Tanger (SKT) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2026, driven by robust leasing, proactive merchandising, and portfolio expansion, including the accretive acquisition of Levis Commons Town Center.

• Portfolio expanded to 35 consolidated centers and 6 unconsolidated joint ventures, totaling 14.3M sq. ft. at 96.6% occupancy as of June 30, 2026.

• Tenant sales per square foot rose to $487, up 5% year-over-year, with over 800 brands and increased diversification; non-apparel GLA now 32%, up from 19% several years ago.

• Growth driven by higher rental revenues, acquisitions in Kansas City and Toledo, and improved tenant mix.

• Maintained a market-leading open-air retail platform with a diversified tenant mix and high exposure to growth markets.

Financial highlights

• Q2 2026 Core FFO per share was $0.64 (up from $0.58 in Q2 2025), and first half 2026 Core FFO per share was $1.23 (up from $1.11 in 2025).

• Net income available to common shareholders for Q2 2026 was $34.6M ($0.29 per share), up from $31.3M ($0.26 per share) in Q2 2025; six-month net income rose to $64.0M.

• Same Center NOI increased 3.5% year-over-year in Q2 2026 and 3.1% for the first half.

• Quarterly dividend increased 7% year-over-year to $0.3125 per share, with a payout ratio in the low 60% range.

• $1 billion in total liquidity at quarter end, including $355 million in cash and short-term investments.

Outlook and guidance

• Raised full-year 2026 Core FFO per share guidance to $2.45–$2.52, and net income per diluted share guidance to $1.06–$1.13.

• Same Center NOI growth for 2026 projected at 2.75%–4.25%.

• Management expects continued strong leasing demand, with 70% of 2026 lease expirations already renewed or in process.

• Guidance does not assume additional acquisitions, dispositions, or financing activity.

• Weighted average diluted shares expected: 115.5M–116.5M for EPS, 120.0M–121.0M for FFO.