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SKT · Tanger Inc. · Financials

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Market Cap
$4.54B
Shares
114.88M
Volume · Nov 13 594.7K Avg daily vol (3M) 891.82K

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2017 FY2016 FY2012 FY2011 FY2010 FY2009
$591.82M $550.9M $497.52M $438.89M $421.42M $407.77M $377.93M $463.95M — — — — — —
— — — — — — — — — — $24.1M $17M $12.3M $14.6M
— — — — — — — — $0 $0 — — — —
— — — — — — — — — — $0 $0 $161K $3.29M
Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

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Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Long-term debt, including current maturities 2026-09-30 USD 1,663,654,000 10-Q filed 2026-11-06
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Convertible notes payable, including current maturities
USD 243,562,000
Line of credit borrowings, including current maturities
USD 2,000,000
Loans payable, including current maturities
USD 178,250,000
Unsecured debt, including current maturities
USD 544,866,000
Operating lease liabilities 2026-09-30 USD 90,369,000 10-Q filed 2026-11-06
3 filing observations remain unmatched and are excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
Some debt data could not be processed yet.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

2.375% Exchangeable Senior Notes due 2031

Note · TANGER PROPERTIES LIMITED PARTNERSHIP

Reference: 2.375% Exchangeable Senior Notes due 2031

Active
Original principal
USD 250,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Jan 15, 2031

