Tanger (SKT) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, with Core FFO per share up 17% in Q4 and 9% for the year, and NOI, occupancy, and tenant sales all rising.

• Achieved record leasing velocity, with over 3 million sq ft leased and year-end occupancy at 98.1%.

• Expanded portfolio through $780M+ in acquisitions and development since 2023, including major new centers.

• Enhanced merchandising mix and added food, beverage, and entertainment offerings, driving traffic and sales.

• Advanced technology and AI initiatives improved operational efficiency and customer engagement.

Financial highlights

• Q4 2025 Core FFO: $0.63 per share (up 16.7%); full-year Core FFO: $2.33 per share (up 9.4%).

• Net income for 2025: $119.5M; Q4 net income: $33.2M.

• Same Center NOI grew 4.3% for 2025; tenant sales per sq ft reached $473, up 7%.

• Occupancy at 98.1% at year-end, with 16 consecutive quarters of positive rent spreads.

• Net debt to Adjusted EBITDAre at 4.7x; FAD payout ratio at 61%.

Outlook and guidance

• 2026 Core FFO per share guidance: $2.41–$2.49; net income per share: $1.04–$1.12.

• Same Center NOI growth expected between 2.25%–4.25%.

• Recurring CapEx projected at $65–$75 million.

• Guidance incorporates a range of credit scenarios and manageable watch list levels.

• General and administrative expense forecast: $80.5–$83.5 million; interest expense: $69.5–$72.5 million.