Tanger Factory Outlet Centers, Inc. (SKT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Tanger Factory Outlet Centers, Inc. (SKT), una potencia en bienes raíces minoristas que transforma las experiencias de compra a través de la gestión innovadora de los centros de salida. Al conectar magistralmente a los consumidores conscientes del presupuesto con los principales minoristas de marcas en ubicaciones principales, Tanger ha creado un modelo de negocio único que genera ingresos a través de inversiones de propiedades inteligentes, relaciones estratégicas de inquilinos y diseño de mercado centrado en el cliente. Esta exploración de lienzo de modelo de negocio revela cómo SKT aprovecha la ubicación, la participación digital y los entornos minoristas seleccionados para crear valor para compradores, marcas e inversores por igual.

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocios: asociaciones clave

Desarrolladores inmobiliarios e inversores inmobiliarios

Tanger Factory Outlet Centers se asocia con desarrolladores de bienes raíces clave en múltiples estados. A partir de 2024, la compañía opera 36 centros de salida en 20 estados.

Tipo de asociación	Número de asociaciones	Alcance geográfico
Desarrollo inmobiliario	12 asociaciones activas	20 estados de EE. UU.
Inversiones de empresas conjuntas	3 empresas conjuntas actuales	Sudeste de los Estados Unidos

Marcas minoristas nacionales y regionales

Tanger mantiene asociaciones estratégicas con más de 500 puntos de venta de marca.

• Los principales socios de la marca incluyen Nike, Coach, Under Armour, Michael Kors
• Término de arrendamiento promedio: 5-7 años
• Tasa de ocupación a partir del cuarto trimestre 2023: 95.2%

Contratistas de construcción y mantenimiento

Tipo de contratista	Inversión anual	Servicios proporcionados
Principales socios de construcción	$ 24.3 millones	Renovaciones y expansiones centrales
Contratistas de mantenimiento	$ 8.7 millones	Mantenimiento y gestión de las instalaciones

Financiamiento de instituciones y socios de capital

Tanger trabaja con múltiples instituciones financieras para la gestión de capital.

• Deuda total a partir del cuarto trimestre 2023: $ 1.2 mil millones
• Partners de préstamos principales: Wells Fargo, Bank of America
• Tasa de interés promedio ponderada: 4.8%

Proveedores de tecnología e infraestructura digital

Socio tecnológico	Inversión tecnológica anual	Servicios clave
Infraestructura digital	$ 3.5 millones	Plataforma de comercio electrónico, infraestructura Wi-Fi
Ciberseguridad	$ 1.2 millones	Protección de datos y seguridad de la red

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocio: actividades clave

Gestión y operación de centros comerciales de salida

A partir del cuarto trimestre de 2023, Tanger opera 36 centros de salida en 20 estados y Canadá, por un total de 13.6 millones de pies cuadrados de espacio minorista.

Métrico	Valor
Número total de centros	36
Espacio minorista total	13.6 millones de pies cuadrados
Presencia geográfica	20 estados de EE. UU. Y Canadá

Arrendar espacios minoristas a minoristas de marca

A partir de 2023, Tanger mantiene una tasa de ocupación de inquilinos del 94.3% con aproximadamente 2,500 tiendas minoristas de marca en su cartera.

• Término de arrendamiento promedio: 4.5 años
• Tasa de retención de inquilinos: 85%
• Ingresos de alquiler en 2023: $ 426.2 millones

Desarrollo y expansión de la propiedad

Los gastos de capital para 2023 fueron de $ 44.3 millones, centrados en mejoras de propiedad y renovaciones estratégicas.

Métrico de desarrollo	Valor 2023
Gastos de capital	$ 44.3 millones
Nuevos desarrollos centrales	0 (enfoque en la optimización de cartera existente)

Mejora de la experiencia en marketing y el cliente

El gasto de marketing en 2023 fue de aproximadamente $ 12.7 millones, centrándose en estrategias de marketing digitales y específicas.

• Presupuesto de marketing digital: $ 5.2 millones
• Miembros del programa de fidelización del cliente: 1.8 millones
• Descargas de aplicaciones móviles: 750,000

Gestión de activos y optimización de cartera

El valor total del activo a partir del cuarto trimestre de 2023 fue de $ 3.1 mil millones, con un enfoque estratégico en mantener propiedades de alta calidad.

