Tanger

Tanger owns and operates outlet shopping centers for brand-name retail stores. Shoppers find discounted products from well-known brands in one location. Retailers use these centers to reach value-focused customers and manage excess inventory.

What’s in the Bag? Tanger’s Core Offerings

• Outlet Center Leasing: Rents retail space to brands seeking direct-to-consumer sales; the majority of revenue comes from leasing retail space.
• Open-Air Lifestyle Centers: Provides outdoor shopping environments with retail, dining, and entertainment.
• Third-Party Management: Manages and markets retail centers for other property owners.
• Tenant Mix Optimization: Curates a mix of apparel, footwear, home, and specialty brands for diverse shoppers.
• Food and Entertainment Additions: Expands offerings to include restaurants and entertainment to increase visitor time.

Growth and Expansion: Tanger’s Moves on the Board

• Acquired Pinecrest (Cleveland, OH) in 2025 for $167 million, adding 640,000 sq. ft.
• Bought Legends Outlets (Kansas City, KS) in 2025 for $130 million, including $115 million mortgage.
• Expanded into open-air lifestyle centers in Huntsville, AL; Little Rock, AR; and Cleveland, OH (2024-2025).
• Entered Canadian market with two joint venture centers (date not specified).
• Launched $400 million ATM equity program in 2025 to support growth and acquisitions.

What Makes Tanger Stand Out in the Crowd?

Tanger’s centers are located near tourist destinations and high-growth suburbs, attracting steady shopper traffic. The company maintains a diverse tenant base, reducing reliance on any single retailer. Its focus on open-air formats and ongoing renovations helps adapt to changing retail trends.

Five Things You Need to Know

• Rental revenues were $550.9 million in 2025, up 10.7% from 2024.
• Net income reached $119.5 million in 2025, a 16.2% increase year-over-year.
• Occupancy rate held steady at 98% at year-end 2025.
• Funds From Operations (FFO) rose to $278 million in 2025, up 13.3% from 2024.
• Capital expenditures were $90.2 million in 2025, with further increases expected in 2026.

Bottom Line

Tanger has evolved by expanding its portfolio and adapting to retail shifts. Its diversified tenant mix and focus on open-air centers support steady performance in a changing market.