Tanger (SKT) Citi’s Miami Global Property CEO Conference 2026 summary

Company overview and strategic positioning

• Operates 41 centers in the U.S. and Canada, with a focus on outlet and open-air retail, hosting over 3,000 stores and 800 brand-name retailers.

• Achieved record leasing production over 3 million sq ft and integrated recent acquisitions in Little Rock, Cleveland, and Kansas City.

• Benefiting from limited new retail development, department store consolidation, and favorable demographic trends.

• Focused on value creation through leasing, marketing, and a flexible, low-leverage balance sheet.

• Management emphasizes sustained growth, operational excellence, and capital flexibility.

Financial performance and balance sheet

• Core FFO grew 9.4% and Same Center NOI increased 4.3% for the full year.

• Completed refinancing transactions to address bond maturities, strengthen liquidity, and reduce refinancing costs.

• Debt-to-EBITDA stands at 4.7x, with $1.1 billion in capacity and a strong free cash flow retention rate.

• CapEx is 15% of NOI, lower than peers, supporting higher cash retention and dividend coverage.

• Plans to pay off the Kansas City mortgage and refinance upcoming maturities with lower-cost unsecured debt.

Leasing, tenant mix, and operational strategy

• Reduced renewal rates from 95% to 80% to bring in new brands and uses, catering to younger consumers and shifting demographics.

• Focused on retenanting with higher-performing retailers, driving rent and NOI growth.

• Short-term leases and pop-up strategies are used to test new brands, with high conversion rates to permanent tenants.

• Temporary tenants currently make up about 10% of the portfolio, impacting sales per square foot but providing flexibility.

• Sales per square foot have grown from $385 to $475 over five years, with OCR rising from 8% to 9.7%.