Form 8-K

8-K — TANGER INC.

Accession: 0001628280-26-028865

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000899715

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — skt-20260430.htm (Primary)

EX-99.1 (skt8kex991march312026.htm)

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8-K

8-K (Primary)

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0000899715false00008997152026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 30, 2026

TANGER INC.

_________________________________________

(Exact name of registrant as specified in its charter)

North Carolina 1-11986 56-1815473

(State or other jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

3200 Northline Avenue, Suite 360, Greensboro, NC 27408

(Address of principal executive offices)

(336) 292-3010

(Registrant’s telephone number, including area code)

N/A

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares,

$0.01 par value SKT New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition

On April 30, 2026, Tanger Inc. (the "Company") issued a press release announcing its results of operations and financial condition as of and for the quarter ended March 31, 2026. A copy of the Company's press release is hereby furnished as Exhibit 99.1, pages i - xvii, to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 7.01 Regulation FD Disclosure

On April 30, 2026, the Company made publicly available on its website, www.tanger.inc, certain supplemental operating and financial information for the quarter ended March 31, 2026. This supplemental operating and financial information is hereby included in Exhibit 99.1, pages 1 - 36. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise. The information found on, or otherwise accessible through, the Company's website is not incorporated into, and does not form a part of, this current report on Form 8-K or any other report or document the Company files with or furnishes to the United States Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included with this Report:

Exhibit No.

99.1

Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended March 31, 2026 and supplemental information.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 30, 2026

TANGER INC.

By: /s/ Michael J. Bilerman

Michael J. Bilerman

Executive Vice President, Chief Financial Officer and Chief Investment Officer

EX-99.1

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Document

EXHIBIT 99.1

Earnings Release and

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Table of Contents

Section

Earnings Release

i-xvii

Portfolio Data:

Summary Operating Metrics

Geographic Diversification

Property Summary - Occupancy at End of Each Period Shown

Portfolio Map

Portfolio Occupancy at the End of Each Period

Center Sales Per Square Foot Ranking

Top 25 Tenants Based on Percentage of Total Annualized Base Rent

Lease Expirations

Capital Expenditures

Transaction Summary

Leasing Activity

Financial Data:

Consolidated Balance Sheets

Consolidated Statements of Operations

Components of Rental Revenues

Unconsolidated Joint Venture Information

Debt Outstanding Summary

Future Scheduled Principal Payments

Interest Rate Swap Strategy, Financial Covenants and Credit Ratings

Enterprise Value, Net Debt, Liquidity and Debt Ratios

Non-GAAP and Supplemental Measures:

FFO and FAD Analysis

Portfolio NOI and Same Center NOI

Adjusted EBITDA and EBITDAre

Net Debt

Pro Rata Balance Sheet Information

Pro Rata Statement of Operations Information

Guidance for 2026

Non-GAAP Definitions

Investor Information

News Release

Tanger Reports First Quarter Results and Increases 2026 Guidance

Tenant Demand Propels Record Leasing Volume and Merchandising Opportunities

Positioned for Long-Term Value Creation Through Organic and External Growth

Enhances Balance Sheet Capacity, Liquidity, and Flexibility

Greensboro, NC, April 30, 2026, Tanger® (NYSE:SKT), a leading owner and operator of outlet and other open-air retail shopping destinations, today reported financial results and operating metrics for the three months ended March 31, 2026.

“Tanger’s successful execution of its growth strategy delivered another quarter of strong financial and operating results, contributing to an increase in our full-year guidance,” said Stephen Yalof, President and Chief Executive Officer. “Through our proven leasing, operating, and marketing platforms and underpinned by disciplined financial strategies, we continue to curate our merchandising, intensify our real estate, and execute our external growth initiatives. We achieved record leasing volume fueled by retailer demand and limited new supply. We are attracting new and younger shoppers by adding sought-after retailers, restaurants, and entertainment destinations that elevate our centers and drive incremental traffic and value.”

Mr. Yalof continued, “We are pleased to have recently announced a 7% increase in our dividend, supported by our strong earnings growth and low dividend payout ratio. Tanger is well-positioned to deliver long-term value creation for our stakeholders through both organic and external growth, anchored by a strong, low-leveraged balance sheet that provides significant liquidity and flexibility.”

First Quarter Results

•Net income available to common shareholders was $0.24 per share, or $28.1 million, compared to $0.17 per share, or $19.0 million, for the prior year period. Net income for the first quarter of 2025 included a non-cash impairment charge of $0.04 per share, or $4.2 million, related to the center in Howell, Michigan that was sold in April 2025.

•Funds From Operations (“FFO”) available to common shareholders was $0.59 per share, or $70.4 million, compared to $0.53 per share, or $62.7 million, for the prior year period.

•Core Funds From Operations (“Core FFO”) available to common shareholders was $0.59 per share, or $70.4 million, compared to $0.53 per share, or $62.7 million, for the prior year period.

FFO and Core FFO are widely accepted supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. Definitions of these non-GAAP financial measures and statements of the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, as well as reconciliations of these non-GAAP financial measures to GAAP net income, can be found later in this release. Per share amounts for net income, FFO and Core FFO are on a diluted basis.

Operating Metrics

Below are key portfolio results for the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures. Operating metrics for the first quarter of 2025 exclude the center in Howell, Michigan that was sold in April 2025.

•Occupancy was 97.0% on March 31, 2026, compared to 95.8% on March 31, 2025 and 98.1% on December 31, 2025. On a same center basis, occupancy was 96.9% on March 31, 2026, compared to 95.8% on March 31, 2025 and 98.2% on December 31, 2025.

•Same center net operating income (“Same Center NOI”), which is presented on a cash basis, increased 2.6% to $100.5 million for the first quarter of 2026 from $97.9 million for the first quarter of 2025. The first quarter of 2026 included elevated snow removal costs, which were contemplated in the Company’s initial full-year guidance.

•Average tenant sales per square foot was $482 for the twelve months ended March 31, 2026 compared to $455 for the twelve months ended March 31, 2025 and $473 for the twelve months ended December 31, 2025, reflecting the Company’s execution of its strategy to remerchandise, replace less productive tenants, and evolve its portfolio.

•On a same center basis, average tenant sales per square foot was $484 for the twelve months ended March 31, 2026 compared to $455 for the twelve months ended March 31, 2025 and $475 for the twelve months ended December 31, 2025.

•The occupancy cost ratio (“OCR”), representing annualized occupancy costs as a percentage of tenant sales, was 9.7% for each of the twelve month periods ended March 31, 2026, March 31, 2025, and December 31, 2025.

•Lease termination fees (which are excluded from Same Center NOI) for the total portfolio totaled $2.2 million for the first quarter of 2026 compared to $0.5 million for the first quarter of 2025.

Same Center NOI is a supplemental non-GAAP financial measure of operating performance. A complete definition of Same Center NOI and a reconciliation to the nearest comparable GAAP measure can be found later in this release.

Leasing Activity

Leasing activity in the Company’s portfolio continues to be robust from both existing and new tenants. For the total domestic portfolio, including the Company’s pro rata share of domestic unconsolidated joint ventures, total renewed or re-tenanted leases (including leases for both comparable and non-comparable space) executed during the twelve months ended March 31, 2026 included 651 leases, totaling 3.4 million square feet, compared to 545 leases, totaling 2.5 million square feet, during the twelve months ended March 31, 2025.

Blended average rental rate spreads were 10.5% on a cash basis for leases executed for 3.1 million square feet of comparable space during the twelve months ended March 31, 2026. These blended rent spreads are comprised of re-tenanted rent spreads of 26.2% and renewal rent spreads of 7.9%.

As of April 30, 2026, the Company had renewals executed or in process for 67% of the space scheduled to expire during 2026 compared to 57% of expiring 2025 space as of April 30, 2025 (total portfolio, including the Company’s pro rata share of unconsolidated joint ventures).

Balance Sheet and Liquidity

The following balance sheet and liquidity metrics are presented for the total portfolio, including the Company’s pro rata share of unconsolidated joint ventures. As of March 31, 2026:

•Net debt to Adjusted EBITDAre was 4.8x for the twelve month period ended March 31, 2026 compared to 4.7x for the twelve month period ended December 31, 2025. Net debt to Adjusted EBITDAre is calculated as Net debt divided by Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”).

•Interest coverage ratio (calculated as Adjusted EBITDAre divided by interest expense) was 4.3x for the first quarter of 2026 and 4.7x for the twelve month period ended March 31, 2026.

•The Company had over $1.0 billion of immediate liquidity, including $385 million of cash and cash equivalents, short-term investments, and delayed draw term loan commitments, as well as full availability on the Company’s $620 million unsecured lines of credit.

•Total outstanding debt aggregated $2.0 billion, all of which was at fixed rates including current swaps.

•Weighted average interest rate was 3.9%, considering current swaps, and weighted average term to maturity of outstanding debt, including extension options, was approximately 3.5 years. On a pro forma basis giving effect to the use of proceeds from the January 2026 financing transactions discussed below, the weighted average interest rate would be 4.0% and the weighted average term to maturity would be approximately 4.4 years.

•Approximately 88% of the total portfolio’s square footage was unencumbered by mortgages, with secured debt of $340 million (principal), representing approximately 17% of total debt outstanding.

•Funds Available for Distribution (“FAD”) payout ratio was 53% for the first quarter of 2026.

Adjusted EBITDAre, Net debt and FAD are supplemental non-GAAP financial measures of operating performance. Definitions of Adjusted EBITDAre, Net debt and FAD and reconciliations to the nearest comparable GAAP measures are included later in this release.

January 2026 Financing Transactions

As previously announced and discussed further below, in January 2026, the Company completed a series of financing transactions that increased the Company’s debt capacity, enhanced liquidity, extended debt duration, lowered pricing, and expanded its bank group. A portion of the net proceeds from these transactions are expected to be used to repay in full the outstanding $350 million aggregate principal amount of 3.125% senior notes due September 1, 2026 and for general corporate purposes, including the repayment of additional debt.

Unsecured Term Loans

The Company closed on $550 million of unsecured term loans, comprised of (i) an amendment of the Company's existing $325 million term loan increasing capacity to $350 million and extending the maturity to December 2030 (the “2030 Term Loan”) and (ii) a new $200 million term loan due January 2033 (the “2033 Term Loan”). The Company drew an incremental $75 million of proceeds at closing, for a total outstanding amount of $400 million, and currently has a combined $150 million available under a delayed draw feature. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on the Company’s current credit rating.

The Company also amended its $600 million revolving credit facility and its $20 million liquidity line to remove the 10-basis point SOFR credit adjustment spread and made certain conforming changes to remove the 10-basis point SOFR credit adjustment spread from the 2030 Term Loan and the 2033 Term Loan.

Exchangeable Senior Notes

Additionally, the Company issued $250 million aggregate principal amount of 2.375% Exchangeable Senior Notes due 2031 and entered into capped call transactions that increased the effective conversion price from approximately $41.55 per share to approximately $47.49 per share, subject to adjustments. The net proceeds of approximately $243 million were used to pay approximately $9 million of capped call transaction costs and repurchase approximately $20 million of the Company’s common shares at $33.92 per share, or approximately 590,000 shares.

The remaining proceeds from the term loans and the exchangeable notes were used to repay approximately $44 million of the outstanding debt under the unsecured lines of credit, with the remainder to be used to repay additional debt and general corporate purposes. Please see the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on January 6, 2026 and January 12, 2026 for additional information on these transactions.

