Tanger Inc. (SKT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$4.2B

Cash

$176.9M

Debt

$1.9B

Debt to equity

2.76

Shares outstanding

114.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Net income and FFO per share rose. Second quarter diluted net income was $0.29 per share, against $0.26, and FFO was $0.64 per share, against $0.58. Year-to-date FFO was $1.23 per share, against $1.11.
• Same Center NOI grew 3.5%. Same Center NOI at pro rata share was $106.9 million in the quarter, up 3.5%, and $207.4 million year to date, up 3.1%. The measure is presented on a cash basis.
• Lease termination fees increased. Termination fees across the total portfolio were $636,000 in the quarter, against $272,000 a year earlier, and $2.8 million year to date, against $723,000.
• Occupancy eased from March. Occupancy was 96.6% at June 30, 2026, against 97.0% at March 31, 2026, and unchanged from a year earlier. Management tied the sequential decline to backfilling after a tenant bankruptcy.
• Tenant sales per square foot rose. Average tenant sales were $487 per square foot for the twelve months to June 30, 2026, against $465 a year earlier. On a same-center basis they were $489.
• Occupancy cost ratio held at 9.7%. The occupancy cost ratio was 9.7% for the twelve months ended June 30, 2026, the same as the year-earlier period and the March 31, 2026 period.
• Top six centers share of NOI. The six top-ranked centers, averaging $699 per square foot, hold 21% of GLA and 25% of forecast 2026 Portfolio NOI.
• Blended rent spreads reached 10.5%. Blended cash rent spread on 3.0 million square feet of comparable space was 10.5% over twelve months. Re-tenanted space spread was 28.4% and renewal spread 7.7%.
• Leasing volume increased. Renewed or re-tenanted leases for the twelve months numbered 652, totaling 3.3 million square feet, against 625 leases and 2.8 million square feet a year earlier.
• Renewals covered 70% of 2026 expirations. Renewals were executed or in process for 70% of 2026 expiring space, against 65% of 2025 expiring space at the same point a year earlier.
• Top 25 tenants share of rent. Top 25 tenants hold 43.4% of GLA and 50.8% of annualized base rent at pro rata share. The Gap is the largest, at 5.2% of pro rata base rent.
• Interest expense rose year on year. Consolidated interest expense was $19.4 million in the quarter, against $16.4 million a year earlier, and $38.6 million year to date, against $32.2 million.
• Property and G&A costs increased. Property operating expense was $45.5 million, up from $40.4 million. General and administrative expense was $20.5 million, up from $19.0 million, in the quarter.
• Depreciation and amortization increased. Depreciation and amortization was $42.0 million in the quarter, against $36.6 million, and total expenses were $107.9 million, against $96.0 million.

Company events

The newest 8-K filings of 259 held.

Every filing

The newest filings with the SEC of 584 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

390 funds held it at 30 Jun 2026: 154 added and 119 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

Tanger Inc. is a fully-integrated, self-administered and self-managed REIT that develops, acquires, owns, operates and manages outlet and other open-air retail centers in the United States and Canada. As of 31 December 2025, its consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers in 21 states, with a total gross leasable area of approximately 14.0 million square feet. Those centers were 98% occupied and contained over 2,600 stores representing over 700 store brands. It also held partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada, and had one managed center of approximately 457,000 square feet.

How the business is organised

Tanger Properties Limited Partnership and its subsidiaries, which the filing calls the Operating Partnership, hold the shopping centers and conduct all operations. Tanger Inc. is its sole general partner and, together with its wholly-owned subsidiary Tanger LP Trust, owns the majority of its units. Non-Company LPs held 4,662,904 Class A common limited partnership units, each exchangeable for one common share, subject to certain limits.

The company is a North Carolina corporation incorporated in March 1993, and the partnership was formed in May 1993. Executive offices are in Greensboro, North Carolina, with a regional office in New York, New York. The company reports one operating segment.

A person may not own more than 9.8% of its common shares, subject to certain exceptions.

What it owns

Each of its outlet centers except one joint venture center carries the Tanger brand name. Tanger also uses that brand and platform to manage an outlet center in Palm Beach, Florida.

Since 2023 it has acquired three open-air lifestyle centers, in Huntsville, Alabama, Little Rock, Arkansas and Cleveland, Ohio. In 2025 it also acquired a 690,000-square-foot outlet center in Kansas City, Kansas, which the filing describes as the only outlet center in Kansas.

The centers are located in high frequency tourist destinations and in suburbs. They are often close to interstate highways, or serve as the dominant shopping center in their market, in the company's words.

Who rents space

Outlet centers house stores run by brands and retailers that sell mainly branded products, some made for the outlet channel, at discounts from regular retail prices. Tanger's tenants are more than 700 brand name companies operating over 2,600 stores. They specialise in apparel, footwear, accessories, athletic wear, athleisure, home furnishings, health and beauty, and digitally-native brands.

The company is adding food, beverage and entertainment options and other services to attract shoppers and extend visits.

No single tenant, including all of its store concepts, accounted for 10% or more of combined base and percentage rental revenues in 2025, 2024 or 2023.

How it earns income

The main source is rent from tenants, which the company accounts for as operating leases. Rental revenues have a fixed part and a variable part. The variable part is primarily rents based on a percentage of tenant gross sales and reimbursable expenses such as advertising, common area expenses, utilities, insurance and real estate taxes, paid on a pro rata basis.

Most leases carry inflation-based or periodic fixed rent increases, along with percentage rents.

The company also earns other revenues from marketing partnerships, media sponsorships and onsite signage. A further source is management, marketing and leasing fees, plus expense reimbursements, from unconsolidated joint ventures and managed properties.

Leases are relatively short. The filing says approximately 2.7 million square feet, or 18% of the total portfolio including its share of unconsolidated joint ventures, comes up for renewal during 2026. Some leases include co-tenancy or sales-based provisions that can let a tenant pay reduced rent or end a lease if occupancy or sales targets are missed.

How it grows and competes

The company's growth work covers leasing and re-merchandising existing centers, renovations and expansions, acquisitions, and ground-up development. Expansion and renovation typically take six to nine months. A new center typically takes 12 to 18 months from groundbreaking to opening. It typically prefers signed leases or leases out for negotiation on at least 60% of a center's space before buying the site and starting construction.

Its centers compete for customers with retail centers built by other developers, traditional shopping malls, full- and off-price retailers and e-commerce retailers. For acquisitions and development it competes with institutional pension funds, private equity investors, other REITs and individual owners of retail centers.

On funding, unsecured borrowings were 89% of outstanding debt at year end, and 93% of the gross book value of its real estate portfolio was unencumbered.

Its people

The company had 407 full-time and 70 part-time employees, a 477-person workforce. It maintains offices and employs on-site management at 37 consolidated and unconsolidated centers and one managed center. Of its full-time workforce, 43% have been employed for five years or longer, and none of its employees are represented by a union.

*From Tanger's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/899715/000162828026012252/skt-20251231.htm)*

From the company's 10-K.