00008997150001004036false2024FYtrueP1Yiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesutr:sqftxbrli:pureskt:storeskt:brandskt:segmentskt:outletCenterutr:Rate00008997152024-01-012024-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-3100008997152024-06-3000008997152025-02-0300008997152024-10-012024-12-310000899715skt:TangerIncMember2024-12-310000899715skt:TangerIncMember2023-12-310000899715skt:TangerIncMember2024-01-012024-12-310000899715skt:TangerIncMember2023-01-012023-12-310000899715skt:TangerIncMember2022-01-012022-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2021-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2021-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2021-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2021-12-310000899715skt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2022-01-012022-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2022-01-012022-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2022-01-012022-12-3100008997152022-01-012022-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2022-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2022-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2022-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2022-12-310000899715skt:TangerIncMember2022-12-310000899715skt:TangerIncMemberus-gaap:OtherOwnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2023-01-012023-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2023-01-012023-12-310000899715skt:TangerIncMemberus-gaap:OtherOwnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-01-012023-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2023-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2023-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2023-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2023-12-310000899715skt:TangerIncMemberus-gaap:OtherOwnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2024-01-012024-12-310000899715skt:TangerIncMemberus-gaap:OtherOwnershipInterestMemberus-gaap:NoncontrollingInterestMember2024-01-012024-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:CommonStockMemberskt:TangerIncMember2024-12-310000899715us-gaap:AdditionalPaidInCapitalMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerIncMember2024-12-310000899715us-gaap:ParentMemberskt:TangerIncMember2024-12-310000899715skt:TangerIncMemberus-gaap:LimitedPartnerMemberus-gaap:NoncontrollingInterestMember2024-12-310000899715skt:TangerIncMemberus-gaap:OtherOwnershipInterestMemberus-gaap:NoncontrollingInterestMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715skt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:NoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:NoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:NoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:AccumulatedOtherComprehensiveIncomeMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:ParentMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:NoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:ConsolidatedPropertiesMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMember2024-12-3100008997152024-12-3100008997152021-01-012021-12-3100008997152023-01-012023-12-310000899715skt:SolarAssetsMember2023-12-310000899715skt:SolarAssetsMember2024-12-310000899715us-gaap:ScenarioAdjustmentMember2024-01-012024-12-310000899715skt:ImpairedOutletCenterMember2024-12-310000899715skt:TangerIncMemberskt:O2024AOrdinaryIncomeDividendsMember2024-01-012024-12-310000899715skt:TangerIncMemberskt:O2023AOrdinaryIncomeDividendsMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:O2022AOrdinaryIncomeDividendsMember2022-01-012022-12-310000899715skt:TangerIncMemberskt:O2024ACapitalGainDividendsMember2024-01-012024-12-310000899715skt:TangerIncMemberskt:O2023ACapitalGainDividendsMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:O2022ACapitalGainDividendsMember2022-01-012022-12-310000899715skt:TangerIncMemberskt:O2024AReturnOfCapitalDividendsMember2024-01-012024-12-310000899715skt:TangerIncMemberskt:O2023AReturnOfCapitalDividendsMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:O2022AReturnOfCapitalDividendsMember2022-01-012022-12-3100008997152023-12-3100008997152022-12-310000899715skt:AssetAcquisitionLittleRockArkansasMember2024-12-310000899715skt:AssetAcquisitionLittleRockArkansasMember2024-12-012024-12-310000899715us-gaap:AboveMarketLeasesMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-310000899715us-gaap:AboveMarketLeasesMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-012024-12-310000899715skt:BelowMarketLeasesMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-310000899715skt:BelowMarketLeasesMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-012024-12-310000899715us-gaap:LeasesAcquiredInPlaceMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-310000899715us-gaap:LeasesAcquiredInPlaceMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-012024-12-310000899715skt:DeferredLeaseAndLegalCostsMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-310000899715skt:DeferredLeaseAndLegalCostsMemberskt:AssetAcquisitionLittleRockArkansasMember2024-12-012024-12-310000899715skt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2023-11-012023-11-300000899715skt:AssetAcquisitionAshevilleOutletsAshevilleNorthCarolinaMember2023-11-300000899715skt:AssetAcquisitionAshevilleOutletsAshevilleNorthCarolinaMember2023-11-012023-11-300000899715skt:AssetAcquisitionBridgeStreetTownCentreHuntsvilleAlabamaMember2023-11-300000899715skt:AssetAcquisitionBridgeStreetTownCentreHuntsvilleAlabamaMember2023-11-012023-11-300000899715skt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-12-310000899715us-gaap:AboveMarketLeasesMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-12-310000899715us-gaap:AboveMarketLeasesMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-01-012024-12-310000899715skt:BelowMarketLeasesMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-12-310000899715skt:BelowMarketLeasesMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-01-012024-12-310000899715us-gaap:LeasesAcquiredInPlaceMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-12-310000899715us-gaap:LeasesAcquiredInPlaceMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-01-012024-12-310000899715skt:DeferredLeaseAndLegalCostsMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-12-310000899715skt:DeferredLeaseAndLegalCostsMemberskt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2024-01-012024-12-310000899715skt:AssetAcquisitionAshevilleOutletsAndBridgeStreetTowneCentreMember2023-11-300000899715skt:NashvilleTNMember2023-10-310000899715us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberskt:BlowingRockMember2022-12-310000899715us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberskt:BlowingRockMember2022-01-012022-12-310000899715skt:RiocanCandaMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:RiocanCandaMember2024-12-310000899715skt:CharlotteMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:CharlotteMember2024-12-310000899715skt:NationalHarborMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:NationalHarborMember2024-12-310000899715skt:TexasCityTXMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:TexasCityTXMember2024-12-310000899715skt:ColumbusMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:ColumbusMember2024-12-310000899715skt:CharlotteNationalHarborColumbusAndGalvestonHoustonMember2024-12-310000899715skt:RiocanCandaMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:RiocanCandaMember2023-12-310000899715skt:CharlotteMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:CharlotteMember2023-12-310000899715skt:NationalHarborMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:NationalHarborMember2023-12-310000899715skt:TexasCityTXMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:TexasCityTXMember2023-12-310000899715skt:ColumbusMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberskt:ColumbusMember2023-12-310000899715skt:CharlotteNationalHarborColumbusAndGalvestonHoustonMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMemberus-gaap:MortgagesMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMemberus-gaap:MortgagesMember2023-12-310000899715skt:ManagementandmarketingfeeMember2024-01-012024-12-310000899715skt:ManagementandmarketingfeeMember2023-01-012023-12-310000899715skt:ManagementandmarketingfeeMember2022-01-012022-12-310000899715skt:LeasingandotherfeesMember2024-01-012024-12-310000899715skt:LeasingandotherfeesMember2023-01-012023-12-310000899715skt:LeasingandotherfeesMember2022-01-012022-12-310000899715skt:ExpensereimbursementsfromjointventuresMember2024-01-012024-12-310000899715skt:ExpensereimbursementsfromjointventuresMember2023-01-012023-12-310000899715skt:ExpensereimbursementsfromjointventuresMember2022-01-012022-12-310000899715skt:CharlotteMember2014-07-310000899715skt:CharlotteMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-06-300000899715skt:CharlotteMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-05-310000899715skt:CharlotteMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-01-012018-05-310000899715skt:CharlotteMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-06-012018-06-300000899715skt:ColumbusMember2016-06-300000899715skt:ColumbusMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2024-12-310000899715skt:GalvestonHoustonMember2012-10-310000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2021-01-310000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2021-02-280000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2021-01-012021-01-310000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2021-02-012021-02-280000899715us-gaap:UnconsolidatedPropertiesMemberskt:GalvestonHoustonMember2021-02-280000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2023-05-310000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2023-06-300000899715skt:GalvestonHoustonMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2023-06-012023-06-300000899715skt:NationalHarborMember2013-11-300000899715skt:NationalHarborMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-12-310000899715skt:NationalHarborMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-11-300000899715skt:NationalHarborMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-11-302018-11-300000899715skt:NationalHarborMemberus-gaap:MortgagesMemberus-gaap:UnconsolidatedPropertiesMember2018-12-012018-12-310000899715skt:OttawaMember2016-12-310000899715skt:OttawaMember2017-06-300000899715skt:LandoutparcelMemberskt:OttawaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2020-11-012020-11-300000899715skt:CookstownMember2024-12-310000899715us-gaap:UnconsolidatedPropertiesMember2023-12-310000899715us-gaap:UnconsolidatedPropertiesMember2024-01-012024-12-310000899715us-gaap:UnconsolidatedPropertiesMember2023-01-012023-12-310000899715us-gaap:UnconsolidatedPropertiesMember2022-01-012022-12-310000899715skt:DeferredLeaseCostsMember2024-12-310000899715skt:DeferredLeaseCostsMember2023-12-310000899715us-gaap:AboveMarketLeasesMember2024-12-310000899715us-gaap:AboveMarketLeasesMember2023-12-310000899715us-gaap:LeasesAcquiredInPlaceMember2024-12-310000899715us-gaap:LeasesAcquiredInPlaceMember2023-12-310000899715us-gaap:CustomerRelationshipsMember2024-12-310000899715us-gaap:CustomerRelationshipsMember2023-12-310000899715us-gaap:OtherIntangibleAssetsMember2024-12-310000899715us-gaap:OtherIntangibleAssetsMember2023-12-310000899715us-gaap:OtherLiabilitiesMember2024-12-310000899715us-gaap:OtherLiabilitiesMember2023-12-310000899715skt:DeferredLeaseCostsandOtherIntangiblesMember2024-01-012024-12-310000899715skt:DeferredLeaseCostsandOtherIntangiblesMember2023-01-012023-12-310000899715skt:DeferredLeaseCostsandOtherIntangiblesMember2022-01-012022-12-310000899715skt:AboveandBelowMarketLeaseValueMember2024-12-310000899715skt:DeferredLeaseCostsandOtherIntangiblesMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:LineOfCreditMemberus-gaap:DebtMember2024-12-310000899715skt:TangerIncMemberus-gaap:LineOfCreditMemberus-gaap:DebtMember2024-12-310000899715skt:TangerIncMemberus-gaap:LineOfCreditMemberus-gaap:DebtMember2023-12-310000899715skt:TangerIncMemberskt:UnsecuredTermLoanMemberus-gaap:DebtMember2024-12-310000899715skt:TangerIncMemberskt:UnsecuredTermLoanMemberus-gaap:DebtMember2023-12-310000899715skt:A3.125SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2024-12-310000899715skt:A3.125SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2023-12-310000899715skt:A3.8752027SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2024-12-310000899715skt:A3.8752027SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2023-12-310000899715skt:A2750SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2024-12-310000899715skt:A2750SeniorNotesMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:SeniorNotesMember2023-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2024-01-012024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2023-12-310000899715skt:AtlanticCityOutletsWalkMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMembersrt:MinimumMember2024-12-310000899715skt:AtlanticCityOutletsWalkMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2024-12-310000899715skt:AtlanticCityOutletsWalkMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2023-12-310000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2024-01-012024-12-310000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2024-12-310000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2023-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:LineOfCreditMember2024-01-012024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:LineOfCreditMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:LineOfCreditMember2023-12-310000899715skt:AtlanticCityOutletsWalkMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2011-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberus-gaap:LineOfCreditMemberus-gaap:DebtMember2024-04-300000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2022-10-310000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2022-09-300000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMember2022-10-012022-10-310000899715skt:SouthavenMemberskt:TangerPropertiesLimitedPartnershipMemberus-gaap:MortgagesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-01-012024-12-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2022-09-300000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2022-10-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMember2022-10-012022-10-310000899715skt:TangerPropertiesLimitedPartnershipMemberskt:UnsecuredTermLoanMemberskt:LondonInterbankOfferedRateMember2022-09-302022-09-300000899715skt:InterestRateSwapOneMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapOneMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapTwoMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapTwoMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapThreeMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapThreeMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapFourMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapFourMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapFiveMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapFiveMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapSixMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapSixMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715skt:InterestRateSwapSevenMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715skt:InterestRateSwapSevenMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000899715us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000899715us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000899715us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000899715us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000899715us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000899715us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000899715us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000899715us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000899715us-gaap:FairValueMeasurementsRecurringMember2024-12-310000899715us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000899715us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000899715us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000899715us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000899715us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000899715us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000899715us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000899715us-gaap:FairValueMeasurementsRecurringMember2023-12-310000899715us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000899715us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000899715us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000899715us-gaap:FairValueInputsLevel1Memberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:FairValueInputsLevel1Memberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:FairValueInputsLevel2Memberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:FairValueInputsLevel2Memberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:FairValueInputsLevel3Memberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:FairValueInputsLevel3Memberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715skt:TangerIncMember2021-02-2800008997152021-02-280000899715skt:ATMOfferingProgramMember2024-01-012024-12-310000899715skt:ATMOfferingProgramMember2024-12-310000899715skt:ATMOfferingProgramMembersrt:MinimumMember2024-12-310000899715skt:ATMOfferingProgramMembersrt:MaximumMember2024-12-310000899715skt:TangerIncMember2023-05-310000899715skt:TangerIncMember2023-04-300000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715skt:ClassALimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715skt:ClassBLimitedPartnershipUnitsMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:GeneralPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:LimitedPartnerMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715skt:IncentiveAwardPlanOfTangerFactoryOutletCentersIncAndTangerPropertiesLimitedPartnershipAsAmendedThePlanMember2023-05-190000899715skt:IncentiveAwardPlanOfTangerFactoryOutletCentersIncAndTangerPropertiesLimitedPartnershipAsAmendedThePlanMember2023-05-192023-05-190000899715us-gaap:EmployeeStockOptionMemberskt:TangerIncMember2024-12-310000899715us-gaap:RestrictedStockMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:RestrictedStockMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:RestrictedStockMemberskt:TangerIncMember2022-01-012022-12-310000899715skt:NotionalUnitPerformanceAwardsMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:NotionalUnitPerformanceAwardsMemberskt:TangerIncMember2023-01-012023-12-310000899715skt:NotionalUnitPerformanceAwardsMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:EmployeeStockOptionMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:EmployeeStockOptionMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:EmployeeStockOptionMemberskt:TangerIncMember2022-01-012022-12-310000899715skt:RestrictedCommonShareAwardPlanMemberskt:TangerIncMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000899715skt:RestrictedCommonShareAwardPlanMemberskt:TangerIncMemberus-gaap:RestrictedStockMember2023-01-012023-12-310000899715skt:RestrictedCommonShareAwardPlanMemberskt:TangerIncMemberus-gaap:RestrictedStockMember2022-01-012022-12-310000899715skt:TangerIncMembersrt:DirectorMembersrt:MinimumMemberskt:RestrictedCommonShareAwardPlanMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000899715skt:TangerIncMembersrt:DirectorMembersrt:MaximumMemberskt:RestrictedCommonShareAwardPlanMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000899715skt:TangerIncMembersrt:ExecutiveOfficerMembersrt:MinimumMemberskt:RestrictedCommonShareAwardPlanMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2021-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2022-01-012022-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2022-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2023-01-012023-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2023-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:RestrictedSharesandRestrictedShareUnitsMemberskt:TangerIncMember2024-12-310000899715us-gaap:RestrictedStockUnitsRSUMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:RestrictedStockUnitsRSUMemberskt:TangerIncMember2023-01-012023-12-310000899715skt:A2018PerformanceSharePlanMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2021-02-012021-02-280000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2018PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2018PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-02-012023-02-280000899715skt:A2019PerformanceSharePlanMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2019PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2019PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2024-02-012024-02-290000899715skt:A2020PerformanceSharePlanMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2023-02-012023-02-280000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2020PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMemberskt:A2020PerformanceSharePlanMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2024-02-012024-02-290000899715skt:A2021PSPMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2024-01-012024-12-310000899715skt:TangerIncMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-01-012024-12-310000899715skt:TangerIncMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2024-01-012024-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:A2022PerformanceSharePlanMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberskt:AbsoluteportionMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MinimumMemberskt:A2023PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MaximumMemberskt:A2023PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MinimumMemberskt:A2022PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MaximumMemberskt:A2022PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MinimumMemberskt:A2021PSPMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:TangerIncMemberskt:AbsoluteportionMembersrt:MaximumMemberskt:A2021PSPMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberskt:RelativeportionMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:A2022PerformanceSharePlanMemberskt:TangerIncMemberskt:RelativeportionMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberskt:RelativeportionMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MinimumMemberskt:A2023PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MaximumMemberskt:A2023PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MinimumMemberskt:A2022PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MaximumMemberskt:A2022PerformanceSharePlanMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MinimumMemberskt:A2021PSPMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:TangerIncMemberskt:RelativeportionMembersrt:MaximumMemberskt:A2021PSPMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2024-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2023-12-310000899715skt:A2022PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2022-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2021-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2024-01-012024-12-310000899715skt:A2023PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310000899715skt:A2022PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2022-01-012022-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2021-01-012021-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2021-08-012021-08-310000899715skt:A2022PerformanceSharePlanMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310000899715skt:A2021PSPMemberskt:TangerIncMemberus-gaap:PerformanceSharesMember2022-01-012022-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2021-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2022-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2023-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:PerformanceSharesMemberskt:TangerIncMember2024-12-310000899715skt:ExercisePriceOneMemberMemberskt:TangerIncMember2024-12-310000899715skt:ExercisePriceOneMemberMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:ExercisePriceTwoMemberskt:TangerIncMember2024-12-310000899715skt:ExercisePriceTwoMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:ExercisePriceThreeMemberskt:TangerIncMember2024-12-310000899715skt:ExercisePriceThreeMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:ExercisePriceFourMemberskt:TangerIncMember2024-12-310000899715skt:ExercisePriceFourMemberskt:TangerIncMember2024-01-012024-12-310000899715skt:TangerIncMember2021-01-012021-12-310000899715skt:TangerIncMemberus-gaap:EmployeeStockOptionMembersrt:ChiefExecutiveOfficerMember2022-11-012022-11-300000899715skt:TangerIncMemberus-gaap:EmployeeStockOptionMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:ChiefExecutiveOfficerMember2022-11-012022-11-300000899715skt:TangerIncMemberus-gaap:EmployeeStockOptionMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:ChiefExecutiveOfficerMember2022-11-012022-11-300000899715skt:TangerIncMemberus-gaap:EmployeeStockOptionMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMembersrt:ChiefExecutiveOfficerMember2022-11-012022-11-300000899715skt:TangerIncMemberus-gaap:EmployeeStockOptionMembersrt:ChiefExecutiveOfficerMember2022-11-300000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberskt:TangerIncMember2021-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2021-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-01-012022-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2022-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeNoncontrollingInterestMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2023-01-012023-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeNoncontrollingInterestMemberskt:TangerIncMember2023-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2023-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeNoncontrollingInterestMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2024-01-012024-12-310000899715us-gaap:AccumulatedTranslationAdjustmentMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedGainLossNetCashFlowHedgeNoncontrollingInterestMemberskt:TangerIncMember2024-12-310000899715us-gaap:AociAttributableToNoncontrollingInterestMemberskt:TangerIncMember2024-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2021-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-01-012022-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2022-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-01-012023-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2023-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-01-012024-12-310000899715us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMemberskt:TangerPropertiesLimitedPartnershipMember2024-12-310000899715skt:TangerSingleReportingSegmentMember2024-01-012024-12-310000899715skt:TangerSingleReportingSegmentMember2023-01-012023-12-310000899715skt:TangerSingleReportingSegmentMember2022-01-012022-12-310000899715us-gaap:AccountingStandardsUpdate201602Member2024-01-012024-12-310000899715us-gaap:AccountingStandardsUpdate201602Member2023-01-012023-12-310000899715us-gaap:AccountingStandardsUpdate201602Member2022-01-012022-12-310000899715skt:TangerIncMemberus-gaap:MortgagesMemberus-gaap:DebtMember2024-12-310000899715us-gaap:SubsequentEventMemberskt:TangerPropertiesLimitedPartnershipMember2025-01-012025-01-310000899715us-gaap:SubsequentEventMemberskt:TangerIncMember2025-01-012025-01-310000899715skt:AshevilleNCMember2024-12-310000899715skt:AtlanticCityMember2024-12-310000899715skt:BransonMember2024-12-310000899715skt:CharlestonMember2024-12-310000899715skt:CommerceMember2024-12-310000899715skt:DaytonaBeachMember2024-12-310000899715skt:DeerParkMember2024-12-310000899715skt:FoleyMember2024-12-310000899715skt:FortWorthMember2024-12-310000899715skt:FoxwoodsMember2024-12-310000899715skt:GonzalesMember2024-12-310000899715skt:GrandRapidsMember2024-12-310000899715skt:HersheyMember2024-12-310000899715skt:HiltonHeadIMember2024-12-310000899715skt:HiltonHeadIiMember2024-12-310000899715skt:HowellMember2024-12-310000899715skt:HuntsvilleMember2024-12-310000899715skt:LancasterMember2024-12-310000899715skt:LittleRockARMember2024-12-310000899715skt:LocustGroveMember2024-12-310000899715skt:MebaneMember2024-12-310000899715skt:MytrleBeachHwy17Member2024-12-310000899715skt:MyrtleBeachHwy501Member2024-12-310000899715skt:NashvlleTNMember2024-12-310000899715skt:PittsburghMember2024-12-310000899715skt:RehobothBeachMember2024-12-310000899715skt:RiverheadMember2024-12-310000899715skt:SanMarcosMember2024-12-310000899715skt:SavannahMember2024-12-310000899715skt:SeviervilleMember2024-12-310000899715skt:SouthavenMember2024-12-310000899715skt:TiltonMember2024-12-310000899715skt:WestgateMember2024-12-310000899715skt:OtherMember2024-12-310000899715skt:FoxwoodsMember2021-01-012021-12-310000899715skt:FoxwoodsMemberus-gaap:BuildingAndBuildingImprovementsMember2021-01-012021-12-310000899715skt:FoxwoodsMember2020-01-012020-12-310000899715skt:FoxwoodsMemberus-gaap:BuildingAndBuildingImprovementsMember2020-01-012020-12-3100008997152021-12-31