Interest Rate Swaps

The Company continued to execute its interest rate hedging strategy during 2026, entering into new current and forward-starting swaps. Please see the supplemental information package in the Current Report on Form 8-K furnished with the SEC on April 30, 2026 for additional information.

Dividend

In April 2026, the Company’s Board of Directors approved a 6.8% increase in the dividend for common shares from $1.17 to $1.25 per share on an annualized basis. Simultaneously, the Company’s Board of Directors authorized a quarterly cash dividend of $0.3125 per share, payable on May 15, 2026 to holders of record on April 30, 2026.

Board Update

At Tanger’s 2026 Annual Meeting, Steven B. Tanger will retire from the Board of Directors and assume the role of Chair Emeritus, a non-voting advisory role. Following the 2026 Annual Meeting, Luis Ubiñas is expected to assume the role of Chair of the Board, and Bridget Ryan-Berman will remain on the Board, but conclude service as Lead Independent Director.

Guidance for 2026

Based on the Company’s first quarter results, its view on current market conditions, and its outlook for the remainder of 2026, management currently believes the Company’s full-year 2026 net income and FFO per share will be as follows:

For the year ending December 31, 2026: Current Previous

Low Range High Range Low Range High Range

Estimated diluted net income per share $1.05 $1.13 $1.04 $1.12

Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures 1.37 1.37 1.37 1.37

Estimated diluted FFO per share $2.42 $2.50 $2.41 $2.49

The above estimates reflect the following key assumptions (dollars in millions):

For the year ending December 31, 2026: Current Previous

Low Range High Range Low Range High Range

Same Center NOI growth - total portfolio at pro rata share 2.25 % 4.25 % 2.25 % 4.25 %

General and administrative expense $80.5 $83.5 $80.5 $83.5

Interest expense, net of interest income - consolidated $69.5 $72.5 $69.5 $72.5

Annual recurring capital expenditures, renovations and second generation tenant allowances $65.0 $75.0 $65.0 $75.0

Weighted average diluted common shares are expected to range from approximately 115.5 million to 116.5 million for earnings per share and 120.0 million to 121.0 million for FFO and Core FFO per share. Guidance does not include the impact of any additional acquisition or sale of any outparcels, properties or joint venture interests, or any additional financing activity.

iii

First Quarter 2026 Conference Call

Tanger will host a conference call to discuss its first quarter 2026 results for analysts, investors and other interested parties on Friday, May 1, 2026, at 8:00 a.m. Eastern Time. To access the conference call, listeners should dial 1-877-605-1702. Alternatively, a live audio webcast of this call will be available to the public on Tanger’s Investor Relations website, investors.tanger.com. A telephone replay of the call will be available from May 1, 2026 at approximately 11:00 a.m. through May 15, 2026 at 11:59 p.m. by dialing 1-877-660-6853, replay access code #13759139. An online archive of the webcast will also be available through May 15, 2026.

Upcoming Events

The Company is scheduled to participate in the following upcoming events:

•Wells Fargo’s 29th Annual Real Estate Securities Conference held at The Charleston Place in Charleston, SC from May 5 through May 6, 2026

•BMO’s 2026 Real Assets Conference held at the InterContinental Barclay New York in New York, NY on May 12, 2026

•ICSC Las Vegas held at the Las Vegas Convention Center in Las Vegas, NV from May 19 through May 20, 2026

•Nareit’s REITweek: 2026 Investor Conference held at the New York Hilton Midtown in New York, NY from June 2 through June 4, 2026, including a company presentation on June 2, 2026 at 10:15 a.m. Eastern Time. Additional details about the presentation, including a live audio webcast, will be available to the public on Tanger’s Investor Relations website, investors.tanger.com

•A tour of Pinecrest in Cleveland, OH on June 25, 2026 hosted by KeyBanc

About Tanger®

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and other open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and three open-air lifestyle centers includes more than 16 million square feet well positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 800 different brand name companies. Tanger is furnishing a Form 8-K with the SEC that includes a supplemental information package for the quarter ended March 31, 2026. For more information on Tanger, call 1-800-4TANGER or visit tanger.inc.

Tanger Inc. (together with its subsidiaries, the “Company”) uses, and intends to continue to use, its Investor Relations website, which can be found at investors.tanger.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about the Company can also be found through social media channels. The Company encourages investors and others interested in the Company to review the information on its Investor Relations website and on social media channels. The information contained on, or that may be accessed through, our website or social media platforms is not incorporated by reference into, and is not a part of, this document.

Safe Harbor Statement

Certain statements made in this earnings release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are generally identifiable by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions that do not report historical matters. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this release as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this release. All of our forward-looking statements are qualified in their entirety by this cautionary statement.

increased capital costs and capital markets volatility; increases in unemployment and reduced consumer confidence and spending; risks related to our ability to acquire or develop new retail centers or expand existing retail centers successfully; risks related to the financial performance and market value of our retail centers and the potential for reductions in asset valuations and related impairment charges; our dependence on rental income from real property; the relative illiquidity of real property investments; failure of our acquisitions or dispositions of retail centers to achieve anticipated results; competition for the acquisition and development of retail centers, and our inability to complete the acquisitions of retail centers we may identify; competition for tenants with competing retail centers and our inability to execute leases with tenants on terms consistent with our expectations; the diversification of our tenant mix and the operation of full price retail may not achieve our expected results; risks associated with environmental regulations; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to international military conflicts, international trade disputes and foreign currency volatility; the fact that certain of our leases include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us; the impact of geopolitical conflicts; the impact of a prolonged government shutdown; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our tenants and on our business (including the impact of actions taken to contain the outbreak or mitigate its impact); the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to climate change; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or other support we may provide to, joint venture properties; the effectiveness of our interest rate hedging arrangements; our potential failure to qualify as a Real Estate Investment Trust (“REIT”); our legal obligation to pay dividends to our shareholders; legislative or regulatory actions that could adversely affect our shareholders; our dependence on distributions from Tanger Properties Limited Partnership’s (together with its subsidiaries, the “Operating Partnership”) to meet our financial obligations, including dividends; risks of costs and disruptions from cyber-attacks or acts of cyber-terrorism on our information systems or on third party systems that we use; unanticipated threats to our business from changes in information and other technologies, including artificial intelligence; and the uncertainties of costs to comply with regulatory changes and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other reports that we file with the SEC.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Investor Contact Information

Media Contact Information

Doug McDonald

ICR

SVP, Treasurer and Investments

tangerpr@icrinc.com

336-856-6066

tangerir@tanger.com

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

Three months ended

March 31,

2026 2025

Revenues:

Rental revenue $143,538 $129,285

Management, leasing and other services 2,204 2,407

Other revenue 4,675 3,671

Total revenues 150,417 135,363

Expenses:

Property operating 46,733 41,820

General and administrative 20,088 18,993

Impairment charge — 4,249

Depreciation and amortization 40,352 37,146

Total expenses 107,173 102,208

Other income (expense):

Interest expense (19,176) (15,772)

Other income (expense) 1,907 217

Total other income (expense) (17,269) (15,555)

Income before equity in earnings of unconsolidated joint ventures 25,975 17,600

Equity in earnings of unconsolidated joint ventures 3,442 2,399

Net income 29,417 19,999

Noncontrolling interests in Operating Partnership (1,156) (798)

Noncontrolling interests in other consolidated partnerships — —

Net income attributable to Tanger Inc. 28,261 19,201

Allocation of earnings to participating securities (210) (202)

Net income available to common shareholders of Tanger Inc. $28,051 $18,999

Basic earnings per common share:

Net income $0.25 $0.17

Diluted earnings per common share:

Net income $0.24 $0.17

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(Unaudited)

March 31, December 31,

2026 2025

Assets

Rental property:

Land $342,203 $342,203

Buildings, improvements and fixtures 3,368,779 3,360,308

Construction in progress 21,286 18,174

3,732,268 3,720,685

Accumulated depreciation (1,547,230) (1,513,594)

Total rental property, net 2,185,038 2,207,091

Cash and cash equivalents 207,403 18,133

Restricted cash 35,811 35,395

Short-term investments 20,000 —

Investments in unconsolidated joint ventures 64,788 64,862

Deferred lease costs and other intangibles, net 105,489 110,669

Operating lease right-of-use assets 83,136 83,497

Prepaids and other assets 132,609 136,335

Total assets $2,834,274 $2,655,982

Liabilities and Equity

Liabilities

Debt:

Senior, unsecured notes, net $1,044,088 $1,043,609

Senior, unsecured exchangeable notes, net 242,826 —

Unsecured term loan, net 394,342 323,978

Mortgages payable, net 184,418 185,234

Unsecured lines of credit — 44,000

Total debt 1,865,674 1,596,821

Accounts payable and accrued expenses 78,442 133,065

Operating lease liabilities 91,179 91,569

Other liabilities 101,197 99,423

Total liabilities 2,136,492 1,920,878

Commitments and contingencies

Equity

Tanger Inc.:

Common shares, $0.01 par value, 300,000,000 shares authorized, 114,875,851 and 115,097,359 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

1,149 1,151

Paid in capital 1,230,945 1,262,920

Accumulated distributions in excess of net income (536,026) (529,239)

Accumulated other comprehensive loss (25,593) (28,349)

Equity attributable to Tanger Inc. 670,475 706,483

Equity attributable to noncontrolling interests:

Noncontrolling interests in Operating Partnership 27,307 28,621

Noncontrolling interests in other consolidated partnerships — —

Total equity 697,782 735,104

Total liabilities and equity $2,834,274 $2,655,982

vii

TANGER INC. AND SUBSIDIARIES

CENTER INFORMATION (1)

(Unaudited)

March 31,

2026 2025

Gross Leasable Area Open at End of Period (in thousands):

Consolidated 14,012 13,298

Unconsolidated 2,113 2,113

Pro rata share of unconsolidated 1,056 1,056

Managed 457 758

Total Owned and/or Managed Properties (2)

16,582 16,169

Total Owned Properties including pro rata share of unconsolidated JVs (2)

15,068 14,355

Centers in Operation at End of Period:

Consolidated 34 33

Unconsolidated 6 6

Managed 1 2

Total Owned and/or Managed Properties 41 41

Ending Occupancy:

Consolidated (3)

96.9 % 95.7 %

Unconsolidated 97.8 % 97.2 %

Total Owned Properties including pro rata share of unconsolidated JVs (3)

97.0 % 95.8 %

Total Owned Properties including pro rata share of unconsolidated JVs - Same Center (4)

96.9 % 95.8 %

Total U.S. States Operated in at End of Period (5)

22 21

(1)Operating metrics for March 2025 exclude the center in Howell, Michigan that was sold in April 2025.

(2)Amounts may not recalculate due to the effect of rounding.

(3)March 2026 occupancy includes the results of Tanger Kansas City at Legends, which was acquired during the third quarter of 2025.

(4)Excludes the results of Tanger Kansas City at Legends for March 2026.

(5)The Company also has an ownership interest in two centers located in Ontario, Canada.

viii

TANGER INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP SUPPLEMENTAL MEASURES (1)

(in thousands, except per share)

(Unaudited)

Below is a reconciliation of Net Income to FFO and Core FFO:

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted for:

Depreciation and amortization of real estate assets - consolidated 39,017 35,978

Depreciation and amortization of real estate assets - unconsolidated joint ventures 2,345 2,860

Impairment charge - consolidated

— 4,249

FFO 70,779 63,086

Allocation of earnings to participating securities (375) (356)

FFO available to common shareholders (2)

$70,404 $62,730

Core FFO available to common shareholders (2)

$70,404 $62,730

FFO available to common shareholders per share - diluted (2)

$0.59 $0.53

Core FFO available to common shareholders per share - diluted (2)

$0.59 $0.53

Weighted Average Shares:

Basic weighted average common shares 114,238 112,396

Effect of dilutive securities:

Equity awards 1,216 1,557

Diluted weighted average common shares (for earnings per share computations) 115,454 113,953

Exchangeable operating partnership units 4,670 4,676

Diluted weighted average common shares (for FFO and Core FFO per share computations) (2)

120,124 118,629

(1)Refer to Non-GAAP Definitions beginning on page xv for definitions of the non-GAAP supplemental measures used in this release.

