Tanger Inc. (NYSE: SKT)

Tanger Inc. is a leading owner and operator of outlet and open-air retail destinations in the United States and Canada. The company focuses on developing, acquiring, owning, operating, and managing outlet and other open-air retail centers. As of December 31, 2025, Tanger's consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 14.0 million square feet. These centers were 98% occupied and contained over 2,600 stores representing over 700 store brands. Additionally, Tanger had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada, and managed one center totaling approximately 457,000 square feet.

Tanger generates revenue primarily through rental income from its retail centers. The company's revenue streams include fixed rental revenues and variable rental revenues, which are based on a percentage of tenant gross sales volume and reimbursable expenses such as advertising, common area expenses, utilities, insurance, and real estate taxes. The primary customers of Tanger's retail centers are a diverse range of shoppers seeking branded merchandise at discounted prices. The centers offer a curated mix of retailers specializing in apparel, footwear, accessories, athletic wear, athleisure, home furnishings, health and beauty, and digitally-native brands. Additionally, Tanger is adding food, beverage, and entertainment options to attract new shoppers and increase the frequency of visits.

• Outlet Centers: Tanger's outlet centers feature stores operated by brands and retailers that sell primarily branded products at significant discounts from regular retail prices. These centers offer advantages to brands and retailers by enabling them to charge customers lower prices through operating efficiencies and direct relationships with customers. The outlet centers enable retailers to optimize production runs and inventory positions while maintaining control of their distribution channels. As of December 31, 2025, Tanger operated 31 outlet centers under the Tanger brand name, except for one joint venture center. These centers are located in various geographical areas, including high-frequency tourist destinations and suburbs of vibrant and fast-growing markets. They are often situated near interstate highways to provide accessibility and visibility to potential customers.

• Open-Air Lifestyle Centers: In addition to outlet centers, Tanger acquired three open-air lifestyle centers in Huntsville, Alabama, Little Rock, Arkansas, and Cleveland, Ohio. These centers are natural extensions of Tanger's capabilities and align with its long-term strategy of investing in dominant open-air retail centers in markets benefiting from outsized residential and economic growth drivers.

Tanger holds a strong position within the outlet and open-air retail industry. The company's long-standing relationships with many of its tenants are critical in operating, managing, developing, and acquiring successful retail centers. Tanger's seasoned team of professionals with diverse expertise utilizes knowledge and experience to gain a competitive advantage in the outlet and other open-air retail formats. The company's comprehensive marketing plans are designed to drive sales and traffic in partnership with retail partners, leveraging data for efficient customer acquisition and engaging existing customers with personalized communications. Tanger's loyalty strategies aim to increase wallet share with vested customers and optimize an incremental ancillary revenue stream. The company's efforts to engage broad audiences through seasonal events and digital channels enable monetization of the customer audience for media and sponsorship opportunities with retail partners and nationally trusted brands.

Tanger's retail centers cater to a diverse customer base seeking branded merchandise at discounted prices. The centers offer a curated mix of retailers specializing in various product categories, including apparel, footwear, accessories, athletic wear, athleisure, home furnishings, health and beauty, and digitally-native brands. The addition of food, beverage, and entertainment options aims to attract new shoppers and increase the frequency of visits, enhancing the overall shopping experience.