Tanger Inc. reported a significant increase in financial performance for the third quarter of 2025, with total revenues reaching $145.2 million, up from $133.0 million in the same period last year. This growth was driven primarily by a rise in rental revenue, which increased to $137.2 million from $125.2 million year-over-year. The company also saw net income rise to $33.3 million, compared to $25.9 million in the prior year, reflecting a 29% increase. Basic earnings per share for the quarter were $0.28, up from $0.23 in the previous year.
In terms of operational metrics, Tanger Inc. maintained a strong occupancy rate of 97.4% across its portfolio, which includes 31 consolidated outlet centers and three open-air lifestyle centers, totaling approximately 14 million square feet. The company also reported an increase in its total assets, which rose to $2.64 billion from $2.38 billion at the end of 2024. This growth was attributed to strategic acquisitions, including the purchase of the Pinecrest center in Cleveland, Ohio, for $167 million and the Legends Outlets in Kansas City, Kansas, for $130 million, both of which contributed to the overall revenue increase.
The company’s total debt increased to $1.61 billion from $1.42 billion, primarily due to the financing of recent acquisitions. Interest expense also rose to $16.4 million from $15.5 million, reflecting the higher debt levels. Despite these increases, Tanger Inc. reported a strong cash position, with cash and cash equivalents totaling $50.2 million at the end of the quarter, compared to $11.1 million a year earlier. The company’s liquidity remains robust, supported by its access to $620 million in unsecured lines of credit.
Looking ahead, Tanger Inc. expressed optimism about its growth trajectory, citing a strong tenant mix and favorable leasing conditions. The company plans to continue its strategy of acquiring and developing retail properties while managing its debt levels prudently. The management highlighted that approximately 20% of its leases are set to expire in 2025, with 72.7% of the space already renewed or in process, indicating a proactive approach to maintaining occupancy and rental income. The company remains focused on navigating the current economic landscape, including inflationary pressures and rising interest rates, while leveraging its diverse portfolio to mitigate risks.
About TANGER INC.
Tanger Inc. is a leading owner and operator of outlet and open-air retail centers in the U.S. and Canada. As a self-managed REIT, it develops, acquires, owns, and manages shopping centers, primarily under the Tanger brand. Its portfolio features diverse tenants, including branded stores and entertainment venues, serving a broad consumer base in vibrant markets. The company emphasizes long-term growth, strategic acquisitions, and maintaining strong retail partnerships.
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