Shares declined 2.1% following Tanger’s Q1 report, reflecting investor caution despite stable occupancy and FFO growth; the modest stock reaction suggests the market is digesting signs of deceleration and limited margin expansion amid ongoing operational challenges.

• Core FFO rose 11% year-over-year to $0.59 per share, supported by internal growth and recent acquisitions.
• Occupancy increased 120 basis points to 97%, indicating solid leasing momentum and portfolio stability.
• Blended rent spreads improved 10.5%, with new tenant retenanting spreads exceeding 26%, highlighting selective leasing strength.
• Operating cost ratio (OCR) held steady at 9.7%, suggesting no margin expansion despite revenue growth.
• Management cited ongoing strategic handling of store closures and temporary backfill measures, pointing to some underlying leasing headwinds.