Tanger Inc. (NYSE: SKT)

Tanger Inc. is a leading owner and operator of outlet and other open air retail destinations in the United States and Canada, functioning as a fully integrated, self administered and self managed REIT that develops, acquires, owns, operates and manages such retail centers. As of December 31, 2025, its consolidated portfolio consisted of 31 outlet centers and 3 open air lifestyle centers, with a total gross leasable area of approximately 14,000,000 square feet, which were 98% occupied and contained over 2,600 stores representing over 700 store brands. The company also held partial ownership interests in 6 unconsolidated centers totaling approximately 2,100,000 square feet, including 2 centers in Canada, and 1 managed center totaling approximately 457,000 square feet. Properties are typically situated in high frequency tourist destinations, suburbs of fast growing markets, and along major interstate highways to maximize accessibility and visibility. Each center, except 1 joint venture location, carries the Tanger brand name, which is recognized by consumers for value, quality, and a consistent shopping experience.

The company generates revenue primarily by leasing space in its outlet and other open air retail centers, collecting fixed base rents and variable percentage rents tied to tenant sales, and receiving reimbursements for common area expenses, utilities, insurance, and real estate taxes. In addition to base and percentage rents, Tanger earns income from marketing partnerships, media sponsorships, and other non store sources such as temporary leasing, and return on investment driven sustainability initiatives. For the year ended December 31, 2025, fixed rental revenues were $437,255,000 and variable rental revenues were $113,641,000, resulting in total rental revenues of $550,896,000. The company also reports modest amounts of other revenue streams that contribute to overall net operating income.

The company operates through the following segments.

• Outlet and Open Air Retail: This segment develops, acquires, owns, operates and manages outlet and other open air retail centers in the United States and Canada.

Tanger Inc. holds a prominent position among outlet and open air retail REITs, competing with other REITs, institutional investors, private equity firms, and individual owners of retail properties. The company differentiates itself through long standing retailer relationships, the strength of the Tanger brand, expertise in selecting prime locations, and a diversified tenant mix that reduces reliance on any single tenant. Its scale, operational platform, and deep knowledge of the outlet and open air formats provide barriers to entry for new entrants and support steady cash flow generation. Tanger’s focus on maintaining high occupancy rates, optimizing rent structures, and enhancing the shopping experience helps it sustain a competitive advantage in a fragmented retail real estate sector.

The company serves a diverse tenant base of over 2,600 stores operated by more than 700 brand companies across categories such as apparel, footwear, accessories, athletic wear, athleisure, home furnishings, health and beauty, digitally native brands, and food, beverage, and entertainment. Tenants range from global luxury and sport labels to emerging digitally native companies, providing shoppers with a varied mix of merchandise and experiences. Food, beverage, and entertainment offerings are increasingly integrated into the center mix to extend dwell time and attract repeat visitors. No single tenant, including all of its store concepts, accounted for 10% or more of combined base and percentage rental revenues in the years 2023 through 2025, and as of December 31, 2025, no single tenant represented more than 7% of leasable square feet or 6% of rental income.