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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 1-11986 (Tanger Inc.)

Commission file number: 333-3526-01 (Tanger Properties Limited Partnership)

TANGER INC.

TANGER PROPERTIES LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)


North Carolina	(Tanger Inc.)	56-1815473
North Carolina	(Tanger Properties Limited Partnership)	56-1822494
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3200 Northline Avenue, Suite 360, Greensboro, NC 27408

(Address of principal executive offices) (Zip Code)

(336) 292-3010

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Tanger Inc.:


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

Tanger Properties Limited Partnership:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Tanger Inc.

Yes

☒

☐

Tanger Properties Limited Partnership

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Tanger Inc.

Yes

☒

☐

Tanger Properties Limited Partnership

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Tanger Inc.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

Tanger Properties Limited Partnership

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

☒

Smaller Reporting Company

☐

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.


Tanger Inc.			☐
Tanger Properties Limited Partnership			☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements

of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Tanger Inc.

Yes

☐

☒

Tanger Properties Limited Partnership

Yes

☐

☒

As of August 1, 2025, there were 113,174,006 common shares of Tanger Inc. outstanding, $0.01 par value.

EXPLANATORY NOTE

This report combines the unaudited quarterly reports on Form 10-Q for the quarter ended June 30, 2025 of Tanger Inc., a North Carolina corporation, and Tanger Properties Limited Partnership, a North Carolina limited partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the context requires.

The Company is one of the leading owners and operators of outlet and open-air retail centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”), which, through its controlling interest in the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. The shopping centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership. Accordingly, the descriptions of the business, employees and properties of the Company are also descriptions of the business, employees and properties of the Operating Partnership. As the Operating Partnership is the issuer of our registered debt securities, we present a separate set of financial statements for this entity.

The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of June 30, 2025, the Company and its wholly owned subsidiaries owned 113,174,006 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,662,904 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s status as a REIT. Class B common limited partnership units of the Operating Partnership, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership.

We believe combining the Quarterly Reports on Form 10-Q of the Company and the Operating Partnership into this single Quarterly Report provides the following benefits:

•enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

•creating time and cost efficiencies through the preparation of one combined Quarterly Report instead of two separate Quarterly Reports.

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this Quarterly Report. We believe it is important, however, to understand these differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company.

As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership, including through its wholly-owned subsidiary, Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company’s income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this Quarterly Report.

The Operating Partnership holds all of the shopping centers and other assets, either directly or through wholly owned subsidiaries, including the ownership interests in consolidated and unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required through its operations, its incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Non-Company LPs are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this Quarterly Report presents the following separate sections for each of the Company and the Operating Partnership:

•Consolidated financial statements;

•The following notes to the consolidated financial statements:

•Debt of the Company and the Operating Partnership;

•Shareholders’ Equity and Partners’ Equity;

•Earnings Per Share and Earnings Per Unit;

•Accumulated Other Comprehensive Income of the Company and the Operating Partnership; and

•Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and Exhibit 32 certifications for each of the Company and the Operating Partnership in order to establish that the Principal Executive Officer and the Principal Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

The separate sections in this Quarterly Report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this Quarterly Report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The separate discussions of the Company and the Operating Partnership in this Quarterly Report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

TANGER INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP

Index


			Page Number
Part I. Financial Information
Item 1.
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited)
Consolidated Balance Sheets - as of June 30, 2025 and December 31, 2024			5
Consolidated Statements of Operations - for the three and six months ended June 30, 2025 and 2024			6
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2025 and 2024			7
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2025 and 2024			8
Consolidated Statements of Cash Flows - for the six months ended June 30, 2025 and 2024			10
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
Consolidated Balance Sheets - as of June 30, 2025 and December 31, 2024			11
Consolidated Statements of Operations - for the three and six months ended June 30, 2025 and 2024			12
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2025 and 2024			13
Consolidated Statements of Equity - for the three and six months ended June 30, 2025 and 2024			14
Consolidated Statements of Cash Flows - for the six months ended June 30, 2025 and 2024			16
Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership			17
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			41
Item 3. Quantitative and Qualitative Disclosures about Market Risk			66
Item 4. Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership)			67
Part II. Other Information
Item 1. Legal Proceedings			68
Item 1A. Risk Factors			68
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			70
Item 3. Defaults upon Senior Securities			70
Item 4. Mine Safety Disclosures			70
Item 5. Other Information			71
Item 6. Exhibits			72
Signatures			73

PART I. - FINANCIAL INFORMATION

Item 1 - Financial Statements of Tanger Inc.

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data, unaudited)


	June 30, 2025		December 31, 2024
Assets
Rental property:
Land	$	332,010	$	311,355
Buildings, improvements and fixtures	3,187,548		3,089,239
Construction in progress	11,662		7,453
	3,531,220		3,408,047
Accumulated depreciation	(1,453,947)		(1,428,017)
Total rental property, net	2,077,273		1,980,030
Cash and cash equivalents	9,741		46,992



Investments in unconsolidated joint ventures	66,671		65,665
Deferred lease costs and other intangibles, net	100,155		85,028

Operating lease right-of-use assets	75,421		76,099
Prepaids and other assets	122,987		127,369
Total assets	$	2,452,248	$	2,381,183
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net	$	1,042,656	$	1,041,710
Unsecured term loan, net	323,617		323,182
Mortgages payable, net	67,658		58,867
Unsecured lines of credit	92,000		—
Total debt	1,525,931		1,423,759
Accounts payable and accrued expenses	86,506		107,775
Operating lease liabilities	83,777		84,499
Other liabilities	94,692		85,476
Total liabilities	1,790,906		1,701,509
Commitments and contingencies
Equity
Tanger Inc.:
Common shares, $0.01 par value, 300,000,000 shares authorized, 113,174,006 and 112,738,633 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	1,132		1,127
Paid in capital	1,190,344		1,190,746
Accumulated distributions in excess of net income	(527,896)		(511,816)
Accumulated other comprehensive loss	(28,408)		(27,687)
Equity attributable to Tanger Inc.	635,172		652,370
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership	26,170		27,304
Noncontrolling interests in other consolidated partnerships	—		—
Total equity	661,342		679,674
Total liabilities and equity	$	2,452,248	$	2,381,183

