Tanger Reports Second Quarter Results and Increases 2026 Guidance

Proactive Merchandising and Operational Strength Drive Positive Performance

Completes Accretive Acquisition of Market-Dominant Center

Well-Positioned Balance Sheet Supports Continued Growth and Value Creation

GREENSBORO, N.C.--(BUSINESS WIRE)--Tanger^® (NYSE:SKT), a leading owner and operator of outlet and other open-air retail shopping destinations, today reported financial results and operating metrics for the three and six months ended June 30, 2026.

“Tanger’s strong execution drove another quarter of solid financial and operating performance, demonstrating our differentiated leasing, operating, and marketing platforms and effective financial strategies,” said Stephen Yalof, President and Chief Executive Officer. “We continue to introduce sought-after brands, restaurants, and entertainment concepts that resonate with both existing and new shoppers, and we are engaging a wide demographic of customers through curated and enhanced marketing and traffic-driving initiatives across our portfolio. As expected, occupancy moderated during the quarter as we strategically recaptured a number of spaces where we believe we can create greater value. Our proactive approach to merchandising our centers is supported by robust retailer demand in a continued environment of limited new supply, above-average population growth within our markets, and a consolidating department store industry.”

Mr. Yalof continued, “Our disciplined external growth strategy continued with the accretive acquisition of Levis Commons Town Center, the seventh open-air and fourth lifestyle center added in the past three years. We remain well-positioned to enhance our portfolio, unlock additional value at our centers, and deliver long-term growth for our stakeholders supported by our strong and flexible balance sheet and best-in-class platform.”

Second Quarter Results

• Net income available to common shareholders was $0.29 per share, or $33.0 million, compared to $0.26 per share, or $29.9 million, for the prior year period.
• Funds From Operations (“FFO”) available to common shareholders was $0.64 per share, or $77.1 million, compared to $0.58 per share, or $68.6 million, for the prior year period.
• Core Funds From Operations (“Core FFO”) available to common shareholders was $0.64 per share, or $77.1 million, compared to $0.58 per share, or $68.6 million, for the prior year period.

Year-to-Date Results

• Net income available to common shareholders was $0.53 per share, or $61.0 million, compared to $0.43 per share, or $48.9 million, for the prior year period.
• FFO available to common shareholders was $1.23 per share, or $147.5 million, compared to $1.11 per share, or $131.3 million, for the prior year period.
• Core FFO available to common shareholders was $1.23 per share, or $147.5 million, compared to $1.11 per share, or $131.3 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.

Operating Metrics

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

• Occupancy was 96.6% on June 30, 2026 and June 30, 2025 and 97.0% on March 31, 2026. On a same center basis, occupancy was 96.6% on June 30, 2026 and June 30, 2025 and 96.9% on March 31, 2026. The sequential occupancy change reflects the timing of strategic backfills of vacancy from a recent tenant bankruptcy.
• Same center net operating income (“Same Center NOI”), which is presented on a cash basis, increased 3.5% to $106.9 million for the second quarter of 2026 from $103.3 million for the second quarter of 2025 and increased 3.1% to $207.4 million for the first half of 2026 from $201.2 million for the first half of 2025.
• Average tenant sales per square foot was $487 for the twelve months ended June 30, 2026 compared to $465 for the twelve months ended June 30, 2025 and $482 for the twelve months ended March 31, 2026, 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 $489 for the twelve months ended June 30, 2026 compared to $465 for the twelve months ended June 30, 2025 and $484 for the twelve months ended March 31, 2026.
• The occupancy cost ratio (“OCR”), representing annualized occupancy costs as a percentage of tenant sales, was 9.7% for each of the twelve month periods ended June 30, 2026, June 30, 2025, and March 31, 2026.
• Lease termination fees from tenants (which are excluded from Same Center NOI) for the total portfolio totaled $636,000 for the second quarter of 2026 and $2.8 million for the first half of 2026, compared to $272,000 for the second quarter of 2025 and $723,000 for the first half of 2025.

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

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 June 30, 2026 included 652 leases, totaling 3.3 million square feet, compared to 625 leases, totaling 2.8 million square feet, during the twelve months ended June 30, 2025.

Blended average rental rate spreads were 10.5% on a cash basis for leases executed for 3.0 million square feet of comparable space during the twelve months ended June 30, 2026. These blended rent spreads are comprised of re-tenanted rent spreads of 28.4% and renewal rent spreads of 7.7%.

As of June 30, 2026, the Company had renewals executed or in process for 70% of the space scheduled to expire during 2026 compared to 65% of expiring 2025 space as of June 30, 2025 (total portfolio, including the Company’s pro rata share of unconsolidated joint ventures).

Transaction Activity

In May 2026, the Company completed the acquisition of Levis Commons Town Center, a 301,000-square-foot open-air lifestyle center located in a vibrant, mixed-use district in the Perrysburg submarket of Toledo, Ohio. The center, which serves as the market-dominant shopping center for the area, was acquired for approximately $60 million using cash on hand and available liquidity. Management expects the center to deliver a first-year return of approximately 8.5%, with potential for additional growth over time. For additional information on this acquisition, please see the related press release available at investors.tanger.inc.

