{"url_path":"/sec/cik-0001004036/10-k/2026/item-5","section_key":"item-5","section_title":"Item 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES","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":916,"has_tables":true,"body_markdown":"ITEM 5.MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\n\nTanger Inc. Market Information\n\nThe Company's common shares commenced trading on the New York Stock Exchange on May 28, 1993, and are listed on the New York Stock Exchange with the ticker symbol \"SKT\".\n\nHolders\n\nAs of February 2, 2026, there were approximately 321 common shareholders of record.\n\nShare Repurchases\n\nIn May 2025, the Board authorized the repurchase of up to $200.0 million of the Company’s outstanding shares, replacing the previously authorized plan to repurchase up to $100.0 million of the Company's outstanding shares that expired May 31, 2025. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within the pricing and volume requirements of Rule 10b-18 under the Exchange Act. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. The Company did not repurchase any shares subsequent to the authorization of the repurchase plan in May 2025. The remaining amount authorized to be repurchased under the program as of December 31, 2025 was $200.0 million.\n\nThe following table summarizes our common share repurchases for the quarter ended December 31, 2025:\n\nPeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs\n(in millions)\n\nOctober 1, 2025 to October 31, 2025— $— — $200.0 \n\nNovember 1, 2025 to November 30, 2025— — — 200.0 \n\nDecember 1, 2025 to December 31, 2025— — — 200.0 \n\nTotal— $— — $200.0 \n\nFor certain restricted common shares that vested during the three months ended December 31, 2025, we withheld shares with value equivalent up to the employees' obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total number of shares withheld upon vesting was 24,233 for the three months ended December 31, 2025.\n\nIn January 2026, we used approximately $20 million of the net proceeds from the Exchangeable Notes Offering to repurchase 589,622 of the Company’s common shares concurrently with the pricing of the Exchangeable Notes in privately negotiated transactions for $33.92 per common share.\n\n48\n\nDividends\n\nThe Company operates in a manner intended to enable it to qualify as a REIT under the Internal Revenue Code. A REIT is required to distribute at least 90% of its taxable income to its shareholders each year. We intend to continue to qualify as a REIT and to distribute substantially all of our taxable income to our shareholders through the payment of regular quarterly dividends. Certain of our debt agreements limit the payment of dividends such that dividends shall not exceed funds from operations (\"FFO\"), as defined in the debt agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. During the years ended 2025 and 2024, the Company paid dividends aggregating $1.1525 and $1.085 per share, respectively. In January 2026, the Board declared a quarterly dividend of $0.2925 per share, which was paid on February 13, 2026. The Board continues to evaluate the potential for future dividend payments on a quarterly basis. We were in compliance with REIT taxable income distribution requirements for the 2025 tax year.\n\nSecurities Authorized for Issuance under Equity Compensation Plans\n\nThe information required by this Item is set forth in Part III, Item 12 of this Annual Report.\n\nPerformance Graph\n\nThe following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.\n\nThe following share price performance chart compares our performance to an index of U.S. equity REITs and an index of U.S. retail REITs, both prepared by S&P Global Market Intelligence.\n\nEquity REITs are defined as those that derive more than 75% of their income from equity investments in real estate assets. The Dow Jones U.S. Real Estate Retail index is designed to track the performance of REITs and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.\n\nAll share price performance assumes an initial investment of $100 at the beginning of the period and assumes the reinvestment of dividends. Share price performance, presented for the five years ended December 31, 2025, is not necessarily indicative of future results.\n\n49\n\nPeriod Ended\n\nIndex12/31/202012/31/202112/31/202212/31/202312/31/202412/31/2025\n\nTanger Inc.100.00 201.59 196.94 319.16 407.58 413.25 \n\nDow Jones Equity All REIT Index 100.00 141.20 105.89 117.86 123.58 126.55 \n\nDow Jones U.S. Real Estate Retail Index\n100.00 156.73 135.11 149.27 168.71 178.04 \n\nS&P 500 Index100.00 128.71 105.40 133.10 166.40 196.16 \n\n50\n\nTanger Properties Limited Partnership Market Information\n\nThere is no established public trading market for the Operating Partnership's common units. As of December 31, 2025, the Company and its wholly-owned subsidiary, Tanger LP Trust, owned 115,097,359 units of the Operating Partnership and the Non-Company LPs owned 4,662,904 Class A limited partnership units of the Operating Partnership. We made distributions per common unit during the year ended 2025 as follows:\n\n2025\n\nFirst Quarter$0.2750 \n\nSecond Quarter0.2925 \n\nThird Quarter 0.2925 \n\nFourth Quarter0.2925 \n\nDistributions per unit$1.1525"}