What changed in this filing

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Item 2. Properties

2025-02-21 compared with 2024-02-21 · 138 added, 70 removed, 176 unchanged (54% of the section changed)

As of December 31, 2023, our consolidated portfolio consisted of 31 outlet centers and one open-air lifestyle center, totaling 12.7 million square feet located in 18 states.

As of December 31, 2024, our consolidated portfolio consisted of 31 outlet centers and two open-air lifestyle centers, totaling 13.0 million square feet located in 19 states.

We own interests in six other outlet centers totaling approximately 2.1 million square feet through unconsolidated joint ventures, including two outlet centers located in Canada.

3 unchanged sentences

The centers are generally located near tourist destinations or along major interstate highways to provide visibility and accessibility to potential customers.

In February 2025, we acquired a 640,000-square-foot open-air, grocery-anchored mixed-use center in Cleveland, Ohio for $167.0 million using cash on hand and available liquidity.

The center is Northeast Ohio's premier retail and entertainment destination and has become the go-to choice for retailers seeking market entry.

The stores at the center are complemented by an expansive menu of entertainment and dining options.

We believe that our centers are well diversified geographically and by tenant and that we are not dependent upon any single property or tenant.

No property comprises more than 10% or more of our consolidated total assets as of December 31, 2023.

Our asset in Deer Park represented more than 10% of our consolidated total assets in 2022.

With the addition of Nashville, Asheville and Huntsville, Deer Park's total assets now fall below 10% of our consoliated total assets.

No property comprises more than 10% of our consolidated revenues for the year ended December 31, 2023.

No property comprises more than 10% or more of our consolidated total assets or revenues as of December 31, 2024.

We have an ongoing strategy of acquiring centers, developing new centers and expanding existing centers.

2 unchanged sentences

The following table sets forth information about such land leases:

Property Name

Acres Expiration Expiration including renewal terms at our option

Myrtle Beach Hwy 17, SC 40.0 2027 2096

Tanger Outlets Myrtle Beach Hwy 17

Myrtle Beach, SC

40.0 2027 2096

Tanger Outlets Atlantic City

Atlantic City, NJ 21.3 2100 2101

Tanger Outlets Sevierville

Sevierville, TN 43.6 2086 2086

Tanger Outlets Riverhead

Riverhead, NY 47.0 2029 2039

Mashantucket, CT (Foxwoods) 8.1 2039 2089

Tanger Outlets at Foxwoods

Mashantucket, CT

8.1 2039 2089

Tanger Outlets Rehoboth Beach

Rehoboth Beach, DE 2.7 2044 2064

24 unchanged sentences

Connecticut 1 311,229 2

Arkansas 1 269,642 2

New Hampshire 1 250,558 2

2 unchanged sentences

Except as noted, all properties are fully owned:

Property Name

Location Legal Ownership % Square Feet (4)

1 unchanged sentence

Consolidated Centers

Deer Park, New York 100 739,148 100

Riverhead, New York (1)

Tanger Outlets Deer Park

Deer Park, NY

100 737,473 100.0

Huntsville, Alabama

Tanger Outlets Riverhead

Riverhead, NY (1)

100 729,280 96.0

Foley, Alabama 100 554,736 97

Rehoboth Beach, Delaware (1)

Bridge Street Town Centre, a Tanger Property

Huntsville, AL

100 650,941 95.0

Atlantic City, New Jersey (1) (3)

Tanger Outlets Foley

100 554,736 98.7

San Marcos, Texas 100 471,816 98

Sevierville, Tennessee (1)

Tanger Outlets Rehoboth Beach

Rehoboth Beach, DE (1)

100 547,937 98.4

Savannah, Georgia 100 448,089 99

Myrtle Beach Hwy 501, South Carolina 100 426,523 99

Glendale, Arizona (Westgate) 100 410,753 100

Myrtle Beach Hwy 17, South Carolina (1)

Tanger Outlets Atlantic City

Atlantic City, NJ (1) (3)

100 484,748 87.7

Charleston, South Carolina 100 386,328 100

Asheville, North Carolina 100 381,600 96

Lancaster, Pennsylvania 100 376,203 100

Pittsburgh, Pennsylvania 100 373,863 100

Commerce, Georgia 100 371,408 100

Grand Rapids, Michigan 100 357,133 98

Fort Worth, Texas 100 351,834 100

Daytona Beach, Florida 100 351,691 100

Branson, Missouri 100 329,861 100

Southaven, Mississippi (2) (3)

Tanger Outlets San Marcos

San Marcos, TX

100 471,816 99.5

Locust Grove, Georgia 100 321,082 100

Gonzales, Louisiana 100 321,066 100

Mebane, North Carolina 100 319,762 100

Howell, Michigan 100 314,438 86

Mashantucket, Connecticut (Foxwoods) (1)

