Mission Statement, Vision, & Core Values of Tanger Factory Outlet Centers, Inc. (SKT)

You're looking at Tanger Factory Outlet Centers, Inc. (SKT) guiding for FY2025 Core Funds From Operations (FFO) per share between $2.28 and $2.32, representing a robust 7% to 9% growth, but the real question for a seasoned investor is whether that performance is sustainable. We need to look past the numbers to the foundational Mission and Vision that underpin this real estate investment trust (REIT) outperformance. Are those principles-like their vision to use customer insights to inform the future of shopping-just corporate boilerplate, or are they defintely driving the near-record 97.4% occupancy rate they hit in Q3 2025? Let's break down the stated Mission Statement, Vision, and Core Values to see how they map directly to the company's competitive edge and long-term shareholder value.

Tanger Factory Outlet Centers, Inc. (SKT) Overview

You need to understand the bedrock of a company before you look at the numbers, and for Tanger Factory Outlet Centers, Inc. (SKT), that foundation is real estate. This company is a Real Estate Investment Trust (REIT), meaning its primary business is owning and operating income-producing real estate-specifically, open-air outlet and lifestyle shopping centers across the U.S. and Canada. Stanley K. Tanger founded the company in 1981, pioneering the outlet mall concept with the first center in Burlington, North Carolina. They went public as the first outlet-only REIT in 1993.

Tanger's core service isn't selling goods; it's leasing retail space to more than 800 brand name companies, offering value-conscious shoppers access to over 3,000 stores. As of the third quarter of 2025, their total portfolio includes 38 outlet centers and three open-air lifestyle centers, covering more than 16 million square feet of retail space. That's a huge footprint. For the twelve months ending September 30, 2025, the company's total revenue was approximately $0.54 billion USD.

The business model is simple: acquire, develop, lease, and manage. It's all about location and tenant mix.

Q3 2025 Financial Performance: Revenue and Leasing Strength

Looking at the latest data, Tanger is defintely executing its strategy well. The third quarter of 2025 results, released in early November 2025, show a clear beat on expectations, driven by strong operational metrics. The company reported Q3 2025 revenue of $145.2 million, which was ahead of analyst estimates. This revenue is primarily rental income from their main product-leasing space to retailers-and it speaks to the robust demand for physical outlet locations.

The key profitability measure for REITs, Funds From Operations (FFO), came in strong at $71.1 million, or $0.60 per share, for Q3 2025. Net income available to common shareholders was also solid at $31.8 million, or $0.28 per share. Here's the quick math on their operational health:

• Occupancy Rate: 97.4% as of September 30, 2025, showing their properties are nearly full.
• Same-Center Net Operating Income (NOI) Growth: A healthy 4.0% year-over-year increase for Q3 2025.
• Full-Year 2025 FFO Guidance: Raised to between $2.28 and $2.32 per share.

Plus, average tenant sales per square foot hit $475 for the twelve months ended September 30, 2025, an all-time high for their portfolio. That's a concrete example of their strategy working.

Tanger as a Leader in the Outlet Retail Sector

Tanger Factory Outlet Centers, Inc. has cemented its position as a leading owner and operator in the outlet and open-air retail shopping sector. They aren't just sitting still; they are actively growing the portfolio. Their recent acquisition of Legends Outlets, now rebranded as Tanger Kansas City at Legends, is a prime example, marking the sixth new open-air center added in less than two years.

The company is seeing record leasing volume, which confirms that major brands see the value in the Tanger platform for moving product and connecting with value-focused customers. This isn't just about selling discounted apparel anymore; they are evolving the retail experience by adding restaurants, entertainment destinations, and non-traditional outlet retailers. The high occupancy and all-time high sales productivity for their tenants show they are driving traffic and making money for everyone involved. To really dig into the mechanics of their stability and growth, you should check out Breaking Down Tanger Factory Outlet Centers, Inc. (SKT) Financial Health: Key Insights for Investors.

Tanger Factory Outlet Centers, Inc. (SKT) Mission Statement

You're looking for the bedrock of a Real Estate Investment Trust (REIT) like Tanger Factory Outlet Centers, Inc. (SKT), and it starts with their mission. A mission statement isn't just marketing fluff; it's the strategic compass that guides capital allocation and operational decisions. For Tanger, this compass points to a clear, three-part objective: To deliver the best value, experience and opportunity for our communities, stakeholders and partners. This focus is what allowed them to report a Core Funds From Operations (Core FFO) of $0.60 per share in the third quarter of 2025, an 11% increase over the prior year period.

That kind of performance doesn't happen by accident. It's the result of a deliberate strategy to align their real estate platform with the needs of shoppers, retailers, and investors. The mission is the blueprint for their long-term goals, ensuring that every new acquisition-like the rebranding of Legends Outlets to Tanger Kansas City at Legends-serves this tripartite goal.

