{"url_path":"/sec/cik-0001004036/10-k/2026/item-2","section_key":"item-2","section_title":"Item 2 PROPERTIES","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-26","source_url":"https://www.sec.gov/Archives/edgar/data/1004036/0001628280-26-012252-index.html","accession_number":"0001628280-26-012252","cik":"0001004036","ticker":null,"issuer_name":"TANGER PROPERTIES LTD PARTNERSHIP /NC/","edgar_url":"https://www.sec.gov/Archives/edgar/data/1004036/0001628280-26-012252-index.html","primary_entity_key":"0001004036","primary_entity_name":"TANGER PROPERTIES LTD PARTNERSHIP /NC/"},"word_count":2316,"has_tables":true,"body_markdown":"ITEM 2.PROPERTIES\n\nAs of December 31, 2025, our consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, totaling 14.0 million square feet located in 21 states. We own interests in six other outlet centers totaling approximately 2.1 million square feet through unconsolidated joint ventures, including two outlet centers located in Canada. Our portfolio also includes one managed center totaling approximately 457,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. Our consolidated centers range in size from 182,735 to 737,473 square feet. The centers are generally located near tourist destinations or along major interstate highways to provide visibility and accessibility to potential customers.\n\nIn February 2025, we acquired a 640,000-square-foot open-air, grocery-anchored mixed-use center in Cleveland, Ohio for $167.0 million using cash on hand and available liquidity. The center is Northeast Ohio's premier retail and entertainment destination and has become the go-to choice for retailers seeking market entry. The stores at the center are complemented by an expansive menu of entertainment and dining options.\n\nIn September 2025, we acquired a 690,000-square-foot open-air outlet center in Kansas City, Kansas for $130.0 million, including the assumption of a $115.0 million, 7.57% interest-only mortgage, with an effective rate of 6.0% that matures in November 2027. The center is Kansas' only outlet center and serves as the retail anchor of Village West, the state's top tourist destination.\n\nWe believe that our centers are well diversified geographically and by tenant and that we are not dependent upon any single property or tenant. No property comprises more than 10% or more of our consolidated total assets or revenues as of December 31, 2025.\n\nWe have an ongoing strategy of acquiring centers, developing new centers and expanding existing centers. See “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for a discussion of the cost of such programs and the sources of financing thereof.\n\nAs of December 31, 2025, of the 34 centers in our consolidated portfolio, we own the land underlying 28 and have ground leases on all or a portion of six centers. The following table sets forth information about such land leases:\n\nProperty Name\n\nLocation\nAcresExpirationExpiration including renewal terms at our option\n\nTanger Outlets Myrtle Beach Hwy 17\n\nMyrtle Beach, SC\n40.020272096\n\nTanger Outlets Atlantic City\nAtlantic City, NJ21.321002101\n\nTanger Outlets Sevierville\nSevierville, TN43.620862086\n\nTanger Outlets Riverhead\nRiverhead, NY47.020292039\n\nTanger Outlets at Foxwoods\n\nMashantucket, CT\n8.120392089\n\nTanger Outlets Rehoboth Beach\nRehoboth Beach, DE2.72044\n2064\n\nGenerally, our leases with our center tenants typically have an initial term that ranges from 5 to 10 years and provide for the payment of fixed monthly rent in advance. There are often contractual base rent increases during the initial term of the lease. In addition, the rental payments are customarily subject to upward adjustments based upon tenant sales volume. A component of most leases includes a pro-rata share or escalating fixed contributions by the tenant for property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in operating expenses resulting from inflation.