Métrica de gestión de activos	Valor 2023
Valor total de la cartera	$ 3.1 mil millones
Ingresos operativos netos	$ 391.6 millones
Valor central promedio	$ 86.1 millones

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocios: recursos clave

Ubicaciones de bienes raíces minoristas principales

A partir del cuarto trimestre de 2023, los centros de salida de la fábrica de Tanger opera 36 centros de salida en 20 estados en los Estados Unidos, por un total de aproximadamente 13.3 millones de pies cuadrados de área gruesa. La cartera incluye:

Categoría de ubicación	Número de centros	Hoques cuadrados totales
Centros de salida al aire libre	36	13.3 millones de pies cuadrados
Tasa de ocupación (cuarto trimestre de 2023)	95.4%	N / A

Portafolio de marca fuerte de las propiedades del centro de salida

La cartera de marca de Tanger incluye asociaciones estratégicas con:

• Nike
• Entrenador
• Bajo armadura
• Michael Kors
• Brecha
• Levi's

Equipo de gestión y operación experimentado

Métrica de gestión	Valor
Experiencia de gestión promedio	Más de 15 años
Total de empleados	Aproximadamente 500

Plataformas de marketing digital y compromiso del cliente

Métricas de compromiso digital para 2023:

• Descargas de aplicaciones móviles: más de 250,000
• Base de suscriptores de correo electrónico: 1.2 millones
• Seguidores de redes sociales: más de 500,000

Capacidades de capital financiero y de inversión

Métrica financiera	Valor 2023
Activos totales	$ 3.2 mil millones
Capitalización de mercado	$ 1.1 mil millones
Relación deuda / capital	0.65
Ingresos anuales	$ 439.7 millones

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocio: propuestas de valor

Experiencias de compra con descuento para consumidores

A partir del cuarto trimestre de 2023, los centros de salida de la fábrica de Tanger ofrecían descuentos promedio de 25-60% de descuento en los precios minoristas en 36 centros de salida en los Estados Unidos y Canadá.

Rango de descuento	Porcentaje de tiendas
25-40% de descuento	42%
40-60% de descuento	58%

Destinos de compras de salida convenientes y centralizados

En 2023, Tanger operaba 36 centros de salida en 21 estados y Canadá, con un total de 13.4 millones de pies cuadrados de espacio comercial.

• Número total de centros de salida: 36
• Total de metros cuadrados minoristas: 13.4 millones
• Cobertura geográfica: 21 estados y Canadá

Entornos minoristas de alta calidad

Los centros de Tanger mantuvieron una tasa de ocupación del 92.4% en 2023, lo que indica espacios minoristas de alta calidad atractivos para las marcas.

Métrico	Valor 2023
Tasa de ocupación	92.4%
Ventas promedio de inquilinos por pie cuadrado	$471

Espacio minorista rentable para fabricantes de marca

En 2023, Tanger ofreció tarifas de arrendamiento competitivas con una tasa de alquiler base promedio de $ 22.35 por pie cuadrado.

• Tasa de alquiler base promedio: $ 22.35 por pie cuadrado
• Términos de arrendamiento: típicamente 3-5 años
• Mezcla de inquilinos: más de 500 minoristas de marcas

Mezcla minorista diversa y curada

La cartera de Tanger en 2023 incluyó una amplia gama de categorías minoristas.

Categoría minorista	Porcentaje de mezcla de inquilinos
Vestir	42%
Accesorios	22%
Calzado	18%
Inicio/estilo de vida	12%
Otro	6%

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocios: relaciones con los clientes

Programas de fidelización y marketing personalizado

El programa VIP Shopper de Tanger Outlets ofrece a los miembros beneficios exclusivos:

• Cupones personalizados con un promedio de 15-25% de descuento
• Acceso temprano a eventos de ventas
• Recompensas de cumpleaños

Métrica del programa de fidelización	2023 datos
Miembros VIP totales	2.3 millones
Gasto promedio de miembros	$ 487 por visita
Tasa de retención de miembros	68%

Compromiso digital a través de aplicaciones móviles

Métricas de rendimiento de la aplicación móvil:

• Descargas de aplicaciones: 1.1 millones
• Usuarios activos mensuales: 425,000
• Duración promedio de la sesión: 7.3 minutos