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

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data, unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Revenues:
Rental revenue	$	133,435	$	122,319	$	262,720	$	240,128
Management, leasing and other services	2,238		2,332		4,645		4,610
Other revenue	5,021		4,305		8,692		7,589
Total revenues	140,694		128,956		276,057		252,327
Expenses:
Property operating	40,373		37,549		82,193		73,014
General and administrative	18,992		18,813		37,985		38,303


Impairment charge	—		—		4,249		—
Depreciation and amortization	36,608		34,174		73,754		68,034
Total expenses	95,973		90,536		198,181		179,351
Other income (expense):
Interest expense	(16,399)		(15,700)		(32,171)		(30,053)



Other income (expense)	(26)		220		191		807
Total other income (expense)	(16,425)		(15,480)		(31,980)		(29,246)
Income before equity in earnings of unconsolidated joint ventures	28,296		22,940		45,896		43,730
Equity in earnings of unconsolidated joint ventures	3,034		2,975		5,433		5,491
Net income	31,330		25,915		51,329		49,221
Noncontrolling interests in Operating Partnership	(1,244)		(1,075)		(2,042)		(2,048)
Noncontrolling interests in other consolidated partnerships	—		—		—		80
Net income attributable to Tanger Inc.	$	30,086	$	24,840	$	49,287	$	47,253

Basic earnings per common share:
Net income	$	0.27	$	0.23	$	0.43	$	0.43
Diluted earnings per common share:
Net income	$	0.26	$	0.22	$	0.43	$	0.43

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

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income	$	31,330	$	25,915	$	51,329	$	49,221
Other comprehensive income (loss):
Foreign currency translation adjustments	1,982		(40)		1,348		(914)
Change in fair value of cash flow hedges	(850)		680		(2,098)		3,889
Other comprehensive income (loss)	1,132		640		(750)		2,975
Comprehensive income	32,462		26,555		50,579		52,196
Comprehensive income (loss) attributable to noncontrolling interests	(1,289)		(1,102)		(2,013)		(2,171)
Comprehensive income attributable to Tanger Inc.	$	31,173	$	25,453	$	48,566	$	50,025

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

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands, except share and per share data, unaudited)


	Common shares		Paid in capital		Accumulated distributions in excess of earnings		Accumulated other comprehensive loss		Equity attributable to Tanger Inc.		Noncontrolling interests in Operating Partnership		Noncontrolling interests in other consolidated partnerships		Total equity
Balance, March 31, 2024	$	1,094	$	1,073,313	$	(497,330)	$	(21,280)	$	555,797	$	23,926	$	—	$	579,723
Net income	—		—		24,840		—		24,840		1,075		—		25,915
Other comprehensive income	—		—		—		613		613		27		—		640
Compensation under Incentive Award Plan	—		2,687		—		—		2,687		—		—		2,687
Issuance of 900 common shares upon exercise of options	—		95		—		—		95		—		—		95
Forfeiture of 13,816 restricted common share awards	—		—		—		—		—		—		—		—





Contributions from noncontrolling interests	—		—		—		—		—		—		—		—

Adjustment for noncontrolling interests in Operating Partnership	—		(193)		—		—		(193)		193		—		—



Common dividends ($0.275 per share)	—		—		(30,099)		—		(30,099)		—		—		(30,099)
Distributions to noncontrolling interests	—		—		—		—		—		(1,381)		—		(1,381)
Balance, June 30, 2024	$	1,094	$	1,075,902	$	(502,589)	$	(20,667)	$	553,740	$	23,840	$	—	$	577,580

	Common shares		Paid in capital		Accumulated distributions in excess of earnings		Accumulated other comprehensive loss		Equity attributable to Tanger Factory Outlet Centers, Inc.		Noncontrolling interests in Operating Partnership		Noncontrolling interests in other consolidated partnerships		Total equity
Balance, December 31, 2023	$	1,088	$	1,079,387	$	(490,171)	$	(23,519)	$	566,785	$	24,528	$	—	$	591,313
Net income	—		—		47,253		—		47,253		2,048		(80)		49,221
Other comprehensive income	—		—		—		2,852		2,852		123		—		2,975
Compensation under Incentive Award Plan	—		6,258		—		—		6,258		—		—		6,258
Issuance of 25,000 common shares upon exercise of options	—		533		—		—		533		—		—		533
Grant of 774,715 restricted common share awards, net of forfeitures	8		(8)		—		—		—		—		—		—
Issuance of 136,469 deferred shares	1		(1)		—		—		—		—		—		—
Withholding of 375,899 common shares for employee income taxes	(3)		(10,521)		—		—		(10,524)		—		—		(10,524)
Contributions from noncontrolling interests	—		—		—		—		—		—		80		80


Acquisition of noncontrolling interest in other consolidated partnership	—		254		—		—		254		(254)		—		—
Common dividends ($0.535 per share)	—		—		(59,671)		—		(59,671)		—		—		(59,671)
Distributions to noncontrolling interests	—		—		—		—		—		(2,605)		—		(2,605)
Balance, June 30, 2024	$	1,094	$	1,075,902	$	(502,589)	$	(20,667)	$	553,740	$	23,840	$	—	$	577,580


