What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-04 · 211 added, 115 removed, 704 unchanged (32% of the section changed)

3 unchanged sentences

(In thousands, except unit data, unaudited)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Rental property:

27 unchanged sentences

Partners’ Equity:

General partner, 1,250,000 and 1,250,000 units outstanding at March 31, 2026 and December 31, 2025, respectively

Limited partners, 4,662,904 and 4,662,904 Class A common units, 113,625,851 and 113,847,359 Class B common units, and 15,180 and 0 Class C common units outstanding at March 31, 2026 and December 31, 2025, respectively

General partner, 1,250,000 and 1,250,000 units outstanding at June 30, 2026 and December 31, 2025, respectively

Limited partners, 4,662,904 and 4,662,904 Class A common units, 113,628,989 and 113,847,359 Class B common units, and 15,180 and 0 Class C common units outstanding at June 30, 2026 and December 31, 2025, respectively

716,827 756,021

4 unchanged sentences

Total liabilities and equity $ 2,859,590 $ 2,655,455

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

1 unchanged sentence

(In thousands, except per unit data, unaudited)

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Rental revenue $ 148,274 $ 133,435 $ 291,812 $ 262,720

22 unchanged sentences

Net income $ 0.29 $ 0.26 $ 0.53 $ 0.43

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

1 unchanged sentence

(In thousands, unaudited)

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $ 34,599 $ 31,330 $ 64,016 $ 51,329

7 unchanged sentences

Comprehensive income attributable to the Operating Partnership $ 37,324 $ 32,462 $ 69,609 $ 50,579

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

2 unchanged sentences

General partner Limited partners Accumulated other comprehensive loss Total partners’ equity Noncontrolling interests in consolidated partnerships Total equity

Balance, March 31, 2025 $ 8,962 $ 682,063 $ ( 31,012 ) $ 660,013 $ — $ 660,013

Net income 329 31,001 — 31,330 — 31,330

Other comprehensive income — — 1,132 1,132 — 1,132

Compensation under Incentive Award Plan — 3,373 — 3,373 — 3,373

Issuance of 800 common units upon exercise of options

Common distributions ($ 0.2925 per unit)

( 366 ) ( 34,145 ) — ( 34,511 ) — ( 34,511 )

Balance, June 30, 2025 $ 8,925 $ 682,297 $ ( 29,880 ) $ 661,342 $ — $ 661,342

General partner Limited partners Accumulated other comprehensive loss Total partners’ equity Noncontrolling interests in consolidated partnerships Total equity

Balance, December 31, 2024 9,094 699,710 ( 29,130 ) 679,674 — 679,674

9 unchanged sentences

( 710 ) ( 67,315 ) — ( 68,025 ) — ( 68,025 )

Balance, June 30, 2025 $ 8,925 $ 682,297 $ ( 29,880 ) $ 661,342 $ — $ 661,342

General partner Limited partners Accumulated other comprehensive loss Total partners’ equity Noncontrolling interests in consolidated partnerships Total equity

Balance, March 31, 2026 $ 8,846 $ 715,891 $ ( 26,955 ) $ 697,782 $ — $ 697,782

Net income 360 34,239 — 34,599 — 34,599

Other comprehensive income — — 2,725 2,725 — 2,725

Compensation under Incentive Award Plan — 3,677 — 3,677 — 3,677

Issuance of 4,500 common units upon exercise of options

— 88 — 88 — 88

Forfeiture of 1,362 restricted common share awards by the Company, net of restricted common share awards granted

Adjustment for noncontrolling interests in consolidated partnerships — — — — — —

Common distributions ($ 0.3125 per unit)

( 390 ) ( 37,068 ) — ( 37,458 ) — ( 37,458 )

Balance, June 30, 2026 $ 8,816 $ 716,827 $ ( 24,230 ) $ 701,413 $ — $ 701,413

General partner Limited partners Accumulated other comprehensive loss Total partners’ equity Noncontrolling interests in consolidated partnerships Total equity

Balance, December 31, 2025

$ 8,906 $ 756,021 $ ( 29,823 ) $ 735,104 $ — $ 735,104

Net income 666 63,350 — 64,016 — 64,016

Other comprehensive income — — 5,593 5,593 — 5,593

— — 2,868 2,868 — 2,868

Compensation under Incentive Award Plan — 7,363 — 7,363 — 7,363

10 unchanged sentences

( 756 ) ( 73,127 ) — ( 73,883 ) — ( 73,883 )

Balance, March 31, 2026 $ 8,846 $ 715,891 $ ( 26,955 ) $ 697,782 $ — $ 697,782

The accompanying notes are an integral part of these consolidated financial statements.