Last reported interest terms: 2.375% Reported 2026-01-12 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-01-12 Exact source document Parent 8-K filing · 2026-01-12
    A-7 [FORM OF REVERSE OF NOTE] TANGER PROPERTIES LIMITED PARTNERSHIP 2.375% Exchangeable Senior Note due 2031 This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), limited to the aggregate principal amount of $250,000,000, all issued or to be issued under and pursuant to an Indenture dated as of January 12, 2026 (the “Indenture”), among the Company, Tanger Inc. (the “Guarantor”) and U.S. Bank Trust Company, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. In case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, the Redemption Price on any Redemption Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. The Indenture contains provisions permitting the Company, the Guarantor and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. Each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, this Note at the place, at the respective times, at the rate and in the lawful money or Common Shares, as the case may be, herein prescribed.
    Issuer evidence: INDENTURE dated as of January 12, 2026 among TANGER PROPERTIES LIMITED PARTNERSHIP, a North Carolina limited partnership, as issuer (the “Company,” as more fully set forth in Section 1.01), TANGER INC., a North Carolina corporation, as guarantor (the “Guarantor”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01).
    Supporting evidence: A-3 TANGER PROPERTIES LIMITED PARTNERSHIP 2.375% Exchangeable Senior Note due 2031 No. [\_\_\_\_\_] [Initially]1 $[\_\_\_\_\_\_\_\_\_\_\_\_\_] CUSIP No. [\_\_\_\_\_] TANGER PROPERTIES LIMITED PARTNERSHIP, a limited partnership duly organized and validly existing under the laws of the State of North Carolina (the “Company,” which term includes any successor company or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [\_\_\_\_\_\_\_]3, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto, in accordance with the rules and procedures of the Depositary,]4 [of $[\_\_\_\_\_\_\_]]5, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $250,000,000 in aggregate at any time on January 15, 2031, and interest thereon as set forth below. This Note is fully and unconditionally guaranteed by Tanger Inc., a North Carolina corporation (the “Guarantor”), on an unsecured and unsubordinated basis as set forth in Article 13 of the Indenture. This Note shall bear interest at the rate of 2.375% per year from January 12, 2026, or from the most recent date to which interest had been paid or provided for, to, but excluding, the next scheduled Interest Payment Date until January 15, 2031. Interest is payable semi-annually in arrears on each January 15 and July 15, commencing on July 15, 2026, to Holders of record at the close of business on the preceding January 1 and July 1 (whether or not such day is a Business Day), respectively. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. Additional Interest will be payable as set forth in Section 4.06(d) and Section 6.03(a) of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d) or Section 6.03(a), and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. Any Defaulted Amounts shall accrue Default Interest, subject to the enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts and Default Interest shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture. The Company shall pay or cause to be paid the principal of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or 1 Include if a global note. 2 Include if a global note. 3 Include if a physical note. 4 Include if a global note. 5 Include if a physical note.
    Supporting evidence: A-7 [FORM OF REVERSE OF NOTE] TANGER PROPERTIES LIMITED PARTNERSHIP 2.375% Exchangeable Senior Note due 2031 This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), limited to the aggregate principal amount of $250,000,000, all issued or to be issued under and pursuant to an Indenture dated as of January 12, 2026 (the “Indenture”), among the Company, Tanger Inc. (the “Guarantor”) and U.S. Bank Trust Company, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. In case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, the Redemption Price on any Redemption Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. The Indenture contains provisions permitting the Company, the Guarantor and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. Each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, this Note at the place, at the respective times, at the rate and in the lawful money or Common Shares, as the case may be, herein prescribed.
    Supporting evidence: A-7 [FORM OF REVERSE OF NOTE] TANGER PROPERTIES LIMITED PARTNERSHIP 2.375% Exchangeable Senior Note due 2031 This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), limited to the aggregate principal amount of $250,000,000, all issued or to be issued under and pursuant to an Indenture dated as of January 12, 2026 (the “Indenture”), among the Company, Tanger Inc. (the “Guarantor”) and U.S. Bank Trust Company, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. In case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, the Redemption Price on any Redemption Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. The Indenture contains provisions permitting the Company, the Guarantor and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. Each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, this Note at the place, at the respective times, at the rate and in the lawful money or Common Shares, as the case may be, herein prescribed.
  2. Issuance · 2026-01-12 Original principal USD 250,000,000 Exact source document Parent 8-K filing · 2026-01-12
    1 INDENTURE dated as of January 12, 2026 among TANGER PROPERTIES LIMITED PARTNERSHIP, a North Carolina limited partnership, as issuer (the “Company,” as more fully set forth in Section 1.01), TANGER INC., a North Carolina corporation, as guarantor (the “Guarantor”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). W I T N E S S E T H: WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), initially in an aggregate principal amount not to exceed $250,000,000 and, in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture and the Guarantor has duly authorized the execution and delivery of this Indenture; and WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company and the Guarantor, and this Indenture a valid agreement of the Company and the Guarantor, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes and the Guarantee have in all respects been duly authorized. NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company and the Guarantor covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows: ARTICLE 1 DEFINITIONS Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder” and words of similar import
