Tanger Outlets(SKT) - 2025 Q3 - Earnings Call Presentation

Company Overview and Strategy - Tanger has a diversified portfolio of 41 retail centers, including outlet and lifestyle centers, encompassing over 16 million square feet and over 3,000 stores[9,13,14] - The company's enterprise value is $5.8 billion and market capitalization is $4.1 billion[9] - Tanger's strategic advantages include open-air portfolio in sought-after destinations and experienced leadership team and best-in-class platform[16,17] Financial Performance and Growth - The company's 2025 Same Center NOI Growth guidance is 3.5%-4.25%[20] - Tanger's Net Debt / Adj EBITDAre is 5.0x[9] - The company has invested $780 million in portfolio additions since 2019[21] Capital Structure and Debt - The company's capital structure includes 70% equity and 30% net debt, with a total enterprise value of $5.8 billion[34] - Tanger has $560 million in line availability[34] - The company's FAD payout ratio is 58%[34] Leasing and Operations - Tanger's portfolio occupancy is 97.4%[48] - The company has executed 2.9 million square feet in leases in the last 12 months[20] - Blended cash rent spreads for executed comparable leases is +10.6%[20]