Balance, June 30, 2026 $ 8,816 $ 716,827 $ ( 24,230 ) $ 701,413 $ — $ 701,413

The accompanying notes are an integral part of these condensed consolidated financial statements.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

1 unchanged sentence

(In thousands, unaudited)

Three months ended March 31,

Six months ended June 30,

OPERATING ACTIVITIES

18 unchanged sentences

Acquisitions of real estate assets ( 61,637 ) ( 166,596 )

Net proceeds from sale of assets — 16,634

Additions to short-term investments ( 20,000 ) —

24 unchanged sentences

Cash, cash equivalents and restricted cash end of period $ 207,404 $ 9,307

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

AND SUBSIDIARIES

3 unchanged sentences

We are a fully-integrated, self-administered and self-managed real estate investment trust, which, through our controlling interest in Tanger Properties Limited Partnership and its subsidiaries, which we refer to as the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and other open-air retail centers.

As of March 31, 2026, we owned and operated 31 consolidated outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 14.0 million square feet, which were 96.9 % occupied and contained over 2,600 stores representing approximately 700 store brands.

As of June 30, 2026, we owned and operated 31 consolidated outlet centers and four open-air lifestyle centers, with a total gross leasable area of approximately 14.3 million square feet, which were 96.6 % occupied and contained over 2,600 stores representing approximately 700 store brands.

We also had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada.

1 unchanged sentence

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

All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited.

All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the condensed consolidated financial statements are unaudited.

Our shopping centers and other assets are held by, and all of our operations are conducted by the Operating Partnership.

6 unchanged sentences

Tanger LP Trust holds a limited partnership interest in the Operating Partnership.

As of March 31, 2026, the Company and its wholly-owned subsidiaries owned 114,875,851 units of the Operating Partnership, and other limited partners (the “Non-Company LPs”) collectively owned 4,662,904 Class A and 15,180 Class C common limited partnership units.

As of June 30, 2026, the Company and its wholly-owned subsidiaries owned 114,878,989 units of the Operating Partnership, and other limited partners (the “Non-Company LPs”) collectively owned 4,662,904 Class A and 15,180 Class C common limited partnership units.

Each Class A and Class C common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status.

3 unchanged sentences

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025.

The unaudited condensed consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the condensed consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2025.

The December 31, 2025 balance sheet data in this Form 10-Q was derived from the Company’s audited financial statements.

14 unchanged sentences

Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed to provide further financial support to these joint ventures.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the condensed consolidated balance sheets because we are committed to provide further financial support to these joint ventures.

The carrying amount of our investments in the Charlotte, Columbus, Galveston/Houston, and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization.

1 unchanged sentence

“Noncontrolling interests in other consolidated partnerships” consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties.

Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations.

Noncontrolling interests are initially recorded in the condensed consolidated balance sheets at fair value based upon purchase price allocations.

Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements.

4 unchanged sentences

Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements.

Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the consolidated balance sheets were approximately $ 54.7 million and $ 52.4 million as of March 31, 2026 and December 31, 2025, respectively.

Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the condensed consolidated balance sheets were approximately $ 56.9 million and $ 52.4 million as of June 30, 2026 and December 31, 2025, respectively.

Impairment of Long-Lived Assets

3 unchanged sentences

Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared.

If our estimates of the projected future cash flows change based on uncertain market conditions or holding periods, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.

Due to the financial impacts from the COVID-19 pandemic, we began performing the above-described procedures on our Atlantic City, New Jersey center in 2020.

6 unchanged sentences

We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods.

Exchangeable Debt

Exchangeable Notes

In January 2026, we issued $ 250.0 million aggregate principal amount of 2.375 % Exchangeable Senior Notes due 2031 (the “Exchangeable Notes”) in a private placement (the “Exchangeable Notes Offering”).

5 unchanged sentences

At each reporting period, we calculate the effect of the Exchangeable Notes on our dilutive earnings per common share / common unit using the if-converted method.

Concurrently with the pricing of the Exchangeable Notes, we entered privately negotiated into capped call transactions (“Capped Call Transactions”) with certain financial institutions for a total cost of $ 9 million.

Concurrently with the pricing of the Exchangeable Notes, we entered into privately negotiated capped call transactions (“Capped Call Transactions”) with certain financial institutions for a total cost of $ 9 million.

The Capped Call Transactions cover, subject to customary adjustments, the number of common shares initially underlying the Exchangeable Notes, and generally expire upon maturity of the Exchangeable Notes or earlier settlement, as applicable.

Similar to the exchange feature embedded in the Exchangeable Notes, the Capped Call Transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded as a reduction to shareholders’ equity for the Company and partners’ capital for the Operating Partnership.

Rental Property Acquisitions

2026 Acquisitions

In May 2026, we purchased The Town Center at Levis Commons in Toledo, OH, an approximately 300,000-square-foot, open-air lifestyle center for approximately $ 60.0 million using cash on hand.

We accounted for the transaction as an asset acquisition and additionally capitalized approximately $ 753,000 in transaction costs, which is included in the total purchase price.

