3Q 2026 Presentation

NOVEMBER 4, 2026

Table of Contents

Tanger Outlets Asheville 3Q 2026 | 3

Refer to presentation notes beginning on page 52.

Our Mission

We create shopping destinations that entertain, inspire, and bring our communities together

Our Vision

To lead the evolution of shopping

3Q 2026 | 4

Outlet Center Lifestyle Center Strategic Partnership

Corporate Headquarters

42

~17M

3K+

800+

• High-quality, open-air Outlet and Lifestyle portfolio attractive to retailers, brands, and shoppers

• Focused in high-growth suburban markets and high-frequency tourist destinations

• Strong tenant demand and limited new retail supply drives performance of existing portfolio

• Portfolio well positioned in the path of population growth and migration trends

• Emphasis on market-dominant and unique-to-market centers, with multiple traffic drivers

• Led by local teams in each market, backed by national platform

• Attractive merchandising mix curated to drive traffic, sales and dwell time

EXPERIENCE OUR CENTERS

*Includes 35 consolidated centers, six unconsolidated joint venture properties, and one managed property through a strategic partnership 3Q 2026 | 5

Well positioned in the path of population migration trends, with in-demand retailers and high-quality food, beverage, and entertainment

Active asset management by both the corporate and local field teams to maximize center value

Provide us with unique insights to anticipate shopper trends and expectations

Over the last five years, a refreshed management team is growing Tanger and harnessing opportunities through its differentiated and best-in-class leasing, marketing, and operating platform

Driving rents, maximizing occupancy, diversifying brand assortment, growing other revenues, activating peripheral land, and operating efficiently

Investment grade, well-laddered, and low-leveraged balance sheet with additional liquidity from untapped credit capacity, undrawn forward equity, and free cash flow after dividends

Pinecrest | Cleveland, OH 3Q 2026 | 6

Deliver strong NOI growth through active leasing, operating, and marketing initiatives

Enhance and create value from existing real estate asset base

Expand portfolio through selective and disciplined acquisition and development

A Conservative and Flexible Balance Sheet

supporting our growth

Target Net Debt/EBITDA range of ~5-6x

Optimize cost of capital - equity and debt

Increase sources of capital to fund growth

3Q 2026 | 7

3.5%-4.25%

2026 Same Center NOI Growth (Guidance)

$487

Sales Per Square Foot (3Q26 TTM)

+11.0%

Rent Spreads (3Q26 TTM)

Leases Executed (3Q26 TTM)

Vs. -0.7% (FY19)

Vs. $398 (4Q19 TTM)

Vs. -11.6% (4Q19 TTM)

Vs. 1.5M (4Q19 TTM)

8.6%

Core FFO Per Share

1. Year Avg. Growth (1)

2. 6x

Net Debt / Adj. EBITDAre (3Q26 TTM)

Market Cap (3Q26)

Enterprise Value (3Q26)

Vs. -0.7% (3YE 2019)

Vs. 5.7x (4Q19 TTM)

Vs. $1.4B (4Q19)

Vs. $3.2B (4Q19)

Refer to presentation notes beginning on page 52.

3Q 2026 | 8

8

Additions

Invested

Outlet

Sold (10 dispositions since 2019)

Tanger Palm Beach | Palm Beach, FL

Lifestyle

Strategic Partnership - July 2022

Tanger Nashville | Nashville, TN

New Development - October 2023

Tanger Asheville | Asheville, NC

Acquired - November 2023

Tanger Kansas City | Kansas City, KS

Acquired - September 2025

Bridge Street Town Centre Huntsville, AL

Acquired - November 2023

The Promenade at Chenal Little Rock, AR

Acquired - December 2024

Pinecrest Cleveland, OH Acquired - February 2025

Levis Commons Town Center Toledo, OH

Acquired - May 2026

3Q 2026 | 9

32%

Non-apparel/footwear

GLA, up from 19% in 2019

Exciting new

entertainment and service options

Elevating and

expanding food & beverage choices

Incorporating top

beauty and wellness brands

Enhanced mix of

in-demand brands

Stronger sense of place with experiential amenities and brand mix

A curated mix of national, regional, and local favorites

Growing & New

Brand Additions

3Q 2026 | 10

Empowering retailer partners with a digital-first shopper engagement platform

Modernizing our loyalty program to reach wider and younger audiences

Utilizing AI to drive efficiencies

Connecting with the growing youth sports industry to drive sales and traffic

3Q 2026 | 11

• Strong NOI growth potential

• Prudent balance sheet management with a low-leveraged, investment grade, and flexible balance sheet

• Disciplined and targeted approach to external growth

• Attractive dividend yield and above average retained cash flow given low dividend payout ratio