Comunicación y comentarios regulares del cliente

Canal de comunicación	Tasa de compromiso
Marketing por correo electrónico	22% de tasa de apertura
Interacciones en las redes sociales	387,000 compromisos mensuales
Tiempo de respuesta de comentarios de los clientes	24-48 horas

Experiencias de compra centradas en la comunidad

Iniciativas de participación comunitaria:

• Eventos comunitarios anuales: 42 ubicaciones
• Asociaciones de caridad locales: 73 colaboraciones
• Empleo local: 4.200 trabajos directos

Reputación y confianza de la marca consistentes

Métrica de confianza de la marca	2023 rendimiento
Puntuación de satisfacción del cliente	4.2/5
Puntuación del promotor neto	61
Tarifa de cliente repetida	52%

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocios: canales

Ubicaciones del centro de salida física

A partir del cuarto trimestre de 2023, opera los centros de outlet de fábrica de Tanger 33 centros comerciales al aire libre En 21 estados en los Estados Unidos.

Región	Número de centros	Área de lesiones bruto total (sq. Ft.)
Sudeste	9	4,500,000
Nordeste	7	3,800,000
Suroeste	6	3,200,000
Otras regiones	11	5,500,000

Sitio web de la empresa y plataformas en línea

Tanger opera el canal digital primario en www.tangeroutlets.com, que proporciona:

• Información de ubicación central
• Directorio
• Ofertas promocionales
• Compras de tarjetas de regalo digital

Aplicación móvil

Características de la aplicación móvil de Tanger Outlets:

• Mapas centrales en tiempo real
• Promociones de la tienda
• Cupones digitales
• Notificaciones basadas en la ubicación

Marketing en redes sociales

Plataforma	Seguidores/compromiso
Facebook	175,000 seguidores
Instagram	85,000 seguidores
Gorjeo	22,000 seguidores

Campañas directas de correo electrónico y marketing digital

Estadísticas de la base de datos de marketing:

• 1.2 millones de suscriptores de correo electrónico activos
• Tasa de apertura de correo electrónico promedio: 22.5%
• Tasa de clics: 8.3%

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocio: segmentos de clientes

Compradores conscientes del presupuesto

A partir de 2024, los puntos de venta de Tanger atienden a aproximadamente 44.4 millones de compradores únicos anualmente. El visitante promedio del centro de salida ahorra entre 25 y 65% ​​en los precios minoristas en comparación con las tiendas minoristas tradicionales.

Categoría de comprador	Gasto anual	Descuento promedio
Compradores conscientes del presupuesto	$375	42%

Consumidores que buscan marca

Tanger administra 33 centros de salida en 23 estados, ofreciendo acceso a más de 2.500 tiendas de marca. Las marcas representadas incluyen Nike, Coach, Michael Kors y Under Armour.

• Las 5 categorías de marca más populares
• Ropa (38%)
• Calzado (22%)
• Accesorios (18%)
• Productos en el hogar (12%)
• Electrónica (10%)

Turistas y viajeros

Los puntos de venta de mandos están ubicados estratégicamente cerca de los principales destinos turísticos, con el 68% de los centros situados dentro de las 10 millas de corredores de viaje significativos.

Tipo de ubicación	Número de centros	Porcentaje de tráfico turístico
Salidas de destino turístico	14	52%

Familias y compradores grupales

Aproximadamente el 62% de los visitantes de Outlet de Tanger compran en grupos, con un tamaño de grupo promedio de 3.4 personas.

Fabricantes de marca minorista y minoristas

Tanger atiende más de 2,500 tiendas de marca, generando $ 1.2 mil millones en ingresos totales para 2023, con una tasa de ocupación del 95.2%.

Categoría de fabricante	Número de tiendas	Contribución anual de ingresos
Fabricantes de ropa	875	$ 456 millones
Marcas de calzado	425	$ 278 millones

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad

A partir del cuarto trimestre de 2023, los Centros de Outlet de Factory de Tanger informaron gastos operativos totales de $ 107.1 millones. La compañía administra 36 centros de salida en los Estados Unidos, con un costo promedio de mantenimiento de la propiedad de $ 2.97 millones por centro.