    Issuer evidence: 1 INDENTURE dated as of January 12, 2026 among TANGER PROPERTIES LIMITED PARTNERSHIP, a North Carolina limited partnership, as issuer (the “Company,” as more fully set forth in Section 1.01), TANGER INC., a North Carolina corporation, as guarantor (the “Guarantor”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). W I T N E S S E T H: WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), initially in an aggregate principal amount not to exceed $250,000,000 and, in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture and the Guarantor has duly authorized the execution and delivery of this Indenture; and WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company and the Guarantor, and this Indenture a valid agreement of the Company and the Guarantor, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes and the Guarantee have in all respects been duly authorized. NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company and the Guarantor covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows: ARTICLE 1 DEFINITIONS Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder” and words of similar import
    Supporting evidence: 9 “Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a). “Market Disruption Event” means, for the purposes of determining amounts due upon exchange (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Shares are listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Shares or in any options contracts or futures contracts relating to the Common Shares. “Maturity Date” means January 15, 2031. “Measurement Period” shall have the meaning specified in Section 14.01(b)(i). “Merger Common Stock” shall have the meaning specified in Section 14.07(d)(i). “Merger Valuation Percentage” for any Share Exchange Event shall be equal to (x) the arithmetic average of the Last Reported Sale Prices of one share of the Merger Common Stock in respect of such Share Exchange Event over the relevant Merger Valuation Period (determined as if references to “Common Shares” in the definition of “Last Reported Sale Price” were references to the “Merger Common Stock” for such Share Exchange Event), divided by (y) the arithmetic average of the Last Reported Sale Prices of one Common Share over the relevant Merger Valuation Period. “Merger Valuation Period” for any Share Exchange Event means the five consecutive Trading Day period immediately preceding, but excluding, the effective date for such Share Exchange Event. “Note” or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture. “Note Register” shall have the meaning specified in Section 2.05(a). “Note Registrar” shall have the meaning specified in Section 2.05(a). “Notice” shall have the meaning specified in Section 17.17. “Notice of Exchange” shall have the meaning specified in Section 14.02(b). “Notice of Redemption” shall have the meaning specified in Section 16.02(a). “Observation Period” with respect to any Note surrendered for exchange means: (i) subject to clause (ii), if the relevant Exchange Date occurs prior to October 15, 2030, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Exchange Date; (ii) with respect to any Called Notes, if the
    Supporting evidence: 1 INDENTURE dated as of January 12, 2026 among TANGER PROPERTIES LIMITED PARTNERSHIP, a North Carolina limited partnership, as issuer (the “Company,” as more fully set forth in Section 1.01), TANGER INC., a North Carolina corporation, as guarantor (the “Guarantor”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). W I T N E S S E T H: WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), initially in an aggregate principal amount not to exceed $250,000,000 and, in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture and the Guarantor has duly authorized the execution and delivery of this Indenture; and WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company and the Guarantor, and this Indenture a valid agreement of the Company and the Guarantor, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes and the Guarantee have in all respects been duly authorized. NOW, THEREFORE, THIS INDENTURE WITNESSETH: That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company and the Guarantor covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows: ARTICLE 1 DEFINITIONS Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder” and words of similar import
  3. Issuance · 2026-01-12 Exact source document Parent 8-K filing · 2026-01-12
    Exhibit 10.1 1 Tanger Inc. Tanger Properties Limited Partnership 2.375% Exchangeable Senior Notes due 2031 REGISTRATION RIGHTS AGREEMENT January 12, 2026 BofA Securities, Inc. as representative of the several Initial Purchasers referred to below c/o BofA Securities, Inc. One Bryant Park New York, New York 10036 Ladies and Gentlemen: Tanger Properties Limited Partnership, a North Carolina limited partnership (the “Issuer”), proposes to issue and sell to the initial purchasers listed in Schedule A to the Purchase Agreement referred to below (the “Initial Purchasers”), for whom BofA Securities, Inc. is acting as representative (the “Representative”), its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), guaranteed by Tanger Inc., a North Carolina corporation and the Issuer’s sole general partner (the “Company”), upon the terms set forth in the Purchase Agreement, dated January 7, 2026 (the “Purchase Agreement”), by and among the Issuer, the Company and the Representative, relating to the initial placement (the “Initial Placement”) of the Notes. Upon an exchange of Notes at the option of the holder thereof, the Issuer shall pay cash up to the aggregate principal amount of the Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, common shares, $0.01 par value per share, of the Company (the “Company Common Shares”), or a combination of cash and Company Common Shares, at the Issuer’s election, in respect of the remainder, if any, of the Issuer’s exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. The obligations of the Issuer in respect of the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company pursuant to the terms of the Indenture and the guarantee included in the Indenture. To induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Initial Purchasers thereunder, the holders of the Notes will have the benefit of this registration rights agreement (this “Agreement”) by and among the Issuer, the Company and the Representative, on behalf of the Initial Purchasers, whereby each of the Issuer and the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes and the Registrable Securities (as defined below) (including any person that has a beneficial interest in any Registrable Security in book-entry form and, if applicable, the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows:
