Tanger (SKT) Corporate presentation summary

Company overview and strategy

• Operates 41 open-air outlet and lifestyle centers with over 3,000 stores and 800+ brands, focusing on high-growth suburban and tourist markets.

• 95% of portfolio is open-air, with 90%+ of square footage in leading tourist destinations or top 50 MSAs.

• Mission is to create shopping destinations that entertain, inspire, and bring communities together.

• Emphasizes operational excellence, strong retailer partnerships, and a refreshed leadership team.

• Balance sheet is investment grade, low-leveraged, and positioned for growth with significant liquidity.

Growth strategy and portfolio expansion

• Growth driven by internal initiatives (leasing, marketing, operations), real estate intensification, and disciplined external acquisitions.

• $780M invested in portfolio expansion since 2019, with recent acquisitions in Nashville, Asheville, Kansas City, and others.

• Portfolio additions focus on dominant open-air centers in high-income, high-growth suburban locations.

• Recent Kansas City acquisition: $130M for a 690K SF center, 98% occupied, only outlet within 150+ miles, with ~8% initial yield.

• 50% of centers have peripheral land for further value creation through redevelopment or ground leases.

Financial performance and guidance

• 2026 guidance: Net income per diluted share $1.05–$1.13; Core FFO per diluted share $2.42–$2.50.

• Same Center NOI growth guidance for 2026 is 2.25%–4.25%.

• 1Q26 occupancy at 97.0%, tenant sales per SF at $482 (up 5.9% YoY), and blended cash rent spreads at +10.5%.

• Net debt/Adjusted EBITDAre at 4.8x, with $1.75B net debt and $5.8B enterprise value.

• Maintains strong credit ratings (BBB/Baa2) and compliance with all debt covenants.