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Earnings Per Unit of the Operating Partnership | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Unit of the Operating Partnership | Earnings Per Share of the Company The following table sets forth a reconciliation of the numerators and denominators in computing the Company’s earnings per share (in thousands, except per share amounts):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |  |
Net income attributable to Tanger Inc. |  | $ | 32,027 |  |  | $ | 24,856 |  |  | $ | 81,314 |  |  | $ | 72,109 |
Less allocation of earnings to participating securities |  | (224) |  |  | (232) |  |  | (651) |  |  | (692) |
Net income available to common shareholders of Tanger Inc. |  | $ | 31,803 |  |  | $ | 24,624 |  |  | $ | 80,663 |  |  | $ | 71,417 |
Denominator: |  |  |  |  |  |  |  |
Basic weighted average common shares |  | 113,005 |  |  | 108,972 |  |  | 112,689 |  |  | 108,675 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Equity awards |  | 1,564 |  |  | 1,732 |  |  | 1,539 |  |  | 1,671 |
Diluted weighted average common shares |  | 114,569 |  |  | 110,704 |  |  | 114,228 |  |  | 110,346 |
Basic earnings per common share: |  |  |  |  |  |  |  |
Net income |  | $ | 0.28 |  |  | $ | 0.23 |  |  | $ | 0.72 |  |  | $ | 0.66 |
Diluted earnings per common share: |  |  |  |  |  |  |  |
Net income |  | $ | 0.28 |  |  | $ | 0.22 |  |  | $ | 0.71 |  |  | $ | 0.65 |
We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and nine months ended September 30, 2025, approximately 99,000 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. For the three and nine months ended September 30, 2024, approximately 120,000 notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three and nine months ended September 30, 2025, and September 30, 2024, no options were excluded from the computation. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share. Certain of the Company’s unvested restricted common share awards and LTIP units contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards and LTIP units on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards and LTIP units based on dividends declared and the unvested restricted common shares’ and LTIP units’ participation rights in undistributed earnings. Unvested restricted common shares and LTIP units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method. Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |  |
Net income attributable to partners of the Operating Partnership |  | $ | 33,348 |  |  | $ | 25,930 |  |  | $ | 84,677 |  |  | $ | 75,231 |
Less allocation of earnings to participating securities |  | (224) |  |  | (232) |  |  | (651) |  |  | (692) |
Net income available to common unitholders of the Operating Partnership |  | $ | 33,124 |  |  | $ | 25,698 |  |  | $ | 84,026 |  |  | $ | 74,539 |
Denominator: |  |  |  |  |  |  |  |
Basic weighted average common units |  | 117,668 |  |  | 113,680 |  |  | 117,356 |  |  | 113,383 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Equity awards |  | 1,564 |  |  | 1,732 |  |  | 1,539 |  |  | 1,671 |
Diluted weighted average common units |  | 119,232 |  |  | 115,412 |  |  | 118,895 |  |  | 115,054 |
Basic earnings per common unit: |  |  |  |  |  |  |  |
Net income |  | $ | 0.28 |  |  | $ | 0.23 |  |  | $ | 0.72 |  |  | $ | 0.66 |
Diluted earnings per common unit: |  |  |  |  |  |  |  |
Net income |  | $ | 0.28 |  |  | $ | 0.22 |  |  | $ | 0.71 |  |  | $ | 0.65 |
We determine diluted earnings per common unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three and nine months ended September 30, 2025, approximately 99,000 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. For the three and nine months ended September 30, 2024, approximately 120,000 notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three and nine months ended September 30, 2025 and September 30, 2024, no options were excluded from the computation. Certain of the Company’s unvested restricted common share awards and LTIP units contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards and LTIP units on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards and LTIP unit awards based on distributions declared and the unvested restricted units’ and LTIP units’ participation rights in undistributed earnings. Unvested restricted common units and LTIP units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per common unit computation if the effect is dilutive, using the treasury stock method.

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