(2)Assumes the Class A and Class C common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A and Class C common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status.

Below is a reconciliation of FFO to FAD (1):

Three months ended

March 31,

2026 2025

FFO available to common shareholders $70,404 $62,730

Adjusted for:

Corporate depreciation 1,335 1,168

Amortization of finance costs 1,256 940

Amortization of net debt (premium) discount (226) 205

Amortization of equity-based compensation 3,610 2,926

Straight-line rent adjustments (2,352) 418

Market rent adjustments (354) (402)

Second generation tenant allowances and lease incentives (3,523) (3,439)

Capital improvements (3,828) (3,047)

Adjustments from unconsolidated joint ventures (63) (286)

FAD available to common shareholders (2)

$66,259 $61,213

Dividends per share $0.2925 $0.275

FFO payout ratio 50 % 52 %

FAD payout ratio 53 % 53 %

Diluted weighted average common shares (2)

120,124 118,629

(1)Refer to page ix for a reconciliation of net income to FFO available to common shareholders.

Below is a reconciliation of Net Income to Portfolio NOI and Same Center NOI for the consolidated portfolio and total portfolio at pro rata share:

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Equity in earnings of unconsolidated joint ventures (3,442) (2,399)

Interest expense 19,176 15,772

Other income (1,907) (217)

Impairment charge — 4,249

Depreciation and amortization 40,352 37,146

Other non-property (income) expense 119 (40)

Corporate general and administrative expenses 20,150 19,016

Non-cash adjustments (1)

(2,718) 6

Lease termination fees (2,121) (450)

Portfolio NOI - Consolidated 99,026 93,082

Non-same center NOI - Consolidated (6,270) (2,551)

Same Center NOI - Consolidated (2)

$92,756 $90,531

Portfolio NOI - Consolidated $99,026 $93,082

Pro rata share of unconsolidated joint ventures (3)

7,729 7,402

Portfolio NOI - Total portfolio at pro rata share (3)

106,755 100,484

Non-same center NOI - Total portfolio at pro rata share (3)

(6,270) (2,551)

Same Center NOI - Total portfolio at pro rata share (2) (3)

$100,485 $97,933

(1)Non-cash items include straight-line rent, above and below market rent amortization, straight-line rent expense on land leases, and lease incentives.

(2)Centers excluded from Same Center NOI:

Cleveland, OH February 2025 Acquired Consolidated

Kansas City, KS September 2025 Acquired Consolidated

Howell, MI April 2025 Sold Consolidated

(3)Pro rata share metrics are presented on a constant currency basis. Constant currency is a non-GAAP financial measure, calculated by applying the average foreign exchange rate for the current period to all periods presented.

Below are reconciliations of Net Income to Adjusted EBITDA:

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Interest expense, net 17,181 15,496

Income tax expense 119 94

Depreciation and amortization 40,352 37,146

Impairment charges - consolidated

— 4,249

Adjusted EBITDA $87,069 $76,984

Twelve months ended

March 31, December 31,

2026 2025

Net income $128,919 $119,501

Adjusted to exclude:

Interest expense, net 66,745 65,060

Income tax expense 592 567

Depreciation and amortization 154,182 150,976

Impairment charge - consolidated — 4,249

Adjusted EBITDA $350,438 $340,353

xii

Below are reconciliations of Net Income to Adjusted EBITDAre:

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Interest expense, net 17,181 15,496

Income tax expense 119 94

Depreciation and amortization 40,352 37,146

Impairment charges - consolidated — 4,249

Pro rata share of interest expense, net - unconsolidated joint ventures 1,941 2,134

Pro rata share of depreciation and amortization - unconsolidated joint ventures

2,345 2,860

EBITDAre $91,355 $81,978

Adjusted EBITDAre $91,355 $81,978

Twelve months ended

March 31, December 31,

2026 2025

Net income $128,919 $119,501

Adjusted to exclude:

Interest expense, net 66,745 65,060

Income tax expense 592 567

Depreciation and amortization 154,182 150,976

Impairment charge - consolidated — 4,249

Pro rata share of interest expense, net - unconsolidated joint ventures 8,284 8,477

Pro rata share of depreciation and amortization - unconsolidated joint ventures

9,275 9,790

EBITDAre $367,997 $358,620

Adjusted EBITDAre $367,997 $358,620

xiii

Below is a reconciliation of Total debt to Net debt for the consolidated portfolio and total portfolio at pro rata share:

March 31, 2026

Consolidated Pro Rata

Share of Unconsolidated JVs Total at

Pro Rata Share

Total debt $1,865,674 $157,480 $2,023,154

Less:

Cash and cash equivalents (207,403) (7,291) (214,694)

Restricted cash (35,811) — (35,811)

Short-term investments (1)

(20,000) — (20,000)

Total cash and cash equivalents, restricted cash and short-term investments (263,214) (7,291) (270,505)

Net debt $1,602,460 $150,189 $1,752,649

December 31, 2025

Consolidated Pro Rata

Share of Unconsolidated JVs Total at

Pro Rata Share

Total debt $1,596,821 $157,873 $1,754,694

Less:

Cash and cash equivalents (18,133) (9,685) (27,818)

Restricted cash (35,395) — (35,395)

Total cash and cash equivalents and restricted cash (53,528) (9,685) (63,213)

Net debt $1,543,293 $148,188 $1,691,481

(1) Represents short-term bank deposits with initial maturities greater than three months and less than or equal to one year.

xiv

NON-GAAP DEFINITIONS

Funds From Operations

Funds From Operations (“FFO”) is a widely used measure of the operating performance for real estate companies that supplements net income (loss) determined in accordance with generally accepted accounting principles in the United States (“GAAP”). We determine FFO based on the definition set forth by the National Association of Real Estate Investment Trusts (“Nareit”), of which we are a member. In December 2018, Nareit issued “Nareit Funds From Operations White Paper - 2018 Restatement,” which clarifies, where necessary, existing guidance and consolidates alerts and policy bulletins into a single document for ease of use. Nareit defines FFO as net income (loss) available to the Company’s common shareholders computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis.

FFO is intended to exclude historical cost depreciation of real estate as required by GAAP, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization of real estate assets, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income (loss).

We present FFO because we consider it an important supplemental measure of our operating performance. In addition, a portion of cash bonus compensation to certain members of management is based on our FFO or Core FFO, which is described in the section below. We believe it is useful for investors to have enhanced transparency into how we evaluate our performance and that of our management. In addition, FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is also widely used by us and others in our industry to evaluate and price potential acquisition candidates. We believe that FFO payout ratio, which represents regular distributions to common shareholders and unitholders of the Operating Partnership expressed as a percentage of FFO, is useful to investors because it facilitates the comparison of dividend coverage between REITs. Nareit has encouraged its member companies to report their FFO as a supplemental, industry-wide standard measure of REIT operating performance.

FFO has significant limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

•FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements; and

•Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, FFO should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or our dividend paying capacity. We compensate for these limitations by relying primarily on our GAAP results and using FFO only as a supplemental measure.

Core FFO

We present Core Funds From Operations (“Core FFO”) as a supplemental measure of our performance. We define Core FFO as FFO further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance. These further adjustments are itemized in the table above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Core FFO you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Core FFO should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We present Core FFO because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we believe it is useful for investors to have enhanced transparency into how we evaluate management’s performance and the effectiveness of our business strategies. We use Core FFO when certain material, unplanned transactions occur as a

factor in evaluating management’s performance and to evaluate the effectiveness of our business strategies, and may use Core FFO when determining incentive compensation.

Core FFO has limitations as an analytical tool. Some of these limitations are:

•Core FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•Core FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Core FFO does not reflect any cash requirements for such replacements;

•Core FFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

•Other companies in our industry may calculate Core FFO differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Core FFO should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Core FFO only as a supplemental measure.

Funds Available for Distribution

Funds Available for Distribution (“FAD”) is a non-GAAP financial measure that we define as FFO (defined as net income (loss) available to the Company’s common shareholders computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis), excluding corporate depreciation, amortization of finance costs, amortization of net debt discount (premium), amortization of equity-based compensation, straight-line rent amounts, market rent amounts, second generation tenant allowances and lease incentives, recurring capital improvement expenditures, and our share of the items listed above for our unconsolidated joint ventures. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents regular distributions to common shareholders and unitholders of the Operating Partnership expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

We believe that net income (loss) is the most directly comparable GAAP financial measure to FAD. FAD does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. Other companies in our industry may calculate FAD differently than we do, limiting its usefulness as a comparative measure.

Portfolio Net Operating Income and Same Center Net Operating Income

We present portfolio net operating income (“Portfolio NOI”) and same center net operating income (“Same Center NOI”) as supplemental measures of our operating performance. Portfolio NOI represents our property level net operating income, which is defined as total operating revenues less property operating expenses and excludes termination fees and non-cash adjustments including straight-line rent, net above and below market rent amortization, straight-line rent expense on land leases, lease incentives, impairment charges, loss on early extinguishment of debt and gains or losses on the sale of assets recognized during the periods presented. We define Same Center NOI as Portfolio NOI for the properties that were operational for the entire portion of both comparable reporting periods and which were not acquired, or subject to a material expansion or non-recurring event, such as a natural disaster, during the comparable reporting periods. We present Portfolio NOI and Same Center NOI on both a consolidated and total portfolio, including pro rata share of unconsolidated joint ventures, basis.

We believe Portfolio NOI and Same Center NOI are non-GAAP metrics used by industry analysts, investors and management to measure the operating performance of our properties because they provide performance measures directly related to the revenues and expenses involved in owning and operating real estate assets and provide a perspective not immediately apparent from net income (loss), FFO or Core FFO. Because Same Center NOI excludes properties developed, redeveloped, acquired and sold; as well as non-cash adjustments, gains or losses on the sale of outparcels and termination rents; it highlights operating trends such as occupancy levels, rental rates and operating costs on properties that were operational for both comparable periods. Portfolio NOI and Same Center NOI should not be considered alternatives to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to make distributions. Other REITs may use different methodologies for calculating Portfolio NOI and Same Center NOI, and accordingly, our Portfolio NOI and Same Center NOI may not be comparable to other REITs.

xvi

Portfolio NOI and Same Center NOI should not be considered alternatives to net income (loss) or as an indicator of our financial performance since they do not reflect the entire operations of our portfolio, nor do they reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other non-property income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. Because of these limitations, Portfolio NOI and Same Center NOI should not be viewed in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Portfolio NOI and Same Center NOI only as supplemental measures.

