Tanger Inc.—fueled by strong leasing activity, organic growth and property acquisitions— eported top- and bottom-line gains for the fourth quarter and year ended Dec. 31.
The results were expected given Tanger’s long string of positive quarterly performances as well as the continued popularity of outlet centers and the values they offer consumers. Tanger has also been actively replacing less-productive tenants with more modern and productive concepts and innovative formats.
Fourth-quarter net income rose to $33.2 million from $26.3 million a year earlier. And core funds from operations grew to $75.6 million from $63.3 million.
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“I am pleased to report another strong quarter, capping a productive year and positioning Tanger for continued growth in 2026,” said Stephen Yalof, president and chief executive officer, in a statement. “Our differentiated platform continues to deliver meaningful internal and external growth. Robust retailer demand and continued consumer interest is fueling same center [net operating income] increases and driving growth at our recently acquired centers. We achieved record annual leasing volume, advanced our strategic merchandising initiatives and strengthened our occupancy, all of which reflect the confidence brands have in partnering with Tanger.”
Since 2022, Tanger has acquired seven centers, including last September’s purchase of Legends Outlets, a 690,000-square-foot open-air outlet center in Kansas City, Kan., since rebranded as Tanger Kansas City at Legends. It’s Kansas’ only outlet center.
“Additionally, we are benefiting from powerful demographic and economic catalysts across our markets, reinforcing our position as the focal points of thriving, dynamic communities,” Yalof said. “With a flexible balance sheet that we further strengthened in early 2026, a solid leasing pipeline and growing momentum across our platform, Tanger remains well‑positioned to create long‑term value for our stakeholders.”
For the year overall, net income rose to $113.9 million from $97.7 million. Occupancy stood at 98.1 percent at the end of the year.
Average tenant sales per square foot totaled $473 last year, compared with $443 for 2024.
In January 2026, Tanger completed several financing transactions increasing the company’s debt capacity, enhancing liquidity, extending debt duration, lowering pricing and expanding its bank group.
Tanger has a portfolio of 38 outlet centers and three open-air lifestyle centers occupying more than 16 million square feet primarily in tourist destinations.