• Data-driven and analytical approach

• Broad investment community exposure to Tanger assets, team, and long-term growth potential

Pictured: Tanger Outlets Nashville 3Q 2026 | 12

Strategic Use of Secured Financing (1)

18%

$1.8

BILLION NET DEBT

30%

$5.9

BILLION TOTAL ENTERPRISE VALUE

70%

$4.1

BILLION EQUITY

82%

Unsecured financing Secured financing

Limited Floating Rate Exposure (1)

7% $127M

Capital Structure (1)

(% of Total Enterprise Value)

Line Availability

Net debt /

Adj. EBITDAre (2)

FAD Payout Ratio (3)

Credit Rating

(or equivalent)

93%

Fixed rate debt Variable rate debt

As of September 30, 2026. Refer to reconciliations of Net debt, Adjusted EBITDAre, and Funds Available for Distribution (FAD) beginning on page 46. Refer to presentation notes beginning on page 52.

3Q 2026 | 13

Debt

4.1%

3.8

$1.8B Pro Rata

Effective Interest Rate (1)

Years to Maturity (2)

Cash and Restricted Cash (i)

$2

$650

$0

Cash (i) 2026 2027 2028 2029 2030 2031 2032 2033

$36

$47

$52

$200

$415

$486

Lines of Credit (ii) Mortgage Debt (at pro rata share) Unsecured Term Loans Exchangeable Notes Unsecured Bonds

Cash

Refer to presentation notes beginning on page 52.

(i) Includes cash of $20M and restricted cash of $32M

(ii) $620M in commitments maturing in 2029; $2M outstanding at 9/30/2026.

3Q 2026 | 14

Solid Debt Position

As of September 30, 2026

In millions, unless otherwise noted

Total Liquidity

Line of credit availability

Cash and Short-term investments

Proceeds available from settlement of forward sale agreements

($ M)

$618

$20

$24

$662M

Guidance for 2026

Net income per diluted share $1.08 $1.12 Depreciation and amortization of real estate assets -

$ PER SHARE

consolidated and the Company's share of unconsolidated joint ventures

$1.41 $1.41

$3.00

$2.00

$1.00

Core FFO per diluted share (3) $2.49 $2.53

Guidance Assumptions for 2026 (4)

($ in millions)

Same Center NOI growth - total portfolio at pro rata share 3.50% 4.25% General and administrative expense $80.5 $83.5

Interest expense, net of interest income - consolidated $70.5 $71.7

Annual recurring capital expenditures, renovations, and

$2.33

$2.13

$2.53

$2.49

$1.87

$1.70

$1.12

$0.88

$0.99

$1.08

$0.71

$0.82

FY24(1)

FY25 (2)

FY26

Guidance

3Q25 YTD(2) 3Q26 YTD

second generation tenant allowances and other leasing costs

$-

$70.0 $75.0

Net Income Core FFO

Guidance as of November 4, 2026. Charts are based on net income and Core FFO available to common shareholders; refer to reconciliations of net income to FFO and Core FFO beginning on page 46. Refer to presentation notes beginning on page 52.

3Q 2026 | 15

‌Activating Growth

Clockwise from top left: Tanger Outlets Daytona Beach; Pinecrest | Cleveland, OH; Tanger Outlets Fort Worth; Tanger Outlets Pittsburgh; Tanger Outlets Asheville 3Q 2026 | 16

Localized teams

Working together to drive:

Growth

Efficiency

Exceptional shopping experiences

Leasing

Marketing

Operations

Development

Asset Management and Investments

3Q 2026 | 17

A Fully Integrated Platform

Fueling the performance of our open-air outlet and lifestyle centers

Refer to presentation notes beginning on page 52.

Tanger Outlets Phoenix 3Q 2026 | 18

• Driving rents with higher rent spreads, shifting variable rent to fixed, and converting temp space to permanent deals

• Enhancing portfolio with an elevated and diversified retailer mix

• Introducing non-retail uses including food, entertainment, and experiential, along with digitally native concepts

• Focusing on opportunities to attract new visitors, increase visit frequency, and extend dwell time

Pictured: Tanger Outlets Sevierville 3Q 2026 | 19

Strong, Dynamic, and Diverse Tenant Mix

Top 10 Tenant Brands

71.2%

5.1%

4.3%

3.2%

3.2%

2.9%

2.2%

2.2%

2.0%

1.9%

1.8%

Chart is in terms of annualized base rent (ABR) as of September 30, 2026; includes all retail concepts of each tenant group in alphabetical order; includes unconsolidated joint ventures at pro rata share

3Q 2026 | 20

Corporate Parent

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