Greensboro, NC, February 24, 2026, Tanger® (NYSE:SKT), a leading owner and operator of outlet and open-air retail shopping destinations, today reported financial results and operating metrics for the three months and year ended December 31, 2025.

“I am pleased to report another strong quarter, capping a productive year and positioning Tanger for continued growth in 2026,” said Stephen Yalof, President and Chief Executive Officer. “Our differentiated platform continues to deliver meaningful internal and external growth. Robust retailer demand and continued consumer interest is fueling same center NOI increases and driving growth at our recently acquired centers. We achieved record annual leasing volume, advanced our strategic merchandising initiatives, and strengthened our occupancy, all of which reflect the confidence brands have in partnering with Tanger.”

Mr. Yalof continued, “Additionally, we are benefitting from powerful demographic and economic catalysts across our markets, reinforcing our position as the focal points of thriving, dynamic communities. With a flexible balance sheet that we further strengthened in early 2026, a solid leasing pipeline, and growing momentum across our platform, Tanger remains well‑positioned to create long‑term value for our stakeholders.”

•Net income available to common shareholders was $0.29 per share, or $33.2 million, compared to $0.23 per share, or $26.3 million, for the prior year period.

•Funds From Operations (“FFO”) available to common shareholders was $0.63 per share, or $75.6 million, compared to $0.54 per share, or $63.3 million, for the prior year period.

•Core Funds From Operations (“Core FFO”) available to common shareholders was $0.63 per share, or $75.6 million, compared to $0.54 per share, or $63.3 million, for the prior year period.

•Net income available to common shareholders was $0.99 per share, or $113.9 million, compared to $0.88 per share, or $97.7 million, for the prior year period. Net income for 2025 includes a non-cash impairment charge of $0.04 per share, or $4.2 million, related to the center in Howell, Michigan that was sold in April 2025.

•FFO available to common shareholders was $2.33 per share, or $278.0 million, compared to $2.12 per share, or $245.4 million, for the prior year period.

•Core FFO available to common shareholders was $2.33 per share, or $278.0 million, compared to $2.13 per share, or $247.0 million, for the prior year period.

FFO and Core FFO are widely accepted supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. Definitions of these non-GAAP financial measures and statements of the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, as well as reconciliations of these non-GAAP financial measures to GAAP net income, can be found later in this release. Per share amounts for net income, FFO and Core FFO are on a diluted basis.

Below are key portfolio results for the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures.

•Occupancy was 98.1% on December 31, 2025, compared to 97.4% on September 30, 2025 and 98.0% on December 31, 2024. On a same center basis, occupancy was 98.2% on December 31, 2025, compared to 97.6% on September 30, 2025 and 98.1% on December 31, 2024. The same center portfolio excludes Pinecrest and Tanger Kansas City at Legends, which were acquired during 2025, and the sold center in Howell, Michigan for all periods presented.

•Same center net operating income (“Same Center NOI”), which is presented on a cash basis, increased 5.6% to $107.3 million for the fourth quarter of 2025 from $101.5 million for the fourth quarter of 2024 and increased 4.3% to $407.7 million for the full year of 2025 from $390.8 million for the full year of 2024.

•Average tenant sales per square foot was $473 for the twelve months ended December 31, 2025 compared to $475 for the twelve months ended September 30, 2025 and $443 for the twelve months ended December 31, 2024, reflecting the Company’s execution of its strategy to remerchandise, replace less productive tenants, and evolve its portfolio.

•On a same center basis, average tenant sales per square foot was $474 for the twelve months ended December 31, 2025 compared to $475 for the twelve months ended September 30, 2025 and $447 for the twelve months ended December 31, 2024. The same center portfolio excludes Pinecrest, Tanger Kansas City at Legends, Tanger Outlets Nashville and the sold center in Howell, Michigan.

•The occupancy cost ratio (“OCR”), representing annualized occupancy costs as a percentage of tenant sales, was 9.7% for the twelve months ended December 31, 2025 compared to 9.7% for the twelve months ended September 30, 2025 and 9.5% for the twelve months ended December 31, 2024.

