or $98.0 million, for the prior year period.

•FFO available to common shareholders was $2.12 per share, or $245.4 million, compared to $1.96 per share, or $218.4 million, for the prior year period.

•Core FFO available to common shareholders was $2.13 per share, or $247.0 million, compared to $1.96 per share, or $217.6 million, for the prior period. Core FFO for 2024 excluded executive severance costs of approximately $0.01 per share. Core FFO for 2023 excluded the reversal of previously expensed compensation related to a voluntary executive departure of approximately $0.01 per share. The Company does not consider these items to be indicative of its ongoing operating performance.

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, and further information regarding these non-GAAP measures can be found later 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 98.0% on December 31, 2024, compared to 97.4% on September 30, 2024 and 97.3% on December 31, 2023. On a same center basis (excluding The Promenade at Chenal, which was acquired in the fourth quarter of 2024), occupancy was 98.2% on December 31, 2024, 97.4% on September 30, 2024 and 97.3% on December 31, 2023.

•Same center net operating income (“Same Center NOI”), which is presented on a cash basis, increased 3.0% to $93.8 million for the fourth quarter of 2024 from $91.0 million for the fourth quarter of 2023 and increased 5.1% to $363.0 million for the full year of 2024 from $345.5 million for the full year of 2023.

•Average tenant sales per square foot was $444 for the twelve months ended December 31, 2024 compared to $438 for the twelve months ended September 30, 2024 and $436 for the twelve months ended December 31, 2023.

•On a same center basis, average tenant sales per square foot was $441 for the twelve months ended December 31, 2024 compared to $438 for the twelve months ended September 30, 2024 and $436 for the twelve months ended December 31, 2023.

•The occupancy cost ratio (“OCR”), representing annualized occupancy costs as a percentage of tenant sales, was 9.5% for the twelve months ended December 31, 2024 compared to 9.5% for the twelve months ended September 30, 2024 and 9.3% for the twelve months ended December 31, 2023.

•Lease termination fees (which are excluded from Same Center NOI) for the total portfolio totaled $30,000 for the fourth quarter of 2024 and $955,000 for the full year 2024, compared to $188,000 for the fourth quarter of 2023 and $672,000 for the full year 2023.

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 can be found later in this release.

Leasing activity in the Company’s portfolio continues to be robust. 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, 2024 included 532 leases, totaling 2.4 million square feet, compared to 544 leases, totaling 2.3 million square feet, during the twelve months ended December 31, 2023.

Blended average rental rates were positive for the 12th consecutive quarter at 15.0% on a cash basis for leases executed for comparable space during the twelve months ended December 31, 2024. These blended rent spreads are comprised of re-tenanted rent spreads of 37.5% and renewal rent spreads of 13.3%.

As of January 31, 2025, the Company had renewals executed or in process for 34.9% of the space scheduled to expire during 2025 compared to 23.8% of expiring 2024 space as of January 31, 2024 (total portfolio, including the Company’s pro rata share of unconsolidated joint ventures).

On December 10, 2024, the Company completed the acquisition of The Promenade at Chenal, a 270,000-square-foot upscale, open-air lifestyle shopping center in the growing Sunbelt market of Little Rock, Arkansas, for $73.1 million using cash on hand and available liquidity. The center is the prominent shopping, dining, entertainment and lifestyle destination in the region with a highly-sought after and market-exclusive tenant mix including top tech, apparel, footwear, home, and health and beauty brands. Management estimates the center to deliver an eight percent return during the first year, with potential for additional growth over time.

On February 12, 2025, the Company completed the acquisition of Pinecrest, a 640,000-square-foot open-air, grocery-anchored mixed-use center located in Cleveland, Ohio, for $167.0 million using cash on hand and available liquidity. Pinecrest opened in 2018 as Northeast Ohio’s premier retail and entertainment destination and has become the go-to choice for retailers seeking market entry, making it the sole market presence for many popular brands. Tanger’s acquisition of Pinecrest also includes the center’s upscale onsite residential and office components. Management estimates the center to deliver an eight percent return during the first year, with potential for additional growth over time.

For additional information on these acquisitions, please see the related press releases and presentations available at investors.tanger.com.

During the fourth quarter of 2024, the Company sold 2.6 million common shares under its at-the-market stock offering program (the “ATM Offering Program”) at a weighted average price of $35.57 per share generating gross proceeds of $90.9 million (including approximately $16 million issued in October as previously announced). For the full year period, the Company sold 3.4 million common shares generating $115.9 million.

