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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Commission file number: 1-11986 (Tanger Inc.)
Commission file number: 333-3526-01 (Tanger Properties Limited Partnership)

TANGER INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
North Carolina(Tanger Inc.)56-1815473
North Carolina(Tanger Properties Limited Partnership)56-1822494
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3200 Northline Avenue, Suite 360, Greensboro, NC 27408
(Address of principal executive offices) (Zip Code)
(336) 292-3010
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Tanger Inc.:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares,
$0.01 par value
SKTNew York Stock Exchange
Tanger Properties Limited Partnership:
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Tanger Inc.YesNo
Tanger Properties Limited PartnershipYesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Tanger Inc.YesNo
Tanger Properties Limited PartnershipYesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Tanger Inc.
Large Accelerated FilerAccelerated Filer
Non-accelerated Filer Smaller Reporting Company
Emerging Growth Company
Tanger Properties Limited Partnership
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Tanger Inc.
Tanger Properties Limited Partnership
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements
of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                                                 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Tanger Inc.YesNo
Tanger Properties Limited PartnershipYesNo


As of July 31, 2024, there were 109,353,536 common shares of Tanger Inc. outstanding, $0.01 par value.

EXPLANATORY NOTE
This report combines the unaudited quarterly reports on Form 10-Q for the quarter ended June 30, 2024 of Tanger Inc., a North Carolina corporation, and Tanger Properties Limited Partnership, a North Carolina limited partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the context requires.

The Company is one of the leading owners and operators of outlet and open-air retail centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”), which, through its controlling interest in the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. The shopping centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership. Accordingly, the descriptions of the business, employees and properties of the Company are also descriptions of the business, employees and properties of the Operating Partnership. As the Operating Partnership is the issuer of our registered debt securities, we are required to present a separate set of financial statements for this entity.

The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of June 30, 2024, the Company and its wholly owned subsidiaries owned 109,353,536 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,707,958 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s status as a REIT. Class B common limited partnership units of the Operating Partnership, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.




Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership.

We believe combining the Quarterly Reports on Form 10-Q of the Company and the Operating Partnership into this single Quarterly Report provides the following benefits:

enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

creating time and cost efficiencies through the preparation of one combined Quarterly Report instead of two separate Quarterly Reports.

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this Quarterly Report. We believe it is important, however, to understand these differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company.

As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership, including through its wholly-owned subsidiary, Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company’s income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this Quarterly Report.
The Operating Partnership holds all of the shopping centers and other assets, including the ownership interests in consolidated and unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required through its operations, its incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Non-Company LPs are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this Quarterly Report presents the following separate sections for each of the Company and the Operating Partnership:

Consolidated financial statements;

The following notes to the consolidated financial statements:

Debt of the Company and the Operating Partnership;

Shareholders’ Equity and Partners’ Equity;

Earnings Per Share and Earnings Per Unit;

Accumulated Other Comprehensive Income of the Company and the Operating Partnership; and
2



Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and Exhibit 32 certifications for each of the Company and the Operating Partnership in order to establish that the Principal Executive Officer and the Principal Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

The separate sections in this Quarterly Report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this Quarterly Report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The separate discussions of the Company and the Operating Partnership in this Quarterly Report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.
3


TANGER INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP
Index
 Page Number
Part I. Financial Information
Item 1. 
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited)
 
Consolidated Balance Sheets - as of June 30, 2024 and December 31, 2023
Consolidated Statements of Operations - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Cash Flows - for the six months ended June 30, 2024 and 2023
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of June 30, 2024 and December 31, 2023
Consolidated Statements of Operations - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Equity - for the three and six months ended June 30, 2024 and 2023
Consolidated Statements of Cash Flows - for the six months ended June 30, 2024 and 2023
Notes to Consolidated Financial Statements of Tanger Inc. and Tanger Properties Limited Partnership
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures (Tanger Inc. and Tanger Properties Limited Partnership)
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
Item 3. Defaults upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures
4


PART I. - FINANCIAL INFORMATION

Item 1 - Financial Statements of Tanger Inc.

