Caitlin Burrows

Hong Zhang

Craig Mailman

Floris van Dijkum

Todd Thomas

Vince Tibone

Andrew Reale

Greg McGinniss

Jeffrey Spector

Omotayo Okusanya

Steve Sakwa

Antara Nag-Chaudhuri

Conor Peaks

Juan Sanabria

Justin Stein

Leslie Swanson

Michael Griffin

Nicholas Joseph

Rich Hightower

Viktor Fediv

- Tanger reported **third quarter 2025 Net income available to common shareholders of $0.28 per share** and **Funds From Operations (FFO) of $0.60 per share**, up from $0.22 and $0.54 per share, respectively, in the prior year period.  **[899715_98de16f735ba41a98b1304a8cd7d659d_0]** 
- The company **raised its full-year 2025 guidance**, now projecting diluted net income per share between **$0.95 and $0.99** and diluted FFO per share between **$2.28 and $2.32**.  **[899715_98de16f735ba41a98b1304a8cd7d659d_4]** 
- Operational metrics showed strength with **occupancy at 97.4%** and **Same Center Net Operating Income increasing 4.0%** for the third quarter of 2025 compared to the prior year.  **[899715_98de16f735ba41a98b1304a8cd7d659d_1]** 
- In September 2025, Tanger completed the acquisition of Legends Outlets for **$130.0 million**, rebranding it as Tanger Kansas City at Legends, marking the sixth center added to its portfolio in two years.  **[899715_98de16f735ba41a98b1304a8cd7d659d_0]** **[899715_98de16f735ba41a98b1304a8cd7d659d_3]**

Tanger Reports Strong Q3 2025 Results and Raises Full-Year Guidance

- Tanger reported **Q3 2025 net income available to common shareholders of $0.28 per share** and **Funds From Operations (FFO) of $0.60 per share**.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:0]**  The Funds Available for Distribution (FAD) payout ratio was **58%** for the first nine months of 2025.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:3]** 
- The company **raised its full-year 2025 guidance**, with estimated diluted net income per share now projected between **$0.95 and $0.99**, and diluted FFO per share between **$2.28 and $2.32**.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:3]**  Same Center NOI growth guidance was also increased to a range of **3.50% to 4.25%**.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:49]** 
- Operational performance remained strong, with **total owned properties ending occupancy at 97.4%** and average tenant sales per square foot at **$475** as of September 30, 2025.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:25]**  Blended average rental rate spreads were **10.6% on a cash basis** for leases executed over the trailing twelve months.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:2]** 
- In September 2025, Tanger completed the acquisition of **Legends Outlets (rebranded as Tanger Kansas City at Legends)**, a **690,000-square-foot** center, for **$130.0 million**, expecting an **eight percent return** in the first year.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:2]** 
- As of September 30, 2025, the company maintained a **net debt to Adjusted EBITDAre ratio of 5.0x** and an interest coverage ratio of **4.7x**.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:3]**  Total liquidity included **$20.7 million in cash and cash equivalents** and **$560.0 million of available credit**.  **[899715_0001628280-25-048803_skt8kex991september302025.htm:3]**

TANGER (SKT)