Additionally, during the fourth quarter of 2024, the Company entered into forward sale agreements for 1.9 million shares at a weighted average price of $36.40 per share with total gross proceeds of approximately $69.7 million, all of which remain unsettled and can be drawn down over time. As of December 31, 2024, the Company had $34.5 million of common shares remaining available for sale under the ATM Offering Program.

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, 2024:

•Net debt to Adjusted EBITDAre (calculated as net debt divided by Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)) was 4.8x for the twelve months ended December 31, 2024 compared to 5.8x for the year ended December 31, 2023. Management estimates that Net debt to Adjusted EBITDAre would be in a range of 4.9x to 5.0x for the December 31, 2024 period assuming a full twelve months of Adjusted EBITDAre for The Promenade at Chenal, which was added to the portfolio during the fourth quarter of 2024, and after giving effect to the acquisition of Pinecrest in February 2025 for $167.0 million and assuming a full twelve months of Adjusted EBTIDAre.

•Interest coverage ratio (calculated as Adjusted EBITDAre divided by interest expense) was 4.6x for 2024 compared to 4.7x for 2023.

•Cash and cash equivalents and short-term investments totaled $55.7 million with full availability on the Company’s $620.0 million unsecured lines of credit.

•Total outstanding debt aggregated $1.6 billion with $66.2 million (principal) of floating rate debt, representing approximately 4% of total debt outstanding and 1% of total enterprise value.

•Weighted average interest rate was 4.0%, including executed swaps, and weighted average term to maturity of outstanding debt, including extension options, was approximately 3.7 years.

•Approximately 92% of the total portfolio’s square footage was unencumbered by mortgages with secured debt of $218.3 million (principal), representing 14% of total debt outstanding.

•Funds Available for Distribution (“FAD”) payout ratio was 61% for 2024.

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 later in this release.

In January 2025, the Company’s Board of Directors authorized a quarterly cash dividend of $0.275 per share, payable on February 14, 2025 to holders of record on January 31, 2025.

For the year ending December 31, 2025:
			Low Range			High Range
Estimated diluted net income per share			$0.94			$1.02
Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures			1.28			1.28
Estimated diluted FFO per share			$2.22			$2.30

Tanger’s estimates reflect the following key assumptions (dollars in millions):

Weighted average diluted common shares are expected to range from approximately 114.5 million to 115.5 million for earnings per share and 119.0 million to 120.0 million for FFO and Core FFO per share. The estimates above reflect the February 2025 acquisition of Pinecrest in Cleveland, Ohio, and do not include the impact of any additional acquisition or sale of any outparcels, properties or joint venture interests, or any additional financing activity.

Tanger will host a conference call to discuss its fourth quarter and full year 2024 results for analysts, investors and other interested parties on Thursday, February 20, 2025, 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 20, 2025 at approximately 11:30 a.m. through March 6, 2025 at 11:59 p.m. by dialing 1-877-660-6853, replay access code #13750572. An online archive of the webcast will also be available through March 6, 2025.

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

•Citi’s 30th Annual Global Property CEO Conference held at the Diplomat Resort & Spa in Hollywood, FL from March 3 through March 5, 2025

•Bank of America’s Retail REIT Executive Summit in New York, NY on March 25, 2025

•A tour of Tanger Outlets Charleston on May 8, 2025 in connection with Wells Fargo’s 28th Annual Real Estate Securities Conference held at Hotel Bennett in Charleston, SC from May 5 through May 7, 2025

•BMO’s North American Real Estate Conference held at the InterContinental New York Barclay in New York, NY on May 13, 2025

•A tour of Bridge Street Town Centre, a Tanger Property on May 14, 2025 in Huntsville, AL in connection with Evercore ISI’s Multi-Property REIT Tour

About Tanger®

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 includes over 16 million square feet well positioned across tourist destinations and vibrant markets in 21 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 ended December 31, 2024. 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 earnings 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, or the Exchange Act. We intend 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 include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements 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,” and similar expressions that do not report historical matters, and describe or reflect our plans, strategies, beliefs and expectations, including as to future financial results, access to, and costs of, capital, liquidity, cash flows, dividend payments and long-term growth.

Forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are subject to change or not within our control, and are subject to risks and uncertainties that could materially affect our actual results, performance or achievements.