For the transition period from _________ to _________

Commission file number 1-11986 (Tanger Inc.)

Commission file number 333-3526-01 (Tanger Properties Limited Partnership)

(Exact name of registrant as specified in its charter)

(Address of principal executive offices)

(Registrant’s telephone number, including area code)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of

the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements

of the registrant included in the filing reflect the correction of an error to previously issued financial statements.     ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                                                 ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

The aggregate market value of voting shares held by non-affiliates of Tanger Inc. was approximately $2,894,711,226 based on the closing price on the New York Stock Exchange for such shares on June 30, 2024.

The number of Common Shares of Tanger Inc. outstanding as of February 3, 2025 was 112,783,687.

Portions of Tanger Inc.'s definitive proxy statement to be filed no later than 120 days after the end of the registrant’s fiscal year with respect to the 2025 Annual Meeting of Shareholders are incorporated by reference into Items 10 through 14 of this Annual Report on Form 10-K.

This report combines the Annual Reports on Form 10-K for the year ended December 31, 2024 of Tanger Inc., a North Carolina corporation, and Tanger Properties Limited Partnership, a North Carolina limited partnership. Unless the context indicates otherwise, the term "Company", refers to Tanger Inc. and its subsidiaries and the term "Operating Partnership" refers to Tanger Properties Limited Partnership and its subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the context requires. On November 16, 2023, the Company changed its legal name from Tanger Factory Outlet Centers, Inc. to Tanger Inc. We refer to Tanger Inc.’s current legal name throughout this Annual Report on Form 10-K (the "Annual Report").

The Company is one of the leading owner and operators of outlet and open-air retail centers in the United States and Canada. The Company is a fully integrated, self-administered and self-managed real estate investment trust ("REIT"), which, through its controlling interest in the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. The shopping centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership. Accordingly, the descriptions of the business, employees and assets of the Company are also descriptions of the business, employees and assets of the Operating Partnership. As the Operating Partnership is the issuer of our registered debt securities, we present a separate set of financial statements for this entity.

The Company, including Tanger LP Trust, owns the majority of the units of partnership interests issued by the Operating Partnership. As of December 31, 2024, the Company and its wholly owned subsidiaries owned 112,738,633 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,707,958 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's status as a REIT for U.S. federal income tax purposes. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership.

We believe combining the Annual Reports on Form 10-K of the Company and the Operating Partnership into this single Annual Report provides the following benefits:

•enhancing investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined Annual Report instead of two separate Annual Reports.

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this Annual Report. We believe it is important, however, to understand these differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company.

As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership, including through its wholly-owned subsidiary, Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company's income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this Annual Report.

The Operating Partnership holds all of the shopping centers and other assets, including the ownership interests in consolidated and unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required through its operations, its incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholder's equity and partners' capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Non-Company LPs are accounted for as partners' capital in the Operating Partnership's financial statements and as noncontrolling interests in the Company's financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this Annual Report presents the following separate sections for each of the Company and the Operating Partnership:

•Consolidated financial statements;

•The following notes to the consolidated financial statements:

•Debt of the Company and the Operating Partnership;

•Shareholders' Equity and Partners' Equity;

•Earnings Per Share and Earnings Per Unit;

•Accumulated Other Comprehensive Income of the Company and the Operating Partnership; and

•Liquidity and Capital Resources in the Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Annual Report also includes separate Item 9A. Controls and Procedures sections and separate Exhibit 31 and Exhibit 32 certifications for each of the Company and the Operating Partnership in order to establish that the Principal Executive Officer and Principal Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and 18 U.S.C. §1350.

The separate sections in this Annual Report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this Annual Report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The separate discussions of the Company and the Operating Partnership in this Annual Report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

Certain statements made in this Annual Report 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 (the “SEC”) to standardize climate-related disclosures). We qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements in this Annual Report 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.

ITEM 1.BUSINESS

Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and open-air centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of December 31, 2024, our consolidated portfolio consisted of 31 outlet centers and 2 open-air lifestyle centers, with a total gross leasable area of approximately 13.0 million square feet, which were 98% occupied and contained over 2,500 stores representing approximately 600 store brands. We also had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada. Our portfolio also includes two managed centers totaling approximately 760,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name.

Our shopping centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and its subsidiaries, which we refer to collectively as the Operating Partnership. The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest in the Operating Partnership.

As of December 31, 2024, the Company and its wholly-owned subsidiaries owned 112,738,633 units of the Operating Partnership and the Non-Company LPs collectively owned 4,707,958 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's status as a REIT for U.S. federal income tax purposes. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

Ownership of the Company's common shares is restricted to preserve the Company's status as a REIT for U.S. federal income tax purposes. Subject to certain exceptions, a person may not actually or constructively own more than 9.8% of our common shares. We also operate in a manner intended to enable us to preserve our status as a REIT, including, among other things, making distributions with respect to our then outstanding common shares and preferred shares, if applicable, equal to at least 90% of our taxable income each year, excluding net capital gains.

The Company is a North Carolina corporation that was incorporated in March 1993 and the Operating Partnership is a North Carolina limited partnership that was formed in May 1993. Our executive offices are currently located at 3200 Northline Avenue, Suite 360, Greensboro, North Carolina, 27408 and our telephone number is (336) 292-3010. Our website can be accessed at www.tanger.com. Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments thereto can be obtained, free of charge, on our website as soon as reasonably practicable after we file such material with, or furnish it to, the SEC. The information found on, or otherwise accessible through, our website is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with or furnish to the SEC.

In December 2024, we acquired a 270,000-square-foot, open-air lifestyle center in Little Rock, Arkansas for $73.1 million. The center serves as the dominant shopping destination in its market and comprises over 80 retail stores, restaurants, and entertainment venues.

In February 2025, we acquired a 640,000-square-foot open-air, grocery-anchored mixed-use center in Cleveland,

Ohio for $167.0 million using cash on hand and available liquidity. The center is Northeast Ohio's premier retail and entertainment destination and has become the go-to choice for retailers seeking market entry. The stores at the center are complemented by an expansive menu of entertainment and dining options.

During 2024, we sold 3.4 million common shares under our at-the-market stock offering (“ATM Offering”) program at a weighted average price of $34.34 per share, generating gross proceeds of $115.9 million. In addition, we issued 1.9 million forward shares for an estimated gross value of $69.7 million based on the initial forward sale price of $36.40 with respect to each forward sale agreement. Shares can be settled at any time over the next 12-15 months, unless otherwise extended. As of December 31, 2024, we have a remaining authorization of $34.5 million under the ATM Offering.

Throughout 2023, we entered into $325.0 million of forward starting daily Secured Overnight Financing Rate (“SOFR”) interest rate swaps at an average fixed pay rate of 3.9%. The swaps were effective February 1, 2024 and end at various dates from February 1, 2026 to January 1, 2027. These swaps replaced $300.0 million of existing swaps that expired on February 1, 2024 as part of our interest rate risk management strategy.

In April 2024, the Operating Partnership entered into amendments to its unsecured lines of credit, which, among other things, increased the borrowing capacity from $520 million to $620 million, with an accordion feature to increase total borrowing capacity under the lines of credit to $1.2 billion, extended the maturity date from July 14, 2025 to April 12, 2028 (which may be extended by one additional year by exercising extension options), and reduced the applicable pricing margin from Adjusted SOFR plus 100 basis points to Adjusted SOFR plus 85 basis points based on the Company's current credit rating.

Effective January 1, 2024, Steven B. Tanger transitioned from his role as Executive Chair of the Board of Directors of the Company (the "Board") to Non-Executive Chair of the Board in connection with his retirement from the Company under the terms of his employment agreement.

In September 2024 and upon recommendation of the Board's Nominating and Corporate Governance Committee, the Board voted to expand the number of positions on the Board from nine to ten and elected Sonia Syngal as a director to fill the vacancy for a term ending at the Company’s 2025 Annual Meeting of Shareholders.

Our Company was built on a firm foundation of strong and enduring business relationships coupled with disciplined business practices. We partner with many of the world's best known and most respected brands and retailers. By fostering and maintaining strong relationships with these successful, high volume companies, we believe we have been able to solidify our position as a leader in the outlet and open-air retail industry for over thirty years. The confidence and trust that we have developed with our retail partners from the very beginning has allowed us to forge the impressive retail alliances that we enjoy today with our brands and retailers. Our seasoned team of professionals with diverse sets of expertise utilize the knowledge and experience that we have gained to give us a competitive advantage in the outlet and open-air retail business.

Outlet centers generally consist of stores operated by brands and retailers that sell primarily branded products, some of which are made specifically for the outlet distribution channel, to consumers at significant discounts from regular retail prices charged by department stores, specialty stores and their own full price channels. Outlet centers offer advantages to brands and retailers as they are often able to charge customers lower prices for branded and designer products by eliminating the third party retailer or through operating efficiencies. Stores and outlet centers also typically have lower operating costs than other retailing formats, enhancing their profit potential. Outlet centers enable retailers to optimize the size of production runs and their inventory positions while continuing to maintain control of their distribution channels. Outlet centers also enable brands and retailers to establish a direct relationship with their customers and maintain brand integrity through control of product placement and pricing.

Each of our centers, except one joint venture center, features the Tanger brand name. Additionally, we leverage the Tanger brand and platform to manage centers in Palm Beach, Florida. We believe that our tenants and consumers recognize the Tanger brand as one that provides retail centers where consumers can trust the brand, value and experience.

In addition to our Tanger branded outlet portfolio, we recently acquired our first three open-air lifestyle centers in Huntsville, Alabama, Little Rock, Arkansas and Cleveland, Ohio, which were natural extensions of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets that benefit from outsized residential and economic growth drivers.

As one of the original participants in the outlet industry and through key additions to our executive, leasing, operating and center teams, we have long-standing relationships with many of our tenants that we believe are critical in operating, managing, developing, and acquiring successful retail centers.

Our consolidated centers are typically located in a variety of geographical areas, including high frequency tourist destinations and suburbs of vibrant and fast-growing markets. Additionally, our centers are often situated in close proximity to interstate highways that provide accessibility and visibility to potential customers or that serve as the dominant shopping center in a market.