    Issuer evidence: Exhibit 10.1 1 Tanger Inc. Tanger Properties Limited Partnership 2.375% Exchangeable Senior Notes due 2031 REGISTRATION RIGHTS AGREEMENT January 12, 2026 BofA Securities, Inc. as representative of the several Initial Purchasers referred to below c/o BofA Securities, Inc. One Bryant Park New York, New York 10036 Ladies and Gentlemen: Tanger Properties Limited Partnership, a North Carolina limited partnership (the “Issuer”), proposes to issue and sell to the initial purchasers listed in Schedule A to the Purchase Agreement referred to below (the “Initial Purchasers”), for whom BofA Securities, Inc. is acting as representative (the “Representative”), its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), guaranteed by Tanger Inc., a North Carolina corporation and the Issuer’s sole general partner (the “Company”), upon the terms set forth in the Purchase Agreement, dated January 7, 2026 (the “Purchase Agreement”), by and among the Issuer, the Company and the Representative, relating to the initial placement (the “Initial Placement”) of the Notes. Upon an exchange of Notes at the option of the holder thereof, the Issuer shall pay cash up to the aggregate principal amount of the Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, common shares, $0.01 par value per share, of the Company (the “Company Common Shares”), or a combination of cash and Company Common Shares, at the Issuer’s election, in respect of the remainder, if any, of the Issuer’s exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. The obligations of the Issuer in respect of the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company pursuant to the terms of the Indenture and the guarantee included in the Indenture. To induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Initial Purchasers thereunder, the holders of the Notes will have the benefit of this registration rights agreement (this “Agreement”) by and among the Issuer, the Company and the Representative, on behalf of the Initial Purchasers, whereby each of the Issuer and the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes and the Registrable Securities (as defined below) (including any person that has a beneficial interest in any Registrable Security in book-entry form and, if applicable, the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows:
    Supporting evidence: Exhibit 10.1 1 Tanger Inc. Tanger Properties Limited Partnership 2.375% Exchangeable Senior Notes due 2031 REGISTRATION RIGHTS AGREEMENT January 12, 2026 BofA Securities, Inc. as representative of the several Initial Purchasers referred to below c/o BofA Securities, Inc. One Bryant Park New York, New York 10036 Ladies and Gentlemen: Tanger Properties Limited Partnership, a North Carolina limited partnership (the “Issuer”), proposes to issue and sell to the initial purchasers listed in Schedule A to the Purchase Agreement referred to below (the “Initial Purchasers”), for whom BofA Securities, Inc. is acting as representative (the “Representative”), its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), guaranteed by Tanger Inc., a North Carolina corporation and the Issuer’s sole general partner (the “Company”), upon the terms set forth in the Purchase Agreement, dated January 7, 2026 (the “Purchase Agreement”), by and among the Issuer, the Company and the Representative, relating to the initial placement (the “Initial Placement”) of the Notes. Upon an exchange of Notes at the option of the holder thereof, the Issuer shall pay cash up to the aggregate principal amount of the Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, common shares, $0.01 par value per share, of the Company (the “Company Common Shares”), or a combination of cash and Company Common Shares, at the Issuer’s election, in respect of the remainder, if any, of the Issuer’s exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. The obligations of the Issuer in respect of the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company pursuant to the terms of the Indenture and the guarantee included in the Indenture. To induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Initial Purchasers thereunder, the holders of the Notes will have the benefit of this registration rights agreement (this “Agreement”) by and among the Issuer, the Company and the Representative, on behalf of the Initial Purchasers, whereby each of the Issuer and the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes and the Registrable Securities (as defined below) (including any person that has a beneficial interest in any Registrable Security in book-entry form and, if applicable, the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows:
    Supporting evidence: Exhibit 10.1 1 Tanger Inc. Tanger Properties Limited Partnership 2.375% Exchangeable Senior Notes due 2031 REGISTRATION RIGHTS AGREEMENT January 12, 2026 BofA Securities, Inc. as representative of the several Initial Purchasers referred to below c/o BofA Securities, Inc. One Bryant Park New York, New York 10036 Ladies and Gentlemen: Tanger Properties Limited Partnership, a North Carolina limited partnership (the “Issuer”), proposes to issue and sell to the initial purchasers listed in Schedule A to the Purchase Agreement referred to below (the “Initial Purchasers”), for whom BofA Securities, Inc. is acting as representative (the “Representative”), its 2.375% Exchangeable Senior Notes due 2031 (the “Notes”), guaranteed by Tanger Inc., a North Carolina corporation and the Issuer’s sole general partner (the “Company”), upon the terms set forth in the Purchase Agreement, dated January 7, 2026 (the “Purchase Agreement”), by and among the Issuer, the Company and the Representative, relating to the initial placement (the “Initial Placement”) of the Notes. Upon an exchange of Notes at the option of the holder thereof, the Issuer shall pay cash up to the aggregate principal amount of the Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, common shares, $0.01 par value per share, of the Company (the “Company Common Shares”), or a combination of cash and Company Common Shares, at the Issuer’s election, in respect of the remainder, if any, of the Issuer’s exchange obligation in excess of the aggregate principal amount of the Notes being exchanged. The obligations of the Issuer in respect of the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company pursuant to the terms of the Indenture and the guarantee included in the Indenture. To induce the Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Initial Purchasers thereunder, the holders of the Notes will have the benefit of this registration rights agreement (this “Agreement”) by and among the Issuer, the Company and the Representative, on behalf of the Initial Purchasers, whereby each of the Issuer and the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes and the Registrable Securities (as defined below) (including any person that has a beneficial interest in any Registrable Security in book-entry form and, if applicable, the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows:

