Item 2. Properties
ITEM 2. PROPERTIES
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 one managed center totaling approximately 457,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. Our consolidated centers range in size from 182,735 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.
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. No property comprises more than 10% or more of our consolidated total assets or revenues as of December 31, 2025.
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, 2025, of the 34 centers in our consolidated portfolio, we own the land underlying 28 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, 2025:
State Number of
Centers Square
Feet %
of Square Feet
South Carolina 5 1,606,491 12
New York 2 1,466,850 10
Alabama 2 1,205,752 9
Georgia 3 1,179,697 8
Pennsylvania 3 1,000,976 7
Texas 2 823,717 6
Tennessee 2 740,746 5
North Carolina 2 696,194 5
Kansas 1 688,584 5
Ohio 1 638,396 5
Delaware 1 547,937 4
New Jersey 1 484,748 3
Arizona 1 410,753 3
Michigan 1 357,133 3
Florida 1 351,691 3
Missouri 1 329,861 2
Mississippi 1 325,831 2
Louisiana 1 322,063 2
Connecticut 1 311,229 2
Arkansas 1 269,642 2
New Hampshire 1 250,558 2
Total 34 14,008,849 100
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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, 2025. Except as noted, all properties are fully owned:
Consolidated Centers
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 Kansas City at Legends Kansas City, KS (3)
100 688,584 96.2
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
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 San Marcos San Marcos, TX 100 471,816 99.3
Tanger Outlets Sevierville Sevierville, TN (2)
100 450,079 100.0
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 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 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.
(3) Property encumbered by mortgage. See Notes 7 and 8 to the consolidated financial statements for further details of our debt obligations.
(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.
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Unconsolidated joint venture properties
Property Name
Location Legal Ownership % Square
Feet (1)
%
Occupied (1)
Charlotte Premium Outlets
Charlotte, NC (2)
50 398,674 98.6
Tanger Outlets Ottawa
Ottawa, Ontario 50 357,213 99.6
Tanger Outlets Columbus
Columbus, OH (2)
50 355,245 100.0
Tanger Outlets Houston
Texas City, TX (2)
50 352,705 99.0
Tanger Outlets National Harbor
National Harbor, MD (2)
50 341,156 100.0
Tanger Outlets Cookstown
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.
Managed Property Location Square
Feet
Tanger Outlets Palm Beach Palm Beach, FL 457,326
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:
2025 2024 2023 2022 2021
Occupancy 98% 98% 97% 97% 95%
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 tenant payments for common area maintenance and reimbursements.
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Lease Expirations
The following table sets forth, as of December 31, 2025, 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
2026 498 1,943 $ 32.88 $ 63,888 18
2027 441 2,282 30.06 68,598 19
2028 387 2,257 28.73 64,852 18
2029 241 1,241 31.83 39,498 11
2030 218 1,355 30.34 41,117 11
2031 113 696 25.84 17,974 5
2032 78 519 29.74 15,430 4
2033 84 444 36.72 16,305 5
2034 70 311 38.83 12,061 3
2035 61 283 37.00 10,474 3
2036 and after 52 401 30.53 12,249 3
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, and residential, totaling in the aggregate approximately 2.3 million square feet of our consolidated centers. 2026 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
2025 2,610 19 1,972 76
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
(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)
2025 2,265 $ 37.46 6 334 $ 50.03 31
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)
(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
2025 9.7
2024 9.5
2023 9.3
2022 8.6
2021 8.1
As of December 31, 2025, our occupancy cost ratio increased to 9.7%. The increase from 2024 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, 2025 (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 90 935,042 6.7 % 5.1 %
KnitWell Group LLC; 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. Coach, Kate Spade 54 255,319 1.8 % 3.0 %
Under Armour, Inc. Under Armour, Under Armour Youth 31 286,213 2.0 % 2.9 %
Catalyst Brands Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brands, Nautica 55 283,039 2.0 % 2.6 %
Nike, Inc. Converse, Nike 34 407,245 2.9 % 2.4 %
PVH Corp. 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. Lenscrafters, Oakley, Sunglass Hut 63 99,654 0.7 % 1.8 %
Carter’s, Inc. Carters, OshKosh B'gosh 39 174,207 1.2 % 1.7 %
Rack Room Shoes Off Broadway Shoes, Rack Room Shoes 24 166,386 1.2 % 1.7 %
Adidas AG Adidas 24 177,199 1.3 % 1.6 %
Capri Holdings Limited Michael Kors 27 140,676 1.0 % 1.6 %
Crocs Inc. Crocs, Hey Dude 48 133,489 1.0 % 1.5 %
Levi Strauss & Co. Levi's 29 122,577 0.9 % 1.5 %
V. F. 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 %
J. Crew J. Crew Factory, J. Crew The Men's Shop, Madewell 23 123,928 0.9 % 1.3 %
Caleres Inc. 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 %
(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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