TANGER PROPERTIES LTD PARTNERSHIP /NC/

In September 2025, we acquired a 690,000-square-foot open-air outlet center in Kansas City, Kansas for $130.0 million, including the assumption of a $115.0 million, 7.57% interest-only mortgage, with an effective rate of 6.0% that matures in November 2027. The center is Kansas' only outlet center and serves as the retail anchor of Village West, the state's top tourist destination.

We believe that our centers are well diversified geographically and by tenant and that we are not dependent upon any single property or tenant. No property comprises more than 10% or more of our consolidated total assets or revenues as of December 31, 2025.

We have an ongoing strategy of acquiring centers, developing new centers and expanding existing centers. See “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for a discussion of the cost of such programs and the sources of financing thereof.

As of December 31, 2025, of the 34 centers in our consolidated portfolio, we own the land underlying 28 and have ground leases on all or a portion of six centers. The following table sets forth information about such land leases:

Property Name · Location · Acres · Expiration · Expiration including renewal terms at our option

Tanger Outlets Myrtle Beach Hwy 17 · Myrtle Beach, SC · 40.0 · 2027 · 2096

Tanger Outlets Atlantic City · Atlantic City, NJ · 21.3 · 2100 · 2101

Tanger Outlets Sevierville · Sevierville, TN · 43.6 · 2086 · 2086

Tanger Outlets Riverhead · Riverhead, NY · 47.0 · 2029 · 2039

Tanger Outlets at Foxwoods · Mashantucket, CT · 8.1 · 2039 · 2089

Tanger Outlets Rehoboth Beach · Rehoboth Beach, DE · 2.7 · 2044 · 2064

Generally, our leases with our center tenants typically have an initial term that ranges from 5 to 10 years and provide for the payment of fixed monthly rent in advance. There are often contractual base rent increases during the initial term of the lease. In addition, the rental payments are customarily subject to upward adjustments based upon tenant sales volume. A component of most leases includes a pro-rata share or escalating fixed contributions by the tenant for property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in operating expenses resulting from inflation.

The following table summarizes certain information with respect to our consolidated centers as of December 31, 2025:

State · Number ofCenters · SquareFeet · %of Square Feet

South Carolina · 5 · 1,606,491 · 12

New York · 2 · 1,466,850 · 10

Alabama · 2 · 1,205,752 · 9

Georgia · 3 · 1,179,697 · 8

Pennsylvania · 3 · 1,000,976 · 7

Texas · 2 · 823,717 · 6

Tennessee · 2 · 740,746 · 5

North Carolina · 2 · 696,194 · 5

Kansas · 1 · 688,584 · 5

Ohio · 1 · 638,396 · 5

Delaware · 1 · 547,937 · 4

New Jersey · 1 · 484,748 · 3

Arizona · 1 · 410,753 · 3

Michigan · 1 · 357,133 · 3

Florida · 1 · 351,691 · 3

Missouri · 1 · 329,861 · 2

Mississippi · 1 · 325,831 · 2

Louisiana · 1 · 322,063 · 2

Connecticut · 1 · 311,229 · 2

Arkansas · 1 · 269,642 · 2

New Hampshire · 1 · 250,558 · 2

Total · 34 · 14,008,849 · 100

The following table summarizes certain information with respect to our consolidated centers in which we have an ownership interest as of December 31, 2025. Except as noted, all properties are fully owned:

Consolidated Centers

Property Name · Location · Legal Ownership % · Square Feet (1) · % Occupied (1)

Tanger Outlets Deer Park · Deer Park, NY · 100 · 737,473 · 100.0

Tanger Outlets Riverhead · Riverhead, NY (2) · 100 · 729,377 · 98.4

Tanger Outlets Kansas City at Legends · Kansas City, KS (3) · 100 · 688,584 · 96.2

Bridge Street Town Centre, a Tanger Property · Huntsville, AL · 100 · 651,016 · 92.9

