Tanger Factory Outlet Centers, Inc. (SKT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Tanger Factory Outlet Centers, Inc. (SKT), uma potência no setor imobiliário de varejo que transforma experiências de compras por meio de um gerenciamento inovador de centro de saída. Ao conectar magistralmente os consumidores conscientes do orçamento com os principais varejistas de marcas em locais primários, a Tanger criou um modelo de negócios exclusivo que gera receita por meio de investimentos em propriedades inteligentes, relacionamentos estratégicos de inquilinos e design de mercado centrado no cliente. Esse modelo de negócios Exploration revela como a SKT aproveita a localização, o engajamento digital e os ambientes de varejo com curadoria para criar valor para compradores, marcas e investidores.

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: Parcerias -chave

Projetos imobiliários e investidores imobiliários

A Tanger Factory Outlet Centers faz parceria com os principais promotores imobiliários em vários estados. A partir de 2024, a empresa opera 36 centros de saída em 20 estados.

Tipo de parceria	Número de parcerias	Alcance geográfico
Desenvolvimento imobiliário	12 parcerias ativas	20 Estados dos EUA
Investimentos de joint venture	3 joint ventures atuais	Sudeste dos Estados Unidos

Marcas de varejo nacional e regional

Tanger mantém parcerias estratégicas com mais de 500 pontos de venda.

• Os principais parceiros da marca incluem Nike, Coach, Under Armour, Michael Kors
• Termo médio de arrendamento: 5-7 anos
• Taxa de ocupação a partir do quarto trimestre 2023: 95,2%

Contratados de construção e manutenção

Tipo de contratante	Investimento anual	Serviços prestados
Principais parceiros de construção	US $ 24,3 milhões	Reformas e expansões centrais
Contratados de manutenção	US $ 8,7 milhões	Uportagem e gerenciamento de instalações

Instituições de financiamento e parceiros de capital

Tanger trabalha com várias instituições financeiras para gerenciamento de capital.

• Dívida total a partir do quarto trimestre 2023: US $ 1,2 bilhão
• Parceiros de empréstimos primários: Wells Fargo, Bank of America
• Taxa de juros médios ponderados: 4,8%

Provedores de tecnologia e infraestrutura digital

Parceiro de tecnologia	Investimento de tecnologia anual	Serviços -chave
Infraestrutura digital	US $ 3,5 milhões	Plataforma de comércio eletrônico, infraestrutura Wi-Fi
Segurança cibernética	US $ 1,2 milhão	Proteção de dados e segurança de rede

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: Atividades -chave

Gerenciando e operando shopping centers

A partir do quarto trimestre de 2023, a Tanger opera 36 centros de saída em 20 estados e no Canadá, totalizando 13,6 milhões de pés quadrados de espaço de varejo.

Métrica	Valor
Número total de centros	36
Espaço total de varejo	13,6 milhões de pés quadrados
Presença geográfica	20 Estados dos EUA e Canadá

Arrendamento de espaços de varejo para varejistas de marca

A partir de 2023, Tanger mantém uma taxa de ocupação de inquilinos de 94,3%, com aproximadamente 2.500 lojas de varejo de marca em todo o seu portfólio.

• Termo médio de arrendamento: 4,5 anos
• Taxa de retenção de inquilinos: 85%
• Receita de aluguel em 2023: US $ 426,2 milhões

Desenvolvimento de propriedades e expansão

As despesas de capital para 2023 foram de US $ 44,3 milhões, focadas em melhorias de propriedades e reformas estratégicas.

Métrica de Desenvolvimento	2023 valor
Despesas de capital	US $ 44,3 milhões
Novos desenvolvimentos centrais	0 (foco na otimização de portfólio existente)

Melhoria de marketing e experiência do cliente

As despesas de marketing em 2023 foram de aproximadamente US $ 12,7 milhões, com foco em estratégias de marketing digital e direcionado.