Categoría de gastos	Costo anual ($ M)	% de los gastos operativos totales
Mantenimiento de la propiedad	107.1	42.3%
Utilidades	34.5	13.6%
Reparaciones y mantenimiento	22.8	9.0%

Gastos de gestión de arrendamiento

Los costos de gestión de arrendamiento para los centros de salida de Factory de Tanger en 2023 totalizaron $ 42.6 millones, lo que representa aproximadamente el 16.8% de los gastos operativos totales.

• Costo promedio de administración de arrendamiento por centro: $ 1.18 millones
• Cumplimiento de arrendamiento y gastos de monitoreo: $ 8.3 millones
• Gestión de la relación de inquilino: $ 6.5 millones

Costos de marketing y promoción

En 2023, los centros de outlet de Tanger Factory invirtieron $ 31.2 millones en actividades de marketing y promoción.

Canal de marketing	Gasto ($ M)	Porcentaje
Marketing digital	12.4	39.7%
Publicidad tradicional	9.6	30.8%
Eventos promocionales	6.2	19.9%

Sobrecarga administrativa y corporativa

Los gastos generales para los centros de salida de Factory de Tanger en 2023 ascendieron a $ 53.7 millones.

• Compensación ejecutiva: $ 12.4 millones
• Salarios del personal corporativo: $ 22.6 millones
• Servicios profesionales y consultoría: $ 8.9 millones
• Costos legales y de cumplimiento: $ 5.8 millones

Inversiones de tecnología e infraestructura

Las inversiones tecnológicas para 2023 totalizaron $ 18.3 millones.

Categoría de tecnología	Inversión ($ m)	Objetivo
Infraestructura digital	7.6	Sitio web y plataforma móvil
Ciberseguridad	4.2	Protección de datos
Sistemas de gestión de inquilinos	3.5	Eficiencia operativa
Análisis e informes	3.0	Inteligencia de negocios

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de inquilinos minoristas

A partir del tercer trimestre de 2023, los centros de salida de Factory de Tanger informaron ingresos por alquiler totales de $ 127.9 millones. La compañía posee y opera 36 centros de salida en 20 estados, con un área total de aproximadamente 13.4 millones de pies cuadrados.

Métrico	Valor
Ingresos totales de alquiler (tercer trimestre de 2023)	$ 127.9 millones
Número de centros de salida	36
Área de lesiones gruesas totales	13.4 millones de pies cuadrados
Tasa de ocupación (tercer trimestre de 2023)	95.4%

Porcentaje de alquiler basado en la venta de inquilinos

Tanger genera ingresos adicionales a través del alquiler porcentual, que se calcula en función del rendimiento de las ventas de los inquilinos. En 2022, la compañía informó:

• Ventas totales de inquilinos de $ 6.1 mil millones
• Porcentaje de contribución de alquiler de $ 4.2 millones
• Ventas promedio por pie cuadrado de $ 533

Tarifas de administración de propiedades

Tanger obtiene tarifas de administración de propiedades de asociaciones de empresas conjuntas y propiedades administradas. Para el año fiscal 2022, estas tarifas ascendieron a $ 2.5 millones.

Distribuciones de fideicomiso de inversión inmobiliaria (REIT)

Como REIT, se requiere que Tanger distribuya al menos el 90% de los ingresos imponibles a los accionistas. En 2022, la compañía distribuyó:

Tipo de distribución	Cantidad
Dividendos totales pagados	$ 74.6 millones
Dividendo por acción	$ 0.72 anualmente

Ventas y desarrollos de propiedades estratégicas

En 2022, Tanger se dio cuenta $ 45.3 millones de disposiciones de propiedad. La compañía continúa administrando estratégicamente su cartera de bienes raíces para optimizar los flujos de ingresos.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why retailers sign long-term leases with Tanger Factory Outlet Centers, Inc. and why shoppers keep coming back. The value proposition isn't just about lower prices; it's about the entire ecosystem they've built around bargain-hunting and brand access.

For Shoppers: Exceptional Value on Brand-Name Goods

The primary draw for shoppers is the consistent access to brand-name merchandise at a discount. This value proposition is supported by the high productivity of the centers, which attracts top-tier tenants who want to move volume. Tanger Factory Outlet Centers, Inc. offers access to over 3,000 stores operated by more than 800 different brand name companies across its portfolio as of late 2025.