Adjusted EBITDA, EBITDAre and Adjusted EBITDAre

We present Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) as adjusted for items described below (“Adjusted EBITDA”), EBITDA for Real Estate (“EBITDAre”) and Adjusted EBITDAre, all non-GAAP measures, as supplemental measures of our operating performance. Each of these measures is defined as follows:

We define Adjusted EBITDA as net income (loss) available to the Company’s common shareholders computed in accordance with GAAP before net interest expense, income taxes (if applicable), depreciation and amortization, gains and losses on sale of operating properties, joint venture properties, outparcels and other assets, impairment write-downs of depreciated property and of investment in unconsolidated joint ventures caused by a decrease in value of depreciated property in the affiliate, compensation related to voluntary retirement plan and other executive officer severance, certain executive departure-related adjustments, gain on sale of non-real estate asset adjustments, casualty gains and losses, gains and losses on early extinguishment of debt, net and other items that we do not consider indicative of the Company’s ongoing operating performance.

We determine EBITDAre based on the definition set forth by Nareit, which is defined as net income (loss) available to the Company’s common shareholders computed in accordance with GAAP before net interest expense, income taxes (if applicable), depreciation and amortization, gains and losses on sale of operating properties, gains and losses on change of control and impairment write-downs of depreciated property and of investment in unconsolidated joint ventures caused by a decrease in value of depreciated property in the affiliate and after adjustments to reflect our share of the EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre is defined as EBITDAre excluding gains and losses on early extinguishment of debt, net, casualty gains and losses, compensation related to voluntary retirement plan and other executive officer severance, gain on sale of non-real estate asset adjustments, gains and losses on sale of outparcels, and other items that we do not consider indicative of the Company’s ongoing operating performance.

We present Adjusted EBITDA, EBITDAre and Adjusted EBITDAre as we believe they are useful for investors, creditors and rating agencies as they provide additional performance measures that are independent of a Company’s existing capital structure to facilitate the evaluation and comparison of the Company’s operating performance to other REITs and provide a more consistent metric for comparing the operating performance of the Company’s real estate between periods.

Adjusted EBITDA, EBITDAre and Adjusted EBITDAre have significant limitations as analytical tools, including:

•They do not reflect our net interest expense;

•They do not reflect gains or losses on sales of operating properties or impairment write-downs of depreciated property and of investment in unconsolidated joint ventures caused by a decrease in value of depreciated property in the affiliate;

•Adjusted EBITDA and Adjusted EBITDAre do not reflect gains and losses on extinguishment of debt and other items that may affect operations; and

•Other companies in our industry may calculate these measures differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA, EBITDAre and Adjusted EBITDAre should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA, EBITDAre and Adjusted EBITDAre only as supplemental measures.

Net Debt

We define Net debt as total debt less cash and cash equivalents, including restricted cash, and short-term investments and present this metric for both the consolidated portfolio and for the total portfolio, including the consolidated portfolio and the Company’s pro rata share of unconsolidated joint ventures. Net debt is a component of the Net debt to Adjusted EBITDA ratio, which is defined as Net debt for the respective portfolio divided by Adjusted EBITDA (consolidated portfolio) or Adjusted EBITDAre (total portfolio at pro rata share). We use the Net debt to Adjusted EBITDA and the Net debt to Adjusted EBITDAre ratios to evaluate the Company’s leverage. We believe this measure is an important indicator of the Company’s ability to service its long-term debt obligations.

xvii

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Notice

For a more detailed discussion of the factors that affect our operating results, interested parties should review the Company’s and Operating Partnership’s Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, when available.

This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company or the Operating Partnership. Any offers to sell or solicitations to buy any securities of the Company or the Operating Partnership shall be made only by means of a prospectus.

Safe Harbor Statement

Certain statements made in this supplement contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are generally identifiable by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions that do not report historical matters. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this supplement as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this supplement. All of our forward-looking statements are qualified in their entirety by this cautionary statement.

There are a number of risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this supplement. Any forward-looking statements should be considered in light of the risks, uncertainties and other factors referred to in Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q and in our other filings with the SEC. Such risks and uncertainties include, but are not limited to: risks associated with general economic and financial conditions, including inflationary pressures and recessionary fears; newly-imposed and potentially additional U.S. tariffs and responsive non-U.S. tariffs; increased capital costs and capital markets volatility; increases in unemployment and reduced consumer confidence and spending; risks related to our ability to acquire or develop new retail centers or expand existing retail centers successfully; risks related to the financial performance and market value of our retail centers and the potential for reductions in asset valuations and related impairment charges; our dependence on rental income from real property; the relative illiquidity of real property investments; failure of our acquisitions or dispositions of retail centers to achieve anticipated results; competition for the acquisition and development of retail centers, and our inability to complete the acquisitions of retail centers we may identify; competition for tenants with competing retail centers and our inability to execute leases with tenants on terms consistent with our expectations; the diversification of our tenant mix and the operation of full price retail may not achieve our expected results; risks associated with environmental regulations; risks associated with possible terrorist activity or other acts or threats of violence and threats to public safety; risks related to international military conflicts, international trade disputes and foreign currency volatility; the fact that certain of our leases include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration; our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us; the impact of geopolitical conflicts; the impact of a prolonged government shutdown; the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our tenants and on our business (including the impact of actions taken to contain the outbreak or mitigate its impact); the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to climate change; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risks associated with our guarantees of debt for, or other support we may provide to, joint venture properties; the effectiveness of our interest rate hedging arrangements; our potential failure to qualify as a REIT; our legal obligation to pay dividends to our shareholders; legislative or regulatory actions that could adversely affect our shareholders; our dependence on distributions from the Operating Partnership to meet our financial obligations, including dividends; risks of costs

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

and disruptions from cyber-attacks or acts of cyber-terrorism on our information systems or on third party systems that we use; unanticipated threats to our business from changes in information and other technologies, including artificial intelligence; and the uncertainties of costs to comply with regulatory changes and other important factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - “Risk Factors” in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other reports that we file with the SEC.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Summary Operating Metrics (1)

March 31,

2026 2025

Centers in Operation at End of Period:

Consolidated 34 33

Unconsolidated 6 6

Managed 1 2

Total Owned and/or Managed Properties 41 41

Gross Leasable Area (“GLA”) Open at End of Period (in thousands):

Consolidated 14,012 13,298

Unconsolidated 2,113 2,113

Pro rata share of unconsolidated 1,056 1,056

Managed 457 758

Total Owned and/or Managed Properties (1)

16,582 16,169

Total Owned Properties including pro rata share of unconsolidated JVs (2)

15,068 14,355

Ending Occupancy (3)

Consolidated 96.9 % 95.7 %

Unconsolidated 97.8 % 97.2 %

Total Owned Properties including pro rata share of unconsolidated JVs (3)

97.0 % 95.8 %

Total Owned Properties including pro rata share of unconsolidated JVs - Same Center (4)

96.9 % 95.8 %

Average Tenant Sales Per Square Foot (3)(5)

Consolidated $481 $452

Unconsolidated $493 $481

Total Owned Properties including pro rata share of unconsolidated JVs (3)

$482 $455

Total Owned Properties including pro rata share of unconsolidated JVs - Same Center (4)

$484 $455

Occupancy Cost Ratio (3)(6)

9.7 % 9.7 %

(1)Operating metrics for March 2025 exclude the center in Howell, Michigan that was sold in April 2025.

(2)Amounts may not recalculate due to the effect of rounding.

(3)March 2026 ending occupancy, average tenant sales per square foot, and occupancy cost ratio include the results of Tanger Outlets Kansas City at Legends, which was acquired during the third quarter of 2025.

(4)Excludes the results of Tanger Outlets Kansas City at Legends for March 2026.

(5)Average tenant sales per square foot is presented on a constant currency basis for the trailing twelve-month periods and include stores in stabilized centers that have been occupied a minimum of twelve months and are less than 20,000 square feet. Constant currency is a non-GAAP financial measure, calculated by applying the average foreign exchange rate for the current period to all periods presented.

(6)Occupancy cost ratio represents annualized occupancy costs as of the end of the reporting period as a percentage of tenant sales for the trailing twelve-month periods for consolidated properties and the Company’s pro rata share of unconsolidated joint ventures.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Geographic Diversification

As of March 31, 2026

Consolidated Properties

State # of Centers GLA % of GLA

South Carolina 5 1,611,169 12 %

New York 2 1,466,850 10 %

Alabama 2 1,202,692 9 %

Georgia 3 1,181,188 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 Consolidated Properties 34 14,011,958 100 %

Unconsolidated Joint Venture Properties

# of Centers GLA Ownership %

Ontario, Canada 2 665,096 50 %

North Carolina 1 398,674 50 %

Ohio 1 355,245 50 %

Texas 1 352,705 50 %

Maryland 1 341,156 50 %

Total Unconsolidated Joint Venture Properties 6 2,112,876

Tanger’s Pro Rata Share of Unconsolidated Joint Venture Properties 1,056,438

Managed Property

# of Centers GLA

Palm Beach, FL 1 457,326

Total Owned and/or Managed Properties 41 16,582,160

Total Owned Properties including pro rata share of unconsolidated JVs 40 15,068,396

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Property Summary - Occupancy at End of Each Period Shown (1)

Property Name Location Total GLA

3/31/2026 % Occupied

12/31/2025 % Occupied

3/31/2025

Tanger Outlets Deer Park Deer Park, NY 737,473 99.2 % 100.0 % 92.5 %

Tanger Outlets Riverhead Riverhead, NY 729,377 95.5 % 98.4 % 90.6 %

Tanger Outlets Kansas City at Legends Kansas City, KS 688,584 98.0 % 96.2 % N/A

Bridge Street Town Centre, a Tanger Property Huntsville, AL 651,016 89.9 % 92.9 % 88.0 %

Pinecrest, a Tanger Property Cleveland, OH 638,396 97.0 % 98.2 % 96.0 %

Tanger Outlets Foley Foley, AL 551,676 93.6 % 94.0 % 98.6 %

Tanger Outlets Rehoboth Beach Rehoboth Beach, DE 547,937 98.4 % 100.0 % 97.3 %

Tanger Outlets Savannah Savannah, GA 488,698 99.7 % 100.0 % 98.6 %

Tanger Outlets Atlantic City Atlantic City, NJ 484,748 81.8 % 80.7 % 85.2 %

Tanger Outlets San Marcos San Marcos, TX 471,816 98.7 % 99.3 % 96.6 %

Tanger Outlets Sevierville Sevierville, TN 450,079 100.0 % 100.0 % 96.8 %

Tanger Outlets Myrtle Beach Hwy 501 Myrtle Beach, SC 431,201 96.9 % 99.0 % 98.4 %

Tanger Outlets Phoenix Glendale, AZ 410,753 100.0 % 100.0 % 98.6 %

Tanger Outlets Myrtle Beach Hwy 17 Myrtle Beach, SC 404,341 98.8 % 100.0 % 99.1 %

Tanger Outlets Charleston Charleston, SC 386,328 99.1 % 100.0 % 100.0 %

Tanger Outlets Lancaster Lancaster, PA 377,417 99.7 % 100.0 % 100.0 %

Tanger Outlets Asheville Asheville, NC 376,432 99.2 % 97.4 % 98.4 %

Tanger Outlets Pittsburgh Pittsburgh, PA 373,863 98.6 % 100.0 % 96.7 %

Tanger Outlets Commerce Commerce, GA 371,408 96.4 % 100.0 % 98.2 %

Tanger Outlets Grand Rapids Grand Rapids, MI 357,133 93.1 % 97.0 % 91.4 %

Tanger Outlets Fort Worth Fort Worth, TX 351,901 100.0 % 100.0 % 99.3 %

Tanger Outlets Daytona Beach Daytona Beach, FL 351,691 100.0 % 100.0 % 100.0 %

Tanger Outlets Branson Branson, MO 329,861 100.0 % 100.0 % 99.2 %

Tanger Outlets Memphis Southaven, MS 325,831 96.8 % 100.0 % 98.0 %

Tanger Outlets Gonzales Gonzales, LA 322,063 91.7 % 98.9 % 96.6 %

Tanger Outlets Atlanta Locust Grove, GA 321,082 97.8 % 100.0 % 98.1 %

Tanger Outlets Mebane Mebane, NC 319,762 99.5 % 100.0 % 99.1 %

Tanger Outlets at Foxwoods Mashantucket, CT 311,229 96.5 % 95.6 % 91.2 %

Tanger Outlets Nashville Nashville, TN 290,667 100.0 % 100.0 % 94.2 %

The Promenade at Chenal, a Tanger Property Little Rock, AR 269,642 99.2 % 98.1 % 91.1 %