TANGER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except share and per share data, unaudited)
	Common shares		Paid in capital		Accumulated distributions in excess of earnings		Accumulated other comprehensive loss		Equity attributable to Tanger Inc.		Noncontrolling interests in Operating Partnership		Noncontrolling interests in other consolidated partnerships		Total equity
Balance, March 31, 2025	$	1,132	$	1,187,104	$	(524,846)	$	(29,495)	$	633,895	$	26,118	$	—	$	660,013
Net income	—		—		30,086		—		30,086		1,244		—		31,330
Other comprehensive income	—		—		—		1,087		1,087		45		—		1,132
Compensation under Incentive Award Plan	—		3,373		—		—		3,373		—		—		3,373
Issuance of 800 common shares upon exercise of options	—		5		—		—		5		—		—		5








Adjustment for noncontrolling interests in Operating Partnership	—		(138)		—		—		(138)		138		—		—



Common dividends ($0.2925 per share)	—		—		(33,136)		—		(33,136)		—		—		(33,136)
Distributions to noncontrolling interests	—		—		—		—		—		(1,375)		—		(1,375)
Balance, June 30, 2025	$	1,132	$	1,190,344	$	(527,896)	$	(28,408)	$	635,172	$	26,170	$	—	$	661,342






















	Common shares		Paid in capital		Accumulated distributions in excess of earnings		Accumulated other comprehensive loss		Equity attributable to Tanger Inc.		Noncontrolling interests in Operating Partnership		Noncontrolling interests in other consolidated partnerships		Total equity
Balance, December 31, 2024	$	1,127	$	1,190,745	$	(511,815)	$	(27,687)	$	652,370	$	27,304	$	—	$	679,674
Net income	—		—		49,287		—		49,287		2,042		—		51,329
Other comprehensive loss	—		—		—		(721)		(721)		(29)		—		(750)
Compensation under Incentive Award Plan	—		6,332		—		—		6,332		—		—		6,332
Issuance of 6,000 common shares upon exercise of options	—		43		—		—		43		—		—		43

Grant of 595,924 restricted common share awards, net of forfeitures	6		(6)		—		—		—		—		—		—


Withholding of 211,605 common shares for employee income taxes	(2)		(7,259)		—		—		(7,261)		—		—		(7,261)


Adjustment for noncontrolling interests in other consolidated partnerships	—		490		—		—		490		(490)		—		—
Exchange of 45,054 Operating Partnership units for 45,054 common shares	1		(1)		—		—		—		—		—		—


Common dividends ($0.5675 per share)	—		—		(65,368)		—		(65,368)		—		—		(65,368)
Distributions to noncontrolling interests	—		—		—		—		—		(2,657)		—		(2,657)
Balance, June 30, 2025	$	1,132	$	1,190,344	$	(527,896)	$	(28,408)	$	635,172	$	26,170	$	—	$	661,342

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

TANGER INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)


	Six months ended June 30,
	2025		2024
OPERATING ACTIVITIES
Net income	$	51,329	$	49,221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,754		68,034
Impairment charge	4,249		—
Amortization of deferred financing costs	1,861		1,695





Equity in earnings of unconsolidated joint ventures	(5,433)		(5,491)
Equity-based compensation expense	6,213		6,105
Amortization of debt discounts, net	413		357
Amortization (accretion) of market rent rate adjustments, net	(263)		228
Straight-line rent adjustments	(294)		12
Distributions of cumulative earnings from unconsolidated joint ventures	6,613		3,577

Changes in other assets and liabilities:
Other assets	(4,062)		2,945
Accounts payable and accrued expenses	(10,936)		(22,822)
Net cash provided by operating activities	123,444		103,861
INVESTING ACTIVITIES
Additions to rental property	(27,595)		(49,091)



Net proceeds from sale of real estate assets	16,634		—


Acquisition of real estate assets	(166,596)		—
Proceeds from short-term investments	—		6,981

Additions to non-real estate assets	(3,077)		(5,738)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	2,266		1,617
Additions to deferred lease costs	(2,524)		(1,191)
Payments for other investing activities	(7,678)		(2,774)
Proceeds from other investing activities	3,039		2,557
Net cash used in investing activities	(185,531)		(47,639)
FINANCING ACTIVITIES
Cash dividends paid	(65,368)		(59,671)
Distributions to noncontrolling interests in Operating Partnership	(2,657)		(2,605)
Proceeds from revolving credit facility	205,000		219,000
Repayments of revolving credit facility	(113,000)		(197,000)
Proceeds from notes, mortgages and loans	10,000		—
Repayments of notes, mortgages and loans	(738)		(2,519)


Employee income taxes paid related to shares withheld upon vesting of equity awards	(7,261)		(10,524)



Additions to deferred financing costs	(544)		(6,876)
Proceeds from exercise of options	43		533


Payment for other financing activities	(574)		(574)
Contributions from noncontrolling interests in other consolidated partnerships	—		80

Net cash provided by (used in) financing activities	24,901		(60,156)
Effect of foreign currency rate changes on cash and cash equivalents	(65)		216
Net decrease in cash and cash equivalents	(37,251)		(3,718)
Cash and cash equivalents, beginning of period	46,992		12,778
Cash and cash equivalents, end of period	$	9,741	$	9,060

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

Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data, unaudited)


	June 30, 2025		December 31, 2024
Assets
Rental property:
Land	$	332,010	$	311,355
Buildings, improvements and fixtures	3,187,548		3,089,239
Construction in progress	11,662		7,453
	3,531,220		3,408,047
Accumulated depreciation	(1,453,947)		(1,428,017)
Total rental property, net	2,077,273		1,980,030
Cash and cash equivalents	9,307		46,700


Investments in unconsolidated joint ventures	66,671		65,665
Deferred lease costs and other intangibles, net	100,155		85,028