The company is actively evolving the tenant mix to capture more consumer spend outside of traditional apparel. This evolution is evidenced by the strategic addition of new categories and experiences:

• Adding additional restaurants.
• Incorporating entertainment destinations.
• Bringing in non-traditional outlet retailers.

For Retailers: High Sales Productivity

For tenants, the value is clear: high sales velocity in a physical space. Tanger Factory Outlet Centers, Inc. has driven tenant sales per square foot to an all-time high. This metric directly reflects the quality of the shopper traffic and the effectiveness of the location strategy.

Here's a snapshot of the operational strength supporting this value for retailers:

Metric	Value (As of Q3 2025)	Period Ending
Average Tenant Sales per Square Foot	$475	Twelve Months Ended September 30, 2025
Portfolio Occupancy Rate	97.4%	September 30, 2025
Blended Average Rental Rate Spreads (Cash Basis)	10.6%	Twelve Months Ended September 30, 2025
Same-Store NOI Growth	4.0%	Q3 2025 Year-over-Year
Portfolio Size (Total Centers)	41 (38 Outlet + 3 Lifestyle)	Late 2025

The robust leasing activity, hitting a record at over 600 transactions in the trailing 12-month period totaling 2.9 million square feet, shows strong tenant demand.

Open-Air Format and a Curated, Evolving Shopping Experience

Tanger Factory Outlet Centers, Inc. operates a portfolio of 38 outlet centers and three open-air lifestyle centers. This open-air format is a key differentiator. The company's mission component, 'experience,' reflects the shift from a simple transaction point to a destination. This evolution is driven by using customer insights to inform the future of shopping.

Strategic Locations Near Tourist Destinations and Vibrant Markets

The real estate assets are strategically placed to capture both local and transient spending. The portfolio is positioned in high-growth suburbs and tourist markets. The company's footprint includes centers across the East and Gulf Coasts, alongside inland destinations in growing markets. The acquisition of Tanger Kansas City at Legends, for example, was a strategic addition to a market with tourism appeal.

Opportunity for Brands to Launch First-Ever Outlet Concepts

The high-performing, high-traffic environment creates a compelling case for brands looking to establish or expand their off-price presence. The strong leasing spreads, with re-tenanted spreads at 27.6%, indicate that new tenants are paying significantly higher rates to enter the portfolio. This environment supports brands looking to test new concepts or expand their off-price footprint effectively.

Finance: draft 13-week cash view by Friday.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Customer Relationships

Dedicated on-site property management teams

Portfolio comprised of approximately 38 outlet centers and 3 open-air lifestyle centers across the U.S. and Canada as of late 2025.

High-touch leasing team focused on retailer success

Leasing volume hit a record at over 600 transactions in the trailing 12-month period ending Q3 2025, totaling 2.9 million square feet.

Blended (new and renewal) lease spreads reached 10.6% in Q3 2025.

This marked the 15th consecutive quarter in which lease spreads were over 10%.

Occupancy rate at quarter-end Q3 2025 was 97.4%.

Tenant sales productivity reached an all-time high of $475 per square foot during Q3 2025.

Metric	Q3 2025 Value	Q2 2025 Value
Occupancy Rate	97.4%	96.6%
Sales Per Square Foot (TTM)	$475	$465
Blended Lease Spreads (TTM)	10.6%	12.0%

Loyalty program (TangerClub) for repeat customer engagement

• TangerClub Blue tier: Free membership.
• TangerClub Gold tier: Requires a $20 annual subscription fee.
• TangerClub Gold members earn double points.
• TangerClub Platinum members earn triple points.
• Status points accrue over a rolling 12-month period.

Digital and social media platforms for promotions and events

The company is leveraging AI to optimize customer service and operational efficiency.

Transaction relationship for short-term/temporary tenants

Management emphasized the strategic use of temporary tenancy as a factor contributing to a robust leasing environment.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Channels

You're looking at how Tanger Factory Outlet Centers, Inc. (SKT) gets its value proposition-discounted, high-quality retail-out to its customers and tenants as of late 2025. It's a mix of physical presence and digital outreach.

Physical retail centers across 22 U.S. states and Canada form the core channel. As of the third quarter of 2025, Tanger Factory Outlet Centers, Inc. operated a portfolio consisting of 38 outlet centers and three open-air lifestyle centers. These properties span 22 U.S. states and Canada. The total leasable area across this portfolio exceeds 16 million square feet. These centers house over 3,000 stores operated by more than 800 different brand name companies. Tenant productivity, a key metric for this channel, reached an all-time high of $475 per square foot for the twelve months ended September 30, 2025.

