Item 2. Properties
ITEM 2. PROPERTIES
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. Our portfolio also includes two managed centers totaling approximately 760,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. Our consolidated centers range in size from 181,687 to 737,473 square feet. 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 or revenues as of December 31, 2024.
We have an ongoing strategy of acquiring centers, developing new centers and expanding existing centers. See “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for a discussion of the cost of such programs and the sources of financing thereof.
As of December 31, 2024, of the 33 centers in our consolidated portfolio, we own the land underlying 27 and have ground leases on all or a portion of six centers. The following table sets forth information about such land leases:
Property Name
Location
Acres Expiration Expiration including renewal terms at our option
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
Tanger Outlets at Foxwoods
Mashantucket, CT
8.1 2039 2089
Tanger Outlets Rehoboth Beach
Rehoboth Beach, DE 2.7 2044 2064
Generally, our leases with our center tenants typically have an initial term that ranges from 5 to 10 years and provide for the payment of fixed monthly rent in advance. There are often contractual base rent increases during the initial term of the lease. In addition, the rental payments are customarily subject to upward adjustments based upon tenant sales volume. A component of most leases includes a pro-rata share or escalating fixed contributions by the tenant for property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in operating expenses resulting from inflation.
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The following table summarizes certain information with respect to our consolidated centers as of December 31, 2024:
State Number of
Centers Square
Feet %
of Square Feet
South Carolina 5 1,605,443 12
New York 2 1,466,753 11
Alabama 2 1,205,677 9
Georgia 3 1,142,073 9
Pennsylvania 3 999,762 8
Texas 2 823,650 6
Tennessee 2 740,746 6
North Carolina 2 701,362 5
Michigan 2 671,571 5
Delaware 1 547,937 4
New Jersey 1 484,748 4
Arizona 1 410,753 3
Florida 1 351,691 3
Missouri 1 329,861 3
Mississippi 1 324,801 3
Louisiana 1 321,066 3
Connecticut 1 311,229 2
Arkansas 1 269,642 2
New Hampshire 1 250,558 2
Total 33 12,959,323 100
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The following table summarizes certain information with respect to our consolidated centers in which we have an ownership interest as of December 31, 2024. Except as noted, all properties are fully owned:
Property Name
Location Legal Ownership % Square Feet (4)
% Occupied (4)
Consolidated Centers
Tanger Outlets Deer Park
Deer Park, NY
100 737,473 100.0
Tanger Outlets Riverhead
Riverhead, NY (1)
100 729,280 96.0
Bridge Street Town Centre, a Tanger Property
Huntsville, AL
100 650,941 95.0
Tanger Outlets Foley
Foley, AL
100 554,736 98.7
Tanger Outlets Rehoboth Beach
Rehoboth Beach, DE (1)
100 547,937 98.4
Tanger Outlets Atlantic City
Atlantic City, NJ (1) (3)
100 484,748 87.7
Tanger Outlets San Marcos
San Marcos, TX
100 471,816 99.5
Tanger Outlets Sevierville
Sevierville, TN (1)
100 450,079 100.0
Tanger Outlets Savannah
Savannah, GA
100 449,583 100.0
Tanger Outlets Myrtle Beach Hwy 501
Myrtle Beach, SC
100 426,523 98.7
Tanger Outlets Phoenix
Glendale, AZ
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
Commerce, GA
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
Branson, MO
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
Gonzales, LA
100 321,066 100.0
Tanger Outlets Mebane
Mebane, NC
100 319,762 100.0
Tanger Outlets Howell
Howell, MI
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
Tilton, NH
100 250,558 100.0
Tanger Outlets Hershey
Hershey, PA
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)
(1) These properties or a portion thereof are subject to a ground lease.
(2) Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage. We currently receive substantially all the economic interest of the property.
(3) Property encumbered by mortgage. See Notes 8 and 9 to the consolidated financial statements for further details of our debt obligations.
(4) Excludes square footage and occupancy associated with ground leases to tenants.
(5) Total excludes the Nashville, TN center, which opened in October 2023 and has yet to stabilize.
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Property Name
Location Legal Ownership % Square
Feet %
Occupied
Unconsolidated joint venture properties
Charlotte Premium Outlets
Charlotte, NC (1)
50 398,674 98.2
Tanger Outlets Ottawa
Ottawa, ON
50 357,213 100.0
Tanger Outlets Columbus
Columbus, OH (1)
50 355,245 100.0
Tanger Outlets Houston
Texas City, TX (1)
50 352,705 99.2
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) Property encumbered by mortgage. See Note 6 to the consolidated financial statements for further details of our joint ventures' debt obligations.
Property Name
Location Square Feet
Managed Properties
Tanger Outlets Palm Beach
Palm Beach, FL
457,326
Tanger Place Palm Beach
Palm Beach, FL
300,830
Total
758,156
Base Rents and Occupancy Rates
The following table sets forth our year end occupancy and average annual base rent per square foot during each of the last five calendar years for our consolidated centers:
2024 2023 2022 2021 2020
Occupancy 98 % 97 % 97 % 95 % 92 %
Average annual base rent per square foot $ 26.83 $ 26.07 $ 25.25 $ 23.79 $ 21.10
(1) Average annual base rent per square foot is calculated based on base rental revenues recognized during the year on a straight-line basis including non-cash adjustments to base rent required by United States Generally Accepted Accounting Principles ("GAAP") and the effects of inducements and rent concessions divided by the weighted average total square feet of the consolidated portfolio. Average annual base rent excludes common area maintenance and reimbursements.
