Tanger Inc. reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $150.4 million, up from $135.4 million in the same period last year, marking an increase of approximately 11.1%. The company's net income also rose to $29.4 million, compared to $20.0 million in the prior year, resulting in basic earnings per share of $0.25, up from $0.17. This growth was primarily driven by higher rental revenues, which increased by 11% to $143.5 million, attributed to a strengthened tenant mix and improved rental rates.
In terms of operational metrics, Tanger Inc. maintained a strong occupancy rate of 96.9% across its portfolio of 31 consolidated outlet centers and three open-air lifestyle centers, which collectively encompass approximately 14 million square feet. The company also reported an increase in property operating expenses, which rose to $46.7 million from $41.8 million, reflecting higher costs associated with property management and maintenance. Additionally, general and administrative expenses increased to $20.1 million, up from $19.0 million, largely due to higher employee compensation and healthcare costs.
Strategically, Tanger Inc. has made notable advancements, including the issuance of $250 million in senior unsecured exchangeable notes in January 2026, which will mature in 2031. This financing is expected to enhance liquidity and support ongoing operations. The company also repurchased 589,622 common shares for approximately $20 million during the quarter, reflecting its commitment to returning value to shareholders. Furthermore, Tanger Inc. has entered into an at-the-market offering program, allowing it to raise up to $400 million in equity, which will be used for general corporate purposes and potential acquisitions.
Looking ahead, Tanger Inc. remains optimistic about its growth trajectory, despite potential challenges posed by macroeconomic factors such as inflation and rising interest rates. The company is focused on maintaining its strong occupancy levels and enhancing its tenant mix to mitigate risks associated with retail market fluctuations. As of March 31, 2026, Tanger Inc. had approximately $243.2 million in cash and cash equivalents, providing a solid foundation for its operational and capital needs in the near term. The company anticipates continued demand for its retail spaces, supported by a diverse portfolio of well-known national brands.
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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