The digital channels include the company website, tanger.com, and the mobile app, which help drive shopper engagement. Management noted that digital and on-center marketing initiatives are accelerating sales momentum. The company also manages customer relationships through the TangerClub, accessible via the website.

The direct leasing team for B2B retailer outreach is highly active, evidenced by record leasing volume. Over the trailing twelve months ending September 30, 2025, the team executed 608 leases, totaling 2.9 million square feet. This activity resulted in robust blended average rental rate spreads of 10.6% on a cash basis for comparable space.

The following table summarizes the key operational metrics related to the physical and leasing channels as of late 2025:

Channel Metric	Value/Amount	Period/Context
Total Operating Centers (Outlet + Lifestyle)	41 (38 outlet + 3 lifestyle)	As of Q3 2025
Total Portfolio Square Footage	Over 16 million square feet	As of Q3 2025
Total Number of Brands/Retailers	More than 800 different brand name companies	As of Q3 2025
Total Leases Executed (TTM)	608 leases	Twelve months ended September 30, 2025
Total Square Feet Leased (TTM)	2.9 million square feet	Twelve months ended September 30, 2025
Blended Average Rental Rate Spreads	10.6%	Twelve months ended September 30, 2025
Re-tenanted Rent Spreads	27.6%	Twelve months ended September 30, 2025
Renewal Rent Spreads	7.9%	Twelve months ended September 30, 2025
Portfolio Sales Productivity	$475 per square foot	Twelve months ended September 30, 2025

For driving foot traffic, Tanger Factory Outlet Centers, Inc. uses on-center signage and local advertising, which are integrated with its digital marketing efforts. The company also advances strategic growth through new partnerships, such as one with Unrivaled Sports, to serve as growth levers for traffic and community engagement. Specific spend amounts for local advertising or third-party booking site revenue contribution aren't public, but the overall portfolio occupancy was 97.4% at the end of Q3 2025.

The company also utilizes its physical assets for strategic external growth, including the recent acquisition of Legends Outlets, rebranded as Tanger Kansas City at Legends, for $130.0 million, which is projected to deliver an 8% return in its first year.

• The company operates in 22 U.S. states.
• Total liquidity at quarter-end (Q3 2025) was $581 million.
• The net debt to adjusted EBITDA ratio was 5x at the end of Q3 2025.
• The dividend payout ratio is a conservative 50%.

Finance: draft 13-week cash view by Friday.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Customer Segments

You're looking at the core groups Tanger, Inc. serves, from the people buying the goods to the entities providing the capital. It's a mix of consumers, brand partners, and the financial community.

Brand-conscious, value-focused shoppers and families

This group is the primary driver of foot traffic and tenant sales performance. They seek brand names but at a discount, which is the core value proposition of the outlet model. The productivity of the tenants directly reflects the strength of this segment's spending habits.

The average tenant sales per square foot reached $475 for the twelve months ended September 30, 2025. This figure is an all-time high, showing this segment is spending more per square foot than in previous periods, such as the $438 seen for the twelve months ended September 30, 2024. The overall portfolio occupancy was high at 97.4% as of September 30, 2025, indicating strong demand from both shoppers and the retailers serving them.

Domestic and international tourists visiting destination centers

Tanger, Inc.'s portfolio is positioned in vibrant markets and tourist destinations across $\text{21}$ U.S. states and Canada. While specific tourist spending breakdowns aren't public, the strategy relies on these locations to capture non-local traffic, supplementing local shopper visits. The company's portfolio includes $\text{37}$ outlet centers and $\text{3}$ open-air lifestyle centers, totaling $\text{16}$ million square feet. The leasing activity, which saw $\text{625}$ leases executed totaling $\text{2.8}$ million square feet in the twelve months ended June 30, 2025, reflects the ongoing appeal of these physical destinations.

Brand-name apparel, footwear, and home goods retailers

These are the core tenants, the brand-name companies that draw the value-focused shopper. Tanger, Inc. hosts over 700 different brand-name companies operating more than 3,000 stores. The demand from this segment is robust, evidenced by strong leasing metrics.

