Did Tanger beat earnings in Q4 2025?

Yes, Tanger beat on both top and bottom lines. Total revenues were $160.3M (up 14% YoY), FFO per share was $0.63 (up 17% from $0.54), and net income per share was $0.29 (up 26% from $0.23). Same Center NOI increased 5.6%.

What is Tanger's occupancy rate?

Tanger's portfolio occupancy was 98.1% at the end of Q4 2025, up from 97.4% sequentially and roughly flat with 98.0% a year ago. Same center occupancy was 98.2%.

What did Tanger guide for 2026?

Tanger guided 2026 FFO per share of $2.41-$2.49, representing 3-7% growth from the $2.33 achieved in 2025. Same Center NOI growth is expected at 2.25%-4.25%.

What financing transactions did Tanger complete?

In January 2026, Tanger closed $550M of unsecured term loans (extending maturity to 2030/2033), issued $250M exchangeable senior notes due 2031 at 2.375%, and now has over $1 billion of liquidity available.

What were Tanger's rent spreads?

Blended average rental rate spreads were 9.5% on a cash basis for comparable space in 2025. Re-tenanted spreads were 28.3% and renewal spreads were 6.5%.

TANGER (SKT)·Q4 2025 Earnings Summary

Tanger Delivers Record Q4 with 17% FFO Growth, Raises 2026 Outlook

February 24, 2026 · by Fintool AI Agent

Tanger Inc. reported strong fourth quarter results that cap a year of sustained growth for the outlet REIT. FFO per share of $0.63 jumped 17% year-over-year, while total revenues of $160.3 million grew 14% driven by robust retailer demand and contributions from recent acquisitions.

The headline story: record leasing velocity with 630 leases totaling 3.1 million square feet executed in 2025, blended rent spreads of 9.5%, and occupancy holding firm at 98.1%. Management introduced 2026 FFO guidance of $2.41-$2.49 per share, implying 3-7% growth and signaling confidence in the platform's momentum.

CEO Stephen Yalof emphasized the differentiated positioning: "Our differentiated platform continues to deliver meaningful internal and external growth. Robust retailer demand and continued consumer interest is fueling same center NOI increases and driving growth at our recently acquired centers."

Did Tanger Beat Earnings?

Yes — solidly across all metrics. Tanger exceeded expectations on revenues, FFO, and net income while delivering another quarter of strong operational execution.

Metric	Q4 2025	Q4 2024	YoY Change
Total Revenues	$160.3M	$140.7M	+14%
Rental Revenue	$151.0M	$132.2M	+14%
FFO per Share	$0.63	$0.54	+17%
Net Income per Share	$0.29	$0.23	+26%
Same Center NOI	$107.3M	$101.5M	+5.6%

Full year results were equally strong:

Metric	FY 2025	FY 2024	YoY Change
Total Revenues	$581.6M	$526.1M	+11%
FFO per Share	$2.33	$2.12	+10%
Net Income per Share	$0.99	$0.88	+13%
Same Center NOI	$407.7M	$390.8M	+4.3%

Ask Fintool AI Agent

What Drove the Beat?

Record Leasing Velocity

Tanger achieved record annual leasing volume in 2025, reflecting strong retailer demand for outlet space:

Leasing Metric	2025	2024	Change
Total Leases Executed	630	532	+18%
Total Square Feet	3.1M	2.4M	+29%
Blended Rent Spreads	9.5%	15.0%	—
Re-tenanted Spreads	28.3%	37.5%	—
Renewal Spreads	6.5%	13.3%	—

While rent spreads moderated from exceptional 2024 levels, the volume acceleration demonstrates sustained retailer appetite for Tanger's platform.

Occupancy Near Full

Portfolio occupancy metrics remain at historically high levels:

Metric	Dec 2025	Sep 2025	Dec 2024
Total Portfolio Occupancy	98.1%	97.4%	98.0%
Same Center Occupancy	98.2%	97.6%	98.1%
Consolidated Occupancy	98.0%	97.4%	98.0%

As of January 31, 2026, Tanger had renewals executed or in process for 46% of 2026 expiring space, compared to 35% at the same time last year — a strong leading indicator.

Tenant Sales Strength

Average tenant sales per square foot improved to $473 for the trailing twelve months, up from $443 a year ago — a 7% increase reflecting the company's remerchandising strategy.

The occupancy cost ratio (OCR) held steady at 9.7%, indicating healthy tenant economics despite rent increases.

External Growth Contributions

Tanger's recent acquisitions are contributing meaningfully to results:

Property	Location	Acquisition Date	GLA	Investment
Pinecrest	Cleveland, OH	Feb 2025	638K SF	$167M
Tanger Kansas City at Legends	Kansas City, KS	Sep 2025	689K SF	$130M

These properties contributed to the $8.4M of non-same center NOI in Q4 2025. Both are being integrated into the platform with strong initial occupancy (Kansas City at 96.2%, Pinecrest at 98.2%).

Ask Fintool AI Agent

What Did Management Guide?

Tanger introduced 2026 guidance that implies continued growth momentum:

Metric	2026 Guidance	2025 Actual	Growth
FFO per Share	$2.41-$2.49	$2.33	+3-7%
Net Income per Share	$1.04-$1.12	$0.99	+5-13%
Same Center NOI Growth	2.25%-4.25%	4.3%	—

Key Guidance Assumptions

Line Item	2026 Guidance
G&A Expense	$80.5M-$83.5M
Interest Expense (net)	$69.5M-$72.5M
Recurring CapEx	$65M-$75M
Diluted Shares (FFO)	120M-121M

Guidance excludes any additional acquisitions, dispositions, or financing activity.