Component 1: Delivering the Best Value

The core of the outlet model is value, but for Tanger, it's about more than just discounted prices; it's about delivering superior financial value across all stakeholders. For the shopper, it means access to over 2,700 brand-name stores. For the retailer, it means a profitable distribution channel, evidenced by the blended average rental rate spreads of 10.6% on a cash basis for leases executed in the twelve months ending September 30, 2025. That's the 15th consecutive quarter of positive rent spreads.

Here's the quick math: when retailers see rental rate growth like that, it signals strong sales volume and a healthy return on their store investment. This commitment to value is also reflected in their Core Value, Act Fairly and with Integrity, which ensures transparent and ethical dealings with all partners. This is defintely a key driver of their raised full-year 2025 Core FFO guidance of $2.28 to $2.32 per share.

Component 2: Enhancing the Experience

A shopping center is a physical asset, but its value is driven by the customer experience. Tanger's mission component, 'experience,' reflects the necessary evolution of retail real estate from a simple transaction point to a destination. The company is actively diversifying its tenant mix to include more restaurants, entertainment, and non-traditional outlet retailers.

The proof is in the foot traffic and sales productivity. As of the end of the third quarter of 2025, the portfolio reached an all-time high sales productivity of $475 per square foot. This metric is a direct measure of the quality of the shopping experience. You don't get that kind of sales velocity without creating a compelling reason for people to visit. Their Core Value, Make it Happen, drives this innovation, pushing the company to integrate digital marketing and on-center amenities to keep the experience fresh. If you want to dive deeper into who is betting on this strategy, you should be Exploring Tanger Factory Outlet Centers, Inc. (SKT) Investor Profile: Who's Buying and Why?

Component 3: Creating Opportunity for Partners and Communities

The final part of the mission-'opportunity for our communities, stakeholders and partners'-is the most expansive, encompassing their role as a community anchor and a reliable investment. The Core Value, Consider Community First, guides their environmental, social, and governance (ESG) efforts, like their commitment to renewable energy and local support.

For investors, the opportunity is stability and growth. The overall occupancy rate stood at a strong 97.4% as of September 30, 2025, which is a key indicator of the health of their retail partnerships. The success of their partners is their success, and the Core Value, Seek the Success of Others, formalizes this symbiotic relationship. The consistent demand from tenants and the strong operational metrics, like the same-center Net Operating Income (NOI) growth guidance of 3.5% to 4.25% for 2025, show a platform that creates real, measurable opportunity for everyone involved.

• Occupancy hit 97.4% by Q3 2025.
• Tenant sales productivity reached $475/sq. ft.
• Same-center NOI growth is projected up to 4.25%.

Tanger Factory Outlet Centers, Inc. (SKT) Vision Statement

You need to know exactly what drives a Real Estate Investment Trust (REIT) like Tanger Factory Outlet Centers, Inc. beyond the quarterly Funds From Operations (FFO) report. Their vision statement-to create shopping destinations that entertain, inspire, and bring our communities together-is not just a feel-good phrase; it is a clear operational mandate that directly maps to their 97.4% portfolio occupancy rate as of September 30, 2025. This focus on experience is what keeps their physical real estate relevant, defintely.

The company's mission, which supports this vision, is to deliver the best value, experience, and opportunity for their communities, stakeholders, and partners. This isn't just about discounted goods anymore; it's about curating a compelling destination that drives foot traffic, which is the lifeblood of retail. For a deeper dive into their business model, you can check out Tanger Factory Outlet Centers, Inc. (SKT): History, Ownership, Mission, How It Works & Makes Money.

Creating Destinations that Entertain and Inspire

The first part of the vision, creating destinations that entertain and inspire, is where Tanger Factory Outlet Centers, Inc. is actively deploying capital. They know that a great shopping experience is the only way to compete with e-commerce. This is why they are diversifying their tenant mix beyond traditional apparel outlets to include more restaurants and entertainment options. Portfolio sales productivity, a key metric for any retail REIT, hit an all-time high of $475 per square foot in the third quarter of 2025. That's a strong indicator that their strategy is working.

Their core value of Challenge the Status Quo guides this shift. It means taking smart risks, like the September 2025 acquisition of Legends Outlets in Kansas City, now rebranded as Tanger Kansas City at Legends, for $130 million. They're not just buying existing outlets; they're adding open-air lifestyle centers that offer a broader, more engaging experience. This strategic growth is a big reason why management raised their full-year 2025 Core FFO guidance to a range of $2.28 to $2.32 per share. That's a tight, positive range.

• Diversify tenant mix beyond apparel.
• Increase non-traditional outlet retailers.
• Drive sales productivity past $475 per square foot.

Bringing Our Communities Together

The second component of the vision focuses on community, which is tied directly to the core value of Consider Community First. For a REIT, community engagement is a practical tool for driving repeat visits and local support, which translates into stable Net Operating Income (NOI). The company's Same-Center NOI growth was strong at 4.0% year-over-year for Q3 2025, demonstrating the health of their existing centers.