Here's a look at the leasing and productivity environment for these key partners as of late 2025:

Metric	Value (Twelve Months Ended 9/30/2025)	Source Period
Average Tenant Sales per Square Foot	$475	Twelve Months Ended 9/30/2025
Overall Portfolio Occupancy	97.4%	As of 9/30/2025
Blended Average Rental Rate Spreads (Cash Basis)	10.6%	Twelve Months Ended 9/30/2025
Occupancy Cost Ratio (OCR)	9.7%	Twelve Months Ended 9/30/2025
Leasing Volume (Transactions)	Over 600	Trailing 12-Month Period Ending 9/30/2025

The low Occupancy Cost Ratio of 9.7% suggests tenants can comfortably cover their occupancy costs relative to their sales. This environment supports the company's strategy to remerchandise and replace less productive tenants.

Non-traditional tenants (restaurants, entertainment, fitness)

Tanger, Inc. is actively shifting its tenant mix to diversify beyond traditional apparel, incorporating categories like food, home goods, books, and toys. While specific revenue contribution from these newer categories isn't broken out, the overall portfolio strategy involves expanding store counts with existing productive tenants while bringing in new retail categories. The company is also focused on activating peripheral land, which often supports these non-retail uses.

• Strategic focus on diversifying tenant assortment.
• Acquisitions like Pinecrest are mixed-use centers, suggesting space for non-traditional uses.
• The company is evolving toward a more diversified retail real estate platform.

Institutional investors seeking REIT income and growth

This segment provides the necessary capital base for a Real Estate Investment Trust (REIT). Institutional investors own a significant portion of Tanger, Inc. stock. As of September 2025, institutional ownership was reported at 92.9%. The top 10 institutional holders controlled a substantial share base, with BlackRock, Inc. holding over 20.86 million shares, representing 18.44% of total outstanding shares as of September 30, 2025. These investors are primarily focused on the reliable income stream and potential capital appreciation.

The income component is supported by the dividend, which is $\text{\$0.2925}$ quarterly, or $\text{\$1.17}$ annualized, yielding about 3.6%. The company's net debt to adjusted EBITDA ratio stood at 5.0x as of Q3 2025, indicating a solid balance sheet supporting the dividend, which is described as well-protected by a 50% payout ratio based on Core FFO. The FY 2025 Core FFO per share guidance is between $\text{\$2.280}$ and $\text{\$2.320}$.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Cost Structure

The Cost Structure for Tanger Factory Outlet Centers, Inc. is heavily weighted toward the ongoing operational and financial obligations of owning and managing a large, physical real estate portfolio. These costs are significant economic factors that materially impact results from operations, as noted in their filings.

Significant property operating expenses and real estate taxes form a core component of the cost base. For the fiscal quarter ended March 31, 2025, Property operating expenses were reported at $41,820 (in thousands). Real estate taxes are embedded within these property operating expenses, representing a non-negotiable, recurring cost tied directly to the asset base.

Interest expense on debt, including assumed mortgage loans, is another major outlay. As of the fiscal quarter ending in September of 2025, Tanger Factory Outlet Centers, Inc. reported Interest Expense on Debt of $16.44M. The total Debt outstanding was $1.61B as of September 30, 2025. The weighted average interest rate on outstanding debt, including current swaps, was 4.0% as of the second quarter of 2025. Furthermore, the September 2025 acquisition of Tanger Kansas City at Legends included the assumption of a $115 million mortgage loan.

Here's a look at key financial figures relevant to the cost structure as of late 2025:

Financial Metric (Period Ending Sep 30, 2025)	Amount
Sales Revenues	$145.21M
Operating Expenses (Total)	$99.53M
Interest Expense on Debt (Quarterly)	$16.44M
Selling and Administration Expenses (Quarterly)	$18.61M
Cost Of Sales (Quarterly)	$43.81M
Total Debt	$1.61B

Capital expenditures for center renovations and tenant allowances are necessary to maintain the quality and competitiveness of the centers. Tanger Factory Outlet Centers noted that the level of capital expenditures and leasing costs necessary to maintain operating performance is a significant economic cost. Over the two years leading up to the end of 2024, the company invested nearly $650 million in growing its portfolio through acquisitions. In April 2025, a mortgage for Tanger Outlets Memphis was refinanced, which increased outstanding borrowings by $10.0 million (from $51.7 million to $61.7 million).

