Tanger Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with net income rising to $119.5 million, up from $102.8 million in 2024. This growth was primarily driven by a $53.4 million increase in rental revenues, which totaled $550.9 million, attributed to a strengthened tenant mix and higher rental rates. The company also noted an increase in property operating expenses, which rose to $176.5 million, reflecting higher costs associated with its expanded portfolio, including new acquisitions in Cleveland and Kansas City.
In terms of strategic developments, Tanger Inc. made notable acquisitions during the year, including the purchase of a 640,000-square-foot mixed-use center in Cleveland for $167 million and a 690,000-square-foot outlet center in Kansas City for $130 million. These acquisitions were part of the company's ongoing strategy to enhance its portfolio and expand its footprint in high-growth markets. The company also disposed of its Howell, Michigan center for $17 million, which resulted in a $4.2 million impairment charge.
Operationally, Tanger Inc. maintained a high occupancy rate of 98% across its 34 consolidated centers, which collectively encompass approximately 14 million square feet. The company reported that its tenant base includes over 2,600 stores from more than 700 brands, with no single tenant accounting for more than 7% of its rental revenues. The average annual base rent per square foot increased to $27.77, reflecting the company's ability to negotiate favorable lease terms amid a competitive retail environment.
Looking ahead, Tanger Inc. expressed optimism about its growth prospects, emphasizing its focus on increasing net operating income through strategic leasing and property management initiatives. The company plans to continue its disciplined approach to acquisitions and developments while managing its capital structure to ensure liquidity. As of December 31, 2025, Tanger Inc. had approximately $400 million available under its at-the-market share offering program, which it may utilize for future growth opportunities. The company also reported a strong balance sheet, with total assets of $2.66 billion and a debt-to-asset ratio of 60%, indicating a solid financial foundation for continued expansion.
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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