SKT · Tanger Inc.

Tanger’s Q1 2026 results reflect continued operational strength and strategic execution: net income available to common shareholders rose 48% year-over-year to $28.1M ($0.24 diluted EPS), primarily driven by $15.0M higher total revenues (up 11.1% to $150.4M), including $14.3M growth in rental revenue, and the absence of the $4.2M non-cash impairment charge recorded in Q1 2025 related to the Howell, MI center sold in April 2025. Same Center NOI increased 2.6% to $100.5M on a pro rata basis, underpinned by occupancy rising to 97.0% (from 95.8% YoY) and robust tenant sales ($482/sf twelve-month average, up from $455). Management attributed this to disciplined leasing — 651 leases executed over the trailing twelve months (vs. 545 YoY), with blended rent spreads of 10.5% — and portfolio remerchandising. The company also enhanced its capital structure in January 2026 via $550M in new unsecured term loans and $250M in exchangeable senior notes, reducing near-term refinancing risk and lowering its weighted average interest rate to 3.9%. With $1.0B+ in immediate liquidity, a conservative 4.8x Net Debt/Adjusted EBITDAre ratio, and a 53% FAD payout ratio, Tanger affirmed its capacity to sustain and grow dividends — raising the annualized payout by 6.8% to $1.25 — while maintaining flexibility for organic and external growth. Full-year 2026 guidance was tightened upward, projecting FFO per share of $2.42–$2.50, anchored by expected 2.25–4.25% Same Center NOI growth and disciplined G&A and capex management.