TANGER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data, unaudited)
June 30, 2024December 31, 2023
Assets  
Rental property:  
Land$303,605 $303,605 
Buildings, improvements and fixtures2,982,741 2,938,434 
Construction in progress17,059 29,201 
 3,303,405 3,271,240 
Accumulated depreciation(1,376,022)(1,318,264)
Total rental property, net1,927,383 1,952,976 
Cash and cash equivalents9,060 12,778 
Short-term investments2,206 9,187 
Investments in unconsolidated joint ventures72,079 71,900 
Deferred lease costs and other intangibles, net81,864 91,269 
Operating lease right-of-use assets76,759 77,400 
Prepaids and other assets124,205 108,609 
Total assets$2,293,556 $2,324,119 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,040,772 $1,039,840 
Unsecured term loan, net322,752 322,322 
Mortgages payable, net61,487 64,041 
Unsecured lines of credit35,000 13,000 
Total debt1,460,011 1,439,203 
Accounts payable and accrued expenses85,991 118,505 
Operating lease liabilities85,423 86,076 
Other liabilities84,551 89,022 
Total liabilities1,715,976 1,732,806 
Commitments and contingencies
Equity  
Tanger Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 109,353,536 and 108,793,251 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
1,094 1,088 
Paid in capital1,075,902 1,079,387 
Accumulated distributions in excess of net income (502,589)(490,171)
Accumulated other comprehensive loss(20,667)(23,519)
Equity attributable to Tanger Inc.553,740 566,785 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership23,840 24,528 
Noncontrolling interests in other consolidated partnerships  
Total equity577,580 591,313 
Total liabilities and equity$2,293,556 $2,324,119 
The accompanying notes are an integral part of these consolidated financial statements.
5


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data, unaudited)
Three months ended June 30,
Six months ended June 30,
 2024202320242023
Revenues:
Rental revenues$122,319 $104,588 $240,128 $208,170 
Management, leasing and other services2,332 2,122 4,610 4,036 
Other revenues4,305 3,931 7,589 7,378 
Total revenues128,956 110,641 252,327 219,584 
Expenses:
Property operating37,549 33,712 73,014 66,860 
General and administrative18,813 18,304 38,303 35,738 
Depreciation and amortization34,174 25,389 68,034 51,282 
Total expenses90,536 77,405 179,351 153,880 
Other income (expense):
Interest expense(15,700)(11,966)(30,053)(24,309)
Other income (expense)220 2,324 807 5,124 
Total other income (expense)(15,480)(9,642)(29,246)(19,185)
Income before equity in earnings of unconsolidated joint ventures
22,940 23,594 43,730 46,519 
Equity in earnings of unconsolidated joint ventures2,975 1,706 5,491 3,641 
Net income25,915 25,300 49,221 50,160 
Noncontrolling interests in Operating Partnership(1,075)(1,098)(2,048)(2,169)
Noncontrolling interests in other consolidated partnerships  80 (248)
Net income attributable to Tanger Inc.$24,840 $24,202 $47,253 $47,743 
Basic earnings per common share:
Net income $0.23 $0.23 $0.43 $0.45 
Diluted earnings per common share:
Net income $0.22 $0.23 $0.43 $0.45 
The accompanying notes are an integral part of these consolidated financial statements.
6


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three months ended June 30,Six months ended June 30,
 2024202320242023
Net income $25,915 $25,300 $49,221 $50,160 
Other comprehensive income (loss):
Foreign currency translation adjustments(40)1,227 (914)1,389 
Change in fair value of cash flow hedges680 (373)3,889 (3,799)
Other comprehensive income (loss)640 854 2,975 (2,410)
Comprehensive income 26,555 26,154 52,196 47,750 
Comprehensive income attributable to noncontrolling interests(1,102)(1,135)(2,171)(2,064)
Comprehensive income attributable to Tanger Inc.$25,453 $25,019 $50,025 $45,686 
The accompanying notes are an integral part of these consolidated financial statements.

