Tanger is a publicly traded real estate investment trust that owns and operates outlet and open-air lifestyle shopping centers across the United States and Canada. Founded in 1981 when Stanley Tanger opened the Burlington Manufacturer's Outlet Center in Burlington, North Carolina, the company became a REIT through an initial public offering in May 1993. Tanger operates 41 shopping destinations comprising 38 outlet centers and three open-air lifestyle centers totaling over 16 million square feet across 22 U.S. states and Canada, hosting more than 3,000 stores operated by over 800 brand name companies. The portfolio serves approximately 125 million annual customers. Beginning in 2020, the company initiated a management succession plan, appointing Stephen Yalof as President and eventual CEO in January 2021. Tanger has pursued external growth through selective acquisitions, adding six new centers to its portfolio between October 2023 and September 2025, including lifestyle centers in Asheville, Huntsville, Little Rock, Cleveland, and Kansas City, expanding beyond its traditional outlet center focus. The company's tenant base includes major apparel and footwear retailers, with top tenants including Gap, Knitwell Group, Tapestry, Nike, PVH, Under Armour, American Eagle Outfitters, H&M, and Ralph Lauren. The top 10 tenants represent 33.4% of annualized base rent, with Gap accounting for 5.6% of total ABR. The portfolio is geographically distributed across 18 consolidated states.