Tanger (SKT) investor relations material

Company overview and growth strategy

• Operates 42 open-air shopping centers, including 38 outlet centers and 4 lifestyle centers, with over 3,000 stores, 800+ brands, $4.3B equity, and $6.1B–$5.8B enterprise value.

• Focuses on internal growth, activating peripheral land, and external growth through acquisitions and development, with about half of centers having land for intensification.

• Portfolio is positioned in high-growth suburban and tourist markets, emphasizing market-dominant centers and strong population growth.

• Strategic advantages include operational excellence, loyal retailer partnerships, and a refreshed leadership team.

• Deployed $1B into eight new assets in recent years, maintaining a low 4.7x–4.8x debt to EBITDA ratio, the lowest in company history.

Market trends and leasing dynamics

• Retail sector remains resilient, with increased domestic tourism, shifting demographics, and outlet centers becoming regional hubs.

• Leasing demand is strong due to limited new shopping center development and favorable acquisition economics versus new builds.

• Retailers are expanding into mid-tier markets, with higher quality tenants entering the portfolio.

• Centers are located in markets with double the national average population growth and high tourism.

• Outlet channel remains core to retailers’ omnichannel strategies, offering lower costs and direct consumer access.

Tenant health and space backfilling

• Tenant watch list is at its smallest, with recent bankruptcies having minimal impact due to high demand for space.

• Backfilling vacated anchor spaces is expected to yield higher rents, with temporary tenants often paying 2-4x previous rents.

• Anchor boxes in top centers offer long-term upside as they are re-leased to more productive tenants.