[●]% Exchangeable Senior Notes due 2031

Note · Tanger Inc.

Reference: [●]% Exchangeable Senior Notes due 2031

Active
Outstanding
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Commitment
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Availability
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Maturity
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Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-01-12 Exact source document Parent 8-K filing · 2026-01-12
    15 between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. (g) [Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. (h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.] 8. Other Provisions: (a) Right to Extend. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component if Dealer determines, in good faith and in a commercially reasonable manner, that such further division is necessary or advisable to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures (provided that such requirements, policies and procedures relate to legal or regulatory issues and are generally applicable in similar situations and are applied in a consistent manner to similar transactions); provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date. (b) Additional Termination Events. Promptly (but in any event within twenty (20) Scheduled Trading Days) following any repurchase, redemption, exchange or conversion (a “Repurchase Event”) of Counterparty’s [●]% Exchangeable Senior Notes due 2031 (the “Exchangeable Notes”) issued pursuant to Counterparty’s indenture (the “Indenture”) [to be] dated January [\_\_], 2026 among Counterparty, Tanger Properties Limited Partnership (the “Operating Partnership”) and U.S. Bank Trust Company, National Association, as trustee, including without limitation pursuant to Article [16] of the Indenture in connection with a redemption of the Exchangeable Notes or pursuant to Section [15.02] of the Indenture in connection with a “Fundamental Change” (as defined in the Indenture), Counterparty may notify Dealer in writing (any such notice, a “Repurchase Notification”) of (i) such Repurchase Event, (ii) the number of Exchangeable Notes so repurchased, redeemed, exchanged or converted, (iii) the number of Shares underlying each USD 1,000 principal amount of Exchangeable Notes and (iv) the number of Options to be terminated pursuant to the provisions of this Section 8(b) as a result of such Repurchase Event (which number of Options shall not be greater than the number of Options with an aggregate number of underlying Shares that corresponds to the aggregate number of Shares underlying the number of Exchangeable Notes specified in clause (ii))[; provided that any “Repurchase Notification” delivered to Dealer pursuant to the Base Capped Call Transaction Confirmation letter agreement dated [\_\_\_\_], 2026 between Dealer and Counterparty (the “Base Call Option Confirmation”) shall be deemed to be a Repurchase Notification pursuant to this Confirmation and the terms of such Repurchase Notification shall apply, mutatis mutandis, to this Confirmation]. Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notification, Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notification and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) [(x)] the number of Options specified to be terminated pursuant to the provisions of this Section 8(b) in the Repurchase Notification[, minus (y) the number of “Repurchase Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Exchangeable Notes (and for the purposes of determining whether any Options under this Confirmation or under, and as defined in, the Base Call Option Confirmation will be among the Repurchase Options hereunder or under, and as defined in, the Base Call Option Confirmation, the number of Exchangeable Notes specified in such Repurchase Notification shall be allocated first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated)] and
    Issuer evidence: The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the “Transaction”) between [_______] (“Dealer”)[, represented by [_______] (“Agent”) as its agent,] and Tanger Inc., a North Carolina corporation (“Counterparty”).
    Supporting evidence: 15 between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. (g) [Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. (h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.] 8. Other Provisions: (a) Right to Extend. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component if Dealer determines, in good faith and in a commercially reasonable manner, that such further division is necessary or advisable to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures (provided that such requirements, policies and procedures relate to legal or regulatory issues and are generally applicable in similar situations and are applied in a consistent manner to similar transactions); provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date. (b) Additional Termination Events. Promptly (but in any event within twenty (20) Scheduled Trading Days) following any repurchase, redemption, exchange or conversion (a “Repurchase Event”) of Counterparty’s [●]% Exchangeable Senior Notes due 2031 (the “Exchangeable Notes”) issued pursuant to Counterparty’s indenture (the “Indenture”) [to be] dated January [\_\_], 2026 among Counterparty, Tanger Properties Limited Partnership (the “Operating Partnership”) and U.S. Bank Trust Company, National Association, as trustee, including without limitation pursuant to Article [16] of the Indenture in connection with a redemption of the Exchangeable Notes or pursuant to Section [15.02] of the Indenture in connection with a “Fundamental Change” (as defined in the Indenture), Counterparty may notify Dealer in writing (any such notice, a “Repurchase Notification”) of (i) such Repurchase Event, (ii) the number of Exchangeable Notes so