We have a diverse tenant base throughout our consolidated portfolio comprising over 2,500 stores operated by more than 600 different brand name companies. Our centers offer shoppers a curated mix of retailers specializing in apparel, footwear, accessories, athletic wear, athleisure, home furnishings, health and beauty, and digitally-native brands. Additionally, we are adding food, beverage, and entertainment options, along with other services, at our centers to attract new shoppers, extend visitor dwell time and increase frequency of visits.

No single tenant, including all of its store concepts, accounted for 10% or more of our combined base and percentage rental revenues during the years ended 2024, 2023 or 2022. As of December 31, 2024, no single tenant accounted for more than 8% of our leasable square feet or 6% of our combined base and percentage rental revenues.

A portion of our rental revenues are dependent on variable revenue sources. For the year ended December 31, 2024, the components of rental revenues are as follows (in thousands):

(1)Primarily includes rents based on a percentage of tenant gross sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes, which are paid on a pro rata basis.

Stanley K. Tanger, the Company's founder, entered the outlet center business in 1981. Prior to founding the Company, Stanley K. Tanger and his son, Steven B. Tanger, our Non-Executive Chair, built and managed a successful family-owned apparel manufacturing business, Tanger/Creighton, Inc. In June 1993, we completed our initial public offering and subsequently grew our portfolio through the strategic development, expansion and acquisition of outlet and open-air retail centers.

In April 2020, Stephen Yalof, a successful and proven retail and real estate executive, joined the Company as President and Chief Operating Officer, as part of an executive succession plan for the role of Chief Executive Officer. Mr. Yalof became the Chief Executive Officer of the Company effective January 1, 2021. Mr. Yalof has assembled a leadership team with a proven track record for successfully operating, leasing and acquiring retail real estate centers.

Our goal is to build shareholder value through a comprehensive, disciplined plan for sustained, long-term growth. We focus our efforts on increasing net operating income at our existing centers, renovating and optimizing selected centers and pursuing disciplined external growth in our current markets and potential new markets through selective ground-up development or the acquisition of retail real estate. Future retail real estate assets may be wholly-owned by us, owned through joint ventures or partnership arrangements, or through management agreements.

Our leasing team focuses on optimizing the use of our real estate to attract and engage best in class brands and retailers with a focus on maximizing consumer demand and rent. The majority of our leases are negotiated to provide for inflation-based contractual rent increases or periodic fixed contractual rent increases and percentage rents. We have historically been able to renew many leases at higher base rents per square-foot and replace underperforming tenants with new or existing brands in our portfolio. Given the current retail environment, we may choose to execute leases with new tenants or renew certain tenants to enhance our tenant mix or maintain a high portfolio occupancy rate. In addition, we are focused on generating non-store revenues (other revenues), through marketing partnerships, media and return on investment ("ROI") driven sustainability initiatives, and actively managing property operating expenses and marketing expenses as a means of growing net operating income.

Keeping our centers vibrant and growing is a key part of our formula for success. In order to maintain our reputation as the premier shopping destination in the markets that we serve, we have an ongoing program of renovations and expansions taking place at our centers. Construction for expansion and renovation to existing properties typically takes between six to nine months depending on the scope of the project.

We may selectively choose to acquire individual properties or portfolios of properties that meet our strategic investment criteria. We believe that our extensive expertise in the retail real estate business, access to capital markets, familiarity with real estate markets and our management experience will allow us to evaluate and execute our acquisition strategy successfully over time. Through our tenant relationships, our teams have the ability to implement a re-merchandising strategy when needed to increase occupancy rates, optimize rents and maximize value. We believe that our brand operating platform and operational expertise and overall retail industry experience will also allow us to add long-term value and viability to these assets.

We believe that there continue to be opportunities to introduce the Tanger brand in untapped or under-served markets across the United States and Canada in the long-term. We believe our expertise in the outlet and open-air retail industry, extensive development expertise and strong retail relationships give us a distinct competitive advantage.

In order to help ensure the viability of proceeding with a project, we first gauge the interest of our retail partners. We typically prefer to have signed leases or leases out for negotiation with tenants for at least 60% of the space in each center prior to acquiring the site and beginning construction; however, we may choose to proceed with construction with less than 60% of the space pre-leased under certain circumstances. Construction of a new center typically takes us 12 to 18 months from groundbreaking to the grand opening of the center.

Increasing cash flow to enhance the value of our properties and operations remains a primary business objective. Through targeted marketing and operational efficiencies, we strive to improve sales and profitability of our tenants and our centers as a whole. Achieving higher base and percentage rents and generating additional income from temporary leasing, media and other non-store sources also remains an important focus and goal.

Our long-standing retailer relationships and our focus on identifying emerging retailers allow us the ability to provide our shoppers with a collection of the world's most popular retailers. Tanger customers shop and save on their favorite branded merchandise including men's, women's and children's ready-to-wear, digitally native brands, lifestyle apparel, footwear, jewelry and accessories, beauty, tableware, housewares, luggage and home goods. In addition, we are focused on adding non-traditional uses to our tenant mix, including experiential and food and beverage tenants. In order for our centers to perform at a high level, our leasing professionals continually monitor and evaluate tenant mix, store size, store location and sales performance. They also work to assist our tenants through re-sizing and re-location of retail space within each of our centers for maximum sales of each retail unit across our portfolio.

Our comprehensive marketing plans are designed to drive sales and traffic in partnership with our retail partners. We leverage data to enable a return on investment-oriented performance marketing approach for efficient customer acquisition. Investments to transform our digital channels allow us to engage existing customers with timely and personalized communications. Our loyalty strategies are two pronged – earning increased wallet share with vested customers and optimizing an incremental ancillary revenue stream. Our efforts to engage broad audiences through seasonal events and our digital channels enable our ability to monetize our customer audience for media and sponsorship opportunities with retail partners and nationally trusted brands.

We intend to retain the ability to raise additional capital, including public debt or equity, to pursue attractive investment opportunities that may arise and to otherwise act in a manner that we believe to be in the best interests of our shareholders and unitholders. We are a well-known seasoned issuer with a shelf registration statement on Form S-3 that allows us to register unspecified amounts of different classes of securities. To generate capital to reinvest into other attractive investment opportunities, we may also consider the use of financial, operational and developmental joint ventures, the sale or lease of outparcels on our existing properties and the sale of certain properties that do not meet our long-term investment criteria. Based on cash provided by operations, cash and cash equivalents, our short-term investments, existing lines of credit, ongoing relationships with certain financial institutions and our ability to issue debt or equity subject to market conditions, we believe that we have access to the necessary financing to fund our planned capital expenditures during 2025.

We anticipate that adequate cash will be available to fund our operating and administrative expenses, regular debt service obligations, and the payment of dividends in accordance with REIT requirements in both the short and long-term. Although we receive most of our rental payments on a monthly basis, distributions to shareholders and unitholders are made quarterly and interest payments on the senior, unsecured notes are made semi-annually. Amounts accumulated for such payments will be used in the interim to reduce the outstanding borrowings under our existing lines of credit or invested in short-term money market or other suitable instruments adhering to our investment policies.

We believe our current balance sheet position is financially sound; however, due to the uncertainty and unpredictability of the capital and credit markets, we can give no assurance that affordable access to capital will exist between now and our next significant debt maturity, which is our $350.0 million unsecured senior notes due September 2026.

As a result, our current primary focus is to continually strengthen our capital and liquidity position by controlling our capital expenditure levels, generating positive cash flows from operations to cover our distributions and maintaining appropriate leverage levels.

We carefully consider the degree of existing and planned competition in a proposed area before deciding to develop, acquire or expand a new retail center. Our centers compete for customers primarily with retail centers built and operated by different developers, traditional shopping malls, full- and off-price retailers and e-commerce retailers.

Because our revenues are ultimately linked to our tenants' success, we are affected by the same competitive factors, such as consumer spending habits, as our tenants.

We compete with institutional pension funds, private equity investors, other REITs, individual owners of retail centers, specialty stores and others who are engaged in the acquisition, development or ownership of retail centers and stores. In addition, the number of entities competing to acquire or develop retail centers has increased and may continue to increase in the future, which could increase demand for these retail centers and the prices we must pay to acquire or develop them.

We have one reportable operating segment. For financial information regarding our segment, see our consolidated financial statements.

We rent space in an office building in Greensboro, North Carolina where our corporate headquarters is located, as well as a regional office in New York, New York.

As of December 31, 2024, we maintain offices and employ on-site management at 36 consolidated and unconsolidated centers and one managed center. The managers closely monitor the operation, marketing and local relationships at each of their centers.

We believe that as a whole our properties are covered by adequate comprehensive liability, fire, flood, earthquake and extended loss insurance provided by reputable companies with commercially reasonable and customary deductibles and limits. Northline Indemnity, LLC, a wholly-owned captive insurance subsidiary of the Operating Partnership, is responsible for losses up to certain levels for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Specified types and amounts of insurance are required to be carried by each tenant under their lease. There are, however, types of losses, like those resulting from wars or nuclear radiation, which may either be uninsurable or not economically insurable in some or all of our locations. An uninsured loss could result in a loss to us of both our capital investment and anticipated profits from the affected property.

Our Core Values are to consider community first, seek the success of others, act fairly and with integrity and make it happen.

Consider Community First - Our diverse communities are the heartbeat of our business. Our decision-making must reflect the varied perspectives that contribute to making our Company a welcoming environment for all. Our philanthropic and sustainable commitments exist to better all the communities we serve.

Seek the Success of Others - We are all in this together, and we believe true success can only be achieved when it is experienced by our shoppers, retailers, and team members alike. We strive to create a culture of inclusion, where we can all be better – together.

Act Fairly and with Integrity - Our bond is strongest when we act with integrity and fairness in everything we do. Tanger’s commitment to ethics lives throughout every level, interaction, and function of the organization, and is what we are known for.

Make it Happen - This is the Tanger state of mind, and it is deeply rooted in our heritage. We are empowered to take smart risks, innovate and to use our voices to advocate for our ideas and for others within our communities.

As of December 31, 2024, we had 372 full-time employees and 53 part-time employees. Our corporate headquarters are located in North Carolina, and we maintain 36 business offices. In 2024, 38% of our full-time workforce have been employed by us for five years or longer. We believe our relations with our employees to be relatively good. None of our employees are represented by a union or parties to a collective bargaining agreement.

As of December 31, 2024, female team members made up 70% of field employees, 40% of our executive leadership team, and 70% of our total 425-person workforce. Racial minorities made up 17% of our total workforce in 2024. The Board's gender composition consisted of 30% members who are female and 20% of members with racial diversity.

We believe attracting, developing and retaining talent is critical to our long-term success. We focus on creating strategies that enhance an environment of high-performance engagement, and individual development, where employees are rewarded and recognized. We provide numerous training programs, which include topics such as operational training, leadership development, customer service and technology training. We recognize that motivation and rewards are different for individuals at various times in their careers, and a balanced blend of monetary and non-monetary rewards can generate valuable business results. We provide employee benefits on par or above industry standards. In addition, we support employees with 40 hours per year of paid volunteer time off to encourage volunteering for worthwhile activities in their local communities. Part-time employees are included in our 401(k) plans, which offer immediate vesting and dollar-for-dollar matches for employee contributions up to 3%, and $0.50 for every dollar contributed on the next 2% deferred. Part-time employees also participate in paid time off ("PTO") after five years of service and are eligible to participate in our accident and critical Illness voluntary benefits.