Tanger Outlets Tilton Tilton, NH 250,558 90.5 % 98.6 % 95.8 %

Tanger Outlets Hershey Hershey, PA 249,696 100.0 % 100.0 % 98.2 %

Tanger Outlets Hilton Head II Hilton Head, SC 206,564 100.0 % 100.0 % 89.1 %

Tanger Outlets Hilton Head I Hilton Head, SC 182,735 100.0 % 100.0 % 97.2 %

Tanger Outlets Howell Howell, MI N/A N/A N/A 90.8 %

Total Consolidated (2)

14,011,958 96.9 % 98.0 % 95.7 %

Charlotte Premium Outlets Charlotte, NC 398,674 98.1 % 98.6 % 98.1 %

Tanger Outlets Ottawa Ottawa, ON 357,213 99.6 % 99.6 % 98.4 %

Tanger Outlets Columbus Columbus, OH 355,245 99.0 % 100.0 % 98.0 %

Tanger Outlets Houston Texas City, TX 352,705 94.1 % 99.0 % 94.7 %

Tanger Outlets National Harbor National Harbor, MD 341,156 100.0 % 100.0 % 99.8 %

Tanger Outlets Cookstown Cookstown, ON 307,883 95.7 % 96.8 % 93.8 %

Total Unconsolidated 2,112,876 97.8 % 99.0 % 97.2 %

Tanger’s pro rata share of unconsolidated JVs 1,056,438 97.8 % 99.0 % 97.2 %

Total Owned Properties including pro rata share of unconsolidated JVs (2)

15,068,396 97.0 % 98.1 % 95.8 %

Total Owned Properties including pro rata share of unconsolidated JVs - Same Center (3)

14,379,812 96.9 % 98.2 % 95.8 %

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

(2)Metrics as of March 31, 2025 exclude the center in Howell, Michigan that was sold in April 2025.

(3)Excludes GLA and occupancy rates at Tanger Outlets Kansas City at Legends for all periods.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Portfolio Map as of March 31, 2026

Portfolio Occupancy at the End of Each Period (1)

(1) Includes the Company’s pro rata share of unconsolidated joint ventures.

(2) Beginning in December 2024, total portfolio occupancy includes the occupancy rate at The Promenade at Chenal, which was acquired during the fourth quarter of 2024.

(3) Beginning in March 2025, total portfolio occupancy includes the occupancy rate at Pinecrest, which was acquired during the first quarter of 2025, and excludes the occupancy rate at the center in Howell, Michigan that was sold in April 2025.

(4) Beginning in September 2025, total portfolio occupancy includes the occupancy rate at Tanger Outlets Kansas City at Legends, which was acquired during the third quarter of 2025.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Center Sales Per Square Foot Ranking (“SPSF”) as of March 31, 2026 (1)

Ranking (2)

12 Months

SPSF Period End

Occupancy GLA

(thousands) % of

GLA

% of

Portfolio

NOI (3)

Consolidated Centers

Centers 1 - 5 $696 97.1 % 2,520 17 % 22 %

Centers 6 - 10 $556 98.5 % 2,262 15 % 18 %

Centers 11 - 16 $490 98.9 % 1,990 13 % 15 %

Centers 17 - 22 $449 98.2 % 2,732 18 % 17 %

Centers 23 - 28 $379 96.3 % 2,499 17 % 12 %

Centers 29 - 34 $330 92.2 % 2,009 13 % 9 %

Ranking (2)

Cumulative 12 Months

SPSF Cumulative Period End

Occupancy Cumulative GLA

(thousands) Cumulative

% of

GLA

Cumulative

% of

Portfolio

NOI (3)

Consolidated Centers

Centers 1 - 5 $696 97.1 % 2,520 17 % 22 %

Centers 1 - 10 $627 97.7 % 4,782 32 % 40 %

Centers 1 - 16 $579 98.1 % 6,772 45 % 55 %

Centers 1 - 22 $542 98.1 % 9,504 63 % 72 %

Centers 1 - 28 $509 97.7 % 12,003 80 % 84 %

Centers 1 - 34 $481 96.9 % 14,012 93 % 93 %

Unconsolidated Centers at Pro Rata Share (4)

$493 97.8 % 1,056 7 % 7 %

Total Centers at Pro Rata Share (5)

$482 97.0 % 15,068 100 % 100 %

(1)

Centers are ranked by sales per square foot for the trailing twelve months ended March 31, 2026, and sales per square foot include stores that have been occupied for a minimum of twelve months and are less than 20,000 square feet.

(2) Centers included in each ranking group above are as follows (in alphabetical order):

Centers 1 - 5: Deer Park, NY Glendale, AZ (Phoenix) Huntsville, AL (Bridge Street Town Centre) Little Rock, AR (The Promenade at Chenal) Sevierville, TN

Centers 6 - 10: Cleveland, OH (Pinecrest) Fort Worth, TX Mebane, NC Myrtle Beach Hwy 17, SC Rehoboth Beach, DE

Centers 11 - 16: Branson, MO Charleston, SC Hershey, PA Lancaster, PA Locust Grove, GA Southaven, MS (Memphis)

Centers 17 - 22: Daytona Beach, FL Hilton Head I, SC Kansas City, KS Nashville, TN Riverhead, NY Savannah, GA

Centers 23 - 28: Asheville, NC Foley, AL Grand Rapids, MI Mashantucket, CT (Foxwoods) Myrtle Beach Hwy 501, SC San Marcos, TX

Centers 29 - 34: Atlantic City, NJ Commerce, GA Gonzales, LA Hilton Head II, SC Pittsburgh, PA Tilton, NH

(3)

Based on the Company’s forecast of 2026 Portfolio NOI (Portfolio NOI is a non-GAAP financial measure; refer to Non-GAAP Definitions beginning on page 32). The Company’s forecast is based on management’s estimates as of March 31, 2026 and may be considered a forward-looking statement that is subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect operating results, interested parties should review the Tanger Inc. Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, when available.

(4) Includes centers open 12 full calendar months presented on a gross basis (in alphabetical order):

Unconsolidated: Charlotte, NC Columbus, OH Cookstown, ON National Harbor, MD Ottawa, ON Texas City, TX (Houston)

(5) Includes consolidated portfolio and the Company’s pro rata share of unconsolidated joint ventures. Amounts may not recalculate due to the effect of rounding.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Top 25 Tenants Based on Percentage of Total Annualized Base Rent

As of March 31, 2026 (1)

At Pro Rata Share (2)

Tenant Brands # of

Stores GLA % of

Total GLA

% of Total Annualized Base Rent (3)

The Gap, Inc. Athleta, Banana Republic, Gap, Old Navy 108 1,022,146 6.8 % 5.2 %

KnitWell Group LLC; Lane Bryant Brands Opco LLC Ann Taylor, Chicos, Lane Bryant, Loft, Soma Intimates, Talbots, White House/Black Market 124 534,573 3.5 % 4.3 %

American Eagle Outfitters, Inc. Aerie, American Eagle Outfitters, Offline by Aerie 61 364,978 2.4 % 3.2 %

Tapestry, Inc. Coach, Kate Spade 65 289,008 1.9 % 3.2 %

Under Armour, Inc. Under Armour, Under Armour Youth 37 317,430 2.1 % 3.0 %

PVH Corp. Calvin Klein, Tommy Hilfiger 45 307,293 2.0 % 2.4 %

Nike, Inc. Converse, Nike 41 451,847 3.0 % 2.4 %

Catalyst Brands Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brands, Nautica 57 271,908 1.8 % 2.3 %

Columbia Sportswear Company Columbia Sportswear 30 205,825 1.4 % 2.0 %

Signet Jewelers Limited Banter by Piercing Pagoda, Jared, Kay Jewelers, Peoples Jewellers, Zales 58 119,328 0.8 % 2.0 %

Skechers USA, Inc. Skechers 34 216,825 1.4 % 1.8 %

Luxottica Group S.p.A. Lenscrafters, Oakley, Sunglass Hut 73 107,785 0.7 % 1.8 %

Carter’s, Inc. Carters, OshKosh B'gosh 47 187,066 1.2 % 1.7 %

Adidas AG Adidas 29 194,793 1.3 % 1.7 %

Rack Room Shoes Off Broadway Shoes, Rack Room Shoes 26 171,786 1.1 % 1.7 %

Capri Holdings Limited Michael Kors 32 151,036 1.0 % 1.6 %

Levi Strauss & Co. Levi's 35 134,985 0.9 % 1.5 %

J.Crew Group J.Crew Factory, J.Crew The Men's Shop, Madewell 26 133,696 0.9 % 1.5 %

Crocs Inc. Crocs, Hey Dude 58 147,907 1.0 % 1.5 %

V. F. Corporation The North Face, Timberland, Vans, Work Authority 31 150,175 1.0 % 1.4 %

Victoria's Secret & Co. Pink by Victoria's Secret, Victoria's Secret 24 156,771 1.0 % 1.4 %

Caleres Inc. Allen Edmonds, Famous Footwear 30 147,520 1.0 % 1.3 %

Ralph Lauren Corporation Polo Children, Polo Ralph Lauren 35 389,722 2.6 % 1.2 %

H & M Hennes & Mauritz LP. H&M 21 433,497 2.9 % 1.2 %

Vera Bradley, Inc. Vera Bradley 27 96,280 0.6 % 1.2 %

Total of Top 25 tenants 1,154 6,704,180 44.3 % 52.5 %

(1)Excludes leases that have been entered into but 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 in alphabetical order.

(2)Includes the Company’s pro rata share of unconsolidated joint ventures.

(3)Annualized base rent (“ABR”) 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 sales in lieu of fixed contractual rents and ground lease rent. No individual brand represents more than 3.0% of total ABR.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Lease Expirations as of March 31, 2026

Percentage of Total Gross Leasable Area (1) (2)

Percentage of Total Annualized Base Rent (1) (2) (3)

(1) Includes the Company’s pro rata share of unconsolidated joint ventures.

(2) Excludes leases that have been entered into but tenant has not yet taken possession, vacant space, leases that have turned over but are not open, temporary leases, and residential. 2026 lease expirations include month-to-month leases.

