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Dec 31, 2025
Tanger Q4 2025 Earnings Report
Tanger reported strong fourth quarter 2025 results with record leasing volume and increased occupancy.
Key Takeaways
Tanger delivered a productive fourth quarter, achieving record annual leasing volume and strengthening portfolio occupancy to 98.1%. The company reported a 5.6% increase in Same Center NOI and introduced 2026 guidance reflecting continued growth expectations. Strategic financing in early 2026 further enhanced liquidity to over $1 billion.
Portfolio occupancy increased to 98.1% compared to 98.0% in the prior year period.
Same Center Net Operating Income (NOI) grew 5.6% to $107.3 million for the quarter.
Achieved record annual leasing volume with 3.1 million square feet executed in 2025.
Core FFO per share increased 16.7% to $0.63 for the fourth quarter.
Revenue by Segment
Forward Guidance
Tanger introduced 2026 guidance expecting continued growth in NOI and FFO, supported by a strong leasing pipeline and enhanced liquidity.
Positive Outlook
- Estimated 2026 FFO per share range of $2.41 to $2.49.
- Projected Same Center NOI growth of 2.25% to 4.25%.
- Liquidity position exceeding $1 billion following January 2026 transactions.
- Robust retailer demand driving record leasing velocity.
- Strengthened balance sheet with extended debt durations and lowered pricing.
Challenges Ahead
- Interest expense (net) projected between $69.5 million and $72.5 million.
- General and administrative expenses expected to rise to $80.5 - $83.5 million.
- Annual recurring capital expenditures estimated up to $75.0 million.
- Potential risks from inflationary pressures and recessionary fears.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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