Operating lease right-of-use assets	75,421		76,099
Prepaids and other assets	123,132		126,852
Total assets	$	2,451,959	$	2,380,374
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net	$	1,042,656	$	1,041,710
Unsecured term loan, net	323,617		323,182
Mortgages payable, net	67,658		58,867
Unsecured lines of credit	92,000		—
Total debt	1,525,931		1,423,759
Accounts payable and accrued expenses	86,217		106,966
Operating lease liabilities	83,777		84,499
Other liabilities	94,692		85,476
Total liabilities	1,790,617		1,700,700
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,250,000 and 1,250,000 units outstanding at June 30, 2025 and December 31, 2024, respectively	8,925		9,094
Limited partners, 4,662,904 and 4,707,958 Class A common units, and 111,924,006 and 111,488,633 Class B common units outstanding at June 30, 2025 and December 31, 2024, respectively	682,297		699,711
Accumulated other comprehensive loss	(29,880)		(29,131)
Total partners’ equity	661,342		679,674
Noncontrolling interests in consolidated partnerships	—		—
Total equity	661,342		679,674
Total liabilities and equity	$	2,451,959	$	2,380,374

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

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data, unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Revenues:
Rental revenue	$	133,435	$	122,319	$	262,720	$	240,128
Management, leasing and other services	2,238		2,332		4,645		4,610
Other revenue	5,021		4,305		8,692		7,589
Total revenues	140,694		128,956		276,057		252,327
Expenses:
Property operating	40,373		37,549		82,193		73,014
General and administrative	18,992		18,813		37,985		38,303


Impairment charge	—		—		4,249		—
Depreciation and amortization	36,608		34,174		73,754		68,034
Total expenses	95,973		90,536		198,181		179,351
Other income (expense):
Interest expense	(16,399)		(15,700)		(32,171)		(30,053)



Other income (expense)	(26)		220		191		807
Total other income (expense)	(16,425)		(15,480)		(31,980)		(29,246)
Income before equity in earnings of unconsolidated joint ventures	28,296		22,940		45,896		43,730
Equity in earnings of unconsolidated joint ventures	3,034		2,975		5,433		5,491
Net income	31,330		25,915		51,329		49,221

Noncontrolling interests in consolidated partnerships	—		—		—		80
Net income available to partners	31,330		25,915		51,329		49,301
Net income available to limited partners	31,001		25,656		50,788		48,806
Net income available to general partner	$	329	$	259	$	541	$	495

Basic earnings per common unit:
Net income	$	0.27	$	0.23	$	0.43	$	0.43
Diluted earnings per common unit:
Net income	$	0.26	$	0.22	$	0.43	$	0.43

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

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income	$	31,330	$	25,915	$	51,329	$	49,221
Other comprehensive income (loss):

Foreign currency translation adjustments	1,982		(40)		1,348		(914)
Changes in fair value of cash flow hedges	(850)		680		(2,098)		3,889
Other comprehensive income (loss)	1,132		640		(750)		2,975
Comprehensive income	32,462		26,555		50,579		52,196
Comprehensive income attributable to noncontrolling interests in consolidated partnerships	—		—		—		80
Comprehensive income attributable to the Operating Partnership	$	32,462	$	26,555	$	50,579	$	52,276

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

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except unit and per unit data, unaudited)


	General partner		Limited partners		Accumulated other comprehensive loss		Total partners’ equity		Noncontrolling interests in consolidated partnerships		Total equity
Balance, March 31, 2024	$	5,713	$	596,468	$	(22,458)	$	579,723	$	—	$	579,723
Net income	259		25,656		—		25,915		—		25,915
Other comprehensive income	—		—		640		640		—		640
Compensation under Incentive Award Plan	—		2,687		—		2,687		—		2,687
Issuance of 900 common units upon exercise of options	—		95		—		95		—		95
Forfeiture of 13,816 restricted common share awards	—		—		—		—		—		—








Common distributions ($0.275 per unit)	(316)		(31,164)		—		(31,480)				(31,480)

Balance, June 30, 2024	$	5,656	$	593,742	$	(21,818)	$	577,580	$	—	$	577,580

	General partner		Limited partners		Accumulated other comprehensive loss		Total partners’ equity		Noncontrolling interests in consolidated partnerships		Total equity
Balance, December 31, 2023	5,776		610,330		(24,793)		591,313		—		591,313
Net income	495		48,806		—		49,301		(80)		49,221
Other comprehensive income	—		—		2,975		2,975		—		2,975
Compensation under Incentive Award Plan	—		6,258		—		6,258		—		6,258
Issuance of 25,000 common units upon exercise of options	—		533		—		533		—		533
Grant of 774,715 restricted common share awards by the Company, net of forfeitures	—		—		—		—		—		—
Issuance of 136,469 deferred units	—		—		—		—		—		—
Withholding of 375,899 common units for employee income taxes	—		(10,524)		—		(10,524)		—		(10,524)
Contributions from noncontrolling interests in consolidated partnerships	—		—		—		—		80		80
Common distributions ($0.535 per unit)	(615)		(61,661)		—		(62,276)				(62,276)



Balance, June 30, 2024	$	5,656	$	593,742	$	(21,818)	$	577,580	$	—	$	577,580






















	General partner		Limited partners		Accumulated other comprehensive loss		Total partners’ equity		Noncontrolling interests in consolidated partnerships		Total equity
Balance, March 31, 2025	$	8,962	$	682,063	$	(31,012)	$	660,013	$	—	$	660,013
Net income	329		31,001		—		31,330		—		31,330
Other comprehensive income	—		—		1,132		1,132		—		1,132
Compensation under Incentive Award Plan	—		3,373		—		3,373		—		3,373

Issuance of 800 common units upon exercise of options	—		5		—		5		—		5








Contributions from noncontrolling interests in consolidated partnerships	—		—		—		—		—		—
Common distributions ($0.2925 per unit)	(366)		(34,145)		—		(34,511)		—		(34,511)