(3) Includes ground lease rent.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Capital Expenditures for the Three Months Ended March 31, 2026 (in thousands)

Consolidated

Properties Unconsolidated Joint Ventures at Pro Rata Share Total

at Pro Rata Share

Value-enhancing:

New center developments, redevelopments, first generation tenant allowances and expansions $5,271 $152 $5,423

Other — — —

Total new center developments and expansions $5,271 $152 $5,423

Recurring capital expenditures:

Second generation tenant allowances, lease incentives and lease commissions $3,523 $58 $3,581

Operational capital expenditures 1,710 97 1,807

Renovations 2,118 — 2,118

Total recurring capital expenditures $7,351 $155 $7,506

Total additions to rental property and leasing-related investments — accrual basis $12,622 $307 $12,929

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Transaction Summary

Asset Location Type Investment Amount

(in millions)

Owned

GLA (1)

Transaction Date

External Growth

Tanger Outlets Nashville Nashville, TN Development $145.0 290,667 10/27/2023

Tanger Outlets Asheville Asheville, NC Acquisition 70.0 376,432 11/13/2023

Bridge Street Town Centre Huntsville, AL Acquisition 193.5 651,016 11/30/2023

The Promenade at Chenal Little Rock, AR Acquisition 73.1 269,642 12/10/2024

Pinecrest Cleveland, OH Acquisition 167.0 638,396 2/12/2025

Tanger Outlets Kansas City at Legends Kansas City, KS Acquisition 130.0 688,584 9/16/2025

Total $778.6 2,914,737

Asset Location Type Sale Amount

(in millions)

GLA (1)

Transaction Date

Disposition

Tanger Outlets Howell (2)

Howell, MI Disposition $17.0 314,438 4/15/2025

(1) Pinecrest GLA includes 100,000 square feet of residential (87 units) and 164,000 square feet of office.

(2) The Company recorded a $4.2 million non-cash impairment charge during the first quarter of 2025 as a result of this sale.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Leasing Activity for the Trailing Twelve Months Ended March 31 - Comparable Space for Executed Leases (1) (2)

Leasing Transactions Square Feet (in 000s)

New

Initial Rent

(psf) (3)

Rent

Spread

% (4)

Tenant Allowance (psf) (5)

Average Initial Term

(in years)

Total space

2026 586 3,080 $37.87 10.5 % $6.76 4.0

2025 493 2,221 $38.15 14.1 % $5.42 3.4

Re-tenanted space

2026 75 359 $53.49 26.2 % $55.21 8.9

2025 39 188 $47.34 33.2 % $62.86 8.4

Renewed space

2026 511 2,721 $35.81 7.9 % $0.37 3.3

2025 454 2,033 $37.29 12.3 % $0.11 3.0

Refer to footnotes below the following table.

Leasing Activity for the Trailing Twelve Months Ended March 31 - Comparable and Non-Comparable Space for Executed Leases (1) (2)

Leasing Transactions Square Feet (in 000s)

New

Initial Rent

(psf) (3)

Tenant Allowance (psf) (5)

Average Initial Term

(in years)

Total space

2026 651 3,363 $38.41 $10.08 4.3

2025 545 2,496 $38.42 $12.21 4.0

(1)For consolidated properties and domestic unconsolidated joint ventures at pro rata share owned as of the period-end date, except for leasing transactions, which are shown at 100%. Represents leases for new stores or renewals that were executed during the respective trailing 12-month periods and excludes license agreements, seasonal tenants, month-to-month leases, and new developments.

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

(3)Represents average initial cash rent (base rent and common area maintenance (“CAM”)).

(4)Represents change in average initial and expiring cash rent (base rent and CAM).

(5)Includes other landlord costs.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Consolidated Balance Sheets (unaudited, dollars in thousands)

March 31, December 31,

2026 2025

Assets

Rental property:

Land $342,203 $342,203

Buildings, improvements and fixtures 3,368,779 3,360,308

Construction in progress 21,286 18,174

3,732,268 3,720,685

Accumulated depreciation (1,547,230) (1,513,594)

Total rental property, net 2,185,038 2,207,091

Cash and cash equivalents 207,403 18,133

Short-term investments 20,000 —

Restricted cash 35,811 35,395

Investments in unconsolidated joint ventures 64,788 64,862

Deferred lease costs and other intangibles, net 105,489 110,669

Operating lease right-of-use assets 83,136 83,497

Prepaids and other assets 132,609 136,335

Total assets $2,834,274 $2,655,982

Liabilities and Equity

Liabilities

Debt:

Senior, unsecured notes, net $1,044,088 $1,043,609

Senior, unsecured exchangeable notes, net 242,826 —

Unsecured term loan, net 394,342 323,978

Mortgages payable, net 184,418 185,234

Unsecured lines of credit — 44,000

Total debt 1,865,674 1,596,821

Accounts payable and accrued expenses 78,442 133,065

Operating lease liabilities 91,179 91,569

Other liabilities 101,197 99,423

Total liabilities 2,136,492 1,920,878

Commitments and contingencies

Equity

Tanger Inc.:

Common shares, $0.01 par value, 300,000,000 shares authorized, 114,875,851 and 115,097,359 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

1,149 1,151

Paid in capital 1,230,945 1,262,920

Accumulated distributions in excess of net income (536,026) (529,239)

Accumulated other comprehensive loss (25,593) (28,349)

Equity attributable to Tanger Inc. 670,475 706,483

Equity attributable to noncontrolling interests:

Noncontrolling interests in Operating Partnership 27,307 28,621

Noncontrolling interests in other consolidated partnerships — —

Total equity 697,782 735,104

Total liabilities and equity $2,834,274 $2,655,982

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Consolidated Statements of Operations (unaudited, in thousands, except per share data)

Three months ended

March 31,

2026 2025

Revenues:

Rental revenue $143,538 $129,285

Management, leasing and other services 2,204 2,407

Other revenue 4,675 3,671

Total revenues 150,417 135,363

Expenses:

Property operating 46,733 41,820

General and administrative 20,088 18,993

Impairment charge — 4,249

Depreciation and amortization 40,352 37,146

Total expenses 107,173 102,208

Other income (expense):

Interest expense (19,176) (15,772)

Other income (expense) 1,907 217

Total other income (expense) (17,269) (15,555)

Income before equity in earnings of unconsolidated joint ventures 25,975 17,600

Equity in earnings of unconsolidated joint ventures 3,442 2,399

Net income 29,417 19,999

Noncontrolling interests in Operating Partnership (1,156) (798)

Noncontrolling interests in other consolidated partnerships — —

Net income attributable to Tanger Inc. 28,261 19,201

Allocation of earnings to participating securities (210) (202)

Net income available to common shareholders of Tanger Inc. $28,051 $18,999

Basic earnings per common share:

Net income $0.25 $0.17

Diluted earnings per common share:

Net income $0.24 $0.17

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Components of Rental Revenues (unaudited, in thousands)

As a lessor, substantially all of our revenues are earned from arrangements that are within the scope of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”). We utilized the practical expedient in Accounting Standards Update (“ASU”) 2018-11 to account for lease and non-lease components as a single component, which resulted in all of our revenues associated with leases being recorded as rental revenues on the consolidated statements of operations.

The table below provides details of the components included in consolidated rental revenues:

Three months ended

March 31,

2026 2025

Rental revenue:

Base rentals

$95,322 $89,248

Percentage rentals 2,817 2,444

Tenant expense reimbursements 40,794 37,325

Lease termination fees 2,121 450

Market rent adjustments 447 495

Straight-line rent adjustments 2,352 (418)

Uncollectible tenant revenue (315) (259)

Rental revenue $143,538 $129,285

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Unconsolidated Joint Venture Information

The following table details certain information as of March 31, 2026, except for Net Operating Income (“NOI”), which is for the three months ended March 31, 2026, about various unconsolidated real estate joint ventures in which we have an ownership interest (dollars in millions):

Joint Venture Center Location Tanger’s Ownership % Square Feet

Tanger’s

Pro Rata

Share of Total Assets (1)

Tanger’s Pro Rata

Share of NOI (2)

Tanger’s

Pro Rata Share of Debt (3)

Charlotte Charlotte, NC 50.0 % 398,674 $29.1 $2.4 $47.7

Columbus Columbus, OH 50.0 % 355,245 28.8 1.2 35.3

Houston Texas City, TX 50.0 % 352,705 16.2 1.1 29.6

National Harbor National Harbor, MD 50.0 % 341,156 33.0 1.6 44.9

RioCan Canada (4)

Various 50.0 % 665,096 63.1 1.4 —

Total 2,112,876 $170.2 $7.7 $157.5

(1)Represents Tanger’s share of total assets recorded for the unconsolidated joint ventures.

(2)NOI is calculated similarly to Portfolio NOI, a non-GAAP financial measure. Refer to Non-GAAP Definitions beginning on page 32.

(3)Net of debt origination costs and premiums.

(4)Includes a 307,883 square foot center in Cookstown, Ontario, and a 357,213 square foot center in Ottawa, Ontario.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Debt Outstanding Summary

As of March 31, 2026

(dollars in thousands)

Total Debt Outstanding Pro Rata Share of Debt Stated

Interest

Rate

Effective Interest

Rate (1)

Maturity

Date

Weighted Average Years to Maturity

Consolidated Debt:

Unsecured debt:

Unsecured lines of credit (2)(3)

$— $— Daily SOFR + 0.85% 4.5 % 4/12/2029 3.0

2026 Senior unsecured notes 350,000 350,000 3.125% 3.2 % 9/1/2026 0.4

2027 Senior unsecured notes 300,000 300,000 3.875% 3.9 % 7/15/2027 1.3

2031 Senior unsecured notes 400,000 400,000 2.75% 2.9 % 9/1/2031 5.4

5-year Unsecured term loan (3)(4)

250,000 250,000 Daily SOFR + 0.95% 4.7 % 12/11/2030 4.7

7-year Unsecured term loan (3)(4)

150,000 150,000 Daily SOFR + 1.25% 5.0 % 1/6/2033 6.8

Exchangeable senior notes (5)

250,000 250,000 2.375% 2.4 % 1/15/2031 4.8

Debt discounts and origination costs (18,744) (18,744)

Total unsecured debt $1,681,256 $1,681,256 3.6 % 3.6

Secured mortgage debt:

Atlantic City, NJ $5,315 $5,315 6.44% 5.1 % 12/8/2026 0.7

Kansas City, KS 115,000 115,000 7.57% 6.0 % 11/5/2027 1.6

Southaven, MS (Memphis) (3)

61,700 61,700 Daily SOFR + 2.00% 5.5 % 4/24/2030 4.1

Debt premium and origination costs 2,403 2,403

Total secured mortgage debt 184,418 184,418 5.8 % 2.4

Total consolidated debt $1,865,674 $1,865,674 3.8 % 3.5

Unconsolidated JV debt:

Charlotte, NC $95,510 $47,755 4.27% 4.3 % 7/1/2028 2.3

National Harbor, MD 90,010 45,005 4.63% 4.6 % 1/5/2030 3.8

Houston, TX (3)

60,000 30,000 Daily SOFR + 1.65% 5.1 % 6/26/2030 4.2

Columbus, OH 71,000 35,500 6.25% 6.3 % 10/1/2032 6.5

Debt origination costs (1,560) (780)

Total unconsolidated JV net debt 314,960 157,480 5.0 % 4.0

Total $2,180,634 $2,023,154 3.9 % 3.5

(1)As of March 31, 2026. The effective interest rate includes the impact of discounts and premiums, mark-to-market adjustments for mortgages assumed in conjunction with property acquisitions and interest rate swap agreements, as applicable.

(2)The Company has unsecured lines of credit that provide for borrowings of up to $620 million, including a $20 million liquidity line and a $600 million syndicated line. A 20-basis point facility fee is due annually on the entire committed amount of each facility. In certain circumstances, total line capacity may be increased to $1.2 billion through an accordion feature in the syndicated line. Maturity date includes applicable extensions available at our option.

