Segment Reporting

We focus on developing, acquiring, owning, operating, and managing shopping centers. We consider each shopping center an operating segment. We aggregate the financial information of all centers into one reportable segment because the centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers and tenants.

Our Chief Operating Decision Maker (“CODM”), the President and Chief Executive Officer, reviews operating and financial information using Net Operating Income ("NOI") as the key measure to assess performance and allocate resources. The CODM also uses NOI and its components to monitor budget versus actual results. Our resources are allocated by evaluating the operating results of the business as well as considering capital needs and future projections, and deploying them across the various business functions as deemed necessary while ensuring the uses align with our overall business strategy.

The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Property Revenues:
Rental revenue	$	550,896	$	497,516	$	438,889
Other revenues	20,894		18,902		16,858
Total Revenues	$	571,790	$	516,418	$	455,747

Property Operating Expenses:
Advertising and promotion	$	17,799	$	19,274	$	18,606
Common area maintenance	75,353		69,029		60,128
Real estate taxes	42,920		34,687		31,862
Other operating expense	36,984		27,934		24,888
Total Operating Expenses	$	173,056	$	150,924	$	135,484

Portfolio Net Operating Income - Consolidated	$	398,734	$	365,494	$	320,263

Equity in earnings of unconsolidated joint ventures	$	13,580	$	11,289	$	8,240
Interest expense	(65,860)		(60,637)		(47,928)
Impairment charge	(4,249)		—		—

Other income	668		1,484		9,729
Depreciation and amortization	(150,976)		(138,690)		(108,889)
Other non-property (income) expenses	1,648		1,174		1,119
Corporate general and administrative expenses	(78,923)		(78,341)		(76,299)
Non-cash adjustments	3,776		91		(2,895)
Lease termination fees	1,103		896		542

Net Income	$	119,501	$	102,760	$	103,882

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

TANGER INC. Segments Disclosure

About Segments Disclosures

Other Available Disclosures