7


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data, unaudited)

Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
March 31, 2023
$1,053 $984,254 $(486,639)$(14,159)$484,509 $21,797 $ $506,306 
Net income— — 24,202 — 24,202 1,098  25,300 
Other comprehensive income— — — 817 817 37 — 854 
Compensation under Incentive Award Plan— 3,452 — — 3,452 — — 3,452 
Issuance of 4,600 common shares upon exercise of options
— 28 — — 28 — — 28 
Forfeiture of 73,440 restricted common share awards
(1)— — (1)— — (1)
Withholding of 61,632 common shares for employee income taxes
 (1,194)— — (1,194)— — (1,194)
Adjustment for noncontrolling interests in Operating Partnership— (68)— — (68)68 —  
Common dividends ($0.245 per share)
— — (25,836)— (25,836) — (25,836)
Distributions to noncontrolling interests— — — — — (1,166) (1,166)
Balance,
June 30, 2023
$1,052 $986,472 $(488,273)$(13,342)$485,909 $21,834 $ $507,743 
Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
December 31, 2022
$1,045 $987,192 $(485,557)$(11,037)$491,643 $22,291 $ $513,934 
Net income— — 47,743 — 47,743 2,169 248 50,160 
Other comprehensive loss— — — (2,305)(2,305)(105)— (2,410)
Compensation under Incentive Award Plan— 5,775 — — 5,775 — — 5,775 
Issuance of 7,200 common shares upon exercise of options
— 43 — — 43 — — 43 
Grant of 1,042,932 restricted common share awards, net of forfeitures
10 (11)— — (1)— — (1)
Withholding of 362,271 common shares for employee income taxes
(3)(6,840)— — (6,843)— — (6,843)
Adjustment for noncontrolling interests in Operating Partnership— 313 — — 313 (313)—  
Common dividends ($0.4650 per share)
— — (50,459)— (50,459) — (50,459)
Distributions to noncontrolling interests— — — — — (2,208)(248)(2,456)
Balance,
June 30, 2023
$1,052 $986,472 $(488,273)$(13,342)$485,909 $21,834 $ $507,743 


The accompanying notes are an integral part of these consolidated financial statements.












8


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data, unaudited)
Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive incomeEquity attributable to Tanger Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
March 31, 2024
$1,094 $1,073,313 $(497,330)$(21,280)$555,797 $23,926 $— $579,723 
Net income— — 24,840 — 24,840 1,075 — 25,915 
Other comprehensive income— — — 613 613 27 — 640 
Compensation under Incentive Award Plan— 2,687 — — 2,687 — — 2,687 
Issuance of 900 common shares upon exercise of options
— 95 — — 95 — — 95 
Forfeiture of 13,816 restricted common share awards
— — — — — — — — 
Contributions from noncontrolling interests — — — — — — — — 
Adjustment for noncontrolling interests in other consolidated partnerships— (193)— — (193)193 —  
Common dividends
($0.275 per share)
— — (30,099)— (30,099)— — (30,099)
Distributions to noncontrolling interests— — — — — (1,381)— (1,381)
Balance,
June 30, 2024
$1,094 $1,075,902 $(502,589)$(20,667)$553,740 $23,840 $— $577,580 



9


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data, unaudited)
Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive incomeEquity attributable to Tanger Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
December 31, 2023
$1,088 $1,079,387 $(490,171)$(23,519)$566,785 $24,528 $— $591,313 
Net income— — 47,253 — 47,253 2,048 (80)49,221 
Other comprehensive income— — — 2,852 2,852 123 — 2,975 
Compensation under Incentive Award Plan— 6,258 — — 6,258 — — 6,258 
Issuance of 25,000 common shares upon exercise of options
— 533 — — 533 — — 533 
Grant of 774,715 restricted common share awards, net of forfeitures

8 (8)— — — — — — 
Issuance of 136,469 deferred shares
1 (1)— — — — —  
Withholding of 375,899 common shares for employee income taxes
(3)(10,521)— — (10,524)— — (10,524)
Contributions from noncontrolling interests — — — — — — 80 80 
Adjustment for noncontrolling interests in other consolidated partnerships— 254 — — 254 (254)—  
Common dividends
($0.535 per share)
— — (59,671)— (59,671)— — (59,671)
Distributions to noncontrolling interests— — — — — (2,605)— (2,605)
Balance,
June 30, 2024
$1,094 $1,075,902 $(502,589)$(20,667)$553,740 $23,840 $— $577,580 
The accompanying notes are an integral part of these consolidated financial statements.



