Tanger owns and operates a portfolio of 31 outlet centers and 3 open-air lifestyle centers, totaling roughly 14 million square feet across the U.S. and Canada, with over 2,600 stores from more than 700 brands. Outlet centers are Tanger's core business: these properties house brand-name retailers selling branded merchandise at discounts to full-price retail, offering retailers a controlled channel to clear inventory while giving shoppers access to recognized brands at value prices. Tanger's newer open-air lifestyle centers, all acquired since 2023, feature full-price retail, dining, entertainment, and grocery anchors, targeting local residential populations. Tanger is structured as a REIT and is fully self-managed. The business model is straightforward: Tanger leases space to retail tenants, with roughly 79% of rental revenues coming from fixed base rents and CAM reimbursements, and the remaining 21% from variable rents tied to tenant sales performance. NOI growth is driven by leasing spreads on renewals and re-tenanting, occupancy management, and ancillary revenues from marketing partnerships and media sponsorships. Tanger pursues internal growth by re-tenanting underperforming spaces at higher rents, right-sizing stores, adding food and entertainment tenants, and activating outparcels through ground leases. Externally, Tanger has acquired six centers over the past two years and targets new acquisitions at roughly 8% first-year yields, while pursuing new development selectively with at least 60% pre-leasing required before breaking ground.