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






















	General partner		Limited partners		Accumulated other comprehensive loss		Total partners’ equity		Noncontrolling interests in consolidated partnerships		Total equity
Balance, December 31, 2024	$	9,094	$	699,710	$	(29,130)	$	679,674	$	—	$	679,674
Net income	541		50,788		—		51,329		—		51,329
Other comprehensive loss	—		—		(750)		(750)		—		(750)
Compensation under Incentive Award Plan	—		6,332		—		6,332		—		6,332
Issuance of 6,000 common units upon exercise of options	—		43		—		43		—		43

Grant of 595,924 restricted common share awards by the Company, net of forfeitures	—		—		—		—		—		—
Withholding of 211,605 common units for employee income taxes	—		(7,261)		—		(7,261)		—		(7,261)






Common distributions ($0.5675 per unit)	(710)		(67,315)		—		(68,025)		—		(68,025)

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

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

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)


	Six months ended June 30,
	2025		2024
OPERATING ACTIVITIES
Net income	$	51,329	$	49,221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,754		68,034
Impairment charge	4,249		—
Amortization of deferred financing costs	1,861		1,695





Equity in earnings of unconsolidated joint ventures	(5,433)		(5,491)
Equity-based compensation expense	6,213		6,105
Amortization of debt discounts, net	413		357
Amortization (accretion) of market rent rate adjustments, net	(263)		228
Straight-line rent adjustments	(294)		12
Distributions of cumulative earnings from unconsolidated joint ventures	6,613		3,577

Changes in other assets and liabilities:
Other assets	(4,284)		2,562
Accounts payable and accrued expenses	(10,856)		(22,283)
Net cash provided by operating activities	123,302		104,017
INVESTING ACTIVITIES
Additions to rental property	(27,595)		(49,091)
Acquisitions of real estate assets	(166,596)		—
Net proceeds from sale of assets	16,634		—





Proceeds from short-term investments	—		6,981
Additions to non-real estate assets	(3,077)		(5,738)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	2,266		1,617
Additions to deferred lease costs	(2,524)		(1,191)
Payments for other investing activities	(7,678)		(2,774)
Proceeds from other investing activities	3,039		2,557
Net cash used in investing activities	(185,531)		(47,639)
FINANCING ACTIVITIES
Cash distributions paid	(68,025)		(62,276)
Proceeds from revolving credit facility	205,000		219,000
Repayments of revolving credit facility	(113,000)		(197,000)
Proceeds from notes, mortgages and loans	10,000		—
Repayments of notes, mortgages and loans	(738)		(2,519)



Employee income taxes paid related to shares withheld upon vesting of equity awards	(7,261)		(10,524)



Additions to deferred financing costs	(544)		(6,876)
Proceeds from exercise of options	43		533


Payment for other financing activities	(574)		(574)
Contributions from noncontrolling interests in other consolidated partnerships	—		80

Net cash provided by (used in) financing activities	24,901		(60,156)
Effect of foreign currency on cash and cash equivalents	(65)		216
Net decrease in cash and cash equivalents	(37,393)		(3,562)
Cash and cash equivalents, beginning of period	46,700		12,572
Cash and cash equivalents, end of period	$	9,307	$	9,010

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

TANGER INC. AND SUBSIDIARIES

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and open-air shopping centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust, which, through our controlling interest in Tanger Properties Limited Partnership and its subsidiaries, which we refer to as the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of June 30, 2025, we owned and operated 30 consolidated outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 13.3 million square feet, which were 96.5% occupied and contained over 2,500 stores representing approximately 700 store brands. We also had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada. The portfolio also includes one managed center, totaling approximately 457,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited.

Our shopping centers and other assets are held by, and all of our operations are conducted by the Operating Partnership. Accordingly, the descriptions of our business, employees and assets are also descriptions of the business, employees and assets of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires. On November 16, 2023, we changed our legal name from Tanger Factory Outlet Centers, Inc. to Tanger Inc. We refer to Tanger Inc.’s current legal name throughout this Quarterly Report on Form 10-Q.

The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest in the Operating Partnership. As of June 30, 2025, the Company and its wholly-owned subsidiaries owned 113,174,006 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,662,904 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. Class B common limited partnership units of the Operating Partnership, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

2. Summary of Significant Accounting Policies

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024. The December 31, 2024 balance sheet data in this Form 10-Q was derived from the Company’s audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), however management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

In February 2025, we entered into the Third Amended and Restated Limited Partnership Agreement, providing for the creation of long-term incentive plan units (“LTIP units”), entitled to the same non-liquidating distributions and allocations of profits and losses as the Class A Units on a per unit basis.

We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities (“VIE”). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements.

Investments in real estate joint ventures that we do not control, but may exercise significant influence on, are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture’s net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting.

For certain investments in real estate joint ventures, we record our equity in the venture’s net income or loss under the hypothetical liquidation at book value method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed to provide further financial support to these joint ventures. The carrying amount of our investments in the Charlotte, Columbus, Galveston/Houston, and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization.

“Noncontrolling interests in the Operating Partnership” reflects the Non-Company LPs’ percentage ownership of the Operating Partnership’s units. “Noncontrolling interests in other consolidated partnerships” consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements.

Accounts Receivable

Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written-off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the consolidated balance sheets was approximately $49.2 million as of June 30, 2025.

Impairment of Long-Lived Assets

Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions or holding periods, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.

Due to the financial impacts from the COVID-19 pandemic, we began performing the above-described procedures on our Atlantic City, New Jersey center in 2020. While the center’s performance has improved since that time, we have continued to perform those procedures and concluded each quarter that the carrying amount of the asset was recoverable. We evaluate different holding period scenarios and apply probabilities to those scenarios to determine an average holding period of 9 years. Management has the intent, and we have the ability, to hold the property for at least this period, and we believe this period is reasonable based on the center’s performance and our history of being a long-term owner and operator of our centers. We believe the carrying value is recoverable because in our models the sum of the estimated future undiscounted cash flows, $58.3 million, and the estimated potential disposition proceeds of the sale of the center, $68.9 million (in aggregate totaling $127.2 million) exceeds the carrying value of $104.4 million by $22.9 million. The recorded carrying amount includes intangible lease costs from our 2011 acquisition of the center.