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Lease Expirations
The following table sets forth, as of December 31, 2024, scheduled lease expirations for our consolidated centers, assuming none of the tenants exercise renewal options:
Year No. of Leases Expiring Approx. Square Feet (in 000's) (1)
Average Annualized Base Rent per sq. ft Annualized Base Rent
(in 000's) (2)
% of Annualized Base Rent Represented by Expiring Leases
2025 521 2,479 $ 30.42 $ 75,406 23
2026 460 2,056 29.65 60,959 19
2027 320 1,682 29.18 49,077 15
2028 279 1,631 27.68 45,160 13
2029 191 884 32.21 28,472 9
2030 97 669 28.72 19,203 6
2031 54 285 30.11 8,586 2
2032 65 480 28.27 13,565 4
2033 63 323 36.64 11,820 4
2034 66 303 35.13 10,631 3
2035 and after 27 164 38.29 6,261 2
2,143 10,956 $ 30.05 $ 329,140 100
(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. Includes rents that are based on a percentage of gross sales in lieu of fixed contractual rents and ground lease rents.
Changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases or renewals of existing leases will increase from current levels, if at all.
Expiring leases
The following table sets forth information regarding the expiring leases for our consolidated centers during each of the last five calendar years:
Total Expiring Renewed by Existing
Tenants
Year (1)
Square Feet
(in 000's) % of
Total Center Square Feet (2)
Square Feet
(in 000's) % of
Expiring Square Feet
2024 2,228 17 1,692 76
2023 1,766 14 1,642 93
2022 1,968 17 1,559 79
2021 1,728 15 1,359 79
2020 1,526 13 1,096 72
(1) Excludes data for properties sold in each respective year.
(2) Represents the percentage of total square footage at the beginning of each year that is scheduled to expire during the respective year.
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Leasing activity
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
Initial Rent (2)
Initial Rent (2)
($ per sq. ft.) ($ per sq. ft.)
Year Square Feet
(in 000's) New
Rent
Spread % (3)
Square Feet
(in 000's) New
Rent
Spread % (3)
2024 1,850 $ 35.37 14 126 $ 48.19 37
2023 1,711 $ 37.78 12 157 $ 46.58 37
2022 1,693 $ 30.72 9 122 $ 43.47 28
2021 978 $ 31.08 — 192 $ 29.27 (4)
2020 1,077 $ 22.90 (8) 91 $ 30.02 (5)
(1) For consolidated properties owned as of the period-end date. Represents leases for new stores or renewals that were executed during the respective calendar year and excludes license agreements, seasonal tenants and month-to-month leases.
(2) Represents average initial cash rent (base rent and common area maintenance (“CAM”)).
(3) Represents change in initial and expiring cash rent (base rent and CAM). See above for a description of the change in calculation from prior periods.
Occupancy Costs
We believe that our ratio of average tenant occupancy cost (which includes base rent, common area maintenance, real estate taxes, insurance, advertising and promotions) to average sales per square foot is one of the lowest in the retail industry. The following table sets forth for tenants that report sales, for each of the last five calendar years, tenant occupancy costs per square foot as a percentage of reported tenant sales per square foot for our consolidated centers:
Year Occupancy Costs as a
% of Tenant Sales
2024 9.5
2023 9.3
2022 8.6
2021 8.1
2020 N/A (1)
(1) As a result of the COVID-19 pandemic, retailers' stores were closed for much of the second quarter of 2020 due to mandates by order of local and state authorities. Given the fewer than twelve months of sales reported by our tenants for 2020, an average tenant occupancy cost is not provided for this period.
As of December 31, 2024, our occupancy cost ratio increased to 9.5%. The increase from 2023 predominantly relates to higher tenant occupancy costs.
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Tenants
The following table sets forth certain information for our consolidated centers with respect to our 25 largest tenants based on total annualized base rent as of December 31, 2024 (1) :
Tenant Brands # of
Stores Gross Leasable Area (GLA) % of
Total GLA % of Total Annualized Base Rent (2)
The Gap, Inc. Athleta, Banana Republic, Gap, Old Navy 91 952,706 7.4 % 5.4 %
KnitWell Group LLC; 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 %
PVH Corp. Calvin Klein, Tommy Hilfiger 38 283,670 2.2 % 2.6 %
Nike, Inc. Converse, Nike 32 397,580 3.1 % 2.4 %
Columbia Sportswear Company Columbia Sportswear 25 192,934 1.5 % 2.2 %
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 %
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 %
V. F. 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 30 348,637 2.7 % 1.4 %
Caleres Inc. Famous Footwear 23 138,321 1.1 % 1.4 %
Victoria's Secret & Co. Pink by Victoria's Secret, Victoria's Secret 17 118,399 0.9 % 1.3 %
Crocs Inc. 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 %
(1) Excludes leases that have been entered into but which tenant has not yet taken possession, leases that have turned over but are not open and temporary leases. Includes all retail concepts of each tenant group for consolidated centers; tenant groups are determined based on leasing relationships.
(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. Includes rents that are based on a percentage of gross sales in lieu of fixed contractual rents and ground lease rents.
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