Tanger Outlets Sevierville

Sevierville, TN (1)

100 450,079 100.0

Nashville, Tennessee 100 290,656 97

Tilton, New Hampshire 100 250,558 92

Hershey, Pennsylvania 100 249,696 100

Hilton Head II, South Carolina 100 206,564 100

Hilton Head I, South Carolina 100 181,687 100

Tanger Outlets Savannah

100 449,583 100.0

Tanger Outlets Myrtle Beach Hwy 501

Myrtle Beach, SC

100 426,523 98.7

Tanger Outlets Phoenix

100 410,753 100.0

Tanger Outlets Myrtle Beach Hwy 17

Myrtle Beach, SC (1)

100 404,341 100.0

Tanger Outlets Charleston

Charleston, SC

100 386,328 99.5

Tanger Outlets Asheville

Asheville, NC

100 381,600 98.4

Tanger Outlets Lancaster

Lancaster, PA

100 376,203 100.0

Tanger Outlets Pittsburgh

Pittsburgh, PA

100 373,863 99.8

Tanger Outlets Commerce

100 371,408 99.3

Tanger Outlets Grand Rapids

Grand Rapids, MI

100 357,133 97.5

Tanger Outlets Forth Worth

Fort Worth, TX

100 351,834 100.0

Tanger Outlets Daytona Beach

Daytona Beach, FL

100 351,691 100.0

Tanger Outlets Branson

100 329,861 100.0

Tanger Outlets Memphis

Southaven, MS (2) (3)

50 324,801 100.0

Tanger Outlets Locust Grove

Locust Grove, GA

100 321,082 99.2

Tanger Outlets Gonzales

100 321,066 100.0

Tanger Outlets Mebane

100 319,762 100.0

Tanger Outlets Howell

100 314,438 93.3

Tanger Outlets at Foxwoods

Mashantucket, CT (1)

100 311,229 91.1

Tanger Outlets Nashville

Nashville, TN

100 290,667 96.7

The Promenade at Chenal, a Tanger Property

Little Rock, AR

100 269,642 91.1

Tanger Outlets Tilton

100 250,558 100.0

Tanger Outlets Hershey

100 249,696 100.0

Tanger Outlets Hilton Head II

Hilton Head, SC

100 206,564 95.1

Tanger Outlets Hilton Head I

Hilton Head, SC

100 181,687 97.1

Total 12,959,323 98.0 (5)

6 unchanged sentences

(5) Total excludes the Nashville, TN center, which opened in October 2023 and has yet to stabilize.

Property Name

Location Legal Ownership % Square

Unconsolidated joint venture properties

Charlotte, North Carolina (1)

Charlotte Premium Outlets

Charlotte, NC (1)

50 398,674 98.2

Ottawa, Ontario 50 357,213 96

Columbus, Ohio (1)

Tanger Outlets Ottawa

50 357,213 100.0

Texas City, Texas (Galveston/Houston) (1)

Tanger Outlets Columbus

Columbus, OH (1)

50 355,245 100.0

National Harbor, Maryland (1)

Tanger Outlets Houston

Texas City, TX (1)

50 352,705 99.2

Cookstown, Ontario 50 307,883 98

Tanger Outlets National Harbor

National Harbor, MD (1)

50 341,156 98.9

Tanger Outlets Cookstown

Cookstown, ON

50 307,883 93.8

Total 2,112,876 98.4

1 unchanged sentence

See Note 6 to the consolidated financial statements for further details of our joint ventures' debt obligations.

Property Name

Location Square Feet

Managed Properties

Palm Beach, Florida 758,156

Tanger Outlets Palm Beach

Palm Beach, FL

Tanger Place Palm Beach

Palm Beach, FL

Base Rents and Occupancy Rates

5 unchanged sentences

Average annual base rent excludes common area maintenance and reimbursements.

(2) The decline in the average annual base rent per square foot in 2020 compared to previous years reflects the decline in occupancy from 97% in 2019 to 92% in 2020 and rent modifications primarily due to a number of tenants filing bankruptcy during 2020.

Lease Expirations

19 unchanged sentences

(1) Excludes leases that have been entered into but which tenant has not yet taken possession, vacant space, leases that have turned over but are not open, and temporary leases, totaling in the aggregate approximately 2.0 million square feet of our consolidated centers.

2025 lease expirations include month-to-month leases.

(2) Annualized base rent is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases.

16 unchanged sentences

Leasing activity

In 2021, we revised our rent spread presentation from a commenced basis to executed basis and we are presenting it for comparable space.

Comparable space excludes leases for space that was vacant for more than 12 months (non-comparable space).

We believe that this presentation provides additional information and improves comparability to other retail REITs.

Prior period results have been revised to conform with the current period presentation.

