Tanger (SKT) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, with Core FFO per share up 17% in Q4 and 9% for the year, driven by record leasing velocity, high occupancy, and robust tenant sales productivity.

• Expanded and diversified the portfolio through over $780 million in acquisitions and development since 2023, including major centers and land for future growth.

• Maintained a high-quality, open-air retail portfolio focused on high-growth markets and tourist destinations, with enhanced merchandising and new brand additions.

• Enhanced technology, AI initiatives, and digital engagement platforms improved operational efficiency and customer experience.

• Recognized for workplace culture and inclusion in 2026.

Financial highlights

• Q4 2025 Core FFO: $0.63 per share (up 16.7%); full-year Core FFO: $2.33 per share (up from $2.13 in 2024); net income for 2025: $119.5 million.

• Same Center NOI grew 4.3% for 2025, with Q4 up 5.6%, at the high end of guidance.

• Tenant sales per square foot reached $473, up 7% year-over-year.

• Occupancy at 98.1% at year-end, with 16 consecutive quarters of positive rent spreads.

• Net debt to Adjusted EBITDAre at 4.7x; FAD payout ratio at 61%; interest coverage ratio at 4.8x.

Outlook and guidance

• 2026 Core FFO per share guidance: $2.41–$2.49; net income per share: $1.04–$1.12.

• Same Center NOI growth expected between 2.25%–4.25%.

• Annual recurring capital expenditures projected at $65–$75 million.

• Guidance incorporates a range of credit scenarios and manageable watch list levels.

• General and administrative expense forecast: $80.5–$83.5 million; interest expense: $69.5–$72.5 million.