We continue to monitor facts and circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, utilized to determine whether an impairment charge is necessary. We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods.

In April 2025, we sold the center in Howell, Michigan for $17.0 million. As part of our quarterly impairment evaluation procedures, we recorded a $4.2 million impairment charge in the first quarter of 2025 to lower the property’s carrying value to the estimated fair value based on the purchase agreement.

3. Rental Property Acquisitions

2025 Acquisitions

Cleveland, Ohio

In February 2025, we purchased Pinecrest in Cleveland, Ohio, a 640,000-square-foot open-air, grocery-anchored, mixed-use center, for $167.0 million using cash on hand and available liquidity. We accounted for the transaction as an asset acquisition and additionally capitalized approximately $905,000 in transaction costs once the acquisition was deemed probable.

The assets acquired were recorded at relative fair value as determined by management, with the assistance of third- party valuation specialists, based on information available at the acquisition dates and on current assumptions as to future operations (See Note 2). The consideration transferred to complete this rental property acquisition and the purchase price allocation amongst the identifiable assets acquired and liabilities assumed was as follows:


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

Land	$	22,416
Buildings, improvements and fixtures	127,516		36.4

Above market lease value	6,922		7.0
Below market lease value	(7,480)		11.5
Lease in place value	13,388		6.9
Lease and legal costs	5,143		5.1
Total deferred lease costs and other intangibles, net	17,973
Total fair value of assets acquired	$	167,905

There was no contingent consideration associated with this acquisition.

4. Disposition of Property

The following table sets forth the property sold during the six moths ended June 30, 2025 (in thousands):

Property

Location

Date Sold

Square Feet

Net Sales Proceeds

Gain on Sale

Howell

Howell, MI

April 2025

314

$16,628

—

5. Investments in Unconsolidated Real Estate Joint Ventures

The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:


As of June 30, 2025
Joint Venture	Center Location	Ownership %		Square Feet (in 000’s)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada	Ontario, Canada	50.0	%	665	$	66.7	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.5)		$	96.7
National Harbor(2)	National Harbor, MD	50.0	%	341	(12.8)		91.0
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.6)		59.2
Columbus(2)	Columbus, OH	50.0	%	355	(5.8)		70.5
		50.0	%	1,448	$	(53.7)	$	317.4


As of December 31, 2024
Joint Venture	Center Location	Ownership %		Square Feet (in 000’s)	Carrying Value of Investment (in millions)		Total Joint Venture Debt, Net (in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan Canada	Ontario, Canada	50.0	%	665	$	65.7	—

Investments included in other liabilities:
Charlotte(2)	Charlotte, NC	50.0	%	399	(21.3)		$	97.6
National Harbor(2)	National Harbor, MD	50.0	%	341	(11.1)		91.8
Galveston/Houston(2)	Texas City, TX	50.0	%	353	(13.3)		57.4
Columbus(2)	Columbus, OH	50.0	%	355	(5.0)		70.4
		50.0	%	1,448	$	(50.7)	$	317.2

(1)Net of debt origination costs of $1.8 million as of June 30, 2025 and $1.6 million as of December 31, 2024.

(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Galveston Outlets LLC

In June 2025, the Galveston/Houston joint venture refinanced its mortgage loan to extend the maturity from June 2026 to June 2030, which included an increase in principal balance from $58.0 million to $60.0 million, and reduced the interest rate from the Daily Secured Overnight Financing Rate (“Daily SOFR”) + 3.0% to Daily SOFR + 1.65%. In conjunction with this refinancing, the joint venture entered into a $60.0 million interest rate swap that fixes Daily SOFR at 3.4% until June 2029.

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


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Fee:
Management and marketing	$	576	$	571	$	1,139	$	1,128
Leasing and other fees	45		107		134		212
Expense reimbursements from unconsolidated joint ventures	1,219		1,189		2,541		2,308
Total Fees	$	1,840	$	1,867	$	3,814	$	3,648

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $2.6 million and $2.4 million as of June 30, 2025 and December 31, 2024, respectively) are amortized over the various useful lives of the related assets.

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


	June 30, 2025		December 31, 2024
Assets
Land	$	79,815	$	79,920
Buildings, improvements and fixtures	470,567		459,148
Construction in progress	1,062		1,051
	551,444		540,119
Accumulated depreciation	(226,991)		(214,826)
Total rental property, net	324,453		325,293
Cash and cash equivalents	13,682		17,480
Deferred lease costs and other intangibles, net	2,341		1,841
Prepaids and other assets	10,493		10,137
Total assets	$	350,969	$	354,751
Liabilities and Owners’ Equity
Mortgages payable, net	$	317,317	$	317,191
Accounts payable and other liabilities	13,610		14,670
Total liabilities	330,927		331,861
Owners’ equity	20,042		22,890
Total liabilities and owners’ equity	$	350,969	$	354,751


	Three months ended				Six months ended
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures	June 30,				June 30,
	2025		2024		2025		2024
Revenues	$	24,568	$	23,206	$	48,212	$	45,702
Expenses:
Property operating	9,050		8,876		17,997		16,868
General and administrative	20		14		20		130



Depreciation and amortization	4,594		3,941		10,284		9,021
Total expenses	13,664		12,831		28,301		26,019
Other income (expense):
Interest expense	(4,921)		(4,548)		(9,352)		(9,088)

Other income	97		118		259		382
Total other expense	(4,824)		(4,430)		(9,093)		(8,706)
Net income	$	6,080	$	5,945	$	10,818	$	10,977
The Company and Operating Partnership’s share of:
Net income	$	3,034	$	2,975	$	5,433	$	5,491
Depreciation and amortization (real estate related)	$	2,306	$	2,060	$	5,166	$	4,600

6. Debt Guaranteed by the Company

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

The Company guarantees the Operating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $620.0 million, of which $528.0 million remains available as of June 30, 2025. The Company also guarantees the Operating Partnership’s $325.0 million unsecured term loan.