We believe that supporting strong communities and making conscious decisions about our impact on our planet align with our business strategies to create long-term value for our shareholders, retail partners and employee team members. We integrate programs into our business practices which seek to address the issues most important to our stakeholders. Our Core Values of Consider Community First, Seek the Success of Others, Act Fairly and with Integrity and Make it Happen form the foundation of our approach as we set goals to create positive social and economic impact while reducing our environmental footprint.

Stakeholder assessments and business priorities drive the strategy behind our corporate responsibility programs. We begin by identifying opportunities and risks, and leverage external frameworks and engage stakeholders, executives and our Board members to help identify key issues impacting our business. These key issues are translated into operational priorities and processes across the Company. In 2025, we are partnering with a third party to refresh our materiality assessment in alignment with double materiality to evaluate the impact of environmental and social issues on our financial performance. We believe that this double materiality assessment will provide us with valuable insights that we can use to ensure that our priorities are in alignment with the view and opinions of our stakeholders.

Our Executive Committee leads the governance of our corporate responsibility programs and is chaired by our General Counsel. Consisting of executives from various functional areas of our Company, including, without limitation, Operations, Finance and People and Culture, the Executive Committee advises on the Company's approach to corporate responsibility. The Executive Committee monitors progress toward achievement of goals and communicates priority issues to senior leadership. Our Nominating and Corporate Governance Committee of our Board provides oversight of risks related to environmental, social and sustainability matters to ensure such risks are managed appropriately and regularly reviews our programs and practices to ensure alignment with our overall business strategy.

Our goal is to utilize best practices in every aspect of our business, including our disclosures and reporting. In 2024 we published our eighth consecutive Environmental, Social, and Governance (“ESG”) Report, reinforcing our commitment to transparency and accountability. We continue to assess and refine our climate-related governance and strategy to remain apace with current regulatory landscape and framework reporting requirements. In 2025, this includes the completion of a qualitative and quantitative Climate Risk Scenario Analysis, and environmental reporting methodology changes which further enhance our alignment with the Greenhouse Gas Protocol.

For the avoidance of doubt, while certain matters discussed in our 2023 Environmental, Social, and Governance Report may be significant, any significance should not be read as necessarily rising to the level of materiality as that concept is used for the purposes of our compliance and reporting pursuant to the U.S. federal securities laws and regulations. The concept of materiality used in our ESG disclosures, including as it is used above, is based on other definitions of materiality, some of which may require that we use a level of estimation and assumption that may make the resulting disclosures inherently uncertain. This is the case even where we use the word “material” or “materiality” in our ESG disclosures. Therefore, issues that we identify as “material” from an ESG perspective are not necessarily material to the Company under the U.S. federal securities laws and regulations.

The contents of our ESG Report, our corporate policies and related disclosures are not incorporated by reference into this Annual Report and do not form a part of this Annual Report.

We are subject to regulation by various federal, state, provincial and local agencies. These agencies include the Environmental Protection Agency, Occupational Safety and Health Administration and Department of Labor and Equal Employment Opportunity Commission. We believe we comply, in all material respects, with existing applicable statutes and regulations affecting environmental issues and our employment, workplace health and workplace safety practices, and compliance with such statutes and regulations has no material effect on our capital expenditures, earnings or competitive position.

Important risk factors that could materially affect our business, financial condition or results of operations in future periods are described below. These factors are not intended to be an all-encompassing list of risks and uncertainties and are not the only risks and uncertainties we face. Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or results of operations in future periods. Additional information regarding forward-looking statements is included in the beginning of Part I in this Annual Report.

Real property investments are subject to varying degrees of risk. The economic performance and market values of our real property investments may be affected by many factors, including changes in the international, national, regional and local economic climate, political and legislative uncertainty, inflation, deflation, interest rates, changes in government policies and regulations, including changes in tax laws, unemployment rates, consumer confidence, consumer shopping preferences, local conditions such as an oversupply of space or a reduction in demand for real estate in the area, the attractiveness of the properties to tenants, competition from other available space, our ability to provide adequate maintenance and insurance, increased operating costs and increased costs to address environmental impacts related to climate change or natural disasters.

We intend to continue to develop new centers and expand existing centers as opportunities arise. However, there are significant risks associated with our development activities in addition to those generally associated with the ownership and operation of established retail properties. While we have policies in place designed to limit the risks associated with development, these policies do not mitigate all development risks associated with a project. These risks include, but are not limited to, the following:

•significant expenditure of money and time on projects that may be delayed or never be completed;

•higher than projected construction costs;

•shortage of construction materials and supplies;

•failure to obtain zoning, occupancy or other governmental approvals or to the extent required, tenant approvals;

•late completion because of construction delays, delays in the receipt of zoning, occupancy and other approvals or other factors outside of our control; and

•development projects may have defects we do not discover through our inspection processes, including latent defects that may not reveal themselves until many years after we put a property in service.

The realization of any of the above risks could significantly and adversely affect our ability to meet our financial expectations, our financial condition, results of operations, and cash flows, our ability to pay dividends to our shareholders, the market price of our common shares, and our ability to satisfy our debt service obligations.

Our centers represent a substantial portion of our total consolidated assets. These assets are relatively illiquid. As a result, our ability to sell one or more of our centers in response to any changes in economic or other conditions is limited. If we want to sell a center, there can be no assurance that we will be able to dispose of it in the desired time period or that the sales price will exceed the cost of our investment.

We periodically evaluate long-lived assets to determine if there has been any impairment in their carrying values or if there are other indicators of impairment and record impairment losses if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If it is determined that an impairment has occurred, we would be required to record an impairment charge equal to the excess of the asset's carrying value over its estimated fair value, which could have a material adverse effect on our financial results in the accounting period in which the adjustment is made. Our estimates of undiscounted cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, changes in market rental rates and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the future cash flows estimated in our impairment analysis may not be achieved.

Also, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, discount and capitalization rates, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized.

In recent years, we have recorded impairment charges related to both our long-lived assets and our investments in consolidated joint ventures. In addition, based upon current market conditions, our center in Atlantic City, NJ has an estimated fair value significantly less than its recorded carrying value of approximately $106.5 million. However, based on our current plan with respect to that center, we believe that its carrying amount is recoverable and therefore no impairment charge was recorded. Accordingly, we will continue to monitor circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, utilized to determine whether an impairment charge is necessary. As these inputs are difficult to predict and are subject to future events that may alter our assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or impairment may be realized in the future.

From time to time, we have strategically disposed of assets, and may dispose of additional assets in the future, with the goal of improving the overall performance of our core portfolio. However, we may not achieve the results we originally anticipated at the time of disposition. If we are not successful at achieving the anticipated results, there is a potential for a significant adverse impact on our returns and our overall profitability.

We intend to grow our business in part through acquisitions and new developments. We compete with institutional pension funds, private equity investors, other REITs, small owners of outlet centers, specialty stores and others who are engaged in the acquisition, development or ownership of centers and stores. These competitors may succeed in acquiring or developing centers themselves. Also, our potential acquisition targets may find our competitors to be more attractive acquirers because they may have greater marketing and financial resources, may be willing to pay more, or may have a more compatible operating philosophy. If we pay higher prices for centers, our profitability may be reduced. We may also have to accept less favorable terms to acquire a center. For example, we may acquire assets subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities, such as liabilities for the remediation of undisclosed environmental contamination; claims by tenants, vendors, or other persons dealing with the former owners of the assets; and claims for indemnification by general partners, directors, officers, and others indemnified by the former owners of the assets. Also, once we have identified potential acquisitions, such acquisitions are subject to the successful completion of due diligence, the negotiation of definitive agreements and the satisfaction of customary closing conditions. We cannot assure you that we will be able to reach acceptable terms with the sellers or that these conditions will be satisfied. The realization of any of the above risks could significantly and adversely affect our ability to meet our financial expectations, our financial condition, results of operations, and cash flows, our ability to pay dividends to our shareholders, the market price of our common shares, and our ability to satisfy our debt service obligations.

Under various federal, state and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property or disposed of by us, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances. This liability could exceed our resources and any recovery available through any applicable insurance coverage, which could adversely affect our ability to pay dividends to shareholders.

Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows. Compliance with the Americans with Disabilities Act (the “ADA”) requirements could require removal of access barriers, and non-compliance could result in the imposition of fines by the United States government, awards of damages to private litigants, or both. While the tenants to whom our portfolio is leased are obligated to comply with ADA provisions, within their leased premises, we are required to comply with ADA requirements within the common areas of the properties in our portfolio and we may not be able to pass on to our tenants any costs necessary to remediate any common area ADA issues. In addition, we are required to operate the properties in compliance with fire and safety regulations and applicable building codes, as they may be adopted by governmental agencies and bodies and become applicable to our portfolio. We may be required to make substantial capital expenditures to comply with, and we may be restricted in our ability to renovate or redevelop the properties subject to, those requirements and to comply with the provisions of the ADA. The resulting expenditures and restrictions could have a material adverse effect on our financial condition and operating results.

Conditions that adversely affect the general retail environment could materially and adversely affect us

Our primary source of revenue is derived from retail tenants, which means that we could be materially and adversely affected by conditions that materially and adversely affect the retail environment generally, including, without limitation:

•domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and limited growth in consumer income as well as from actual or perceived changes in economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, epidemics and pandemics, the fear of spread of contagious diseases, and civil unrest and terrorism;

•levels of consumer spending, changes in consumer confidence, income levels, and fluctuations in seasonal spending in the United States and internationally;

•supply chain disruptions and labor shortages;

•consumer perceptions of the safety, convenience and attractiveness of our centers, including due to a heightened level of concern in public places due to risks associated with the transmission of disease, random acts of violence or consumer perception of increased risk of criminal activity;

•the impact on our retail tenants and demand for retail space at our centers from the increasing use of the Internet by retailers and consumers, which accelerated during the COVID-19 pandemic;

•the creditworthiness of our retail tenants and the availability of new creditworthy tenants and the related impact on our occupancy levels and lease income;

•the willingness of retailers to lease space in our properties at attractive rents, or at all;

•changes in applicable laws and regulations, including tax, environmental, safety and zoning;

•changes in regional and local economies, which may be affected by increased rates of unemployment, increased foreclosures, higher taxes, decreased tourism, industry slowdowns, adverse weather conditions, and other factors;

•increased costs of maintenance, insurance and operations (including real estate taxes); and

•epidemics, pandemics or other public health crises, like the COVID-19 pandemic, and the governmental reaction thereto.