The assets acquired were recorded at relative fair value as determined by management, with the assistance of third- party valuation specialists, based on information available at the acquisition dates and on current assumptions as to future operations.

The consideration transferred to complete this rental property acquisition and the purchase price allocation amongst the identifiable assets acquired and liabilities assumed were as follows:

Fair value (in thousands) Weighted-Average Amortization Period (in years)

Buildings, improvements and fixtures 46,788 31.9

Above market lease value 363 8.8

Below market lease value ( 2,786 ) 9.8

Lease in place value 8,382 5.7

Lease and legal costs 1,135 5.7

Total deferred lease costs and other intangibles, net 7,094

Total fair value of net assets acquired $ 59,953

There was no contingent consideration associated with this acquisition.

Investments in Unconsolidated Real Estate Joint Ventures

1 unchanged sentence

We have an ownership interest in the following unconsolidated real estate joint ventures:

As of March 31, 2026

As of June 30, 2026

Joint Venture Center Location Ownership % Square Feet

27 unchanged sentences

50.0 % 1,448 $ ( 51.9 ) $ 315.7

(1) Net of debt origination costs of $ 1.6 million as of March 31, 2026 and $ 1.7 million as of December 31, 2025.

(2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures.

(1) Net of debt origination costs of $ 1.5 million as of June 30, 2026 and $ 1.7 million as of December 31, 2025.

(2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the condensed consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures.

The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Management and marketing $ 603 $ 576 $ 1,192 $ 1,139

3 unchanged sentences

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture.

Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed

Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures.

The differences in basis (totaling $ 1.5 million and $ 1.4 million as of March 31, 2026 and December 31, 2025, respectively) are amortized over the various useful lives of the related assets.

Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures.

The differences in basis (totaling $ 1.7 million and $ 1.4 million as of June 30, 2026 and December 31, 2025, respectively) are amortized over the various useful lives of the related assets.

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):

March 31, 2026 December 31, 2025

Condensed Combined Balance Sheets - Unconsolidated Joint Ventures

June 30, 2026 December 31, 2025

Land $ 77,489 $ 79,571

14 unchanged sentences

Total liabilities and owners’ equity $ 336,714 $ 352,811

Three months ended

Condensed Combined Statements of Operations - Unconsolidated Joint Ventures March 31,

Three months ended Six months ended

Condensed Combined Statements of Operations - Unconsolidated Joint Ventures June 30, June 30,

2026 2025 2026 2025

Revenues $ 25,450 $ 24,568 $ 50,608 $ 48,212

13 unchanged sentences

All of the Company’s debt is incurred by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $ 620.0 million, of which $ 620.0 million remains available as of March 31, 2026.

The Company also guarantees the Operating Partnership’s $ 400.0 million unsecured term loans and the Operating Partnership’s $ 250.0 million senior, unsecured exchangeable notes.

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Unsecured lines of credit $ — $ 44,000

4 unchanged sentences

The debt of the Operating Partnership consisted of the following (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Stated Interest Rate(s) Effective Rate (1)

19 unchanged sentences

Atlantic City (4) (5)

6.44 % 5.05 % Dec.

2026 — — 5,705 5,760

8 unchanged sentences

(2) Includes premiums, discounts and unamortized debt origination costs.

These costs were $ 16.3 million and $ 4.6 million as of March 31, 2026 and December 31, 2025, respectively.

This excludes $ 5.2 million and $ 5.7 million of unamortized debt origination costs related to the unsecured lines of credit at March 31, 2026 and December 31, 2025, respectively, recorded in prepaids and other assets in the consolidated balance sheet.

These costs were $ 15.7 million and $ 4.6 million as of June 30, 2026 and December 31, 2025, respectively.

This excludes $ 4.8 million and $ 5.7 million of unamortized debt origination costs related to the unsecured lines of credit at June 30, 2026 and December 31, 2025, respectively, recorded in prepaids and other assets in the condensed consolidated balance sheet.

(3) We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 6).

1 unchanged sentence

(5) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgage assumed during the acquisition in 2011 was 5.05 %.

The Atlantic City mortgage was repaid during the second quarter of 2026.

The effective interest rate assigned during the purchase price allocation to the Kansas City mortgage assumed as part of the acquisition in 2025 was 6.0 %.

(6) The Operating Partnership provides a 10 % guarantee of this mortgage, which is held at a joint venture that is consolidated for financial reporting purposes.

Certain of our properties, which had a net book value of approximately $ 194.9 million at March 31, 2026, serve as collateral for mortgages payable.

As of March 31, 2026, we maintained unsecured lines of credit that provided for borrowings of up to $ 620.0 million under which there were no outstanding borrowings.

The unsecured lines of credit as of March 31, 2026 included a $ 20.0 million liquidity line and a $ 600.0 million syndicated line.