•Lease termination fees (which are excluded from Same Center NOI) for the total portfolio totaled $333,000 for the fourth quarter of 2025 and $1.1 million for the full year of 2025, compared to $30,000 for the fourth quarter of 2024 and $955,000 for the full year of 2024.

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

Leasing activity in the Company’s portfolio continues to be robust from both existing and new tenants. For the total domestic portfolio, including the Company’s pro rata share of domestic unconsolidated joint ventures, total renewed or re-tenanted leases (including leases for both comparable and non-comparable space) executed during the twelve months ended December 31, 2025 included 630 leases, totaling 3.1 million square feet, compared to 532 leases, totaling 2.4 million square feet, during the twelve months ended December 31, 2024.

Blended average rental rate spreads were 9.5% on a cash basis for leases executed for 2.8 million square feet of comparable space during the twelve months ended December 31, 2025. These blended rent spreads are comprised of re-tenanted rent spreads of 28.3% and renewal rent spreads of 6.5%.

As of January 31, 2026, the Company had renewals executed or in process for 46% of the space scheduled to expire during 2026 compared to 35% of expiring 2025 space as of January 31, 2025 (total portfolio, including the Company’s pro rata share of unconsolidated joint ventures).

The following balance sheet and liquidity metrics are presented for the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures. As of December 31, 2025:

•Net debt to Adjusted EBITDAre was 4.7x for the twelve months ended December 31, 2025 compared to 5.0x for the twelve months ended September 30, 2025 and 4.8x for the year ended December 31, 2024. Net debt to Adjusted EBITDAre is calculated as Net debt divided by Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”).

•Interest coverage ratio (calculated as Adjusted EBITDAre divided by interest expense) was 4.8x for 2025 compared to 4.6x for 2024.

•Cash and cash equivalents totaled $27.8 million with $576.0 million of availability on the Company’s $620.0 million unsecured lines of credit. Additionally, the Company had $35.4 million of restricted cash.

•Total outstanding debt aggregated $1.8 billion with $44.0 million (principal) of floating rate debt, representing approximately 2% of total debt outstanding and approximately 1% of total enterprise value.

•Weighted average interest rate was 4.1%, including current swaps, and weighted average term to maturity of outstanding debt, including extension options, was approximately 2.8 years.

•Approximately 88% of the total portfolio’s square footage was unencumbered by mortgages, with secured debt of $341.1 million (principal), representing approximately 19% of total debt outstanding.

•Funds Available for Distribution (“FAD”) payout ratio was 61% for 2025.

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

In December 2025, the mortgage for the Company’s Southaven, MS (Memphis) center was amended to remove the 10-basis point Secured Overnight Financing Rate (“SOFR”) credit adjustment spread.

In January 2026, as discussed further below, the Company completed a series of financing transactions that increased the Company’s debt capacity, enhanced liquidity, extended debt duration, lowered pricing, and expanded its bank group. “With over $1 billion of current liquidity available post these financing transactions, including significant cash on hand, delayed draws available on our new term loans, and full capacity under our lines of credit, Tanger is even better positioned with considerable financial flexibility to support operational needs, upcoming debt maturities, and our strategic growth initiatives to drive value for our stakeholders,” said Michael Bilerman, Chief Financial Officer and Chief Investment Officer.

Unsecured Term Loans

The Company closed on $550 million of unsecured term loans, comprised of (i) an amendment of the Company's existing $325 million term loan increasing capacity to $350 million and extending the maturity to December 2030 (the “2030 Term Loan”) and (ii) a new $200 million term loan due January 2033 (the “2033 Term Loan”). The Company drew an incremental $75 million of proceeds at closing, for a total outstanding of $400 million, and has a combined $150 million under a delayed draw feature, allowing the Company to draw the additional proceeds over a six-to-nine month period. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on the Company’s current credit rating. The current 10-basis point SOFR credit adjustment spread was removed for the 2030 Term Loan, and the Company also amended its $600 million revolving credit facility and its $20 million liquidity line to remove the 10-basis point SOFR credit adjustment spread.

