Tanger Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income available to common shareholders was $33.4 million ($0.29 per share) for the quarter ended September 30, 2026, compared to $31.8 million ($0.28 per share) in the prior year period.
• Year-to-date net income available to common shareholders was $94.4 million ($0.82 per share), compared to $80.7 million ($0.71 per share) in the prior year period.
• Funds From Operations (FFO) available to common shareholders was $77.1 million ($0.64 per share) for the quarter, up from $71.1 million ($0.60 per share) in the prior year.
• Year-to-date FFO available to common shareholders was $224.6 million ($1.87 per share), compared to $202.4 million ($1.70 per share) in the prior year.
• Core FFO available to common shareholders matched FFO at $77.1 million ($0.64 per share) for the quarter and $224.6 million ($1.87 per share) year-to-date.
• Total revenues were $157.7 million for the quarter and $464.5 million year-to-date.
• Same Center NOI increased 4.2% to $108.4 million for the quarter and 3.5% to $315.8 million year-to-date.
• Net debt to Adjusted EBITDAre was 4.6x for the twelve-month period ended September 30, 2026, down from 4.7x in the prior periods.
• Interest coverage ratio was 4.5x for the first nine months of 2026 and 4.6x for the twelve-month period ended September 30, 2026.
• FAD payout ratio was 64% for the first nine months of 2026.

Guidance and Future Outlook:

• Management raised full-year 2026 estimated diluted net income per share guidance to a range of $1.08 to $1.12 (previously $1.06 to $1.13).
• Management raised full-year 2026 estimated diluted FFO per share guidance to a range of $2.49 to $2.53 (previously $2.45 to $2.52).
• Full-year 2026 Same Center NOI growth guidance for the total portfolio at pro rata share is 3.50% to 4.25% (previously 2.75% to 4.25%).
• Full-year 2026 General and administrative expense guidance is $80.5 million to $83.5 million.
• Full-year 2026 Interest expense, net of interest income, guidance is $70.5 million to $71.7 million (previously $71.0 million to $73.0 million).
• Full-year 2026 Annual recurring capital expenditures, renovations, and second generation tenant allowances guidance is $70.0 million to $75.0 million (previously $65.0 million to $75.0 million).
• Weighted average diluted common shares are expected to range from 115.5 million to 116.5 million for EPS and 120.0 million to 121.0 million for FFO/Core FFO.

Business Segments and Product Lines:

• The portfolio consists of 45 outlet centers and four open-air lifestyle centers totaling nearly 17 million square feet across 22 U.S. states and Canada.
• Total Owned and/or Managed Properties increased to 42 centers (16,867 thousand GLA) as of September 30, 2026, from 41 centers (16,559 thousand GLA) in the prior year.
• Leasing activity included 564 leases executed for 2.6 million square feet in the twelve months ended September 30, 2026, compared to 608 leases for 2.9 million square feet in the prior year.
• Blended average rental rate spreads were 11.0% on a cash basis for comparable space, comprised of 28.6% for re-tenanted leases and 8.3% for renewal leases.
• Renewals executed or in process for 73% of space scheduled to expire during 2026, matching the 73% of expiring 2025 space as of September 30, 2025.
• Average tenant sales per square foot was $487 for the twelve months ended September 30, 2026, up from $475 in the prior year.
• Same center average tenant sales per square foot was $488 for the twelve months ended September 30, 2026, up from $475 in the prior year.
• Lease termination fees totaled $83,000 for the quarter and $2.9 million for the first nine months of 2026.

Market and Competitive Landscape:

• Occupancy was 97.3% on September 30, 2026, compared to 97.4% on September 30, 2025.
• The occupancy cost ratio remained stable at 9.7% for the twelve-month periods ended September 30, 2026, and September 30, 2025.
• Management cited strong retailer demand, limited new supply, and robust population growth in markets as key drivers.
• Tenant demand remains resilient against low supply.

Risks and Challenges:

• Forward-looking statements are subject to risks including general economic conditions, inflationary pressures, recessionary fears, and consumer spending reductions.
• Risks include potential impairment charges, competition for tenants and acquisitions, and the impact of geopolitical conflicts or trade disputes.
• Specific risks include the failure of tenants to pay rent, bankruptcy, or early termination of leases, and the impact of co-tenancy provisions.
• Risks associated with Canadian investments, interest rate volatility, and the effectiveness of hedging arrangements are noted.

Management Commentary and Tone:

• Stephen Yalof, President and CEO, stated the company drove "another quarter of solid financial and operating results" and expressed confidence in a "long runway for growth."
• Management highlighted the portfolio's ability to attract sought-after brands, restaurants, and entertainment uses.
• The tone emphasized disciplined financial strategies, strong balance sheet, and the execution of growth strategies to increase NOI and expand the portfolio.
• Management noted the use of cash on hand and delayed draws on term loans to repay maturing notes while maintaining low leverage.

Other Key Points:

• The Company fully repaid $350 million of senior unsecured notes maturing in September 2026 using delayed draw proceeds and cash on hand.
• The Company drew the full $150 million available under delayed draw features on unsecured term loans, increasing total principal outstanding on Term Loans from $400 million to $550 million.
• Total outstanding debt aggregated $1.8 billion (including pro rata share of joint ventures), with a weighted average interest rate of 4.1% and a weighted average term to maturity of approximately 3.8 years.
• The Company had $662 million of immediate liquidity, including $20 million in cash, $618 million on unsecured lines of credit, and $24 million from forward sale agreements.
• Approximately 89% of the total portfolio's square footage was unencumbered by mortgages.
• The Board of Directors authorized a quarterly cash dividend of $0.3125 per share in October 2026, a 7% increase from the prior year.
• The Company acquired Levis Commons Town Center in Toledo, OH, during the last twelve months.
• The Company sold a property in Howell, MI in April 2025.