Certain of our properties, which had a net book value of approximately $ 168.6 million at June 30, 2026, serve as collateral for mortgages payable.

As of June 30, 2026, we maintained unsecured lines of credit that provided for borrowings of up to $ 620.0 million under which there were no outstanding borrowings.

The unsecured lines of credit as of June 30, 2026 included a $ 20.0 million liquidity line and a $ 600.0 million syndicated line.

The syndicated line may be increased up to $ 1.2 billion through an accordion feature in certain circumstances.

17 unchanged sentences

The redemption price will be equal to 100 % of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of the Exchangeable Notes on a record date to receive the related interest payment).

In connection with the offering of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the common shares, if any, deliverable upon exchange of the Exchangeable Notes.

In connection with the Exchangeable Notes Offering, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the common shares, if any, deliverable upon exchange of the Exchangeable Notes.

In February 2026, the Company registered the resale of the common shares offered under a prospectus supplement pursuant to contractual obligations under the registration rights agreement.

8 unchanged sentences

Unsecured Term Loans

In January 2026, we closed on $ 550.0 million of unsecured term loans, comprised of (i) an amendment of our existing $ 325.0 million term loan increasing the capacity to $ 350.0 million and extending the maturity to December 2030 (the "2030 Term Loan") and (ii) a new $ 200.0 million term loan due January 2033 (the "2033 Term Loan").

In January 2026, we closed on $ 550.0 million of unsecured term loans, comprised of (1) an amendment of our existing $ 325.0 million term loan increasing the capacity to $ 350.0 million and extending the maturity to December 2030 (the "2030 Term Loan") and (2) a new $ 200.0 million term loan due January 2033 (the "2033 Term Loan").

We drew an incremental $ 75.0 million at closing, for a total outstanding amount of $ 400.0 million, and we have a combined $ 150.0 million available under a delayed draw feature.

2 unchanged sentences

The unsecured lines of credit and senior, unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95 % of FFO on a cumulative basis.

As of March 31, 2026, we believe we were in compliance with all of our debt covenants.

As of June 30, 2026, we believe we were in compliance with all of our debt covenants.

Debt Maturities

Maturities and principal amortization of the existing long-term debt as of March 31, 2026 for the next five years and thereafter are as follows (in thousands):

Maturities and principal amortization of the existing long-term debt as of June 30, 2026 for the next five years and thereafter are as follows (in thousands):

Calendar Year Amount

4 unchanged sentences

Total $ 1,860,963

(1) Excludes the two six-month extension options on our $ 620.0 million unsecured lines of credit under which there were no outstanding borrowings at March 31, 2026 and which mature in 2028.

(1) Excludes the two six-month extension options on our $ 620.0 million unsecured lines of credit under which there were no outstanding borrowings at June 30, 2026 and which mature in 2028.

If the extension options are exercised, the debt maturity dates would be extended to 2029.

4 unchanged sentences

Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2026 December 31, 2025

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the condensed consolidated balance sheets (notional amounts and fair values in thousands):

Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate June 30, 2026 December 31, 2025

Assets (Liabilities) (1) :

9 unchanged sentences

Forward Starting Derivatives

July 2026 April 2031 25,000 Daily SOFR 3.5 % 315 —

August 2026 October 2027 50,000 Daily SOFR 3.1 % 480 6

4 unchanged sentences

Total $ 200,000 3.2 % $ 2,448 $ 30

(1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

(1) Asset balances are recorded in prepaids and other assets on the condensed consolidated balance sheets and liabilities are recorded in other liabilities on the condensed consolidated balance sheets.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties.

1 unchanged sentence

Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

Three months ended March 31,

The following table represents the effect of the derivative financial instruments on the accompanying condensed consolidated financial statements (in thousands):

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Interest Rate Swaps (Effective Portion):

11 unchanged sentences

Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs

Fair value as of March 31, 2026:

Fair value as of June 30, 2026:

Interest rate swaps (prepaids and other assets) $ 4,409 — $ 4,409 $ —

9 unchanged sentences

Total liabilities $ ( 2,088 ) $ — $ ( 2,088 ) $ —

Fair values of interest rate swaps are estimated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions.

The fair value of interest rate swaps is estimated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third-party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions.

Other Fair Value Disclosures

The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior, unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ —

15 unchanged sentences

In January 2026, the Company's Board of Directors (the “Board”) declared a $ 0.2925 cash dividend per common share payable on February 13, 2026 to each shareholder of record on January 30, 2026, and in its capacity as General Partner of the Operating Partnership, authorized a $ 0.2925 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

In April 2026, the Board declared a $ 0.3125 cash dividend per common share payable on May 15, 2026 to each shareholder of record on April 30, 2026, and in its capacity as General Partner of the Operating Partnership, authorized a $ 0.3125 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

At-the-Market Offering

2 unchanged sentences

In connection with the filing of the Universal Registration Statement, on February 26, 2026, the Company also filed a new prospectus supplement with the SEC to the base prospectus, contained in the Universal Registration Statement, which relates to the Company’s at-the-market stock offering (“ATM Offering”) program.