Exchangeable Senior Notes

Additionally, the Company issued $250 million aggregate principal amount of 2.375% Exchangeable Senior Notes due 2031 and entered into capped call transactions that increased the effective conversion price from approximately $41.55 per share to approximately $47.49 per share, subject to adjustments. The net proceeds of approximately $243 million were used to pay approximately $9 million of capped call transaction costs and repurchase approximately $20 million of the Company’s common shares.

The remaining proceeds from the term loans and the exchangeable notes were used to repay approximately $44 million of the outstanding debt under the unsecured lines of credit, with the remainder to be used to repay additional debt and general corporate purposes. Please see the Current Reports on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on January 6, 2026 and January 12, 2026 for additional information on these transactions.

In December 2025 and January 2026, the Company entered into $75 million of forward-starting swaps that commenced on January 6, 2026 and mature on October 1, 2029 to address the additional $75 million of borrowings from the 2030 and 2033 Term Loans discussed above. Additionally, in January 2026, the Company entered into $50 million of forward-starting swaps that will commence on January 1, 2027 and mature between December 1, 2028 and September 1, 2030 to address a portion of the $175 million of existing swaps that expire on January 1, 2027. Please see the supplemental information package in the Current Report on Form 8-K furnished with the SEC on February 24, 2026 for additional information on these swaps.

In January 2026, the Company’s Board of Directors authorized a quarterly cash dividend of $0.2925 per share, payable on February 13, 2026 to holders of record on January 30, 2026.

Tanger will host a conference call to discuss its fourth quarter and full year 2025 results for analysts, investors and other interested parties on Wednesday, February 25, 2026, at 8:30 a.m. Eastern Time. To access the conference call, listeners should dial 1-877-605-1702. Alternatively, a live audio webcast of this call will be available to the public on Tanger’s Investor Relations website, investors.tanger.com. A telephone replay of the call will be available from February 25, 2026 at approximately 11:30 a.m. through March 11, 2026 at 11:59 p.m. by dialing 1-877-660-6853, replay access code #13757571. An online archive of the webcast will also be available through March 11, 2026.

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

•Wolfe Research Fifth Annual Real Estate Conference held virtually on February 26, 2026

•Citi’s 31st Annual Global Property CEO Conference held at the Diplomat Resort & Spa in Hollywood, FL from March 2 through March 4, 2026

•A tour of Tanger Outlets Phoenix on March 17, 2026 in connection with Evercore ISI’s Phoenix Multi-Sector Property Tour

•Bank of America’s Retail REIT Executive Summit in New York, NY on March 25, 2026

•A tour of Tanger Outlets Charleston on May 4, 2026 in connection with Wells Fargo’s 29th Annual Real Estate Securities Conference held at The Charleston Place in Charleston, SC from May 4 through May 6, 2026

•BMO’s North American Real Estate Conference held at the InterContinental New York Barclay in New York, NY on May 12, 2026

About Tanger®

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and three open-air lifestyle centers includes more than 16 million square feet well positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 800 different brand name companies. Tanger is furnishing a Form 8-K with the SEC that includes a supplemental information package for the quarter and year ended December 31, 2025. For more information on Tanger, call 1-800-4TANGER or visit tanger.inc.

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

Certain statements made in this earnings release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this release as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this release. All of our forward-looking statements are qualified in their entirety by this statement.

There are a number of risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks, uncertainties and other factors referred to in Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q and in our other filings with the SEC. Such risks and uncertainties include, but are not limited to: risks associated with general economic and financial conditions, including inflationary pressures and recessionary fears; newly-imposed and potentially additional U.S. tariffs and responsive non-U.S. tariffs; increased capital costs and capital markets volatility; increases in unemployment and reduced consumer confidence and spending; risks related to our ability to develop new retail centers or expand existing retail centers successfully; risks related to the financial performance and market value of our retail centers and the potential for reductions in asset valuations and related impairment charges; our dependence on rental income from real property; the relative illiquidity of real property investments; failure of our acquisitions or dispositions of retail centers 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 and our inability to execute leases with tenants on terms consistent with our expectations; the diversification of our tenant mix and our entry into the operation of full price retail may not achieve our expected results; risks associated with environmental regulations; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to international military conflicts, international trade disputes and foreign currency volatility; 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 impact of a prolonged government shutdown; 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; 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 Real Estate Investment Trust (“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 Tanger Properties Limited Partnership’s (together with its subsidiaries, 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 and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and Operating Partnership’s Annual Reports on Form 10-K for the year ended December 31, 2024 and for the year ended December 31, 2025, when available, and in other reports that we file with the SEC.