General and administrative costs, including executive compensation, are captured within Selling and Administration Expenses. For the fiscal quarter ending in September 2025, Selling and Administration Expenses were $18.61M. The company noted that Core FFO for the first nine months of 2025 was impacted by a non-cash impairment charge of $4.2 million related to a center sale.

Leasing commissions and marketing expenses are critical operational costs, though specific 2025 figures for these line items alone aren't explicitly detailed in the latest summaries. However, the company emphasizes its digital and on-center marketing initiatives are accelerating sales momentum. The cost associated with tenant turnover is partially reflected in lease termination fees, which totaled $85,000 for the total portfolio in the third quarter of 2025.

• Leasing activity remains robust, with over 600 transactions in the trailing 12-month period ending Q3 2025.
• Blended (new and renewal) lease spreads were a strong 10.6% for the trailing twelve months ending Q3 2025.
• The occupancy cost ratio (OCR), which reflects annualized occupancy costs as a percentage of tenant sales, was 9.7% for the twelve months ended September 30, 2025.

Finance: review the Q4 2025 operating expense forecast against the Q3 run-rate by Monday.

Tanger Factory Outlet Centers, Inc. (SKT) - Canvas Business Model: Revenue Streams

The Revenue Streams for Tanger Factory Outlet Centers, Inc. are fundamentally anchored in real estate leasing, which is supplemented by operational fees and strategic financial performance metrics. You need to know that the bulk of the income comes from the contractual obligations of the tenants occupying the physical space.

The primary revenue driver is the rent collected from the extensive portfolio. As of March 31, 2025, Tanger Factory Outlet Centers, Inc. managed a portfolio comprising 37 outlet centers, one adjacent managed center, and three open-air lifestyle centers across the U.S. and Canada. This physical footprint supports over 3,000 stores operated by more than 700 different brand name companies.

The revenue structure is built on two main rental components, though the precise split isn't always publically itemized in every release. The Minimum base rent provides the stable, predictable cash flow. The Percentage rent, which is based on tenant sales performance, acts as an upside kicker when retailers perform well. Tenant sales productivity is a key indicator here; for the twelve months ended September 30, 2025, average tenant sales per square foot reached $475.

For a near-term view of scale, the Trailing Twelve Month (TTM) Revenue as of late 2025 is approximately $0.56 Billion USD. This is supported by the nine-month rental revenue for 2025 being reported at $399.945 million.

The financial health and expected returns from these streams are quantified through Funds From Operations (FFO) guidance. Tanger Factory Outlet Centers, Inc. projects a full-year Core FFO guidance of $2.28 to $2.32 per share. This guidance reflects strong operational execution, including a Same-Center Net Operating Income (NOI) growth of 4.0% year-over-year for the third quarter of 2025. Furthermore, the company reported robust blended leasing spreads of 10.6% over the trailing 12-month period.

Here's a look at the key metrics that underpin the revenue generation:

• Portfolio Occupancy Rate (as of September 30, 2025): 97.4%
• Same-Center NOI Growth (Q3 2025): 4.0%
• Blended Leasing Spreads (TTM): 10.6%
• Average Tenant Sales per Square Foot (TTM ended 9/30/2025): $475

Beyond the core leasing agreements, Tanger Factory Outlet Centers, Inc. collects Other income from common area fees and temporary tenancy. These fees cover shared operating expenses and short-term revenue from kiosks or pop-up spaces, adding to the overall top line, though they represent a smaller fraction compared to the base rent.

You can see the scale of the revenue components and guidance in this table:

Revenue Component/Metric	Value/Amount	Period/Context
TTM Revenue	$0.56 Billion USD	Late 2025
Nine-Month Rental Revenue	$399.945 Million USD	First Nine Months of 2025
Full-Year Core FFO Guidance (Per Share)	$2.28 to $2.32	FY 2025 Estimate
Number of Stores Leased	Over 3,000	As of March 31, 2025
Number of Unique Brand Name Companies	Over 700	As of March 31, 2025
Leasing Spreads (Blended)	10.6%	Trailing 12-Month Period

The ability to command strong leasing spreads, like the 10.6% figure, directly translates into higher base rent upon renewal and drives the overall revenue quality. Finance: draft 13-week cash view by Friday.