Their commitment to their partners is also a community play. The core value of Seek the Success of Others means they strive to create a culture of inclusion where success is shared by shoppers, retailers, and team members alike. This translates to robust leasing activity; over the 12 months ended September 30, 2025, they executed 608 leases, covering 2.9 million square feet. That kind of volume shows retailers are confident in the platform's ability to deliver customers.

Here's the quick math on their recent performance: Q3 2025 Core FFO came in at $71.1 million, a solid increase from the prior year. That financial strength gives them the flexibility to invest in community-focused amenities and events that keep the centers vibrant. It's a virtuous cycle: a better community experience means better financial results. The other core values, Build Trust and Make It Happen, simply reinforce the execution of this community-centric strategy.

Tanger Factory Outlet Centers, Inc. (SKT) Core Values

You need to know what drives a real estate investment trust (REIT) like Tanger Factory Outlet Centers, Inc. beyond the quarterly Funds From Operations (FFO) reports. The company's core values are the bedrock of its strategy, dictating everything from tenant mix to capital allocation. For the 2025 fiscal year, these values are clearly reflected in the operational wins, like the projected full-year Core FFO guidance of $2.28 to $2.32 per share, a sign that their value-driven approach is working. The success is defintely rooted in how they execute these principles.

If you're looking at a long-term investment or partnership, understanding the how-the execution of their values-is just as important as the what-the financial results. Here's a look at the core values guiding Tanger's strategy today, with concrete examples from their recent actions.

Integrity and Build Trust

Integrity is more than just a compliance checkbox; it's about establishing the accountability that underpins investor confidence. For a publicly traded REIT, this means rigorous governance and transparent reporting. Tanger demonstrates this commitment by aligning its reporting with major global standards, including the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards (IFRS S2), which is a serious move toward clearer, more comparable data. They also completed a formal data assurance readiness assessment in 2025 to improve data quality, showing they are serious about the numbers you see.

• Completed formal data assurance readiness to enhance reporting integrity.
• Governance structure includes an independent Board Chair and a diverse set of committee charters (Audit, Compensation, Nominating).
• The company's net debt to Adjusted EBITDAre is estimated to range from 4.7x to 4.8x as of September 30, 2025, providing a clear, conservative view of their leverage.

Transparency is the only way to build trust with Wall Street.

Innovation and Challenge the Status Quo

The retail landscape is constantly changing, so standing still is a death sentence. Tanger's vision is to use customer insights to inform the future of shopping, which means they are actively challenging the old outlet mall model. This is evident in their strategic shift toward acquiring and developing open-air lifestyle centers that offer a curated mix of retail, food, and entertainment, not just deep discounts. They're following the customer's lead.

A great example of this is the September 2025 acquisition of Legends Outlets, which they rebranded as Tanger Kansas City at Legends, for $130.0 million. This move diversifies their portfolio beyond pure-play outlets. Also, they are using technology to drive traffic, leveraging their digital loyalty program and exploring the use of Artificial Intelligence (AI) to optimize customer service and operational efficiency, which helps maintain their high same-center occupancy rate of 97.6% as of Q3 2025. That's a strong number in today's market.

Inclusion and Consider Community First

A healthy community is essential for a retail destination to thrive-it's the 'S' in their Environmental, Social, and Governance (ESG) program. Tanger's commitment to inclusion and community is visible through both philanthropic and internal programs. The company's Employee Resource Groups (ERGs), focused on Women, LGBTQ+, and People of Color, help foster a more inclusive internal culture. Plus, they offer team members 40 paid volunteer hours annually to support local causes, showing they value action over just writing a check.

Their community impact is measured in tangible investments:

• The TangerKids program awarded 142 grants totaling over $170,000 to schools and educational programs in their communities in 2023, supporting local education.
• The long-standing TangerPink campaign has directed over $4.6 million since 2011 to the Breast Cancer Research Foundation.
• The company is also working toward a long-term goal of achieving net zero Scope 1 and 2 emissions by 2050, demonstrating a commitment to the 'Planet' aspect of their community focus.

Win Together and Seek the Success of Others

In the REIT business, you only succeed if your tenants succeed. This value focuses on creating a mutually beneficial ecosystem for shoppers, retailers, and team members. Tanger's operational results prove this value is more than aspirational: the blended leasing spreads (the change in rent for new and renewed leases) reached 12% over the trailing 12 months ending Q2 2025. That kind of rent growth only happens when retailers are seeing strong sales and are confident in the location.

They support their partners by:

• Driving shopper engagement through major marketing campaigns like Tanger Deal Days and Summer of Savings.
• Offering a Green Lease program to partner with tenants on energy efficiency and sustainability.
• Investing in their own team, providing nearly 5,000 hours of professional growth and training for team members in 2024, ensuring a high level of service for retailers and shoppers.

This focus on shared success is what allows them to continuously attract new brands and drive tenant sales, which hit $465 per square foot on a trailing 12-month basis in Q2 2025. You can read more about the company's foundational principles and business model here: Tanger Factory Outlet Centers, Inc. (SKT): History, Ownership, Mission, How It Works & Makes Money.