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, exceeding guidance.

• Achieved record leasing velocity and robust tenant demand, driving occupancy to 98.1% and tenant sales productivity up 7% year-over-year.

• Expanded portfolio through over $780 million in acquisitions and development since 2023, including Kansas City at Legends and Pinecrest.

• Enhanced merchandising mix and technology platforms, adding new brands, food, beverage, and entertainment offerings, and launching TangerClub loyalty program.

• Recognized for workplace culture and inclusion in 2026.

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: $119.5 million; Q4 net income: $33.2 million.

• Same Center NOI grew 4.3% for 2025, at the high end of guidance.

• Tenant sales per square foot reached $473, up 7% from prior year.

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

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.