Substantially concurrent with the Company’s and the Operating Partnership’s entry into the Sales Agreement (as defined below), the Company terminated its existing ATM Equity Offering SM Sales Agreement, among the Company, the Operating Partnership and the agents party thereto (the “2025 Sales Agreement”), in accordance with the terms of the 2025 Sales Agreement.

In February 2026, the Company and the Operating Partnership entered into the ATM Equity Offering SM Sales Agreement (the “2026 Sales Agreement”) with each of the certain sales agents listed therein (the “Sales Agents”), pursuant to which the Company may issue and sell shares of its common shares having an aggregate gross sales price of up to $ 400 million in amounts and at times to be determined by the Company.

Substantially concurrent with the Company’s and the Operating Partnership’s entry into the Sales Agreement (as defined below), the Company terminated its existing ATM Equity Offering Sales Agreement, among the Company, the Operating Partnership and the agents party thereto (the “2025 Sales Agreement”), in accordance with the terms of the 2025 Sales Agreement.

In February 2026, the Company and the Operating Partnership entered into the ATM Equity Offering Sales Agreement (the “2026 Sales Agreement”) with each of the certain sales agents listed therein (the “Sales Agents”), pursuant to which the Company may issue and sell shares of its common shares having an aggregate gross sales price of up to $ 400 million in amounts and at times to be determined by the Company.

The purpose of the entry into the 2026 Sales Agreement and the termination of the 2025 Sales Agreement was to reference the Universal Registration Statement in the 2026 Sales Agreement and to add an additional Sales Agent, Forward Purchaser and Forward Seller not party to the 2025 Sales Agreement.

5 unchanged sentences

We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering program for working capital and general corporate expenses.

As of March 31, 2026, we had approximately $ 400.0 million remaining available for sales of shares under the ATM Offering program.

There were no sales of our common shares under the ATM Offering program during the first quarters of 2026 and 2025.

As of June 30, 2026, we had approximately $ 375.7 million remaining available for sales of shares under the ATM Offering program.

There were no sales of our common shares under the ATM Offering program during the first two quarters of 2025 or the first quarter of 2026.

See “Forward Sale Agreements” below regarding certain common shares sold under the ATM Offering program pursuant to forward sale agreements.

Forward Sale Agreements

In June 2026, we sold an aggregate of 600,000 common shares under the ATM Offering Program which were subject to forward sale agreements, for an estimated gross value of $ 24.3 million based on the initial forward sale price of $ 40.50 per common share.

Shares can be settled at any time during the next 15 months from the date of entry into the applicable forward sale agreement, unless otherwise extended.

We did not receive any proceeds from the sale of these common shares, which were sold to underwriters by forward purchasers of their respective affiliates, at the time we entered into each of the respective forward sale agreements and will not receive any proceeds until settlement.

We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting.

We recorded the forward sale agreements at fair value at inception, which we determined to be zero.

Subsequent changes to fair value are not required under equity classification.

Share Repurchase Program

3 unchanged sentences

The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its common shares under this authorization.

The Company repurchased 589,622 common shares for a total cost of approximately $ 20.0 million, including transaction costs, during the three months ended March 31, 2026.

The Company did not repurchase any common shares during the three months ended March 31, 2025.

The remaining amount of common shares authorized to be repurchased under the share repurchase program as of March 31, 2026 was approximately $ 180.0 million.

The Company did not repurchase any common shares during the three months ended June 30, 2026.

The Company repurchased 589,622 common shares for a total cost of approximately $ 20.0 million, including transaction costs, during the six months ended June 30, 2026.

The Company did not repurchase any common shares during the three or six months ended June 30, 2025.

The remaining amount of common shares authorized to be repurchased under the share repurchase program as of June 30, 2026 was approximately $ 180.0 million.

Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs

(in millions)

January 1, 2026 to January 31, 2026 589,622 $ 33.92 589,622 $ 180.0

February 1, 2026 to February 28, 2026 — — — 180.0

March 1, 2026 to March 31, 2026 — — — 180.0

April 1, 2026 to April 30, 2026 — $ — — $ 180.0

May 1, 2026 to May 31, 2026 — — — 180.0

June 1, 2026 to June 30, 2026 — — — 180.0

Total — $ — — $ 180.0

3 unchanged sentences

Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding amount of Class B common limited partnership units held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the three months ended March 31, 2026 and March 31, 2025:

The following table sets forth the changes in outstanding partnership units for the three and six months ended June 30, 2026 and June 30, 2025:

Limited Partnership Units

General Partnership Units Class A Class B Class C Total

Balance March 31, 2025 1,250,000 4,662,904 111,923,206 — 116,586,110

Options exercised — — 800 — 800

Issuance of units — — — — —

Balance June 30, 2025 1,250,000 4,662,904 111,924,006 — 116,586,910

Balance December 31, 2024 1,250,000 4,707,958 111,488,633 — 116,196,591

Options exercised — — 6,000 — 6,000

Exchange of Class A limited partnership units — ( 45,054 ) 45,054 — —

Grant of restricted common share awards by the Company, net of forfeitures — — 595,924 — 595,924

Exchange of Class A limited partnership units — ( 45,054 ) 45,054 — —

Units withheld for employee income taxes — — ( 211,605 ) — ( 211,605 )

Balance June 30, 2025 1,250,000 4,662,904 111,924,006 — 116,586,910

Balance March 31, 2026 1,250,000 4,662,904 113,625,851 15,180 118,303,935

Options exercised — — 4,500 — 4,500

Grant of restricted common share awards by the Company, net of forfeitures — — ( 1,362 ) — ( 1,362 )

Balance June 30, 2026 1,250,000 4,662,904 113,628,989 15,180 118,307,073

Balance December 31, 2025 1,250,000 4,662,904 113,847,359 — 118,510,263

6 unchanged sentences

Units withheld for employee income taxes — — ( 245,766 ) — ( 245,766 )

Balance March 31, 2026 1,250,000 4,662,904 113,625,851 15,180 118,303,935

Balance June 30, 2026 1,250,000 4,662,904 113,628,989 15,180 118,307,073

(1) Represents time-based LTIP units of certain non-employee directors which vested and satisfied minimum allocations to the capital account of the LTIP unit for federal income tax purposes.

2 unchanged sentences

The following table sets forth a reconciliation of the numerators and denominators in computing the Company’s earnings per share (in thousands, except per share amounts):

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income attributable to Tanger Inc.

13 unchanged sentences

Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period.

For the three months ended March 31, 2026, approximately 472,000 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

For the three months ended March 31, 2025, approximately 99,000 notional units were excluded from the computation.

For the three and six months ended June 30, 2026, approximately 472,000 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

For the three and six months ended June 30, 2025, approximately 99,000 notional units were excluded from the computation.

With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period.

For the three months ended March 31, 2026 and March 31, 2025, no options were excluded from the computation.

For the three and six months ended June 30, 2026 and June 30, 2025, no options were excluded from the computation.

The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share.

The Exchangeable Notes are evaluated for dilution using the if‑converted method.

For the three months ended March 31, 2026, the Exchangeable Notes were anti‑dilutive and therefore excluded from diluted earnings per common unit.

For the three and six months ended June 30, 2026, the Exchangeable Notes were anti‑dilutive and therefore excluded from diluted earnings per common share.

The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 9 - Shareholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement.

Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to

Certain of the Company’s unvested restricted common share awards and LTIP units contain non-forfeitable rights to dividends or dividend equivalents.

3 unchanged sentences

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income attributable to partners of the Operating Partnership $ 34,599 $ 31,330 $ 64,016 $ 51,329

11 unchanged sentences

Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period.

For the three months ended March 31, 2025, approximately 99,000 notional units were excluded from the computation.

For the three and six months ended June 30, 2025, approximately 99,000 notional units were excluded from the computation.

With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period.

The market price of a common unit is considered to be equivalent to the market price of a Company common share.

For the three months ended March 31, 2026 and March 31, 2025, no options were excluded from the computation.

For the three and six months ended June 30, 2026 and June 30, 2025, no options were excluded from the computation.

The Exchangeable Notes are evaluated for dilution using the if‑converted method.

For the three months ended March 31, 2026, the Exchangeable Notes were anti‑dilutive and therefore excluded from diluted earnings per common unit.

For the three and six months ended June 30, 2026, the Exchangeable Notes were anti‑dilutive and therefore excluded from diluted earnings per common unit.

Certain of the Company’s unvested restricted common share awards and LTIP units contain non-forfeitable rights to distributions or distribution equivalents.

12 unchanged sentences

In the discussion below, the term “we” refers to the Company and the Operating Partnership together and the term “shares” is meant to also include corresponding units of the Operating Partnership.

We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

Three months ended

We recorded equity-based compensation expense in general and administrative expenses in our condensed consolidated statements of operations as follows (in thousands):

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Restricted common shares and time-based LTIP units

1 unchanged sentence

Performance-based notional unit awards and performance-based LTIP awards

1,503 1,330 2,988 2,498

Options 76 86 152 172

1 unchanged sentence

Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Equity-based compensation expense capitalized $ 84 $ 86 $ 160 $ 119

1 unchanged sentence

During February 2026, the Company granted to its executive officers and non-employee directors approximately 100,000 and 16,000 restricted common shares, respectively.