The following table sets forth leasing activity for each of the calendar years for comparable space for executed leases for consolidated centers.

(1) Comparable space excludes leases for space that was vacant for more than 12 months (non-comparable space).

Renewals of Existing Leases Stores Re-leased to New Tenants

30 unchanged sentences

Athleta, Banana Republic, Gap, Old Navy 91 952,706 7.4 % 5.4 %

SPARC Group Aéropostale, Boardriders Outlet, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brands, Nautica, Reebok, Vince, Volcom 94 550,322 4.3 % 3.9 %

KnitWell Group LLC;

Lane Bryant Brands Opco LLC Ann Taylor, Lane Bryant, LOFT, Talbots 79 418,633 3.3 % 3.5 %

Under Armour, Inc.

Under Armour, Under Armour Kids 31 280,232 2.2 % 3.2 %

Lane Bryant Brands Opco LLC Ann Taylor, Chicos, Lane Bryant, Loft, Soma Intimates, Talbots, White House/Black Market 118 528,931 4.1 % 5.0 %

Tapestry, Inc.

Coach, Kate Spade 52 245,013 1.9 % 3.2 %

Under Armour, Inc.

Under Armour, Under Armour Youth 31 280,232 2.2 % 3.1 %

American Eagle Outfitters, Inc.

Aerie, American Eagle Outfitters, Offline by Aerie 49 321,388 2.5 % 3.1 %

Catalyst Brands Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brands, Nautica 66 392,421 3.0 % 3.0 %

Calvin Klein, Tommy Hilfiger 38 283,670 2.2 % 2.6 %

Converse, Nike 32 397,580 3.1 % 2.4 %

Signet Jewelers Limited Banter by Piercing Pagoda, Jared, Kay Jewelers, Zales 52 112,473 0.9 % 2.2 %

Columbia Sportswear Company Columbia Sportswear 25 192,934 1.5 % 2.2 %

Carter’s, Inc.

Carter's, OshKosh B'gosh 41 180,420 1.4 % 2.0 %

Capri Holdings Limited Michael Kors, Michael Kors Men’s 28 142,986 1.1 % 1.9 %

Signet Jewelers Limited Banter by Piercing Pagoda, Jared, Kay Jewelers, Zales 52 112,473 0.9 % 2.1 %

Luxottica Group S.p.A.

Lenscrafters, Oakley, Sunglass Hut 62 97,970 0.8 % 1.9 %

Carter’s, Inc.

Carters, OshKosh B'gosh 39 174,221 1.3 % 1.9 %

Rack Room Shoes Off Broadway Shoes, Rack Room Shoes 25 178,348 1.4 % 1.8 %

Adidas AG Adidas 26 188,193 1.5 % 1.8 %

Skechers USA, Inc.

Skechers 29 163,527 1.3 % 1.8 %

Rack Room Shoes, Inc.

Off Broadway Shoes, Rack Room Shoes 25 178,348 1.4 % 1.7 %

Hanesbrands Inc.

Champion, Hanesbrands, Maidenform 34 166,204 1.3 % 1.7 %

Express Factory 26 182,114 1.4 % 1.7 %

Corporation Dickies, The North Face, Timberland, Vans 28 149,287 1.2 % 1.7 %

Adidas AG Adidas 24 170,501 1.3 % 1.6 %

Capri Holdings Limited Michael Kors, Michael Kors Mens 28 142,986 1.1 % 1.8 %

Levi Strauss & Co.

Levi's 29 121,946 0.9 % 1.6 %

Chico’s, FAS Inc.

Chicos, Soma Intimates, White House/Black Market 37 109,369 0.9 % 1.6 %

Corporation Dickies, The North Face, Timberland, Vans, Work Authority 27 143,805 1.1 % 1.6 %

H & M Hennes & Mauritz LP.

H&M 19 406,125 3.1 % 1.4 %

Ralph Lauren Corporation Polo Children, Polo Ralph Lauren, Polo Ralph Lauren Big & Tall 31 352,490 2.8 % 1.5 %

Ralph Lauren Corporation Polo Children, Polo Ralph Lauren 30 348,637 2.7 % 1.4 %

Famous Footwear 23 138,321 1.1 % 1.4 %

Rue 21, LLC Rue 21 19 114,559 0.9 % 1.3 %

Victoria's Secret & Co.

Pink by Victoria's Secret, Victoria's Secret 17 118,399 0.9 % 1.3 %

Crocs, Hey Dude 36 99,254 0.8 % 1.3 %

Hilco Consumer - Retail Hanesbrands, Maidenform 25 134,764 1.0 % 1.3 %

Vera Bradley, Inc.

Vera Bradley 23 86,557 0.7 % 1.2 %

Total of Top 25 tenants 992 6,250,401 48.5 % 55.6 %

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties