Tanger Inc. (SKT) SEC Filings & Earnings Calls

Interest Rate Exposure

“Interest expense increased approximately $3.0 million to $19.4 million in the 2026 period compared to $16.4 million in the 2025 period.” · word for word

Tenant Bankruptcy Risk

“As part of the Saks Off 5th bankruptcy and our acquisition of certain of their leases, we recorded $1.3 million of lease termination expense.” · word for word

Sequential occupancy decline from 97.0% to 96.6% due to strategic recaptures and tenant bankruptcy; risk of temporary income loss

“The sequential occupancy change reflects the timing of strategic backfills of vacancy from a recent tenant bankruptcy.” · word for word

Leadership transition at board level; low risk as succession appears orderly

“Board decreased its size from nine directors to eight directors” · word for word

Interest rate risk from floating-rate debt

“Interest expense increased approximately $3.4 million to $19.2 million in the 2026 period compared to $15.8 million in the 2025 period, partly due to new debt.” · word for word

Macroeconomic uncertainty (tariffs, inflation)

“Our ability to access capital on favorable terms could be affected by various risks and uncertainties, including, but not limited to, macroeconomic conditions, including rising interest rates and inflation, international trade relations and trade policy, including those related to tariffs.” · word for word

Elevated snow removal costs in Q1 2026, but contemplated in guidance.

“The first quarter of 2026 included elevated snow removal costs, which were contemplated in the Company’s initial full-year guidance.” · word for word

Tenant Concentration and Bankruptcy Risk

“our dependence on the results of operations of our retailers and their bankruptcy, early termination or closing could adversely affect us” · word for word

Macroeconomic and Tariff Risk

“risks associated with general economic and financial conditions, including inflationary pressures and recessionary fears; newly imposed and potentially additional U.S. tariffs and responsive non-U.S. tariffs” · word for word

Interest Rate and Refinancing Risk

“increased capital costs and capital markets volatility” · word for word

Cyber Security Breach

“A security compromise of our or our critical providers' information technology systems or business operations could occur through cyber-attacks or cyber-intrusions over the Internet, malware, ransomware, computer viruses, attachments to e-mails, persons inside our organization, or persons with access to systems inside our organization, due to malicious condu” · word for word

Tariff Impact on Tenants

“Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products offered by current and future tenants, decrease consumer income and spending, and adversely affect the revenues and profitability of our tenants whose businesses rely on goods imported from such impacted jurisdictions.” · word for word

Interest Rate Exposure

“Our variable rate debt agreements are based on Daily SOFR so the Daily SOFR rate at December 31, 2025, combined with interest rate swaps entered into, was used to calculate future interest expense.” · word for word

Non-cash impairment charge on sold center in Howell, Michigan.

“Net income for 2025 includes a non-cash impairment charge of $0.04 per share, or $4.2 million, related to the center in Howell, Michigan that was sold in April 2025.” · word for word

Increased leverage from new debt issuance.

“$220M notes offering adds to debt; though used for refinancing.”

Increased debt levels may elevate leverage, but terms are favorable with extended maturities.

“New $200M term loan with maturity 2033; total debt capacity increased.”

Interest Rate Exposure

“Interest expense increased approximately $946,000 to $16.4 million in the 2025 period from $15.5 million in the 2024 period.” · word for word

Acquisition Integration Risk

“higher rental revenues, operating expenses, depreciation and amortization from the acquisition of our center in Little Rock, AR during the fourth quarter of 2024, the Cleveland, OH center during the first quarter of 2025 and the Kansas City, KS center during the third quarter of 2025.” · word for word

Macroeconomic Uncertainty

“Our ability to access capital on favorable terms could be affected by various risks and uncertainties, including, but not limited to, macroeconomic conditions, including rising interest rates and inflation, international trade relations and trade policy, including those related to tariffs.” · word for word

Non-cash impairment charge of $4.2M related to center sold in Howell, Michigan.

“Net income for the first nine months of 2025 includes a non-cash impairment charge of $0.04 per share, or $4.2 million, related to the center in Howell, Michigan that was sold in April 2025.” · word for word