To the extent that any or a portion of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, the vacancy levels at our properties, the value of our properties, which could directly or indirectly materially and adversely affect our financial condition, operating results and overall asset value. Additionally, a portion of our lease income is derived from overage rents based on sales over a stated base amount that directly depend on the sales volume of our retail tenants. Accordingly, declines in our tenants’ sales performance could reduce the income produced by our properties. Over time, declines in our tenants’ sales performance can also negatively impact our ability to sign new and renewal leases at desired rents.

Substantially all of our income is derived from rental income from real property. Our income and funds for distribution would be adversely affected if rental rates at our centers decrease, if a significant number of our tenants were unable to meet their obligations to us or if we were unable to lease a significant amount of space in our centers on economically favorable lease terms. In addition, the terms of outlet store tenant leases traditionally have been significantly shorter than in other retail segments. There can be no assurance that any tenant whose lease expires in the future will renew such lease or that we will be able to re-lease space on economically favorable terms.

Our operations are subject to the results of operations of our retail tenants. As noted above, a portion of our rental revenues are derived from percentage rents that directly depend on the sales volume of certain tenants.

A number of companies in the retail industry, including some of our tenants, have declared bankruptcy or have voluntarily closed all or certain of their stores in recent years. The bankruptcy of a major tenant or number of tenants may result in the closing of certain affected stores or reduction of rent for stores that remain operating. If any of our tenants becomes a debtor in a case under the U.S. Bankruptcy Code, as amended, we cannot evict that tenant solely because of its bankruptcy. The bankruptcy court may authorize the tenant to reject and terminate its lease with us. Our claim against such tenant for uncollectible future rent would be subject to a statutory limitation that might be substantially less than the remaining rent actually owed to us under the tenant’s lease.

In addition, certain of our lease agreements 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 if we fail to maintain certain occupancy levels or retain specified named tenants, or if the tenant does not achieve certain specified sales targets. Our occupancy at our consolidated centers has remained stable at 98% and 97% at December 31, 2024 and 2023, respectively. If our occupancy declines, certain centers may fall below the minimum co-tenancy thresholds and could trigger many tenants ability to pay reduced rents, which in turn may negatively impact our results of operations.

Re-leasing this space may take longer than our historical experience. In addition, we may be unable to replace the space at equal or greater rent, and/or we may incur significant tenant allowances to induce tenants to enter into leases. As such, the closings of a significant amount of stores could have a material adverse effect on our results of operations and could result in a lower level of funds for distribution to our shareholders.

Substantial inflationary pressures can adversely affect us by increasing the costs of materials, labor and other costs needed to operate our business. Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development projects. The majority of our leases are negotiated to provide for inflation-based contractual rent increases or periodic fixed contractual rent increases and percentage rents. However, if we are unable to increase our rental prices to offset the effects of inflation, our business, results of operations, cash flows and financial condition could be adversely affected. In addition, interest rate increases enacted to combat inflation have caused market disruption and could prevent us from acquiring or disposing of assets on favorable terms.

Inflation may also cause increased volatility in financial markets, which could affect our ability to access the capital markets or impact the cost or timing at which we are able to do so. To the extent our exposure to increases in interest rates on any of our debt is not eliminated through interest rate swaps and interest rate protection agreements, such increases will result in higher debt service costs, which will adversely affect our cash flows.

There is no guarantee that we will be able to mitigate the effects of inflation and related impacts, and the duration and extent of any prolonged periods of inflation, and any related adverse effects on our results of operations and financial condition, remain unknown at this time.

We own partial interests in centers with various joint venture partners. The approval or consent of the other members of these joint ventures is required before we may sell, finance, expand or make other significant changes in the operations of these properties. We also may not have control over certain major decisions, including approval of the annual operating budgets, selection or termination of the property management company, leasing and the timing and amount of distributions, which could result in decisions that do not fully reflect our interests. To the extent such approvals or consents are required, we may experience difficulty in, or may be prevented from, implementing our plans and strategies with respect to expansion, development, property management, on-going operations, financing (for example, decisions as to whether to refinance or obtain financing, when and whether to pay down principal of any loan and whether and how to cure any defaults under loan documents) or other similar transactions with respect to such properties.

Further, these investments, and other future similar investments, could involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. If one of our partners or other owners in these investments were to become bankrupt, we may be precluded from taking certain actions regarding our investments without prior court approval, which at a minimum may delay the actions we would or might want to take.

Disputes between us and partners or other owners might result in litigation or arbitration that could increase our expenses and prevent us from focusing our time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners.

To the extent climate change causes changes in weather patterns, our properties in certain markets could experience, among other impacts, severe weather, rising sea levels and other natural disasters. Approximately, 41% of the square footage of our consolidated portfolio are located in coastal areas, which are at risk to be impacted by storms intensity and 14% of the square footage of our consolidated portfolio are in areas that are at risk to be impacted by rising sea levels. Over time, these conditions could result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate the properties at all. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) insurance on favorable terms, or at all, increasing the cost of energy at our properties or requiring us to spend funds to repair and protect our properties against such risks. Changes in federal, state, and local legislation and regulation based on concerns about climate change, including compliance with “green” building codes, could result in increased capital expenditures on our existing properties and our new development properties (for example, to improve their energy efficiency and/or resistance to severe weather) or increased taxes and fees assessed on us or our properties, and in our and our tenants’ increased compliance and other costs, without a corresponding increase in revenue, which may result in adverse impacts to our and our tenants’ operating results. There can be no assurance that climate change and severe weather, or the potential impacts of these events on our tenants, will not have a material adverse effect on our properties, operations, or business.

Some of the risks to which our centers are subject, including risks of terrorist attacks, war, earthquakes, wildfires, hurricanes and other natural disasters, are not insurable or may not be insurable in the future. Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the insurance policies noted above or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in and anticipated revenue from one or more of our centers, which could adversely affect our results of operations and financial condition, as well as our ability to pay dividends to our shareholders.

Under the terms and conditions of our leases, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons and contamination of air, water, land or property, on or off the premises, due to activities conducted in the leased space, except for claims arising from negligence or intentional misconduct by us or our agents. Additionally, tenants generally are required, at the tenant's expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies issued by companies acceptable to us. These policies include liability coverage for bodily injury and property damage arising out of the ownership, use, occupancy or maintenance of the leased space. All of these policies may involve substantial deductibles and certain exclusions. Therefore, an uninsured loss or loss that exceeds the insurance policies of our tenants could also subject us to lost capital and revenue. We cannot predict the future availability of insurance coverage against any risk of loss. Insurance companies may discontinue coverage for certain risks, or, if offered, such coverage may become excessively expensive.

As of December 31, 2024, through a co-ownership arrangement with a Canadian REIT, we have an ownership interest in two centers located in Canada. Our operating results and the value of our Canadian operations may be impacted by any unhedged movements in the Canadian dollar. Canadian ownership activities carry risks that are different from those we face with our domestic properties. These risks include:

•adverse effects of changes in the exchange rate between the U.S. and Canadian dollar;

•changes in Canadian political and economic environments, regionally, nationally, and locally;

•challenges of complying with a wide variety of foreign laws;

•changes in applicable laws and regulations in the United States that affect foreign operations;

•property management services being provided directly by our 50/50 co-owner, not by us; and

•obstacles to the repatriation of earnings and cash.

Any or all of these factors may adversely impact our operations and financial results, as well as our overall business.

We are subject to risks associated with debt financing, including the risk that the cash provided by our operating activities will be insufficient to meet required payments of principal and interest. Disruptions in the capital and credit markets may adversely affect our operations, including the ability to fund planned capital expenditures and potential new developments or acquisitions. Further, there is the risk that we will not be able to repay or refinance existing indebtedness or that the terms of any refinancing will not be as favorable as the terms of existing indebtedness. If we are unable to access capital markets to refinance our indebtedness on acceptable terms, we might be forced to dispose of properties on disadvantageous terms, which might result in losses.

The Company's operations are conducted by the Operating Partnership, and the Company's only significant asset is its interest in the Operating Partnership. As a result, the Company depends upon distributions or other payments from the Operating Partnership in order to meet its financial obligations, including its obligations under any guarantees or to pay dividends to its common shareholders. As a result, these obligations are effectively subordinated to existing and future liabilities of the Operating Partnership. The Operating Partnership is a party to loan agreements with various bank lenders that require the Operating Partnership to comply with various financial and other covenants before it may make distributions to the Company. Although the Operating Partnership presently is in compliance with these covenants, there is no assurance that the Operating Partnership will continue to be in compliance and that it will be able to make distributions to the Company.

We may not be able to obtain additional capital to further our business objectives.

Our ability to acquire and develop properties depends upon our ability to obtain capital. The real estate industry has historically experienced periods of volatile debt and equity capital markets and/or periods of extreme illiquidity. A prolonged period in which we cannot effectively access the public debt and/or equity markets may result in heavier reliance on alternative financing sources to undertake new investments. An inability to obtain debt and/or equity capital on acceptable terms could delay or prevent us from acquiring, financing, and completing desirable investments and could otherwise adversely affect our business. Also, the issuance of additional shares of capital stock or interests in subsidiaries to fund future operations could dilute the ownership of our then-existing stakeholders. Even as liquidity returns to the market, debt and equity capital may be more expensive than in prior years.

Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property, which is non-recourse to us. Nevertheless, the joint venture’s failure to satisfy its debt obligations could result in the loss of our investment therein. As of December 31, 2024, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $10.0 million. A default by a joint venture under its debt obligations would expose us to liability under a guaranty. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such funding is not typically required contractually or otherwise.

Adverse changes in our credit ratings could negatively affect our financing ability.

Our credit ratings may affect the amount of capital we can access, as well as the terms and pricing of any debt we may incur. There can be no assurance that we will be able to maintain and/or improve our current credit ratings. In the event that our current credit ratings are downgraded or removed, we would most likely incur higher borrowing costs and experience greater difficulty in obtaining additional financing, which in turn would have a material adverse impact on our financial condition, results of operations, cash flows, and liquidity.

As of December 31, 2024, we had approximately $376.7 million of outstanding indebtedness that bears interest at variable rates, and we may incur more variable rate indebtedness in the future. As of December 31, 2024, we had interest rate hedging agreements in place for $325.0 million of variable rate cash flows which expire between February 1, 2026 and January 1, 2027. We manage our exposure to interest rate risk by periodically entering into interest rate hedging agreements to effectively fix a portion of our variable rate debt. Our use of interest rate hedging arrangements to manage risk associated with interest rate volatility may expose us to additional risks, including that a counterparty to a hedging arrangement may fail to honor its obligations. We enter into swaps that are exempt from the requirements of central clearing and/or trading on a designated contract market or swap execution facility pursuant to the applicable regulations and rules, and thus there may be more counterparty risk relative to others who do not utilize such exemption. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. We might be subject to additional costs, such as transaction fees or breakage costs, if we terminate these arrangements.