10


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Six months ended June 30,
 20242023
OPERATING ACTIVITIES  
Net income$49,221 $50,160 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization68,034 51,282 
Amortization of deferred financing costs1,695 1,599 
Equity in earnings of unconsolidated joint ventures(5,491)(3,641)
Equity-based compensation expense6,105 5,652 
Amortization of debt discounts, net357 294 
Amortization (accretion) of market rent rate adjustments, net228 289 
Straight-line rent adjustments12 1,001 
Distributions of cumulative earnings from unconsolidated joint ventures3,577 3,721 
Changes in other assets and liabilities:
Other assets2,945 6,931 
Accounts payable and accrued expenses(22,822)(18,369)
Net cash provided by operating activities103,861 98,919 
INVESTING ACTIVITIES
Additions to rental property(49,091)(71,830)
Additions to investments in unconsolidated joint ventures (2,633)
Proceeds from short-term investments6,981 37,080 
Additions to non-real estate assets(5,738)(2,135)
Distributions in excess of cumulative earnings from unconsolidated joint ventures1,617 4,080 
Additions to deferred lease costs(1,191)(1,384)
Payments for other investing activities(2,774)(2,036)
Proceeds from other investing activities2,557 3,821 
Net cash used in investing activities(47,639)(35,037)
FINANCING ACTIVITIES
Cash dividends paid(59,671)(50,459)
Distributions to noncontrolling interests in Operating Partnership(2,605)(2,208)
Proceeds from revolving credit facility219,000  
Repayments of revolving credit facility(197,000) 
Repayments of notes, mortgages and loans(2,519)(2,343)
Employee income taxes paid related to shares withheld upon vesting of equity awards(10,524)(6,843)
Additions to deferred financing costs(6,876) 
Proceeds from exercise of options533 43 
Payment for other financing activities(574)(590)
Contributions from noncontrolling interests in other consolidated partnerships
80  
Distributions to noncontrolling interests in other consolidated partnerships (248)
Net cash used in financing activities(60,156)(62,648)
Effect of foreign currency rate changes on cash and cash equivalents216 (356)
Net increase (decrease) in cash and cash equivalents(3,718)878 
Cash and cash equivalents, beginning of period12,778 212,124 
Cash and cash equivalents, end of period$9,060 $213,002 
The accompanying notes are an integral part of these consolidated financial statements.
11


Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data, unaudited)
June 30, 2024December 31, 2023
Assets  
Rental property:  
Land$303,605 $303,605 
Buildings, improvements and fixtures2,982,741 2,938,434 
Construction in progress17,059 29,201 
3,303,405 3,271,240 
Accumulated depreciation(1,376,022)(1,318,264)
Total rental property, net1,927,383 1,952,976 
Cash and cash equivalents9,010 12,572 
Short-term investments2,206 9,187 
Investments in unconsolidated joint ventures72,079 71,900 
Deferred lease costs and other intangibles, net81,864 91,269 
Operating lease right-of-use assets76,759 77,400 
Prepaids and other assets124,134 108,157 
Total assets$2,293,435 $2,323,461 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,040,772 $1,039,840 
Unsecured term loan, net322,752 322,322 
Mortgages payable, net61,487 64,041 
Unsecured lines of credit35,000 13,000 
Total debt1,460,011 1,439,203 
Accounts payable and accrued expenses85,870 117,847 
Operating lease liabilities85,423 86,076 
Other liabilities84,551 89,022 
Total liabilities1,715,855 1,732,148 
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,150,000 units outstanding at June 30, 2024 and 1,150,000 units outstanding at December 31, 2023, respectively
5,656 5,776 
Limited partners, 4,707,958 and 4,707,958 Class A common units, and 108,203,536 and 107,643,251 Class B common units outstanding at June 30, 2024 and December 31, 2023, respectively
593,742 610,330 
Accumulated other comprehensive loss(21,818)(24,793)
Total partners’ equity577,580 591,313 
Noncontrolling interests in consolidated partnerships  
Total equity577,580 591,313 
Total liabilities and equity$2,293,435 $2,323,461 
The accompanying notes are an integral part of these consolidated financial statements.
12