\n\n39\n\nThe following table summarizes certain information with respect to our consolidated centers as of December 31, 2025:\n\nStateNumber of\nCentersSquare\nFeet%\nof Square Feet\n\nSouth Carolina5 1,606,491 12\n\nNew York2 1,466,850 10\n\nAlabama2 1,205,752 9\n\nGeorgia3 1,179,697 8\n\nPennsylvania3 1,000,976 7\n\nTexas2 823,717 6\n\nTennessee2 740,746 5\n\nNorth Carolina2 696,194 5\n\nKansas1 688,584 5\n\nOhio1 638,396 5\n\nDelaware1 547,937 4\n\nNew Jersey1 484,748 3\n\nArizona1 410,753 3\n\nMichigan1 357,133 3\n\nFlorida1 351,691 3\n\nMissouri1 329,861 2\n\nMississippi1 325,831 2\n\nLouisiana1 322,063 2\n\nConnecticut1 311,229 2\n\nArkansas1 269,642 2\n\nNew Hampshire1 250,558 2\n\nTotal 34 14,008,849 100\n\n40\n\nThe following table summarizes certain information with respect to our consolidated centers in which we have an ownership interest as of December 31, 2025. Except as noted, all properties are fully owned:\n\nConsolidated Centers\n\nProperty NameLocationLegal Ownership %\nSquare Feet (1)\n\n% Occupied (1)\n\nTanger Outlets Deer ParkDeer Park, NY100 737,473 100.0 \n\nTanger Outlets Riverhead\nRiverhead, NY (2)\n100 729,377 98.4 \n\nTanger Outlets Kansas City at Legends\nKansas City, KS (3)\n100 688,584 96.2 \n\nBridge Street Town Centre, a Tanger PropertyHuntsville, AL100 651,016 92.9 \n\nPinecrest, a Tanger PropertyCleveland, OH100 638,396 98.2 \n\nTanger Outlets FoleyFoley, AL100 554,736 94.0 \n\nTanger Outlets Rehoboth Beach\nRehoboth Beach, DE (2)\n100 547,937 100.0 \n\nTanger Outlets SavannahSavannah, GA100 487,207 100.0 \n\nTanger Outlets Atlantic City\nAtlantic City, NJ (2) (3)\n100 484,748 80.7 \n\nTanger Outlets San MarcosSan Marcos, TX100 471,816 99.3 \n\nTanger Outlets Sevierville\nSevierville, TN(2)\n100 450,079 100.0 \n\nTanger Outlets Myrtle Beach Hwy 501Myrtle Beach, SC100 426,523 99.0 \n\nTanger Outlets PhoenixGlendale, AZ100 410,753 100.0 \n\nTanger Outlets Myrtle Beach Hwy 17\nMyrtle Beach, SC (2)\n100 404,341 100.0 \n\nTanger Outlets CharlestonCharleston, SC100 386,328 100.0 \n\nTanger Outlets LancasterLancaster, PA100 377,417 100.0 \n\nTanger Outlets AshevilleAsheville, NC100 376,432 97.4 \n\nTanger Outlets PittsburghPittsburgh, PA100 373,863 100.0 \n\nTanger Outlets CommerceCommerce, GA100 371,408 100.0 \n\nTanger Outlets Grand RapidsGrand Rapids, MI100 357,133 97.0 \n\nTanger Outlets Forth WorthFort Worth, TX100 351,901 100.0 \n\nTanger Outlets Daytona BeachDaytona Beach, FL100 351,691 100.0 \n\nTanger Outlets BransonBranson, MO100 329,861 100.0 \n\nTanger Outlets Memphis\nSouthaven, MS (3) (4)\n50 325,831 100.0 \n\nTanger Outlets GonzalesGonzales, LA100 322,063 98.9 \n\nTanger Outlets AtlantaLocust Grove, GA100 321,082 100.0 \n\nTanger Outlets MebaneMebane, NC100 319,762 100.0 \n\nTanger Outlets at Foxwoods\nMashantucket, CT (2)\n100 311,229 95.6 \n\nTanger Outlets NashvilleNashville, TN100 290,667 100.0 \n\nThe Promenade at Chenal, a Tanger PropertyLittle Rock, AR100 269,642 98.1 \n\nTanger Outlets TiltonTilton, NH100 250,558 98.6 \n\nTanger Outlets HersheyHershey, PA100 249,696 100.0 \n\nTanger Outlets Hilton Head IIHilton Head, SC100 206,564 100.0 \n\nTanger Outlets Hilton Head IHilton Head, SC100 182,735 100.0 \n\nTotal14,008,849 98.0 \n\n(1)Excludes square footage and occupancy associated with ground leases to tenants.\n\n(2)These properties or a portion thereof are subject to a ground lease.\n\n(3)Property encumbered by mortgage. See Notes 7 and 8 to the consolidated financial statements for further details of our debt obligations.\n\n(4)Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage. We currently receive substantially all the economic interest of the property.\n\n41\n\nUnconsolidated joint venture properties\n\nProperty Name\nLocationLegal Ownership %\nSquare\n\nFeet (1)\n\n%\n\nOccupied (1)\n\nCharlotte Premium Outlets\n\nCharlotte, NC (2)\n50 398,674 98.6 \n\nTanger Outlets Ottawa\nOttawa, Ontario50 357,213 99.6 \n\nTanger Outlets Columbus\n\nColumbus, OH (2)\n50 355,245 100.0 \n\nTanger Outlets Houston\n\nTexas City, TX (2)\n50 352,705 99.0 \n\nTanger Outlets National Harbor\n\nNational Harbor, MD (2)\n50 341,156 100.0 \n\nTanger Outlets Cookstown\nCookstown, Ontario50 307,883 96.8 \n\nTotal2,112,876 99.0 \n\n(1)Excludes square footage and occupancy associated with ground leases to tenants.