Tanger Acquires Kansas' Only Open-Air Outlet Center Legends Outlets For $130M; Estimates 8% Return From Legends In First Year; To Rename Legends As Tanger Kansas City

High-performing open-air shopping destination—Kansas' only outlet center—is located in a vibrant market with multiple tourist and traffic-driving attractions

Tanger® (NYSE:SKT), a leading owner and operator of outlet and open-air retail shopping destinations, has acquired Legends Outlets ("Legends"), an approximately 690,000-square-foot open-air outlet center in Kansas City, Kansas, that expands the company's footprint into the state. This acquisition continues the company's strategic external growth and is the fourth outlet center of seven total open-air shopping centers to join Tanger's portfolio since 2022.

Tanger acquired Legends for approximately $130 million, using available liquidity and the assumption of a $115 million CMBS loan that matures in November 2027. In conjunction with closing the acquisition, Tanger settled approximately $70 million of previously issued forward equity. The company estimates the center will deliver an eight percent return during the first year, with potential for additional investment and growth over time.