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data, unaudited)
Three months ended June 30,Six months ended June 30,
 2024202320242023
Revenues:
Rental revenues$122,319 $104,588 $240,128 $208,170 
Management, leasing and other services2,332 2,122 4,610 4,036 
Other revenues4,305 3,931 7,589 7,378 
Total revenues128,956 110,641 252,327 219,584 
Expenses:
Property operating37,549 33,712 73,014 66,860 
General and administrative18,813 18,304 38,303 35,738 
Depreciation and amortization34,174 25,389 68,034 51,282 
Total expenses90,536 77,405 179,351 153,880 
Other income (expense):
Interest expense(15,700)(11,966)(30,053)(24,309)
Other income (expense) 220 2,324 807 5,124 
Total other income (expense)(15,480)(9,642)(29,246)(19,185)
Income before equity in earnings of unconsolidated joint ventures22,940 23,594 43,730 46,519 
Equity in earnings of unconsolidated joint ventures2,975 1,706 5,491 3,641 
Net income 25,915 25,300 49,221 50,160 
Noncontrolling interests in consolidated partnerships  80 (248)
Net income available to partners25,915 25,300 49,301 49,912 
Net income available to limited partners25,656 25,047 48,806 49,413 
Net income available to general partner$259 $253 $495 $499 
Basic earnings per common unit:
Net income $0.23 $0.23 $0.43 $0.45 
Diluted earnings per common unit:
Net income $0.22 $0.23 $0.43 $0.45 
The accompanying notes are an integral part of these consolidated financial statements.
13


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three months ended June 30,Six months ended June 30,
 2024202320242023
Net income $25,915 $25,300 $49,221 $50,160 
Other comprehensive income (loss):
Foreign currency translation adjustments(40)1,227 (914)1,389 
Changes in fair value of cash flow hedges680 (373)3,889 (3,799)
Other comprehensive income (loss)640 854 2,975 (2,410)
Comprehensive income 26,555 26,154 52,196 47,750 
Comprehensive income attributable to noncontrolling interests in consolidated partnerships  80 (248)
Comprehensive income attributable to the Operating Partnership$26,555 $26,154 $52,276 $47,502 
The accompanying notes are an integral part of these consolidated financial statements.

14



TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except unit and per unit data, unaudited)


General partnerLimited partnersAccumulated other comprehensive lossTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, March 31, 2023$4,520 $516,800 $(15,014)$506,306 $ $506,306 
Net income253 25,047 — 25,300  25,300 
Other comprehensive income— — 854 854 — 854 
Compensation under Incentive Award Plan— 3,452 — 3,452 — 3,452 
Issuance of 4,600 common units upon exercise of options
— 28 — 28 — 28 
Forfeiture of 73,440 common units
— — — — —  
Withholding of 61,632 common units for employee income taxes
— (1,194)— (1,194)— (1,194)
Common distributions ($0.245 per unit)
(270)(26,733)— (27,003) (27,003)
Balance, June 30, 2023$4,503 $517,400 $(14,160)$507,743 $ $507,743 
General partnerLimited partnersAccumulated other comprehensive lossTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, December 31, 2022$4,516 $521,168 $(11,750)$513,934 $ $513,934 
Net income499 49,413 — 49,912 248 50,160 
Other comprehensive loss— — (2,410)(2,410)— (2,410)
Compensation under Incentive Award Plan— 5,775 — 5,775 — 5,775 
Issuance of 7,200 common units upon exercise of options
— 43 — 43 — 43 
Grant of 1,042,932 restricted common share awards by the Company, net of forfeitures
— — — — —  
Withholding of 362,271 common units for employee income taxes
— (6,843)— (6,843)— (6,843)
Common distributions ($0.4650 per unit)
(512)(52,156)— (52,668)(248)(52,916)
Balance, June 30, 2023$4,503 $517,400 $(14,160)$507,743 $ $507,743 
15




General partnerLimited partnersAccumulated other comprehensive incomeTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, March 31, 2024$5,713 $