What changed in this filing

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Item 2. Properties

2026-02-26 compared with 2025-02-21 · 71 added, 121 removed, 193 unchanged (50% of the section changed)

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.

As of December 31, 2025, our consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, totaling 14.0 million square feet located in 21 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.

Our portfolio also includes one managed center totaling approximately 457,000 square feet.

Each of our outlet centers, except one joint venture property, features the Tanger brand name.

4 unchanged sentences

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

In September 2025, we acquired a 690,000-square-foot open-air outlet center in Kansas City, Kansas for $130.0 million, including the assumption of a $115.0 million, 7.57% interest-only mortgage, with an effective rate of 6.0% that matures in November 2027.

The center is Kansas' only outlet center and serves as the retail anchor of Village West, the state's top tourist destination.

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

36 unchanged sentences

North Carolina 2 696,194 5

Michigan 2 671,571 5

Kansas 1 688,584 5

Ohio 1 638,396 5

Delaware 1 547,937 4

1 unchanged sentence

Arizona 1 410,753 3

Michigan 1 357,133 3

Florida 1 351,691 3

8 unchanged sentences

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

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

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

Property Name Location Legal Ownership % Square Feet (1)

% Occupied (1)

Tanger Outlets Deer Park Deer Park, NY 100 737,473 100.0

Tanger Outlets Riverhead Riverhead, NY (2)

100 729,377 98.4

Tanger Outlets at Foxwoods

Mashantucket, CT (1)

Tanger Outlets Kansas City at Legends Kansas City, KS (3)

100 688,584 96.2

Tanger Outlets Nashville

Nashville, TN

Bridge Street Town Centre, a Tanger Property Huntsville, AL 100 651,016 92.9

Pinecrest, a Tanger Property Cleveland, OH 100 638,396 98.2

Tanger Outlets Foley Foley, AL 100 554,736 94.0

Tanger Outlets Rehoboth Beach Rehoboth Beach, DE (2)

100 547,937 100.0

The Promenade at Chenal, a Tanger Property

Little Rock, AR

Tanger Outlets Savannah Savannah, GA 100 487,207 100.0

Tanger Outlets Atlantic City Atlantic City, NJ (2) (3)

100 484,748 80.7

Tanger Outlets Tilton

Tanger Outlets San Marcos San Marcos, TX 100 471,816 99.3

Tanger Outlets Sevierville Sevierville, TN (2)

100 450,079 100.0

Tanger Outlets Hershey

Tanger Outlets Myrtle Beach Hwy 501 Myrtle Beach, SC 100 426,523 99.0

Tanger Outlets Phoenix Glendale, AZ 100 410,753 100.0

Tanger Outlets Myrtle Beach Hwy 17 Myrtle Beach, SC (2)

100 404,341 100.0

Tanger Outlets Hilton Head II

Hilton Head, SC

Tanger Outlets Charleston Charleston, SC 100 386,328 100.0

Tanger Outlets Lancaster Lancaster, PA 100 377,417 100.0

Tanger Outlets Asheville Asheville, NC 100 376,432 97.4

Tanger Outlets Pittsburgh Pittsburgh, PA 100 373,863 100.0

Tanger Outlets Commerce Commerce, GA 100 371,408 100.0

Tanger Outlets Grand Rapids Grand Rapids, MI 100 357,133 97.0

Tanger Outlets Forth Worth Fort Worth, TX 100 351,901 100.0

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 (3) (4)

50 325,831 100.0

Tanger Outlets Hilton Head I

Hilton Head, SC

Tanger Outlets Gonzales Gonzales, LA 100 322,063 98.9

Tanger Outlets Atlanta Locust Grove, GA 100 321,082 100.0

Tanger Outlets Mebane Mebane, NC 100 319,762 100.0

Tanger Outlets at Foxwoods Mashantucket, CT (2)

100 311,229 95.6

Tanger Outlets Nashville Nashville, TN 100 290,667 100.0

The Promenade at Chenal, a Tanger Property Little Rock, AR 100 269,642 98.1

Tanger Outlets Tilton Tilton, NH 100 250,558 98.6

Tanger Outlets Hershey Hershey, PA 100 249,696 100.0

Tanger Outlets Hilton Head II Hilton Head, SC 100 206,564 100.0

Tanger Outlets Hilton Head I Hilton Head, SC 100 182,735 100.0

Total 14,008,849 98.0

(1) Excludes square footage and occupancy associated with ground leases to tenants.