Such risks and uncertainties, include or relate to, without limitation: 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; failure of our acquisitions or dispositions of assets to 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; the fact that certain of our leases include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; 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 pay dividends 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; risks of costs and disruptions from cyber-attacks or acts of cyber-terrorism on our information systems or on third party systems that we use; unanticipated threats to our business from changes in information and other technologies, including artificial intelligence; and the uncertainties of costs to comply with regulatory changes (including potential costs to comply with proposed rules of the Securities and Exchange Commission to standardize climate-related disclosures); and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023 and for the year ended December 31, 2024, when available.

We qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements in this earnings release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Investor Contact Information

Media Contact Information

Doug McDonald

KWT Global

SVP, Treasurer and Investments

Tanger@kwtglobal.com

336-856-6066

tangerir@tanger.com

    

(1)The year ended December 31, 2024 includes $1.6 million of executive severance costs. The year ended December 31, 2023 includes the reversal of $0.8 million of previously expensed compensation related to a voluntary executive departure.

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

(2)Metrics for December 2024 include the results of The Promenade at Chenal, which was acquired in the fourth quarter of 2024. Metrics for December 2024 and 2023 exclude the results of Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(3)Excludes the results of The Promenade at Chenal for December 2024 and Tanger Outlets Nashville for December 2024 and 2023.

(4)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 2024 period, represents executive severance costs. For the 2023 period, represents the reversal of previously expensed compensation related to a voluntary executive departure.

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 2024 period, represents executive severance costs. For the 2023 period, represents the reversal of previously expensed compensation related to a voluntary executive departure.

•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, or the Exchange Act. We intend 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 include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements 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,” and similar expressions that do not report historical matters, and describe or reflect our plans, strategies, beliefs and expectations, including as to future financial results, access to, and costs of, capital, liquidity, cash flows, dividend payments and long-term growth.

Forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are subject to change or not within our control, and are subject to risks and uncertainties that could materially affect our actual results, performance or achievements. Such risks and uncertainties, include or relate to, without limitation: 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; failure of our acquisitions or dispositions of assets to 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; the fact that certain of our leases include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; 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 pay dividends 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; risks of costs and disruptions from cyber-attacks or acts of cyber-terrorism on our information systems or on third party systems that we use; unanticipated threats to our business from changes in information and other technologies, including artificial intelligence; and the uncertainties of costs to comply with regulatory changes (including potential costs to comply with proposed rules of the Securities and Exchange Commission to standardize climate-related disclosures); and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023 and for the year ended December 31, 2024, when available.

We qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements in this supplement are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

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

(2)Metrics for December 2024 include the results of The Promenade at Chenal, which was acquired in the fourth quarter of 2024. Metrics for December 2024 and 2023 exclude the results of Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(3)Excludes the results of The Promenade at Chenal for December 2024 and Tanger Outlets Nashville for December 2024 and 2023.

(4)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.

(5)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)% occupied at December 31, 2024 includes the occupancy rate at The Promenade at Chenal, which was acquired during the fourth quarter of 2024. % occupied for all periods excludes the occupancy rate at Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(3)Excludes GLA and occupancy rates at The Promenade at Chenal and Tanger Outlets Nashville for all periods.

Portfolio Map as of February 19, 2025 (1)

(1)     Includes the acquisition of Pinecrest in Cleveland, OH on February 12, 2025

Portfolio Occupancy at the End of Each Period (1)

(1)     Includes the Company’s pro rata share of unconsolidated joint ventures. Occupancy for all periods excludes the occupancy rate at Tanger Outlets Nashville, which opened during the fourth quarter of 2023 and has not yet stabilized.

(2)    Beginning in December 2023, total portfolio occupancy includes the occupancy rates at Bridge Street Town Centre and Tanger Outlets Asheville, which were acquired during the fourth quarter of 2023,

(3)     Beginning in December 2024, total portfolio occupancy includes the occupancy rate at The Promenade at Chenal, which was acquired during the fourth quarter of 2024.

(4)    Same center excludes the occupancy rate of the Promenade at Chenal for all periods presented.

Center Sales Per Square Foot Ranking (“SPSF”) as of December 31, 2024 (1)

As of December 31, 2024 (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.

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

(3)Annualized base rent (“ABR”) is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases. Includes rents that are based on a percentage of sales in lieu of fixed contractual rents and ground lease rent. No individual brand represents more than 3.0% of total ABR.

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. 2025 lease expirations include month-to-month leases.

(3)    Includes ground lease rent.

(1)     Pinecrest GLA includes 100,000 square feet of residential (87 units) and 164,000 square feet of office.

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