In May 2026, the Company acquired five Saks Off 5th leases for $4.3 million, comprising five stores totaling 140,000 square feet at Tanger Outlets Charleston, Hilton Head 1, Mebane, Phoenix, and Riverhead. As part of the transaction, the Company recorded lease termination expense of $1.3 million, which is included in property operating expenses and is excluded from Same Center NOI. In addition, the Company fully accelerated the non-cash below market rent balance on an acquired Saks Off 5th lease of $2.2 million, which is included in market rent adjustments, a component of GAAP rental revenues.

Balance Sheet and Liquidity

The Company maintains a balance sheet with low leverage, recently extended maturities, significant liquidity, and access to a wide range of capital sources. The Company ended the second quarter of 2026 with $1 billion of available liquidity providing the necessary capital to redeem $350 million of unsecured bonds that mature in September 2026 and fund internal and external growth initiatives.

During the second quarter of 2026, the Company fully repaid the $5 million secured mortgage debt for its Atlantic City, New Jersey property. In addition, the Company entered into forward sale agreements for 0.6 million common shares under its at-the-market stock offering program (the “ATM Offering Program”) at an initial forward sale price of $40.50 per share, representing anticipated total gross proceeds of approximately $24 million, all of which remain unsettled and can be settled over time. As of June 30, 2026, the Company had approximately $376 million of common shares remaining available for sale under the ATM Offering Program.

In July 2026, the Company drew the full $50 million available under the delayed draw feature associated with the unsecured term loan due January 2033 (the “2033 Term Loan”), increasing the total principal outstanding under the 2033 Term Loan from $150 million to $200 million. The Company continues to have an additional $100 million available under the delayed draw feature associated with the unsecured term loan due December 2030.

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 June 30, 2026:

• Net debt to Adjusted EBITDAre was 4.7x for the twelve month period ended June 30, 2026 compared to 4.8x for the twelve month period ended March 31, 2026 and 4.7x for the twelve month period ended December 31, 2025. 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 4.5x for the first half of 2026 and 4.7x for the twelve month period ended June 30, 2026.
• The Company had approximately $1.0 billion of immediate liquidity, including $355 million of cash and cash equivalents, short-term investments, and delayed draw term loan commitments, full availability on the Company’s $620 million unsecured lines of credit, and $24 million of proceeds available from the future settlement of forward sale agreements under the ATM Offering Program.
• Total outstanding debt aggregated $2.0 billion, all of which was at fixed rates including current swaps.
• Weighted average interest rate was 3.9%, considering current swaps, and weighted average term to maturity of outstanding debt, including extension options, was approximately 3.3 years.
• Approximately 89% of the total portfolio’s square footage was unencumbered by mortgages, with secured debt of $335 million (principal), representing approximately 16% of total debt outstanding.
• Funds Available for Distribution (“FAD”) payout ratio was 64% for the first half of 2026.

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.

Interest Rate Swaps

The Company continued to execute its interest rate hedging strategy during the first half of 2026, entering into new current and forward-starting swaps. Please see the supplemental information package in the Current Report on Form 8-K furnished with the Securities and Exchange Commission (“SEC”) on August 4, 2026 for additional information.

Dividend

In July 2026, the Company’s Board of Directors authorized a quarterly cash dividend of $0.3125 per share, payable on August 14, 2026 to holders of record on July 31, 2026, an increase of 7% compared to the July 2025 quarterly dividend of $0.2925.

Guidance for 2026

Based on the Company’s year-to-date results, its view on current market conditions, and its outlook for the remainder of 2026, management currently believes the Company’s full-year 2026 net income and FFO per share will be as follows:

The above estimates reflect the following key assumptions (dollars in millions):

Weighted average diluted common shares are expected to range from approximately 115.5 million to 116.5 million for earnings per share and 120.0 million to 121.0 million for FFO and Core FFO per share. The current guidance reflects the May 2026 acquisition of Levis Commons Town Center, but does not include the impact of any additional acquisition or sale of any outparcels, properties or joint venture interests, or any additional financing activity.

Second Quarter 2026 Conference Call

Tanger will host a conference call to discuss its second quarter 2026 results for analysts, investors and other interested parties on Wednesday, August 5, 2026, at 8:30 a.m. Eastern Time. The conference call will be available to the public through a live audio webcast on Tanger’s Investor Relations website, investors.tanger.inc. An online archive of the webcast will also be available following the call through August 19, 2026.

Upcoming Events

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

• 2026 NYSE Real Estate Investor Access Day on August 11, 2026 (virtual)
• Evercore ISI's Real Estate Conference on September 10, 2026 (virtual) with a panel discussion on September 9, 2026 at 8:30 a.m. Eastern Time
• Barclay’s 24th Annual Global Financial Services Conference held at the New York Hilton Midtown in New York, NY on September 14, 2026
• BofA Securities 2026 Global Real Estate Conference held at Bank of America Pavilion, Two Bryant Park in New York, NY on September 15, 2026

About Tanger^®

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and other 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 four open-air lifestyle centers includes nearly 17 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 ended June 30, 2026. 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.inc, 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.

Safe Harbor Statement

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 cautionary 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 acquire or 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 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 Report on Form 10-K for the year ended December 31, 2025 and in other reports that we file with the SEC.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Investor Contact Information

Doug McDonald
SVP, Treasurer and Investments
336-856-6066
tangerir@tanger.com

Media Contact Information
ICR
tangerpr@icrinc.com