• Orçamento de marketing digital: US $ 5,2 milhões
• Membros do programa de fidelidade do cliente: 1,8 milhão
• Downloads de aplicativos móveis: 750.000

Gerenciamento de ativos e otimização de portfólio

O valor total do ativo a partir do quarto trimestre 2023 foi de US $ 3,1 bilhões, com foco estratégico na manutenção de propriedades de alta qualidade.

Métrica de gerenciamento de ativos	2023 valor
Valor total do portfólio	US $ 3,1 bilhões
Receita operacional líquida	US $ 391,6 milhões
Valor central médio	US $ 86,1 milhões

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: Recursos -chave

Locais imobiliários de varejo principal

A partir do quarto trimestre de 2023, os centros de saída da Tanger Factory opera 36 centros de saída em 20 estados nos Estados Unidos, totalizando aproximadamente 13,3 milhões de pés quadrados de área arrepiada bruta. O portfólio inclui:

Categoria de localização	Número de centros	Mágua quadrada total
Centros de saída ao ar livre	36	13,3 milhões de pés quadrados
Taxa de ocupação (Q4 2023)	95.4%	N / D

Portfólio de marcas fortes das propriedades do centro de outlet

O portfólio de marcas da Tanger inclui parcerias estratégicas com:

• Nike
• Treinador
• Under Armour
• Michael Kors
• Brecha
• Levi's

Equipe de gestão e operação experiente

Métrica de Gerenciamento	Valor
Experiência de gerenciamento médio	Mais de 15 anos
Total de funcionários	Aproximadamente 500

Plataformas de marketing digital e de engajamento de clientes

Métricas de engajamento digital para 2023:

• Downloads de aplicativos móveis: 250.000+
• Base de assinante de e -mail: 1,2 milhão
• Seguidores de mídia social: 500.000+

Capital financeiro e recursos de investimento

Métrica financeira	2023 valor
Total de ativos	US $ 3,2 bilhões
Capitalização de mercado	US $ 1,1 bilhão
Relação dívida / patrimônio	0.65
Receita anual	US $ 439,7 milhões

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: proposições de valor

Experiências de compras com desconto para consumidores

A partir do quarto trimestre de 2023, os centros de saída da Tanger Factory ofereceram descontos médios de 25-60% nos preços de varejo em 36 centros de saída nos Estados Unidos e no Canadá.

Intervalo de desconto	Porcentagem de lojas
25-40% de desconto	42%
40-60% de desconto	58%

Destinos de compras convenientes e centralizados

Em 2023, a Tanger operava 36 centros de saída em 21 estados e no Canadá, totalizando 13,4 milhões de pés quadrados de espaço de varejo.

• Número total de centros de saída: 36
• Mágua quadrada total de varejo: 13,4 milhões
• Cobertura geográfica: 21 estados e Canadá

Ambientes de varejo de alta qualidade

Os centros de Tanger mantiveram uma taxa de ocupação de 92,4% em 2023, indicando espaços de varejo de alta qualidade atraentes para as marcas.

Métrica	2023 valor
Taxa de ocupação	92.4%
Vendas médias de inquilino por pé quadrado	$471

Espaço de varejo econômico para fabricantes de marcas

Em 2023, a Tanger ofereceu taxas de leasing competitivas com uma taxa média de aluguel de US $ 22,35 por pé quadrado.

• Taxa média de aluguel de base: US $ 22,35 por pé quadrado
• Termos de arrendamento: normalmente 3-5 anos
• Mix do inquilino: mais de 500 varejistas de marca

Mix de varejo diversificado e com curadoria

O portfólio de Tanger em 2023 incluiu uma gama diversificada de categorias de varejo.

