TANGER Business Summary

Tanger Inc. (NYSE: SKT) operates as a fully integrated real estate investment trust (REIT) specializing in the ownership and management of upscale, open-air outlet and lifestyle shopping centers. The company generates revenue primarily through long-term lease agreements with a diverse portfolio of over 800 brand-name and designer retailers, earning income via base rents and percentage-of-sales overrides. As of early 2026, Tanger manages 41 properties across 22 U.S. states and Canada, totaling over 16 million square feet of leasable space with a high-density occupancy rate of 98.1%. Its primary direct competitors include Simon Property Group (specifically its Premium Outlets division), Kimco Realty, and The Macerich Company. Tanger distinguishes itself in the retail landscape as a pure-play outlet specialist, maintaining a competitive edge by offering lower total occupancy costs for tenants and achieving high sales productivity per square foot relative to traditional enclosed mall operators. The company was founded in 1981 by Stanley K. Tanger, a pioneer of the outlet industry, and is currently led by President and CEO Stephen Yalof, who previously served as the CEO of Simon Premium Outlets. The executive team is further bolstered by Michael Bilerman, EVP, CFO, and Chief Investment Officer, a former Managing Director at Citi who led their global real estate research franchise. Tanger’s strategic direction is overseen by a high-profile board of directors, chaired by Steven B. Tanger, the founder's son. Notable board members include Sonia Syngal, former CEO of Gap Inc., and Sandeep Mathrani, former CEO of WeWork and GGP Inc., providing deep institutional expertise in retail operations and real estate turnaround strategies. This leadership group has successfully pivoted the firm toward a "customer experience" model, integrating AI-driven service and experiential merchandising to drive sustained FFO growth.