The market price per share of our common stock may fluctuate significantly in response to a variety of factors, many of which are beyond our control, including, but not limited to:

•    the availability and cost of debt and/or equity capital;

•    the condition of our balance sheet;

•    actual or anticipated capital requirements;

•    the condition of the financial and banking industries;

•    actual or anticipated variations in our quarterly operating results or dividends;

•    the amount and timing of debt maturities and other contractual obligations;

•    changes in our net income, funds from operations, or guidance;

•    the publication of research reports and articles (or false or misleading information) about us, our tenants,

    the real estate industry, or the retail industry;

•    the general reputation of REITs and the attractiveness of their equity securities in comparison to other

    debt or equity securities (including securities issued by other real estate-based companies);

•    general stock and bond market conditions, including changes in interest rates on fixed-income

    securities, that may lead prospective shareholders to demand a higher annual yield from future dividends;

•    changes in our analyst ratings;

•    changes in our corporate credit ratings or credit ratings of our debt or other securities;

•    changes in market valuations of similar companies;

•    adverse market reaction to any additional debt we incur or equity we raise in the future;

•    additions, departures, or other announcements regarding our key management personnel and/or the Board;

•    actions by institutional shareholders;

•    speculation in the press or investment community;

•    short selling of our common shares;

•    the publication or dissemination of opinions, characterizations, or disinformation that are intended to create negative market momentum, including through the use of social media;

•    risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations, or disinformation;

•    terrorist activity adversely affecting the markets in which our securities trade, possibly increasing market

volatility and causing the further erosion of business and consumer confidence and spending;

•    government regulatory action and changes in tax laws;

•    fiscal policies or inaction at the U.S. federal government level that may lead to federal government

shutdowns or negative impacts on the U.S. economy;

•    fluctuations due to general market volatility;

•    disruptions in the banking sector or failures of financial institutions that we or our tenants may or may not

have business relationships with;

•    global market factors adversely affecting the U.S. and Canadian economic and political environments;

•    general market and economic conditions; and

•    the realization of any of the other risk factors included in this annual report on Form 10-K.

These factors may cause the market price of our common shares to decline, regardless of our financial condition, results of operations, business, or prospects.

If we fail to qualify as a REIT, our operations and distributions to shareholders would be adversely affected.

We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code. We believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). However, there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes. Qualification as a REIT involves the application of highly technical and complex Internal Revenue Code provisions for which there are only limited judicial or administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to continue to qualify as a REIT. In addition, new legislation, new regulations, administrative interpretations or court decisions could significantly change the tax laws, possibly with retroactive effect, with respect to qualification as a REIT or the federal income tax consequences of such qualification.

If we were to fail to qualify as a REIT in any taxable year:

•we would not be allowed to deduct our distributions to shareholders when computing our taxable income;

•we would be subject to federal income tax on our taxable income at regular corporate rates;

•for tax years beginning after December 31, 2022, we could also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, such as the nondeductible one percent excise tax on certain stock repurchases;

•we would be disqualified from being taxed as a REIT for the four taxable years following the year during which qualification was lost, unless entitled to relief under certain statutory provisions;

•our cash available for distributions to shareholders would be reduced; and

•we may be required to borrow additional funds or sell some of our assets in order to pay corporate tax obligations that we may incur as a result of our disqualification.

In order to maintain our qualification as a REIT, we are required to distribute to our shareholders at least 90% of our annual real estate investment trust taxable income (excluding any net capital gain and before application of the dividends paid deduction). In addition, we are subject to a 4% nondeductible excise tax on the amount, if any, by which certain distributions paid by us with respect to any calendar year are less than the sum of (i) 85% of our ordinary income for that year, (ii) 95% of our net capital gain for that year and (iii) 100% of our undistributed taxable income from prior years. Although we intend to pay distributions to our shareholders in a manner that allows us to meet the 90% distribution requirement and avoid this 4% excise tax, we cannot assure you that we will always be able to do so. We may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

To qualify as a REIT for federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our shareholders and the ownership of our shares. In order to meet these tests, we may be required to forego investments we might otherwise make. Thus, compliance with the REIT requirements may hinder our performance.

In particular, we must ensure that at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and qualified real estate assets. The remainder of our investment in securities (other than government securities and qualified real estate assets) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our assets (other than government securities and qualified real estate assets) can consist of the securities of any one issuer, and no more than 20% of the value of our total assets can be represented by the securities of one or more taxable REIT subsidiaries. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our shareholders.

A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, or is held through a taxable REIT subsidiary, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

The REIT provisions of the Internal Revenue Code limit our ability to hedge our liabilities. Generally, income from a hedging transaction does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Internal Revenue Code and Treasury Regulations. To the extent that we enter into other types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through taxable REIT subsidiaries.

For non-corporate taxpayers the maximum tax rate applicable to “qualified dividend income” paid by regular C corporations to U.S. shareholders generally is 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rates on qualified dividend income. Instead, our ordinary dividends generally are taxed at the higher tax rates applicable to ordinary income, the current maximum rate of which is 37%. However, for taxable years prior to 2026, individual shareholders are generally allowed to deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations, which would reduce the maximum marginal effective tax rate for individuals on the receipt of such ordinary dividends to 29.6%.

In the event that we elect to settle the forward sale agreement for cash and the settlement price is below the forward sale price, we would be entitled to receive a cash payment from the forward purchaser. Under Section 1032 of the Internal Revenue Code, generally, no gains and losses are recognized by a corporation in dealing in its own shares, including pursuant to a “securities futures contract,” as defined in the Internal Revenue Code by reference to the Exchange Act. Although we believe that any amount received by us in exchange for our stock would qualify for the exemption under Section 1032 of the Internal Revenue Code, because it is not entirely clear whether a forward sale agreement qualifies as a “securities futures contract,” the U.S. federal income tax treatment of any cash settlement payment we receive is uncertain. In the event that we recognize a significant gain from the cash settlement of a forward sale agreement, we might not be able to satisfy the gross income requirements applicable to REITs under the Internal Revenue Code. In that case, we may be able to rely upon the relief provisions under the Internal Revenue Code in order to avoid the loss of our REIT status. Even if the relief provisions apply, we will be subject to a 100% tax on the greater of (1) the excess of 75% of our gross income (excluding gross income from prohibited transactions) over the amount of such income attributable to sources that qualify under the 75% test or (2) the excess of 95% of our gross income (excluding gross income from prohibited transactions) over the amount of such gross income attributable to sources that qualify under the 95% test, multiplied in either case by a fraction intended to reflect our profitability. In the event that these relief provisions were not available, we could lose our REIT status under the Internal Revenue Code.

We cannot predict whether, when, or to what extent any new U.S. federal tax laws, regulations, interpretations, or rulings will impact the real estate investment industry or REITs. Prospective investors are urged to consult their tax advisors regarding the effect of potential future changes to the federal tax laws on an investment in our shares.

Our information technology systems may in the future be attacked or breached by individuals or organizations intending to obtain sensitive data regarding our business, customers, employees, tenants or other third parties with whom we do business or disrupt our business operations and information technology systems. While we maintain some of our own critical information technology systems, we also depend on third-party providers for important information technology software, products and services relating to several key business functions, such as payroll, electronic communications and certain accounting and finance functions, among others. Many of these providers have likewise experienced and expect to continue to experience cyberattacks and other security incidents.

A security compromise of our or our critical providers' information technology systems or business operations could occur through cyber-attacks or cyber-intrusions over the Internet, malware, ransomware, computer viruses, attachments to e-mails, persons inside our organization, or persons with access to systems inside our organization, due to malicious conduct, human error, negligence, and social engineering, as well as due to bugs, coding misconfigurations or other software vulnerabilities. Like many companies, we and third-party providers of certain information technology systems that we use have experienced intrusions and threats to data and information technology systems, and the risk of a future security breach or disruption, particularly through cyber-attacks or cyber-intrusion, including by computer hackers, foreign governments, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. We use information technology systems to manage our centers and other business processes. Disruption of those systems, for example, due to ransomware, could adversely impact our ability to operate our business to provide timely service to our customers and maintain our relationships with our tenants. Accordingly, if such an attack or act of terrorism were to occur, our operations and financial results could be adversely affected. In addition, we use our information technology systems to protect confidential or sensitive customer, employee and Company information developed and maintained in the normal course of our business. Certain of these systems have been subjected to attempted attacks, and any attack on such systems that results in the unauthorized release or loss of customer, employee or other confidential or sensitive data could have a material adverse effect on our business reputation, increase our costs of remediation and compliance (particularly in light of increased regulation of corporate data privacy and cybersecurity practices) and expose us to material legal claims and liability by private litigants (including class actions) and regulatory agencies. If the unauthorized release or loss of customer, employee or other confidential or sensitive data were to occur, our operations and financial results and our share price could also be adversely affected.

We may expend significant resources or modify our business activities to try to protect against security incidents. Additionally, certain data privacy and security obligations may require us to implement and maintain specific security measures or industry-standard or reasonable security measures to protect our information technology systems and confidential, proprietary, and sensitive data. While we have implemented security measures designed to safeguard our systems and confidential, proprietary, and sensitive data and to manage cybersecurity risks, there can be no assurance that these measures will be effective. We take steps to monitor and develop our information technology networks and infrastructure and invest in the development and enhancement of our controls designed to prevent, detect, respond to, and mitigate the risk of unauthorized access, misuse, computer viruses, and other events that could have a security impact.

We also have policies and procedures in place for the identification of cybersecurity incidents and technology vulnerabilities, and their timely elevation to executive management for remediation. Additionally, we take steps to detect and remediate vulnerabilities, but we may not be able to detect and remediate all vulnerabilities because the threats and techniques used to exploit vulnerabilities change frequently and are often sophisticated in nature. Therefore, such vulnerabilities could be exploited but may not be detected until after a security incident has occurred. Undetected and/or unremediated critical vulnerabilities that are exploited could pose material risks to our business. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.

Moreover, the security measures employed by third-party service providers may prove to be ineffective at preventing breaches of their systems, which in turn may impact our business and operations. We expect the frequency and intensity of cyberattacks to escalate in the future, particularly as threat actors become more sophisticated, for example, by deploying tools and techniques that are specifically designed to circumvent controls, to evade detection, and even to remove or obfuscate forensic evidence, all of which impedes our ability to detect, identify, investigate and remediate against cyberattacks. Continued remote and hybrid working arrangements also present additional cybersecurity risks given the prevalence of social engineering and vulnerabilities that are inherent in many non-corporate and home networks.

It may not always be possible to anticipate, detect, or recognize threats to our systems, or to implement effective preventive measures against all security incidents. We may not be able to immediately address the consequences of a security incident. A successful breach of our computer systems, software, networks, or other technology assets could occur and persist for an extended period of time before being detected due to, among other things:

•    the breadth of our operations and the high volume of transactions that our systems process;

•    the wide breadth of software required to run our business, and the increase in supply chain attacks by

advanced persistent threats;

•    the large number of our business partners;

•    the frequency and wide variety of sources from which a cyberattack can originate;

•    the severity of cyberattacks; and

•    the proliferation and increasing sophistication and types of cyberattacks.