\n\n(2)Property encumbered by mortgage. See Note 5 to the consolidated financial statements for further details of our joint ventures' debt obligations.\n\nManaged PropertyLocationSquare\nFeet\n\nTanger Outlets Palm BeachPalm Beach, FL457,326 \n\nBase Rents and Occupancy Rates\n\nThe following table sets forth our year end occupancy and average annual base rent per square foot during each of the last five calendar years for our consolidated centers:\n\n20252024202320222021\n\nOccupancy98%98%97%97%95%\n\nAverage annual base rent per square foot (1)\n$27.77$26.83$26.07$25.25$23.79\n\n(1)Average annual base rent per square foot is calculated based on base rental revenues recognized during the year on a straight-line basis including non-cash adjustments to base rent required by United States Generally Accepted Accounting Principles (\"GAAP\") and the effects of inducements and rent concessions divided by the weighted average total square feet of the consolidated portfolio. Average annual base rent excludes tenant payments for common area maintenance and reimbursements.\n\n42\n\nLease Expirations\n\nThe following table sets forth, as of December 31, 2025, scheduled lease expirations for our consolidated centers, assuming none of the tenants exercise renewal options:\n\nYearNo. of Leases Expiring\nApprox. Square Feet (in 000's) (1)\nAverage Annualized Base Rent per sq. ft\nAnnualized Base Rent\n\n   (in 000's) (2)\n% of Annualized Base Rent Represented by Expiring Leases\n\n2026498 1,943 $32.88 $63,888 18 \n\n2027441 2,282 30.06 68,598 19 \n\n2028387 2,257 28.73 64,852 18 \n\n2029241 1,241 31.83 39,498 11 \n\n2030218 1,355 30.34 41,117 11 \n\n2031113 696 25.84 17,974 5 \n\n203278 519 29.74 15,430 4 \n\n203384 444 36.72 16,305 5 \n\n203470 311 38.83 12,061 3 \n\n203561 283 37.00 10,474 3 \n\n2036 and after52 401 30.53 12,249 3 \n\n2,243 11,732 $30.89 $362,446 100 \n\n(1)Excludes leases that have been entered into but which tenant has not yet taken possession, vacant space, leases that have turned over but are not open, and temporary leases, and residential, totaling in the aggregate approximately 2.3 million square feet of our consolidated centers. 2026 lease expirations include month-to-month leases.\n\n(2)Annualized base rent is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases. Includes rents that are based on a percentage of gross sales in lieu of fixed contractual rents and ground lease rents.\n\nChanges in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases or renewals of existing leases will increase from current levels, if at all.\n\nExpiring leases\n\nThe following table sets forth information regarding the expiring leases for our consolidated centers during each of the last five calendar years:\n\nTotal ExpiringRenewed by Existing\nTenants\n\nYear (1)\nSquare Feet\n(in 000's)\n% of\n\nTotal Center Square Feet (2)\nSquare Feet\n(in 000's)% of\nExpiring Square Feet\n\n20252,610 19 1,972 76 \n\n20242,228 17 1,692 76 \n\n20231,766 14 1,642 93 \n\n20221,968 17 1,559 79 \n\n20211,728 15 1,359 79 \n\n(1)Excludes data for properties sold in each respective year.\n\n(2)Represents the percentage of total square footage at the beginning of each year that is scheduled to expire during the respective year.\n\n43\n\nLeasing activity\n\nThe following table sets forth leasing activity for each of the calendar years for comparable space for executed leases for consolidated centers.(1) Comparable space excludes leases for space that was vacant for more than 12 months (non-comparable space).\n\nRenewals of Existing LeasesStores Re-leased to New Tenants\n\nInitial Rent (2)\n\nInitial Rent (2)\n\n($ per sq. ft.)($ per sq. ft.)