Investor Contact Information

Media Contact Information

Doug McDonald

ICR

SVP, Treasurer and Investments

tangerpr@icrinc.com

336-856-6066

tangerir@tanger.com

    

(1)The year ended December 31, 2024 includes $1.6 million of executive severance costs.

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

(2)December 2025 occupancy includes the results of Pinecrest, and Tanger Kansas City at Legends, which were acquired during 2025, and excludes the center in Howell, Michigan that was sold in April 2025.

(3)Excludes the results of Pinecrest, and Tanger Kansas City at Legends for December 2025 and the center in Howell, Michigan for December 2024.

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

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

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

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

(3)For the year ended December 31, 2024, represents executive severance costs.

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

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

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

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

(2)Centers excluded from Same Center NOI:

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

(1)For the year ended December 31, 2024, represents executive severance costs.

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

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

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

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

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

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

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

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

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

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

•They do not reflect our net interest expense;

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

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

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

 

Certain statements made in this supplement contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this supplement as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this supplement. All of our forward-looking statements are qualified in their entirety by this statement.

There are a number of risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this supplement. Any forward-looking statements should be considered in light of the risks, uncertainties and other factors referred to in Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q and in our other filings with the SEC. Such risks and uncertainties include, but are not limited to: risks associated with general economic and financial conditions, including inflationary pressures and recessionary fears; newly-imposed and potentially additional U.S. tariffs and responsive non-U.S. tariffs; increased capital costs and capital markets volatility; increases in unemployment and reduced consumer confidence and spending; risks related to our ability to develop new retail centers or expand existing retail centers successfully; risks related to the financial performance and market value of our retail centers and the potential for reductions in asset valuations and related impairment charges; our dependence on rental income from real property; the relative illiquidity of real property investments; failure of our acquisitions or dispositions of retail centers 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 and our inability to execute leases with tenants on terms consistent with our expectations; the diversification of our tenant mix and our entry into the operation of full price retail may not achieve our expected results; risks associated with environmental regulations; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to international military conflicts, international trade disputes and foreign currency volatility; 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 impact of a prolonged government shutdown; 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; 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 and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s Annual Reports on Form 10-K for the year ended December 31, 2024 and for the year ended December 31, 2025, when available, and in other reports that we file with the SEC.

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

(2)December 2025 occupancy, average tenant sales per square foot, and occupancy cost ratio include the results of Pinecrest and Tanger Outlets Kansas City at Legends, which were acquired during 2025, and exclude the center in Howell, Michigan that was sold in April 2025.

(3)Excludes the results of Pinecrest and Tanger Outlets Kansas City at Legends for December 2025 and the center in Howell, Michigan for December 2024.

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

(5)Excludes the results of Pinecrest, Tanger Outlets Kansas City at Legends, and Tanger Outlets Nashville for December 2025 and the center in Howell, Michigan for December 2024.

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

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

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

(2)Excludes GLA and occupancy rates at Pinecrest, Tanger Outlets Kansas City at Legends, and the center in Howell, Michigan for all periods.

Portfolio Occupancy at the End of Each Period (1)

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

(3)    Beginning in March 2025, total portfolio occupancy includes the occupancy rate at Pinecrest, which was acquired during the first quarter of 2025, and excludes the occupancy rate at the center in Howell, Michigan that was sold in April 2025.

(4)     Beginning in September 2025, total portfolio occupancy includes the occupancy rate at Tanger Outlets Kansas City at Legends, which was acquired during the third quarter of 2025.

Center Sales Per Square Foot Ranking (“SPSF”) as of December 31, 2025 (1)

As of December 31, 2025 (1)

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

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

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

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

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

(2)     Excludes leases that have been entered into but tenant has not yet taken possession, vacant space, leases that have turned over but are not open, temporary leases, and residential. 2026 lease expirations include month-to-month leases.

(3)    Includes ground lease rent.