The grant date fair value of the awards were $ 33.61 per share.

The grant date fair value of the awards was $ 33.61 per share.

During June 2026, the Company granted approximately 2,000 restricted common shares.

The grant date fair value of the award was $ 36.07 per share.

The restricted common shares vest ratably over a three-year period each year for executive officers and over a one-year period for non-employee directors.

1 unchanged sentence

For certain restricted common shares that vest and restricted share units that are settled during the period, we withhold common shares with value equivalent up to the employees’ maximum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities.

The total number of shares withheld upon vesting or settlement was approximately 246,000 and 212,000 for the three months ended March 31, 2026 and 2025, respectively.

The total number of shares withheld upon vesting or settlement was approximately 246,000 and 212,000 for the six months ended June 30, 2026 and 2025, respectively.

The total number of common shares withheld was based on the value of the common shares on the vesting or settlement date as determined by our closing share price on the prior day.

Total amounts paid for the employees’ tax obligation to taxing authorities were $ 8.3 million and $ 7.3 million for the three months ended March 31, 2026 and 2025, respectively.

These amounts are reflected as financing activities within the consolidated statements of cash flows.

Total amounts paid for the employees’ tax obligation to taxing authorities were $ 8.3 million and $ 7.3 million for the six months ended June 30, 2026 and 2025, respectively.

These amounts are reflected as financing activities within the condensed consolidated statements of cash flows.

Basic Long Term Incentive Plan Units

1 unchanged sentence

Compensation expense for these units is being recognized over a one-year period.

The Company also granted certain officers approximately 106,000 LTIP units with time-based vesting requirements and grant date fair value of $ 33.61 .

The Company also granted certain officers approximately 106,000 LTIP units with time-based vesting requirements and grant date fair value of $ 33.61 per unit.

Compensation expense for these units is being recognized over a three-year period.

21 unchanged sentences

(2) The peer group is based on companies included in the FTSE Nareit Retail Index with market capitalization of $ 1 billion or greater.

The fair values of the 2026 PSP awards granted during the three months ended March 31, 2026 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

The fair values of the 2026 PSP awards granted during the six months ended June 30, 2026, were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

Risk free interest rate (1)

10 unchanged sentences

Accumulated Other Comprehensive Income (Loss) of the Company

The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):

The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 (in thousands):

Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)

Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total

Balance December 31, 2025 $ ( 26,406 ) $ ( 1,943 ) $ ( 28,349 ) $ ( 1,387 ) $ ( 87 ) $ ( 1,474 )

Other comprehensive income before reclassifications ( 177 ) — ( 177 ) ( 8 ) — ( 8 )

Reclassifications out of accumulated other comprehensive income into other income for foreign currency and interest expense for cash flow hedges

— 2,933 2,933 — 120 120

Balance March 31, 2026 $ ( 26,583 ) $ 990 $ ( 25,593 ) $ ( 1,395 ) $ 33 $ ( 1,362 )

Other comprehensive loss before reclassifications ( 1,203 ) — ( 1,203 ) ( 48 ) — ( 48 )

Reclassifications out of accumulated other comprehensive income into other income (loss) for foreign currency and interest expense for cash flow hedges — 3,820 3,820 — 156 156

Balance June 30, 2026 $ ( 27,786 ) $ 4,810 $ ( 22,976 ) $ ( 1,443 ) $ 189 $ ( 1,254 )

Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)

2 unchanged sentences

Other comprehensive loss before reclassifications ( 1,380 ) — ( 1,380 ) ( 56 ) — ( 56 )

( 612 ) — ( 612 ) ( 22 ) — ( 22 )

Reclassification out of accumulated other comprehensive loss into other expense for foreign currency and interest expense for cash flow hedges

— ( 1,196 ) ( 1,196 ) — ( 52 ) ( 52 )

Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 6,753 6,753 — 276 276

Balance June 30, 2026 $ ( 27,786 ) $ 4,810 $ ( 22,976 ) $ ( 1,443 ) $ 189 $ ( 1,254 )

Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)

Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total

Balance, March 31, 2025 $ ( 28,497 ) $ ( 998 ) $ ( 29,495 ) $ ( 1,473 ) $ ( 48 ) $ ( 1,521 )

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $ 68,000 of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2026.

Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):

Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)

Other comprehensive income before reclassifications 1,903 — 1,903 79 — 79

Reclassification out of accumulated other comprehensive income (loss) into other expense for foreign currency and interest expense for cash flow hedges — ( 816 ) ( 816 ) — ( 34 ) ( 34 )

Balance June 30, 2025 $ ( 26,594 ) $ ( 1,814 ) $ ( 28,408 ) $ ( 1,394 ) $ ( 82 ) $ ( 1,476 )

Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)

Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total

Balance December 31, 2024 $ ( 27,885 ) $ 198 $ ( 27,687 ) $ ( 1,451 ) $ 4 $ ( 1,447 )

Other comprehensive income before reclassifications 1,291 — 1,291 57 — 57

( 185 ) — ( 185 )

Reclassification out of accumulated other comprehensive income into other income for foreign currency and interest expense for cash flow hedges

Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges

— ( 2,012 ) ( 2,012 ) — ( 86 ) ( 86 )

Balance June 30, 2025 $ ( 26,594 ) $ ( 1,814 ) $ ( 28,408 ) $ ( 1,394 ) $ ( 82 ) $ ( 1,476 )

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $ 1.7 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2026.

Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 (in thousands):

Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)

Balance March 31, 2026 $ ( 27,978 ) $ 1,023 $ ( 26,955 )

Other comprehensive loss before reclassifications ( 1,251 ) — ( 1,251 )

Reclassification out of accumulated other comprehensive income (loss) into other income for foreign currency and interest expense for cash flow hedges — 3,976 3,976

Balance June 30, 2026 $ ( 29,229 ) $ 4,999 $ ( 24,230 )

Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)

1 unchanged sentence

Other comprehensive loss before reclassifications ( 1,436 ) — ( 1,436 )

( 634 ) — ( 634 )

Reclassification out of accumulated other comprehensive loss into other expense for foreign currency and interest expense for cash flow hedges

Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges

— 7,029 7,029

Balance June 30, 2026 $ ( 29,229 ) $ 4,999 $ ( 24,230 )

Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)

Balance March 31, 2025 $ ( 29,968 ) $ ( 1,044 ) $ ( 31,012 )

Other comprehensive income before reclassifications 1,982 — 1,982

Reclassification out of accumulated other comprehensive income (loss) into other expense for foreign currency and interest expense for cash flow hedges — ( 850 ) ( 850 )

Balance June 30, 2025 $ ( 27,986 ) $ ( 1,894 ) $ ( 29,880 )

Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss)

Balance December 31, 2024 $ ( 29,334 ) $ 204 $ ( 29,130 )

Other comprehensive income before reclassifications 1,348 — 1,348

Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges

— ( 2,098 ) ( 2,098 )

Balance June 30, 2025 $ ( 27,986 ) $ ( 1,894 ) $ ( 29,880 )

Segment Reporting

5 unchanged sentences

Our resources are allocated by evaluating the operating results of the business as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with our overall business strategy.

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the three months ended March 31, 2026 and March 31, 2025:

Three months ended

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the three and six months ended June 30, 2026 and 2025:

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Property Revenues:

20 unchanged sentences

Lease Agreements

As of March 31, 2026, we were the lessor to over 2,600 stores in our 34 consolidated centers, under operating leases with initial terms that expire between 2026 and 2039, with certain agreements containing extension options.

As of June 30, 2026, we were the lessor to over 2,600 stores in our 35 consolidated centers, under operating leases with initial terms that expire between 2026 and 2040, with certain agreements containing extension options.

Also, certain of our lease agreements require tenants to pay their proportionate share of reimbursable expenses, such as common area expenses, utilities, insurance and real estate taxes.

The components of rental revenues are as follows (in thousands):

Three months ended

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Rental revenues - fixed $ 121,224 $ 108,477 $ 240,088 $ 215,673

6 unchanged sentences

Expenditures included in accounts payable and accrued expenses were as follows (in thousands):

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

Costs relating to construction included in accounts payable and accrued expenses $ 23,607 $ 11,853

Interest paid, net of interest capitalized was as follows (in thousands):

Three months ended

Six months ended

Interest paid $ 32,943 $ 29,486

The following table summarizes cash, cash equivalents and restricted cash (in thousands) for the Company:

Three months ended

Six months ended

Beginning of period:

11 unchanged sentences

The following table summarizes cash, cash equivalents and restricted cash (in thousands) for the Operating Partnership:

Three months ended

Six months ended

Beginning of period:

32 unchanged sentences

Dividend Declaration

In April 2026, the Board declared a $ 0.3125 quarterly cash dividend per common share payable on May 15, 2026 to each shareholder of record on April 30, 2026, and, in its capacity as General Partner of the Operating Partnership, authorized a $ 0.3125 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

In April 2026, we entered into a $ 25.0 million interest rate swap agreement on unsecured debt with an effective date of July 6, 2026 and an expiration date of April 1, 2031.

The fixed Daily SOFR base rate of this interest rate swap agreement is 3.5 %.

In July 2026, the Board declared a $ 0.3125 quarterly cash dividend per common share payable on August 14, 2026 to each shareholder of record on July 31, 2026, and, in its capacity as General Partner of the Operating Partnership, authorized a $ 0.3125 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

In July 2026, we borrowed $ 50.0 million on our 2033 Term Loan bringing the loan balance to $ 200.0 million and the total Term Loan drawn balance to $ 450.0 million.

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-Q

Item 1. Financial Statements