\n\nYearSquare Feet\n(in 000's)New\n\nRent\n\nSpread %(3)\nSquare Feet\n(in 000's)New\n\nRent\n\nSpread %(3)\n\n20252,265 $37.46 6 334 $50.03 31 \n\n20241,850 $35.37 14 126 $48.19 37 \n\n20231,711 $37.78 12 157 $46.58 37 \n\n20221,693 $30.72 9 122 $43.47 28 \n\n2021978 $31.08 — 192 $29.27 (4)\n\n(1)For consolidated properties owned as of the period-end date. Represents leases for new stores or renewals that were executed during the respective calendar year and excludes license agreements, seasonal tenants and month-to-month leases.\n\n(2)Represents average initial cash rent (base rent and common area maintenance (“CAM”)).\n\n(3)Represents change in initial and expiring cash rent (base rent and CAM). See above for a description of the change in calculation from prior periods.\n\nOccupancy Costs\n\nWe believe that our ratio of average tenant occupancy cost (which includes base rent, common area maintenance, real estate taxes, insurance, advertising and promotions) to average sales per square foot is one of the lowest in the retail industry. The following table sets forth for tenants that report sales, for each of the last five calendar years, tenant occupancy costs per square foot as a percentage of reported tenant sales per square foot for our consolidated centers:\n\nYearOccupancy Costs as a\n% of Tenant Sales\n\n20259.7 \n\n20249.5\n\n20239.3\n\n20228.6\n\n20218.1\n\nAs of December 31, 2025, our occupancy cost ratio increased to 9.7%. The increase from 2024 predominantly relates to higher tenant occupancy costs.\n\n44\n\nTenants\n\nThe following table sets forth certain information for our consolidated centers with respect to our 25 largest tenants based on total annualized base rent as of December 31, 2025 (1) :\n\nTenantBrands# of\nStoresGross Leasable Area (GLA)% of\nTotal GLA\n% of Total Annualized Base Rent (2)\n\nThe Gap, Inc.Athleta, Banana Republic, Gap, Old Navy90 935,042 6.7 %5.1 %\n\nKnitWell Group LLC; Lane Bryant Brands Opco LLCAnn Taylor, Chicos, Lane Bryant, Loft, Soma Intimates, Talbots, White House/Black Market111 506,427 3.6 %4.4 %\n\nAmerican Eagle Outfitters, Inc.Aerie, American Eagle Outfitters, Offline by Aerie53 337,174 2.4 %3.1 %\n\nTapestry, Inc.Coach, Kate Spade54 255,319 1.8 %3.0 %\n\nUnder Armour, Inc.Under Armour, Under Armour Youth31 286,213 2.0 %2.9 %\n\nCatalyst BrandsAéropostale, Brooks Brothers, Eddie Bauer, Lucky Brands, Nautica55 283,039 2.0 %2.6 %\n\nNike, Inc.Converse, Nike34 407,245 2.9 %2.4 %\n\nPVH Corp.Calvin Klein, Tommy Hilfiger35 264,546 1.9 %2.3 %\n\nSignet Jewelers LimitedBanter by Piercing Pagoda, Jared, Kay Jewelers, Zales52 112,739 0.8 %2.0 %\n\nColumbia Sportswear CompanyColumbia Sportswear24 182,250 1.3 %1.9 %\n\nSkechers USA, Inc.Skechers28 202,122 1.4 %1.8 %\n\nLuxottica Group S.p.A.Lenscrafters, Oakley, Sunglass Hut63 99,654 0.7 %1.8 %\n\nCarter’s, Inc.Carters, OshKosh B'gosh39 174,207 1.2 %1.7 %\n\nRack Room ShoesOff Broadway Shoes, Rack Room Shoes24 166,386 1.2 %1.7 %\n\nAdidas AGAdidas24 177,199 1.3 %1.6 %\n\nCapri Holdings LimitedMichael Kors27 140,676 1.0 %1.6 %\n\nCrocs Inc.Crocs, Hey Dude48 133,489 1.0 %1.5 %\n\nLevi Strauss & Co.Levi's29 122,577 0.9 %1.5 %\n\nV. F. CorporationThe North Face, Timberland, Vans27 140,402 1.0 %1.4 %\n\nVictoria's Secret & Co.Pink by Victoria's Secret, Victoria's Secret21 146,021 1.0 %1.4 %\n\nJ. CrewJ. Crew Factory, J. Crew The Men's Shop, Madewell23 123,928 0.9 %1.3 %\n\nCaleres Inc.Allen Edmonds, Famous Footwear23 131,622 0.9 %1.2 %\n\nVera Bradley, Inc.Vera Bradley24 91,739 0.7 %1.2 %\n\nH & M Hennes & Mauritz LP.H&M19 409,893 2.9 %1.2 %\n\nRalph Lauren CorporationPolo Children, Polo Ralph Lauren29 349,035 2.5 %1.2 %\n\nTotal of Top 25 tenants987 6,178,944 44.0 %51.8 %\n\n(1)Excludes leases that have been entered into but which tenant has not yet taken possession, leases that have turned over but are not open and temporary leases. Includes all retail concepts of each tenant group for consolidated centers; tenant groups are determined based on leasing relationships.\n\n(2)Annualized base rent is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases. Includes rents that are based on a percentage of gross sales in lieu of fixed contractual rents and ground lease rents.\n\n45"}