Balance Sheet Transformation

January 2026 Financing Transactions

In January 2026, Tanger executed a series of financing transactions that materially strengthened the balance sheet:

Unsecured Term Loans — $550M:

Amended existing $325M term loan → increased to $350M, extended to December 2030
New $200M term loan due January 2033
Drew $75M at closing with $150M delayed draw available
Pricing: SOFR + 95 bps (2030) and SOFR + 125 bps (2033)

Exchangeable Senior Notes — $250M:

2.375% coupon due 2031
Effective conversion price ~$47.49 per share (after capped calls)
Net proceeds used to repay debt and repurchase ~$20M of shares

Pro Forma Liquidity Position

Metric	Pro Forma Jan 2026
Cash on Hand	~$263M
Delayed Draw Availability	$150M
Unused Line Capacity	$620M
Total Liquidity	>$1 Billion

CFO Michael Bilerman emphasized: "With over $1 billion of current liquidity available post these financing transactions... Tanger is even better positioned with considerable financial flexibility to support operational needs, upcoming debt maturities, and our strategic growth initiatives."

Leverage Profile

Metric	Q4 2025	Q3 2025	Q4 2024
Net Debt / Adj. EBITDAre	4.7x	5.0x	4.8x
Interest Coverage	4.8x	—	4.6x
Fixed Rate Debt	97%	—	—
Weighted Avg Interest Rate	4.1%	—	—
Wtd Avg Debt Maturity	2.8 yrs	—	—

Portfolio Overview

Tanger operates 41 properties (34 consolidated, 6 unconsolidated JVs, 1 managed) across 22 U.S. states and Canada, totaling 15.1 million square feet of owned GLA.

Geographic Diversification (Consolidated)

State	# Centers	GLA	% of GLA
South Carolina	5	1.6M SF	12%
New York	2	1.5M SF	10%
Alabama	2	1.2M SF	9%
Georgia	3	1.2M SF	8%
Pennsylvania	3	1.0M SF	7%

Top Tenants by ABR

Tenant	Brands	% of ABR
The Gap, Inc.	Gap, Old Navy, Banana Republic, Athleta	5.1%
KnitWell Group	Ann Taylor, Loft, Chicos, Lane Bryant	4.3%
American Eagle	AE, Aerie	3.1%
Tapestry	Coach, Kate Spade	3.1%
Under Armour	Under Armour	3.0%

Top 25 tenants represent 52.2% of annualized base rent.

How Did the Stock React?

Tanger shares closed at $35.57 on earnings day, down 0.1%, with aftermarket trading at $35.56.

Metric	Value
Close Price	$35.57 (-0.1%)
After-Hours	$35.56 (-0.03% AH)
52-Week High	$36.51
52-Week Low	$28.69
Market Cap	$4.07B
50-Day Avg	$33.60
200-Day Avg	$32.51

The muted reaction likely reflects that results were largely in-line with elevated expectations following the strong Q3 performance and recent financing announcements.

Dividend

The Board declared a quarterly cash dividend of $0.2925 per share, payable February 13, 2026 to holders of record on January 30, 2026.

Metric	Value
Quarterly Dividend	$0.2925
Annual Dividend	$1.17
FFO Payout Ratio	49%
FAD Payout Ratio	61%
Yield (at $35.57)	3.3%

Key Risks and Watch Items

Tariff Exposure: Management flagged "newly-imposed and potentially additional U.S. tariffs" as a risk factor that could impact retailers
Rent Spread Normalization: Blended spreads of 9.5% in 2025 vs 15% in 2024 — can momentum continue?
Retailer Health: Tenant bankruptcies remain a sector risk; Gap and KnitWell (8.4% of ABR combined) face ongoing challenges
Interest Rate Sensitivity: 2.8-year average debt maturity means ~$770M matures by 2028
Consumer Spending: Macroeconomic risks could pressure outlet traffic and tenant sales
Atlantic City Weakness: 80.7% occupancy is a notable underperformer vs portfolio average

Upcoming Events

Tanger will host its Q4 2025 earnings call on Wednesday, February 25, 2026 at 8:30 AM ET.

Management is scheduled to participate in:

Wolfe Research Real Estate Conference (Feb 26, virtual)
Citi Global Property CEO Conference (Mar 2-4, Hollywood FL)
Bank of America Retail REIT Executive Summit (Mar 25, NYC)

The Bottom Line

Tanger delivered a strong finish to 2025 with record leasing activity, near-full occupancy, and FFO growth that exceeded expectations. The January financing transactions transformed the balance sheet, providing over $1 billion of liquidity and extending debt maturities while locking in attractive rates.

The 2026 guidance of $2.41-$2.49 FFO per share implies continued momentum, though the 2.25-4.25% Same Center NOI growth range is notably wide — likely reflecting macro uncertainty around consumer spending and tariff impacts on retailers.

For income-focused investors, the 3.3% dividend yield supported by a 49% FFO payout ratio offers room for continued dividend growth. The platform is well-positioned with high occupancy, diversified tenant exposure, and strategic acquisitions contributing to growth.

Ask Fintool AI Agent

Data sources: Tanger Inc. Q4 2025 8-K Filing , S&P Global market data. Analysis as of February 24, 2026.