(3)In January 2026, the Company closed on $550 million of unsecured term loans, comprised of an amendment of the Company's existing $325 million term loan increasing capacity to $350 million and extending the maturity to December 2030 (the “2030 Term Loan”) and entering into a new $200 million term loan due January 2033 (the “2033 Term Loan”). The Company drew an incremental $75 million of proceeds at closing, for a total outstanding of $400 million, and currently has a combined $150 million under a delayed draw feature. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on the Company’s current credit rating. The Company also amended its $600 million revolving credit facility and its $20 million liquidity line to remove the 10-basis point SOFR credit adjustment spread and made certain conforming changes to remove the 10-basis point SOFR credit adjustment spread from the 2030 Term Loan and the 2033 Term Loan. Please see the Current Report on Form 8-K filed with the SEC on January 6, 2026 for additional information on this transaction.

(4)The effective interest rate includes interest rate swap agreements. Additional details on the Company’s interest rate strategy, including forward-starting swaps, are detailed on page 20.

(5)In January 2026, the Company issued $250 million aggregate principal amount of 2.375% Exchangeable Senior Notes due 2031. For additional information on this transaction, please see the Current Report on Form 8-K filed with the SEC on January 12, 2026.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Summary of Our Share of Fixed and Variable Rate Debt, Cash and Cash Equivalents and Restricted Cash

As of March 31, 2026

(dollars in thousands)

Debt Total Debt % Pro Rata Share

Effective Interest

Rate (1)

Average Years to Maturity (2)

Consolidated:

Fixed (3)

100 % $1,865,674 3.8 % 3.5

Variable — % — — % —

100 % $1,865,674 3.8 % 3.5

Unconsolidated Joint Ventures:

Fixed (3)

100 % $157,480 5.0 % 4.0

Variable — % — — % —

100 % $157,480 5.0 % 4.0

Total:

Fixed 100 % $2,023,154 3.9 % 3.5

Variable — % — — % —

Total share of debt 100 % $2,023,154 3.9 % 3.5

Cash and Cash Equivalents, Restricted Cash and Short-term Investments Pro Rata Share

Consolidated:

Cash and cash equivalents $207,403

Restricted cash 35,811

Short-term investments (4)

20,000

$263,214

Unconsolidated joint ventures:

Cash and cash equivalents 7,291

$7,291

Total:

Cash and cash equivalents $214,694

Restricted cash 35,811

Short-term investments 20,000

Total share of Cash and Cash Equivalents, Restricted Cash and Short-term Investments $270,505

Net Debt Pro Rata Share

Total share of Net Debt (5)

$1,752,649

(1)As of March 31, 2026.

(2)Includes applicable extensions available at our option.

(3)The effective interest rate includes interest rate swap agreements. Additional details on the Company’s interest rate strategy, including forward-starting swaps, are detailed on page 20.

(4)Represents short-term bank deposits with initial maturities greater than three months and less than or equal to one year.

(5)Net debt is a non-GAAP financial measure. Refer to page 28 for a reconciliation of total debt to Net debt.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Future Scheduled Principal Payments (dollars in thousands) (1)

As of March 31, 2026

Year Tanger

Consolidated

Payments Tanger’s Pro Rata Share of Unconsolidated

JV Payments Total

Scheduled

Payments

Effective Interest Rate as of March 31, 2026 (2)

2026 (3)

$355,315 $1,346 $356,661 3.2 %

2027 415,000 1,865 416,865 4.5 %

2028 — 47,027 47,027 4.3 %

2029 — 984 984 4.6 %

2030 311,700 71,538 383,238 4.9 %

2031 650,000 — 650,000 2.7 %

2032 — 35,500 35,500 6.3 %

2033 150,000 — 150,000 5.0 %

2034 — — — — %

2035 & thereafter — — — — %

Total principal outstanding $1,882,015 $158,260 $2,040,275 3.9 %

Net debt discounts and debt origination costs (16,341) (780) (17,121)

Total debt outstanding $1,865,674 $157,480 $2,023,154 3.9 %

(1)Includes applicable extensions available at our option.

(2)Includes variable interest rates in effect as of March 31, 2026.

(3)A portion of the net proceeds from the Exchangeable Notes offering, together with a portion of the proceeds of the Operating Partnership's term loans, are expected to be used to repay in full the Operating Partnership's outstanding $350 million aggregate principal amount of 3.125% senior notes due 2026 at maturity on September 1, 2026.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Interest Rate Swap Strategy

(dollars in thousands)

Interest Rate Swap

Effective Date Expiration Date Swap Notional Amount Bank

Pay Rate Company

Fixed Pay Rate

Unsecured Term Loans

Current:

February 2024 August 2026 $75,000 Daily SOFR 3.7 %

February 2024 January 2027 175,000 Daily SOFR 4.2 %

January 2026 October 2029 75,000 Daily SOFR 3.4 %

February 2026 April 2028 75,000 Daily SOFR 3.3 %

$400,000 Daily SOFR 3.8 %

Forward-starting:

July 2026 April 2031 $25,000 Daily SOFR 3.5 %

August 2026 October 2027 50,000 Daily SOFR 3.1 %

August 2026 April 2028 25,000 Daily SOFR 3.1 %

January 2027 December 2028 50,000 Daily SOFR 3.2 %

January 2027 April 2029 25,000 Daily SOFR 3.1 %

January 2027 September 2030 25,000 Daily SOFR 3.5 %

$200,000 3.2 %

Secured Mortgage Debt

Southaven, MS (Memphis)

May 2025 April 2029 $61,700 Daily SOFR 3.5 %

Houston (at pro rata share)

June 2025 June 2029 $30,000 Daily SOFR 3.4 %

Financial Covenants (1)

As of March 31, 2026

Senior Unsecured Notes: Required Actual

Total Consolidated Debt to Adjusted Total Assets < 60% 41 %

Total Secured Debt to Adjusted Total Assets < 40% 4 %

Total Unencumbered Assets to Unsecured Debt > 150% 246 %

Consolidated Income Available for Debt Service to Annual Debt Service Charge > 1.5 x 5.4 x

Unsecured Lines of Credit & Term Loan: Required Actual

Total Liabilities to Total Adjusted Asset Value < 60% 35 %

Secured Indebtedness to Total Adjusted Asset Value < 35% 6 %

EBITDA to Fixed Charges > 1.5 x 4.6 x

Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value < 60% 30 %

Unencumbered Interest Coverage Ratio > 1.5 x 5.7 x

(1)For a complete listing of all material debt covenants related to the Company’s senior unsecured notes, unsecured lines of credit and term loan, as well as definitions of the above terms, please refer to the Company’s filings with the SEC.

Credit Ratings

Agency Rating Outlook Latest Action / Affirmation

Fitch BBB Stable July 24, 2025

Moody’s Investors Services Baa2 Stable September 11, 2025

Standard & Poor’s Ratings Services BBB Stable January 28, 2026

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Enterprise Value, Net Debt, Liquidity, and Debt Ratios - March 31, 2026

(in thousands, except per share data)

Consolidated Pro Rata Share of Unconsolidated JVs Total at

Pro Rata Share

Enterprise Value:

Market value:

Common shares outstanding 114,876 114,876

Exchangeable operating partnership units 4,663 4,663

Total shares and units (1)

119,539 119,539

Common share price at March 31, 2026

$33.98 $33.98

Total market value (1)

$4,061,927 $4,061,927

Debt:

Senior, unsecured notes $1,050,000 $— $1,050,000

Unsecured term loans 400,000 — 400,000

Exchangeable senior notes 250,000 250,000

Mortgages payable 182,015 158,260 340,275

Unsecured lines of credit — — —

Total principal debt 1,882,015 158,260 2,040,275

Less: Net debt discounts (698) — (698)

Less: Debt origination costs (15,643) (780) (16,423)

Total debt 1,865,674 157,480 2,023,154

Less: Cash and cash equivalents (207,403) (7,291) (214,694)

Less: Restricted cash (35,811) — (35,811)

Less: Short-term investments (20,000) — (20,000)

Net debt (2)

1,602,460 150,189 1,752,649

Total enterprise value $5,664,387 $150,189 $5,814,576

Liquidity

Cash and cash equivalents $207,403 $7,291 $214,694

Short-term investments 20,000 — 20,000

Delayed draws under the 2030 and 2033 Term Loans 150,000 — 150,000

Unused capacity under unsecured lines of credit 620,000 — 620,000

Total liquidity $997,403 $7,291 $1,004,694

Ratios (4):

Net debt to Adjusted EBITDA (2)(5)

4.6 x 4.8 x

Interest coverage ratio (6)

5.1 x 4.7 x

(1)Amounts may not recalculate due to the effect of rounding.

(2)Net debt, Adjusted EBITDA and Adjusted EBITDAre are non-GAAP financial measures. Refer to reconciliations of net income to Adjusted EBITDA and Adjusted EBITDAre as well as total debt to Net debt on pages 26 through 28.

(3)Reflects the following impacts from transactions that occurred in January 2026: (i) the issuance of an additional $75 million of debt under the 2030 and 2033 Term Loans, (ii) the issuance of $250 million of exchangeable notes, (iii) the repayment of $44 million of borrowings under the unsecured lines of credit, (iv) the repurchase of approximately $20 million of common shares, (v) the payment of approximately $9 million of capped call transaction costs and (vi) the payment of approximately $7 million of discounts, commissions, and offering expenses associated with the exchangeable notes issuance.

(4)Ratios are presented for the trailing twelve-month period.

(5)Net debt to Adjusted EBITDA represents Net debt for the respective portfolio divided by Adjusted EBITDA (consolidated) or Adjusted EBITDAre (total at pro rata share).

(6)Interest coverage ratio represents Adjusted EBITDA (consolidated) or Adjusted EBITDAre (total at pro rata share) divided by interest expense.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

NON-GAAP AND SUPPLEMENTAL MEASURES (1)

Reconciliation of Net Income to FFO and Core FFO (dollars and shares in thousands)

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted for:

Depreciation and amortization of real estate assets - consolidated 39,017 35,978

Depreciation and amortization of real estate assets - unconsolidated joint ventures 2,345 2,860

Impairment charge - consolidated — 4,249

FFO 70,779 63,086

FFO attributable to noncontrolling interests in other consolidated partnerships — —

Allocation of earnings to participating securities (375) (356)

FFO available to common shareholders (2)

$70,404 $62,730

Core FFO available to common shareholders (2)

$70,404 $62,730

FFO available to common shareholders per share - diluted (2)

$0.59 $0.53

Core FFO available to common shareholders per share - diluted (2)

$0.59 $0.53

Weighted Average Shares:

Basic weighted average common shares 114,238 112,396

Effect of dilutive securities:

Equity awards 1,216 1,557

Diluted weighted average common shares (for earnings per share computations) 115,454 113,953

Exchangeable operating partnership units 4,670 4,676

Diluted weighted average common shares (for FFO and Core FFO per share computations) (2)

120,124 118,629

(1)Refer to Non-GAAP Definitions beginning on page 32 for definitions of the non-GAAP supplemental measures used in this report.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Reconciliation of FFO to FAD (dollars and shares in thousands) (1)

Three months ended

March 31,

2026 2025

FFO available to common shareholders $70,404 $62,730

Adjusted for:

Corporate depreciation 1,335 1,168

Amortization of finance costs 1,256 940

Amortization of net debt (premium) discount (226) 205

Amortization of equity-based compensation 3,610 2,926

Straight-line rent adjustments (2,352) 418

Market rent adjustments (354) (402)

Second generation tenant allowances, lease incentives and lease commissions (3,523) (3,439)

Capital improvements (3,828) (3,047)

Adjustments from unconsolidated joint ventures (63) (286)

FAD available to common shareholders (2)

$66,259 $61,213

Dividends per share $0.2925 $0.275

FFO payout ratio 50 % 52 %

FAD payout ratio 53 % 53 %

Diluted weighted average common shares (2)

120,124 118,629

(1)Refer to page 22 for a reconciliation of net income to FFO available to common shareholders.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Reconciliation of Net Income to Portfolio NOI and Same Center NOI for the consolidated portfolio and total portfolio at pro rata share (in thousands)

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Equity in earnings of unconsolidated joint ventures (3,442) (2,399)

Interest expense 19,176 15,772

Other income (1,907) (217)

Impairment charge — 4,249

Depreciation and amortization 40,352 37,146

Other non-property (income) expense 119 (40)

Corporate general and administrative expenses 20,150 19,016

Non-cash adjustments (1)

(2,718) 6

Lease termination fees (2,121) (450)

Portfolio NOI - Consolidated 99,026 93,082

Non-same center NOI - Consolidated (6,270) (2,551)

Same Center NOI - Consolidated (2)

$92,756 $90,531

Portfolio NOI - Consolidated $99,026 $93,082

Pro rata share of unconsolidated joint ventures (3)

7,729 7,402

Portfolio NOI - Total portfolio at pro rata share (3)

106,755 100,484

Non-same center NOI - Total portfolio at pro rata share (3)

(6,270) (2,551)

Same Center NOI - Total portfolio at pro rata share (2) (3)

$100,485 $97,933

(1)Non-cash items include straight-line rent, above and below market rent amortization, straight-line rent expense on land leases, and lease incentives.