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


	As of
	June 30, 2025		December 31, 2024
Unsecured lines of credit	$	92,000	$	—
Unsecured term loan	$	325,000	$	325,000

7. Debt of the Operating Partnership

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


						As of				As of
						June 30, 2025				December 31, 2024
	Stated Interest Rate(s)			Maturity Date	Maturity Date With Extension Option	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:


Senior notes	3.125%			September 2026		$	350,000	$	349,338	$	350,000	$	349,045
Senior notes	3.875%			July 2027		300,000		299,162		300,000		298,956
Senior notes	2.750%			September 2031		400,000		394,156		400,000		393,710

Unsecured term loan (2)	Adj SOFR	+	0.94%	January 2027	January 2028	325,000		323,617		325,000		323,182

Mortgages payable:
Atlantic City (3) (4)	6.44%			December 2026		6,468		6,565		7,206		7,341
Southaven (2) (5)	Adj SOFR	+	2.00%	April 2030		61,700		61,093		51,700		51,525

Unsecured lines of credit	Adj SOFR	+	0.85%	April 2028	April 2029	92,000		92,000		—		—
Total						$	1,535,168	$	1,525,931	$	1,433,906	$	1,423,759

(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $9.2 million and $10.1 million as of June 30, 2025 and December 31, 2024, respectively. This excludes $6.6 million and $7.4 million of unamortized debt origination costs related to the unsecured lines of credit at June 30, 2025 and December 31, 2024, respectively, recorded in prepaids and other assets in the consolidated balance sheet.

(2)We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 8).

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

(4)Principal and interest due monthly with remaining principal due at maturity.

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

In April 2025, the Southaven, Mississippi consolidated joint venture amended its mortgage increasing the outstanding borrowings from $51.7 million to $61.7 million and extending the maturity date from October 2026 to April 2030 with no extension options. The stated interest rate remained unchanged at the Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) + 2.0%.

Certain of our properties, which had a net book value of approximately $123.6 million at June 30, 2025, serve as collateral for mortgages payable. As of June 30, 2025, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million which had $92.0 million borrowed. The unsecured lines of credit as of June 30, 2025 included a $20.0 million liquidity line and a $600.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of June 30, 2025, we believe we were in compliance with all of our debt covenants.

Debt Maturities

Maturities and principal amortization of the existing long-term debt as of June 30, 2025 for the next five years and thereafter are as follows (in thousands):


Calendar Year	Amount
For the remainder of 2025	$	763
2026	355,705
2027 (1)	625,000
2028 (1)	92,000
2029	—
Thereafter	461,700
Subtotal	1,535,168
Net discount and debt origination costs	(9,237)
Total	$	1,525,931

(1)Excludes one year extension options on our $325.0 million unsecured term loan which matures in 2027 and our $620.0 million unsecured lines of credit which has $92.0 million outstanding at June 30, 2025 which matures in 2028. With extension options, these debt maturities would mature in 2028 and 2029, respectively.

We have considered our short-term (one-year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions, proceeds from forward share issuance contracts and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs.

8. Derivative Financial Instruments

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


							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		June 30, 2025		December 31, 2024
Assets (Liabilities)(1):









Current Derivatives
February 1, 2024	February 1, 2026	75,000		Daily SOFR	3.5	%	$	275	$	510
February 1, 2024	August 1, 2026	75,000		Daily SOFR	3.7	%	38		364
February 1, 2024	January 1, 2027	175,000		Daily SOFR	4.2	%	(1,515)		(554)
May 1, 2025	April 24, 2029	61,700		Daily SOFR	3.5	%	(367)		—
Total		$	386,700		3.8	%	$	(1,569)	$	320

Forward Starting Derivatives
February 1, 2026	April 1, 2028	75,000		Daily SOFR	3.3	%	(225)		—
August 1, 2026	October 1, 2027	40,000		Daily SOFR	3.1	%	(31)		—
Total		$	115,000		3.2	%	$	(256)	$	—

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

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

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

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)	$	(850)	$	680	$	(2,098)	$	3,889

9. Fair Value Measurements

Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:


Tier						Description
Level 1						Observable inputs such as quoted prices in active markets
Level 2						Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3						Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

Fair Value Measurements on a Recurring Basis

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):


			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total
Fair value as of June 30, 2025:
Assets:
Interest rate swaps (prepaids and other assets)	$	558	—		$	558	$	—
Total assets	$	558	$	—	$	558	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	(2,383)	$	—	$	(2,383)	$	—
Total liabilities	$	(2,383)	$	—	$	(2,383)	$	—


			Level 1		Level 2		Level 3
			Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs		Significant Unobservable Inputs
	Total
Fair value as of December 31, 2024:
Asset:
Interest rate swaps (prepaids and other assets)	$	1,288	$	—	$	1,288	$	—
Total assets	$	1,288	$	—	$	1,288	$	—

Liabilities:
Interest rate swaps (other liabilities)	$	(968)	$	—	$	(968)	$	—
Total liabilities	$	(968)	$	—	$	(968)	$	—

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

Other Fair Value Disclosures

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


	June 30, 2025		December 31, 2024
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	985,611		961,783
Level 3 Significant Unobservable Inputs	485,280		387,048
Total fair value of debt	$	1,470,891	$	1,348,831

Recorded value of debt	$	1,525,931	$	1,423,759

Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the fair value hierarchy. Our other debt is classified as Level 3 in the fair value hierarchy given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all SOFR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value.

The carrying values of cash and cash equivalents, short-term investments, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. Short-term government securities and our certificates of deposit included in short-term investments are highly liquid investments, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices in an active market.