Furthermore, the extent of a particular cyberattack and the steps that we may need to take to investigate the attack may not be immediately clear. Therefore, in the event of an attack, it may take a significant amount of time before such an investigation can be completed. During an investigation, we may not necessarily know the extent of the damage incurred or how best to remediate it, and certain errors or actions could be repeated or compounded before they are discovered and remediated, which could further increase the costs and consequences of a cyberattack. Additionally, applicable data privacy and security obligations may require us to notify relevant stakeholders of security incidents. Such disclosures are costly, and the disclosure or the failure to comply with such disclosure requirements could lead to adverse consequences.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our data privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.

In addition to experiencing a security incident, third parties may gather, collect, or infer sensitive information about us from public sources, data brokers, or other means that reveals competitively sensitive details about our organization and could be used to undermine our competitive advantage or market position. Additionally, proprietary, confidential, and/or sensitive information of the Company or our tenants could be leaked, disclosed, or revealed as a result of or in connection with our employees’, personnel’s, or vendors’ use of generative artificial intelligence or machine-learning technologies.

Even if we are not targeted directly, cyberattacks on the U.S. or Canadian governments, financial markets, financial institutions, or other businesses, including our tenants, vendors, software creators, cloud providers, cybersecurity service providers, and other third parties upon which we rely, may occur, and such events could disrupt our normal business operations and networks in the future.

In addition, laws, regulations, regulatory frameworks and industry standards related to cybersecurity and data privacy issues are developing rapidly, which may pose complex compliance challenges, lead to increased costs and potentially subject us to liability for violations. While we carry insurance related to cybersecurity events, our policies may not cover all of the costs and liabilities that could be incurred as the result of cyberattack or other security incident.

In recent years, there has been an increased focus from regulators, investors and other stakeholders on metrics and reporting related to ESG factors.

Such attention to sustainability matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, labor and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess and report on. At the same time, regulators and other stakeholders have increasingly expressed or pursued opposing views, legislation and investment expectations with respect to sustainability initiatives, including the enactment or proposal of “anti-ESG” legislation or policies.

Views about ESG have become a consideration in investment decisions, and as investors evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons among companies. Although we participate in a number of these ratings systems, we do not participate in all such systems. The criteria used in these ratings systems may conflict and change frequently, and we cannot predict how these third parties will score us, nor can we have any assurance that they score us accurately or other companies accurately or that other companies have provided them with accurate data. We supplement our participation in ratings systems with published disclosures of our ESG activities, but some investors may desire other disclosures that we do not provide.

Failure to participate in certain of the third party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could result in reputational harm when investors compare us to other companies, and could cause certain investors to be unwilling to invest in our shares, which could adversely impact our share price.

The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, including our CEO, some of whom operate without the existence of employment agreements or similar employment and severance arrangements. Many of our senior executives have extensive experience and strong reputations in the real estate industry, which aid us in identifying opportunities and partnering with tenants. Our ability to attract, retain and motivate talented employees, and develop talent internally, could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our executive management team and other key employees or that we will be able to attract, retain and/or develop other highly qualified individuals for these positions in the future. Additionally, the compensation and benefits packages we may need to offer to remain competitive for these individuals could increase the cost of replacement and retention. Losing any one or more of these persons could adversely affect our business, disrupt short-term operational performance, diminish our opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and others, which could have a material adverse effect on us.

As with many technological innovations, the use of artificial intelligence, including generative AI tools (“AI”), presents risks and challenges that could adversely affect our business. We are evaluating AI solutions to assist our employees with research, content generation, and decision support. Our vendors may incorporate AI tools into their services and deliverables without disclosing this to us, and the providers of these AI tools may not meet existing or rapidly evolving regulatory or industry standards with respect to security, privacy, and data protection. If we, our vendors, or third parties experience an actual or perceived privacy or security incident because of the use of AI, we could lose valuable intellectual property and confidential information, and our reputation and the public perception of the effectiveness of our security measures could be harmed. In addition, AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may appear correct. Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including reputational and competitive harm, loss of customers, and legal liability. Moreover, uncertainty in the regulatory environment related to AI may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which continues to evolve and may prevent or limit our ability to use AI in our business, lead to regulatory fines or penalties, or require us to change our business practices. If we cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage, which could adversely affect our business. In addition, investments in AI may not realize the benefits that were anticipated.

ITEM 1B.UNRESOLVED STAFF COMMENTS

There are no unresolved staff comments from the SEC for either the Company or the Operating Partnership.

We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.

Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems are necessary for the operation of our business. We use these systems, among others, to manage our tenant relationships, for internal communications, for accounting to operate our record-keeping function, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data.

We have strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk management. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level. Our technology department continuously identifies, evaluates and manages material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data in alignment with our business objectives and operational needs.

Recognizing the complexity and evolving nature of cybersecurity threats, we engage with a range of external experts, including cybersecurity assessors and consultants in evaluating and testing our risk management systems. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. These partnerships enable us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices. Our collaboration with these third parties include regular monitoring, threat assessments, and consultation on security enhancements. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include reviewing the cybersecurity practices of such provider, contractually imposing obligations on the provider, conducting security assessments, and conducting periodic reassessments during their engagement.

We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect our Company or the Operating Partnership, including our business strategy, results of operations, or financial condition. Refer to “Item 1A. Risk factors” in this Annual Report, including the risk factor entitled “Cyber-attacks or acts of cyber-terrorism could disrupt our or our third-party providers' business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information”, for additional discussion about cybersecurity-related risks.

The Board is focused on the critical nature of managing risks associated with cybersecurity threats as well as challenges to our business from evolving information technology systems. The Board has delegated to its Audit Committee oversight of management's processes for identifying and mitigating risks, including cybersecurity risks such as network security, information and digital security, data privacy and protection, and risks related to emerging technologies such as generative artificial intelligence and machine learning, to help align our risk exposure with our strategic objectives.

The Audit Committee of the Board oversees our annual enterprise risk assessment, where we assess key material risks within our Company, including technology risks and cybersecurity threats. The Audit Committee engages in regular discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.

Assessing, identifying and managing cybersecurity related risks are integrated into our overall enterprise risk management ("ERM") process. Cybersecurity related risks are included in the population that the ERM function evaluates to assess the top risks to the enterprise on a quarterly basis. To the extent the ERM process identifies a heightened cybersecurity related risk, management develops risk mitigation plans to minimize the risk. The ERM annual risk assessment is presented to the Audit Committee of the Board.

The Senior Vice President of Technology ("SVP Technology") is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. The SVP Technology implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, we believe we have a well-defined incident response plan governing our assessment, response and notifications internally and externally upon the occurrence of a cybersecurity incident.

Depending on the nature and severity of an incident, this process provides for evaluation by an executive management group to determine if the incident is material to us by evaluating the impact on our financial condition, reputation and potential litigation risk and regulatory impact. The management group is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, General Counsel, Chief Accounting Officer and the SVP Technology to determine if escalation is necessary by the Chief Executive Officer to the Board (specifically our Lead Independent Director and the Audit Committee Chair).

The SVP Technology plays a pivotal role in informing the Audit Committee on cybersecurity-related risks. The Audit Committee holds quarterly meetings and the SVP Technology provides periodic reports, on at least a quarterly basis, to the Audit Committee.

These reports cover a broad range of topics, including:

•Status of ongoing cybersecurity initiatives and strategies;

•Incident reports and learnings from any cybersecurity events; and

•Compliance with regulatory requirements and industry standards

The SVP Technology regularly informs our executive management group of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity environment and potential risks facing us. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Audit Committee, ensuring that they have comprehensive oversight and can provide guidance on critical cybersecurity issues.

As of the date of this Annual Report, we have not experienced any cybersecurity incidents that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition.

ITEM 2.PROPERTIES

As of December 31, 2024, our consolidated portfolio consisted of 31 outlet centers and two open-air lifestyle centers, totaling 13.0 million square feet located in 19 states. We own interests in six other outlet centers totaling approximately 2.1 million square feet through unconsolidated joint ventures, including two outlet centers located in Canada. Our portfolio also includes two managed centers totaling approximately 760,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. Our consolidated centers range in size from 181,687 to 737,473 square feet. The centers are generally located near tourist destinations or along major interstate highways to provide visibility and accessibility to potential customers.

We believe that our centers are well diversified geographically and by tenant and that we are not dependent upon any single property or tenant. No property comprises more than 10% or more of our consolidated total assets or revenues as of December 31, 2024.

We have an ongoing strategy of acquiring centers, developing new centers and expanding existing centers. See “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for a discussion of the cost of such programs and the sources of financing thereof.

As of December 31, 2024, of the 33 centers in our consolidated portfolio, we own the land underlying 27 and have ground leases on all or a portion of six centers. The following table sets forth information about such land leases:

Generally, our leases with our center tenants typically have an initial term that ranges from 5 to 10 years and provide for the payment of fixed monthly rent in advance. There are often contractual base rent increases during the initial term of the lease. In addition, the rental payments are customarily subject to upward adjustments based upon tenant sales volume. A component of most leases includes a pro-rata share or escalating fixed contributions by the tenant for property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in operating expenses resulting from inflation.

The following table summarizes certain information with respect to our consolidated centers as of December 31, 2024:

The following table summarizes certain information with respect to our consolidated centers in which we have an ownership interest as of December 31, 2024. Except as noted, all properties are fully owned:

(1)These properties or a portion thereof are subject to a ground lease.

(2)Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage. We currently receive substantially all the economic interest of the property.

(3)Property encumbered by mortgage. See Notes 8 and 9 to the consolidated financial statements for further details of our debt obligations.

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

(5)Total excludes the Nashville, TN center, which opened in October 2023 and has yet to stabilize.

(1)Property encumbered by mortgage. See Note 6 to the consolidated financial statements for further details of our joint ventures' debt obligations.

The following table sets forth our year end occupancy and average annual base rent per square foot during each of the last five calendar years for our consolidated centers:

(1)Average annual base rent per square foot is calculated based on base rental revenues recognized during the year on a straight-line basis including non-cash adjustments to base rent required by United States Generally Accepted Accounting Principles ("GAAP") and the effects of inducements and rent concessions divided by the weighted average total square feet of the consolidated portfolio. Average annual base rent excludes common area maintenance and reimbursements.

The following table sets forth, as of December 31, 2024, scheduled lease expirations for our consolidated centers, assuming none of the tenants exercise renewal options:

(1)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, totaling in the aggregate approximately 2.0 million square feet of our consolidated centers. 2025 lease expirations include month-to-month leases.

(2)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 that are based on a percentage of gross sales in lieu of fixed contractual rents and ground lease rents.

Changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases or renewals of existing leases will increase from current levels, if at all.