Categoria de varejo	Porcentagem de mistura de inquilino
Vestuário	42%
Acessórios	22%
Calçados	18%
Casa/estilo de vida	12%
Outro	6%

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: Relacionamentos do cliente

Programas de fidelidade e marketing personalizado

Tanger Outlets VIP Shopper Program oferece aos membros benefícios exclusivos:

• Cupons personalizados com média de 15 a 25% de desconto
• Acesso antecipado a eventos de vendas
• Recompensas de aniversário

Métrica do Programa de Fidelidade	2023 dados
Total de membros VIP	2,3 milhões
Gasto médio de membros	US $ 487 por visita
Taxa de retenção de membros	68%

Engajamento digital através de aplicativos móveis

Métricas de desempenho do aplicativo móvel:

• Downloads de aplicativos: 1,1 milhão
• Usuários ativos mensais: 425.000
• Duração média da sessão: 7,3 minutos

Comunicação e feedback regular do cliente

Canal de comunicação	Taxa de engajamento
Marketing por e -mail	22% de taxa de abertura
Interações de mídia social	387.000 compromissos mensais
Tempo de resposta de feedback do cliente	24-48 horas

Experiências de compras focadas na comunidade

Iniciativas de engajamento da comunidade:

• Eventos comunitários anuais: 42 locais
• Parcerias de caridade locais: 73 colaborações
• Emprego local: 4.200 empregos diretos

Reputação e confiança consistentes da marca

Brand Trust Metric	2023 desempenho
Pontuação de satisfação do cliente	4.2/5
Pontuação do promotor líquido	61
Repetir a taxa de cliente	52%

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: Canais

Locais do centro de saída física

A partir do quarto trimestre 2023, os centros de saída da Tanger Factory opera 33 shopping centers de saída ao ar livre em 21 estados nos Estados Unidos.

Região	Número de centros	Área total de arrepio bruto (sq. Ft.)
Sudeste	9	4,500,000
Nordeste	7	3,800,000
Sudoeste	6	3,200,000
Outras regiões	11	5,500,000

Site da empresa e plataformas online

Tanger opera o canal digital principal em www.tangeroutlets.com, que fornece:

• Informações sobre localização central
• Diretório da loja
• Ofertas promocionais
• Compras de cartões -presente digitais

Aplicativo móvel

Tangers Sontas Recursos de aplicativo móvel:

• Mapas centrais em tempo real
• Promoções da loja
• Cupons digitais
• Notificações baseadas em localização

Marketing de mídia social

Plataforma	Seguidores/engajamento
Facebook	175.000 seguidores
Instagram	85.000 seguidores
Twitter	22.000 seguidores

Campanhas diretas de email e marketing digital

Estatísticas do banco de dados de marketing:

• 1,2 milhão de assinantes de e -mail ativos
• Taxa média de abertura do email: 22,5%
• Taxa de clique: 8,3%

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

Compradores conscientes do orçamento

A partir de 2024, a Tanger Outlets atende a aproximadamente 44,4 milhões de compradores únicos anualmente. O visitante médio do centro de saída economiza entre 25-65% nos preços de varejo em comparação com as lojas de varejo tradicionais.

Categoria de compras	Gastos anuais	Desconto médio
Compradores conscientes do orçamento	$375	42%

Consumidores que procuram marca

Tanger gerencia 33 centros de saída em 23 estados, oferecendo acesso a mais de 2.500 lojas de marca. As marcas representadas incluem a Nike, treinador, Michael Kors e Under Armour.

• As 5 principais categorias de marca mais populares
• Vestuário (38%)
• Calçados (22%)
• Acessórios (18%)
• Bens domésticos (12%)
• Eletrônica (10%)

Turistas e viajantes

As tomadas de Tanger estão estrategicamente localizadas perto de principais destinos turísticos, com 68% dos centros situados a 16 quilômetros de corredores significativos de viagens.

Tipo de localização	Número de centros	Porcentagem de tráfego turístico
Pontos de destino turísticos	14	52%

Famílias e compradores de grupo

Aproximadamente 62% da loja de visitantes da Tanger Outlet em grupos, com um tamanho médio de grupo de 3,4 pessoas.

Fabricantes de marcas e varejistas de varejo

Tanger atende a mais de 2.500 lojas de marcas, gerando US $ 1,2 bilhão em receita total para 2023, com uma taxa de ocupação de 95,2%.