Pinecrest, a Tanger Property · Cleveland, OH · 100 · 638,396 · 98.2

Tanger Outlets Foley · Foley, AL · 100 · 554,736 · 94.0

Tanger Outlets Rehoboth Beach · Rehoboth Beach, DE (2) · 100 · 547,937 · 100.0

Tanger Outlets Savannah · Savannah, GA · 100 · 487,207 · 100.0

Tanger Outlets Atlantic City · Atlantic City, NJ (2) (3) · 100 · 484,748 · 80.7

Tanger Outlets San Marcos · San Marcos, TX · 100 · 471,816 · 99.3

Tanger Outlets Sevierville · Sevierville, TN(2) · 100 · 450,079 · 100.0

Tanger Outlets Myrtle Beach Hwy 501 · Myrtle Beach, SC · 100 · 426,523 · 99.0

Tanger Outlets Phoenix · Glendale, AZ · 100 · 410,753 · 100.0

Tanger Outlets Myrtle Beach Hwy 17 · Myrtle Beach, SC (2) · 100 · 404,341 · 100.0

Tanger Outlets Charleston · Charleston, SC · 100 · 386,328 · 100.0

Tanger Outlets Lancaster · Lancaster, PA · 100 · 377,417 · 100.0

Tanger Outlets Asheville · Asheville, NC · 100 · 376,432 · 97.4

• We are substantially dependent on the results of operations of our retail tenants and their bankruptcy, early termination or closing could adversely affect us.
• Significant inflation could negatively impact our business.
• Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours and thereby constrain us from taking actions concerning these properties which otherwise would be in our best interests and our shareholders' interests.
• We face risks associated with climate change and severe weather.
• An uninsured loss or a loss that exceeds our insurance policies on our centers or the insurance policies of our tenants could subject us to lost capital and revenue on those centers.
• Our Canadian investments may subject us to different or greater risk from those associated with our domestic operations.
• Risks Related to our Indebtedness and Financial Markets
• We are subject to the risks associated with debt financing.
• The Company depends on distributions from the Operating Partnership to meet its financial obligations, including dividends.
• We may not be able to obtain additional capital to further our business objectives.
• The Operating Partnership has, and may in the future, guarantee debt or otherwise provide support for unconsolidated joint venture properties.
• Adverse changes in our credit ratings could negatively affect our financing ability and borrowing terms.
• Hedging activity may expose us to risks, including the risk that a counterparty will not perform and that
• the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
• The price of our common shares may fluctuate significantly.
• The exchange of the Exchangeable Notes may dilute the ownership interest of our shareholders or may
• otherwise depress the price of the common shares.
• The Operating Partnership may not have the ability to raise the funds necessary to settle exchanges of the Exchangeable Notes or to repurchase the Exchangeable Notes upon a fundamental change, and the Operating Partnership’s future debt may contain limitations on our ability to pay cash upon exchange or repurchase of the Exchangeable Notes.
• The conditional exchange feature of the Exchangeable Notes, if triggered, may adversely affect our liquidity and financial condition.
• The Capped Call Transactions entered into in connection with the issuance of the Exchangeable Notes may affect the market price of our common shares.
• Certain provisions in the indenture governing the Exchangeable Notes may delay or prevent an attempted takeover of us that might be financially advantageous to shareholders.
• Changes in the accounting treatment for exchangeable debt securities that may be settled in cash, such as the Exchangeable Notes, could have a material effect on our reported financial results.
• Risks Related to Federal Income Tax Laws
• If we fail to qualify as a REIT, our operations and distributions to shareholders would be adversely affected.
• We may need to incur additional borrowings to meet the REIT minimum distribution requirement and to avoid excise tax.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.
• Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
• Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
• The U.S. federal income tax treatment of the cash that we might receive from cash settlement of the forward sale agreement is unclear and could jeopardize our ability to meet the REIT qualification requirements.
• Changes to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have an adverse impact on our business and financial results.
• General Risks
• Cyber-attacks or acts of cyber-terrorism could disrupt our or our third-party providers' business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information.
• Our success depends, in part, on our ability to attract, retain and develop talented employees, and our failure to do so, including the loss of any one of our key personnel, could adversely impact our business.
• Use of artificial intelligence presents risks and challenges that could impact our business.
• Trade negotiations and related government actions may create regulatory uncertainty for us and our tenants and adversely affect our performance.
• Meeting Environmental, Social and Governance expectations or standards may impose additional costs and expose us to new risks.