(2) 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 7 and 8 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.

(4) 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.

Unconsolidated joint venture properties

Property Name

Location Legal Ownership % Square

Unconsolidated joint venture properties

Charlotte Premium Outlets

2 unchanged sentences

Tanger Outlets Ottawa

50 357,213 100.0

Ottawa, Ontario 50 357,213 99.6

Tanger Outlets Columbus

8 unchanged sentences

Tanger Outlets Cookstown

Cookstown, ON

50 307,883 93.8

Cookstown, Ontario 50 307,883 96.8

Total 2,112,876 99.0

(1) Excludes square footage and occupancy associated with ground leases to tenants.

(2) Property encumbered by mortgage.

See Note 5 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

Tanger Place Palm Beach

Palm Beach, FL

Managed Property Location Square

Tanger Outlets Palm Beach Palm Beach, FL 457,326

Base Rents and Occupancy Rates

3 unchanged sentences

Average annual base rent per square foot (1)

$27.77 $26.83 $26.07 $25.25 $23.79

(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.

Average annual base rent excludes tenant payments for common area maintenance and reimbursements.

Lease Expirations

18 unchanged sentences

2,243 11,732 $ 30.89 $ 362,446 100

(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.

(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, and residential, totaling in the aggregate approximately 2.3 million square feet of our consolidated centers.

2026 lease expirations include month-to-month leases.

41 unchanged sentences

% of Tenant Sales

(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, 2025, our occupancy cost ratio increased to 9.7%.

8 unchanged sentences

Lane Bryant Brands Opco LLC Ann Taylor, Chicos, Lane Bryant, Loft, Soma Intimates, Talbots, White House/Black Market 111 506,427 3.6 % 4.4 %

American Eagle Outfitters, Inc.

Aerie, American Eagle Outfitters, Offline by Aerie 53 337,174 2.4 % 3.1 %

Tapestry, Inc.

2 unchanged sentences

Under Armour, Under Armour Youth 31 286,213 2.0 % 2.9 %

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 %

Catalyst Brands Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brands, Nautica 55 283,039 2.0 % 2.6 %

Converse, Nike 34 407,245 2.9 % 2.4 %

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

Calvin Klein, Tommy Hilfiger 35 264,546 1.9 % 2.3 %

Signet Jewelers Limited Banter by Piercing Pagoda, Jared, Kay Jewelers, Zales 52 112,739 0.8 % 2.0 %

Columbia Sportswear Company Columbia Sportswear 24 182,250 1.3 % 1.9 %

Skechers USA, Inc.

Skechers 28 202,122 1.4 % 1.8 %

Luxottica Group S.p.A.

4 unchanged sentences

Adidas AG Adidas 24 177,199 1.3 % 1.6 %

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 %

Capri Holdings Limited Michael Kors 27 140,676 1.0 % 1.6 %

Crocs, Hey Dude 48 133,489 1.0 % 1.5 %

Levi Strauss & Co.

Levi's 29 122,577 0.9 % 1.5 %

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 %

Famous Footwear 23 138,321 1.1 % 1.4 %

Corporation The North Face, Timberland, Vans 27 140,402 1.0 % 1.4 %

Victoria's Secret & Co.

Pink by Victoria's Secret, Victoria's Secret 21 146,021 1.0 % 1.4 %

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

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

Crew Factory, J.

Crew The Men's Shop, Madewell 23 123,928 0.9 % 1.3 %

Allen Edmonds, Famous Footwear 23 131,622 0.9 % 1.2 %

Vera Bradley, Inc.

Vera Bradley 24 91,739 0.7 % 1.2 %

H & M Hennes & Mauritz LP.

H&M 19 409,893 2.9 % 1.2 %

Ralph Lauren Corporation Polo Children, Polo Ralph Lauren 29 349,035 2.5 % 1.2 %

Total of Top 25 tenants 987 6,178,944 44.0 % 51.8 %

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