Categoria de fabricante	Número de lojas	Contribuição anual da receita
Fabricantes de vestuário	875	US $ 456 milhões
Marcas de calçados	425	US $ 278 milhões

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: estrutura de custos

Manutenção de propriedades e operações

A partir do quarto trimestre 2023, os centros de saída da Tanger Factory relataram despesas operacionais totais de propriedade de US $ 107,1 milhões. A empresa gerencia 36 centros de saída nos Estados Unidos, com um custo médio de manutenção de propriedade de US $ 2,97 milhões por centro.

Categoria de despesa	Custo anual ($ m)	% do total de despesas operacionais
Manutenção de propriedades	107.1	42.3%
Utilitários	34.5	13.6%
Reparos e manutenção	22.8	9.0%

Despesas de gerenciamento de arrendamento

Os custos de gerenciamento de arrendamento para os centros de saída da Tanger Factory em 2023 totalizaram US $ 42,6 milhões, representando aproximadamente 16,8% do total de despesas operacionais.

• Custo médio de administração de arrendamento por centro: US $ 1,18 milhão
• Despesas de conformidade e monitoramento do arrendamento: US $ 8,3 milhões
• Gerenciamento de relacionamento inquilino: US $ 6,5 milhões

Custos de marketing e promocional

Em 2023, os centros de saída da Tanger Factory investiram US $ 31,2 milhões em atividades de marketing e promocionais.

Canal de marketing	Despesas ($ M)	Percentagem
Marketing digital	12.4	39.7%
Publicidade tradicional	9.6	30.8%
Eventos promocionais	6.2	19.9%

Overhead administrativo e corporativo

A sobrecarga corporativa para os centros de saída da Tanger Factory em 2023 totalizou US $ 53,7 milhões.

• Compensação de executivos: US $ 12,4 milhões
• Salários da equipe corporativa: US $ 22,6 milhões
• Serviços e consultoria profissional: US $ 8,9 milhões
• Custos legais e de conformidade: US $ 5,8 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia para 2023 totalizaram US $ 18,3 milhões.

Categoria de tecnologia	Investimento ($ m)	Propósito
Infraestrutura digital	7.6	Site e plataforma móvel
Segurança cibernética	4.2	Proteção de dados
Sistemas de gerenciamento de inquilinos	3.5	Eficiência operacional
Análise e relatórios	3.0	Inteligência de negócios

Tanger Factory Outlet Centers, Inc. (SKT) - Modelo de negócios: fluxos de receita

Renda de aluguel de inquilinos de varejo

A partir do terceiro trimestre de 2023, os centros de saída da Tanger Factory relataram receitas totais de aluguel de US $ 127,9 milhões. A empresa possui e opera 36 centros de saída em 20 estados, com uma área total de aproximadamente 13,4 milhões de pés quadrados.

Métrica	Valor
Receita total de aluguel (terceiro trimestre 2023)	US $ 127,9 milhões
Número de centros de saída	36
Área Lasível Bruta Total	13,4 milhões de pés quadrados
Taxa de ocupação (Q3 2023)	95.4%

Aluguel percentual com base nas vendas de inquilinos

Tanger gera receita adicional através do aluguel percentual, que é calculado com base no desempenho das vendas de inquilinos. Em 2022, a empresa informou:

• Vendas totais de inquilino de US $ 6,1 bilhões
• Contribuição percentual de aluguel de US $ 4,2 milhões
• Vendas médias por pé quadrado de US $ 533

Taxas de gerenciamento de propriedades

Tanger recebe taxas de gerenciamento de propriedades de parcerias de joint venture e propriedades gerenciadas. Para o ano fiscal de 2022, essas taxas totalizaram US $ 2,5 milhões.

Distribuições de confiança de investimento imobiliário (REIT)

Como REIT, a Tanger deve distribuir pelo menos 90% da receita tributável aos acionistas. Em 2022, a empresa distribuiu:

Tipo de distribuição	Quantia
Dividendos totais pagos	US $ 74,6 milhões
Dividendo por ação	$ 0,72 anualmente

Vendas e desenvolvimentos estratégicos de propriedades

Em 2022, Tanger percebeu US $ 45,3 milhões em disposições de propriedade. A empresa continua a gerenciar estrategicamente seu portfólio imobiliário para otimizar os fluxos de receita.

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.