(2)Centers excluded from Same Center NOI:

Cleveland, OH February 2025 Acquired Consolidated

Kansas City, KS September 2025 Acquired Consolidated

Howell, MI April 2025 Sold Consolidated

(3) Pro rata share metrics are presented on a constant currency basis. Constant currency is a non-GAAP financial measure, calculated by applying the average foreign exchange rate for the current period to all periods presented.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Same Center NOI - total portfolio at pro rata share (in thousands)

Three months ended

March 31, %

2026 2025 Change

Same Center Revenues:

Base rentals $94,392 $92,749 1.8 %

Percentage rentals 3,090 2,927 5.6 %

Tenant expense reimbursement 41,715 40,147 3.9 %

Uncollectible tenant revenues (286) (211) 35.5 %

Rental revenues 138,911 135,612 2.4 %

Other revenues 4,806 3,853 24.7 %

Total same center revenues 143,717 139,465 3.0 %

Same Center Expenses:

Property operating 43,223 41,533 4.1 %

General and administrative 9 (1) NM

Total same center expenses 43,232 41,532 4.1 %

Same Center NOI - Total portfolio at pro rata share $100,485 $97,933 2.6 %

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Reconciliation of Net Income to Adjusted EBITDA (in thousands)

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Interest expense, net 17,181 15,496

Income tax expense 119 94

Depreciation and amortization 40,352 37,146

Impairment charge - consolidated — 4,249

Adjusted EBITDA $87,069 $76,984

Twelve months ended

March 31, December 31,

2026 2025

Net income $128,919 $119,501

Adjusted to exclude:

Interest expense, net 66,745 65,060

Income tax expense 592 567

Depreciation and amortization 154,182 150,976

Impairment charge - consolidated — 4,249

Adjusted EBITDA $350,438 $340,353

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre (in thousands)

Three months ended

March 31,

2026 2025

Net income $29,417 $19,999

Adjusted to exclude:

Interest expense, net 17,181 15,496

Income tax expense 119 94

Depreciation and amortization 40,352 37,146

Impairment charge - consolidated — 4,249

Pro rata share of interest expense, net - unconsolidated joint ventures 1,941 2,134

Pro rata share of depreciation and amortization - unconsolidated joint ventures 2,345 2,860

EBITDAre $91,355 $81,978

Adjusted EBITDAre $91,355 $81,978

Twelve months ended

March 31, December 31,

2026 2025

Net income $128,919 $119,501

Adjusted to exclude:

Interest expense, net 66,745 65,060

Income tax expense 592 567

Depreciation and amortization 154,182 150,976

Impairment charge - consolidated — 4,249

Pro rata share of interest expense, net - unconsolidated joint ventures 8,284 8,477

Pro rata share of depreciation and amortization - unconsolidated joint ventures

9,275 9,790

EBITDAre $367,997 $358,620

Adjusted EBITDAre $367,997 $358,620

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Reconciliation of Total debt to Net debt for the consolidated portfolio and total portfolio at pro rata share (in thousands)

March 31, 2026

Consolidated Pro Rata

Share of Unconsolidated JVs Total at

Pro Rata Share

Total debt $1,865,674 $157,480 $2,023,154

Less:

Cash and cash equivalents (207,403) (7,291) (214,694)

Restricted cash (35,811) — (35,811)

Short-term investments (1)

(20,000) — (20,000)

Total cash and cash equivalents, restricted cash and short-term investments (263,214) (7,291) (270,505)

Net debt $1,602,460 $150,189 $1,752,649

December 31, 2025

Consolidated Pro Rata

Share of Unconsolidated JVs Total at

Pro Rata Share

Total debt $1,596,821 $157,873 $1,754,694

Less:

Cash and cash equivalents (18,133) (9,685) (27,818)

Restricted cash (35,395) — (35,395)

Total cash and cash equivalents and restricted cash (53,528) (9,685) (63,213)

Net debt $1,543,293 $148,188 $1,691,481

(1) Represents short-term bank deposits with initial maturities greater than three months and less than or equal to one year.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Non-GAAP Pro Rata Balance Sheet Information as of March 31, 2026 (in thousands)

Non-GAAP

Pro Rata Share of Unconsolidated Joint Ventures (1)

Assets

Rental property:

Land $39,498

Buildings, improvements and fixtures 234,784

Construction in progress 707

274,989

Accumulated depreciation (118,474)

Total rental property, net 156,515

Cash and cash equivalents 7,291

Deferred lease costs and other intangibles, net 1,311

Prepaids and other assets 5,066

Total assets $170,183

Liabilities and Owners’ Equity

Liabilities

Mortgages payable, net $157,480

Accounts payable and accruals 6,852

Total liabilities 164,332

Owners’ Equity 5,851

Total liabilities and owners’ equity $170,183

(1)The carrying value of our investments in unconsolidated joint ventures as reported in our consolidated balance sheet differs from our pro rata share of the net assets shown above 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 totaled $1.5 million as of March 31, 2026 and are being amortized over the various useful lives of the related assets.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Non-GAAP Pro Rata Statement of Operations Information for the three months ended March 31, 2026 (in thousands)

Three months ended

March 31, 2026

Non-GAAP Pro Rata Share

Noncontrolling Interests Unconsolidated Joint Ventures

Revenues:

Rental revenues

$— $12,236

Other revenues — 343

Total revenues — 12,579

Expense:

Property operating — 4,841

General and administrative — 11

Depreciation and amortization — 2,345

Total expenses — 7,197

Other income (expense):

Interest expense — (2,012)

Other income (expenses) — 72

Total other income (expense) — (1,940)

Net income $— $3,442

The table below provides details of the components included in our share of rental revenues for the three months ended March 31, 2026 (in thousands)

Three months ended

March 31, 2026

Non-GAAP Pro Rata Share

Noncontrolling Interests Unconsolidated Joint Ventures

Rental revenues:

Base rentals

$— $7,671

Percentage rentals — 281

Tenant expense reimbursements — 4,342

Lease termination fees — 57

Market rent adjustments — —

Straight-line rent adjustments — (57)

Uncollectible tenant revenues — (58)

Rental revenues $— $12,236

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Guidance for 2026

For the year ending December 31, 2026: Current Previous

Low Range High Range Low Range High Range

Estimated diluted net income per share $1.05 $1.13 $1.04 $1.12

Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures 1.37 1.37 1.37 1.37

Estimated diluted FFO per share $2.42 $2.50 $2.41 $2.49

The above estimates reflect the following key assumptions (dollars in millions):

For the year ending December 31, 2026: Current Previous

Low Range High Range Low Range High Range

Same Center NOI growth - total portfolio at pro rata share 2.25 % 4.25 % 2.25 % 4.25 %

General and administrative expense $80.5 $83.5 $80.5 $83.5

Interest expense, net of interest income - consolidated $69.5 $72.5 $69.5 $72.5

Annual recurring capital expenditures, renovations and second generation tenant allowances $65.0 $75.0 $65.0 $75.0

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

NON-GAAP DEFINITIONS

Funds From Operations

•FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure.

Core FFO

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Core FFO has limitations as an analytical tool. Some of these limitations are:

•Core FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

•Core FFO does not reflect changes in, or cash requirements for, our working capital needs;

•Core FFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

•Other companies in our industry may calculate Core FFO differently than we do, limiting its usefulness as a comparative measure.

Funds Available for Distribution

Portfolio Net Operating Income and Same Center Net Operating Income

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Adjusted EBITDA, EBITDAre and Adjusted EBITDAre

Adjusted EBITDA, EBITDAre and Adjusted EBITDAre have significant limitations as analytical tools, including:

•They do not reflect our net interest expense;

•Adjusted EBITDA and Adjusted EBITDAre do not reflect gains and losses on extinguishment of debt and other items that may affect operations; and

•Other companies in our industry may calculate these measures differently than we do, limiting its usefulness as a comparative measure.

Net Debt

Non-GAAP Pro Rata Balance Sheet and Income Statement Information

The pro rata balance sheet and pro rata income statement information is not, and is not intended to be, a presentation in accordance with GAAP. The pro rata balance sheet and pro rata income statement information reflect our proportionate economic ownership of each asset in our portfolio that we do not wholly own. These assets may be found in the table earlier in this report entitled, “Unconsolidated Joint Venture Information.” The amounts in the column labeled “Pro Rata Portion Unconsolidated Joint Ventures” were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. A similar calculation was performed for the amounts in the column labeled “Pro Rata Portion Noncontrolling interests.”

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) quarterly, to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and vary depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on the legal ownership percentage shown in the table found earlier in this report entitled “Unconsolidated Joint Venture Information”.

We provide pro rata balance sheet and income statement information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro rata financial information has limitations as an analytical tool. Some of these limitations include:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies in our industry may calculate their pro rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro rata balance sheet and income statement information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro rata balance sheet and income statement information only supplementally.

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

Investor Information

Tanger® welcomes any questions or comments from shareholders, analysts, investment managers, and prospective investors. Please address all inquiries to our Investor Relations Department.

Tanger Inc.

Investor Relations

Phone: (336) 292-3010

Fax: (336) 297-0931

E-mail: tangerir@tanger.com

Mail: Tanger Inc.

3200 Northline Avenue

Suite 360

Greensboro, NC 27408

Supplemental Operating and Financial Data for the

Quarter Ended March 31, 2026

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Document and Entity Information

Apr. 30, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

TANGER INC

Entity Incorporation, State or Country Code

Entity File Number

1-11986

Entity Tax Identification Number

56-1815473

Entity Address, Address Line One

3200 Northline Avenue

Entity Address, Address Line Two

Suite 360

Entity Address, City or Town

Greensboro

Entity Address, State or Province

Entity Address, Postal Zip Code

27408

City Area Code

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Local Phone Number

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Address Line 1 such as Attn, Building Name, Street Name

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- Definition

Address Line 2 such as Street or Suite number

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- Definition

Name of the City or Town

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Code for the postal or zip code

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- Definition

Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Data Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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