10. Shareholders’ Equity of the Company

Dividend Declaration

In April 2025, the Company's Board of Directors (the “Board”) declared a $0.2925 cash dividend per common share payable on May 15, 2025 to each shareholder of record on April 30, 2025, and in its capacity as General Partner of the Operating Partnership, authorized a $0.2925 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

At-the-Market Offering

Under our at-the-market stock offering (“ATM Offering”) program, which commenced in February 2021, and replaced with a new program in February 2025, we may offer and sell our common shares, $0.01 par value per share, having an aggregate gross sales price of up to $400 million. We may sell the common shares in amounts and at times to be determined by us but we have no obligation to sell any of the common shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the common shares, capital needs and determinations by us of the appropriate sources of its funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering Program for working capital and general corporate expenses. As of June 30, 2025, we had approximately $400.0 million remaining available for sales of shares under the ATM Offering program. There were no sales of our common shares during the first two quarters of 2025 or 2024.

Forward Sale Agreements

During 2024, we sold an aggregate of 1.9 million shares under the ATM Offering Program which were subject to forward sale agreements, for an estimated aggregate gross value of $69.7 million based on the initial forward sale price of $36.40 with respect to each forward sale agreement. No shares have been settled through June 30, 2025 and shares can be settled at any time over the next 6-9 months, unless otherwise extended. We did not initially receive any proceeds from the sale of these common shares, which were sold to underwriters, by the forward purchasers or their respective affiliates. We did not receive any proceeds from the sale of shares at the time we entered into each of the respective forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Share Repurchase Program

In May 2025, the Board authorized the repurchase of up to $200.0 million of the Company’s outstanding common shares, replacing the previously authorized share repurchase program to repurchase up to $100.0 million of the Company's outstanding common shares that expired May 31, 2025. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring common shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18 of the Exchange Act. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its common shares under this authorization. The Company did not repurchase any common shares in both the three and six months ended June 30, 2025 and June 30, 2024. The remaining amount of common shares authorized to be repurchased under the share repurchase program as of June 30, 2025 was approximately $200.0 million.

11. Partners’ Equity of the Operating Partnership

All operating partnership units issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding amount of Class B common limited partnership units held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the three and six months ended June 30, 2025 and June 30, 2024:


		Limited Partnership Units
	General Partnership Units	Class A	Class B	Total
Balance March 31, 2024	1,150,000	4,707,958	108,216,452	112,924,410
Options exercised	—	—	900	900



Forfeitures of restricted common share awards by the Company	—	—	(13,816)	(13,816)

Balance June 30, 2024	1,150,000	4,707,958	108,203,536	112,911,494

Balance December 31, 2023	1,150,000	4,707,958	107,643,251	112,351,209
Options exercised	—	—	25,000	25,000


Grant of restricted common share awards by the Company, net of forfeitures	—	—	774,715	774,715
Issuance of deferred units	—	—	136,469	136,469

Units withheld for employee income taxes	—	—	(375,899)	(375,899)
Balance June 30, 2024	1,150,000	4,707,958	108,203,536	112,911,494

Balance March 31, 2025	1,250,000	4,662,904	111,923,206	116,586,110
Options exercised	—	—	800	800
Issuance of units	—	—	—	—


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

Balance December 31, 2024	1,250,000	4,707,958	111,488,633	116,196,591
Options exercised	—	—	6,000	6,000

Grant of restricted common share awards by the Company, net of forfeitures	—	—	595,924	595,924
Exchange of Class A Limited Partnership Units	—	(45,054)	45,054	—


Units withheld for employee income taxes	—	—	(211,605)	(211,605)
Balance June 30, 2025	1,250,000	4,662,904	111,924,006	116,586,910

12. Earnings Per Share of the Company

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Numerator:
Net income attributable to Tanger Inc.	$	30,086	$	24,840	$	49,287	$	47,253
Less allocation of earnings to participating securities	(225)		(229)		(427)		(460)
Net income available to common shareholders of Tanger Inc.	$	29,861	$	24,611	$	48,860	$	46,793
Denominator:
Basic weighted average common shares	112,659		108,683		112,528		108,526
Effect of dilutive securities
Equity awards	1,464		1,510		1,484		1,498
Diluted weighted average common shares	114,123		110,193		114,012		110,024
Basic earnings per common share:
Net income	$	0.27	$	0.23	$	0.43	$	0.43
Diluted earnings per common share:
Net income	$	0.26	$	0.22	$	0.43	$	0.43

We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2025, approximately 99,000 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. For the three and six months ended June 30, 2024, 122,375 notional units were excluded from the computation.

With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three and six months ended June 30, 2025, and June 30, 2024, no options were excluded from the computation.

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

Certain of the Company’s unvested restricted common share awards and LTIP units contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards and LTIP units on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards and LTIP units based on dividends declared and the unvested restricted common shares’ and LTIP units’ participation rights in undistributed earnings. Unvested restricted common shares and LTIP units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method.

13. Earnings Per Unit of the Operating Partnership

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Numerator:
Net income attributable to partners of the Operating Partnership	$	31,330	$	25,915	$	51,329	$	49,301
Less allocation of earnings to participating securities	(225)		(229)		(427)		(460)
Net income available to common unitholders of the Operating Partnership	$	31,105	$	25,686	$	50,902	$	48,841
Denominator:
Basic weighted average common units	117,322		113,391		117,197		113,234
Effect of dilutive securities
Equity awards	1,464		1,510		1,484		1,498
Diluted weighted average common units	118,786		114,901		118,681		114,732
Basic earnings per common unit:
Net income	$	0.27	$	0.23	$	0.43	$	0.43
Diluted earnings per common unit:
Net income	$	0.26	$	0.22	$	0.43	$	0.43

We determine diluted earnings per common unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2025, approximately 99,000 notional units were excluded from the computation because these notiona

TANGER INC. 10-Q