repurchased, redeemed, exchanged or converted, (iii) the number of Shares underlying each USD 1,000 principal amount of Exchangeable Notes and (iv) the number of Options to be terminated pursuant to the provisions of this Section 8(b) as a result of such Repurchase Event (which number of Options shall not be greater than the number of Options with an aggregate number of underlying Shares that corresponds to the aggregate number of Shares underlying the number of Exchangeable Notes specified in clause (ii))[; provided that any “Repurchase Notification” delivered to Dealer pursuant to the Base Capped Call Transaction Confirmation letter agreement dated [\_\_\_\_], 2026 between Dealer and Counterparty (the “Base Call Option Confirmation”) shall be deemed to be a Repurchase Notification pursuant to this Confirmation and the terms of such Repurchase Notification shall apply, mutatis mutandis, to this Confirmation]. Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notification, Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notification and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) [(x)] the number of Options specified to be terminated pursuant to the provisions of this Section 8(b) in the Repurchase Notification[, minus (y) the number of “Repurchase Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Exchangeable Notes (and for the purposes of determining whether any Options under this Confirmation or under, and as defined in, the Base Call Option Confirmation will be among the Repurchase Options hereunder or under, and as defined in, the Base Call Option Confirmation, the number of Exchangeable Notes specified in such Repurchase Notification shall be allocated first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated)] and
    Supporting evidence: 15 between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. (g) [Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. (h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.] 8. Other Provisions: (a) Right to Extend. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component if Dealer determines, in good faith and in a commercially reasonable manner, that such further division is necessary or advisable to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures (provided that such requirements, policies and procedures relate to legal or regulatory issues and are generally applicable in similar situations and are applied in a consistent manner to similar transactions); provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date. (b) Additional Termination Events. Promptly (but in any event within twenty (20) Scheduled Trading Days) following any repurchase, redemption, exchange or conversion (a “Repurchase Event”) of Counterparty’s [●]% Exchangeable Senior Notes due 2031 (the “Exchangeable Notes”) issued pursuant to Counterparty’s indenture (the “Indenture”) [to be] dated January [\_\_], 2026 among Counterparty, Tanger Properties Limited Partnership (the “Operating Partnership”) and U.S. Bank Trust Company, National Association, as trustee, including without limitation pursuant to Article [16] of the Indenture in connection with a redemption of the Exchangeable Notes or pursuant to Section [15.02] of the Indenture in connection with a “Fundamental Change” (as defined in the Indenture), Counterparty may notify Dealer in writing (any such notice, a “Repurchase Notification”) of (i) such Repurchase Event, (ii) the number of Exchangeable Notes so repurchased, redeemed, exchanged or converted, (iii) the number of Shares underlying each USD 1,000 principal amount of Exchangeable Notes and (iv) the number of Options to be terminated pursuant to the provisions of this Section 8(b) as a result of such Repurchase Event (which number of Options shall not be greater than the number of Options with an aggregate number of underlying Shares that corresponds to the aggregate number of Shares underlying the number of Exchangeable Notes specified in clause (ii))[; provided that any “Repurchase Notification” delivered to Dealer pursuant to the Base Capped Call Transaction Confirmation letter agreement dated [\_\_\_\_], 2026 between Dealer and Counterparty (the “Base Call Option Confirmation”) shall be deemed to be a Repurchase Notification pursuant to this Confirmation and the terms of such Repurchase Notification shall apply, mutatis mutandis, to this Confirmation]. Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notification, Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notification and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) [(x)] the number of Options specified to be terminated pursuant to the provisions of this Section 8(b) in the Repurchase Notification[, minus (y) the number of “Repurchase Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Exchangeable Notes (and for the purposes of determining whether any Options under this Confirmation or under, and as defined in, the Base Call Option Confirmation will be among the Repurchase Options hereunder or under, and as defined in, the Base Call Option Confirmation, the number of Exchangeable Notes specified in such Repurchase Notification shall be allocated first to the Base Call Option Confirmation until all Options thereunder are exercised or terminated)] and

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
10.46×
Peer median 11.22×
EV/EBIT
—
Peer median 21.56×
P/E (TTM)
—
Peer median 23.21×
Price/Sales (TTM)
7.67×
Peer median 7.34×
Price/Book
6.64×
Peer median 1.80×
P/FFO (FY2025)
16.32×
Peer median 15.65×
EV/Adj. EBITDA (FY2026)
17.17×

Peer medians compare against the 20 similar-size REIT - Retail companies (of 26 listed).

P/FFO and EV/Adj. EBITDA use the company-stated “FFO available to common shareholders” and “Adjusted EBITDA”, extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.

Valuation over time computed as of each quarter's filing date

P/FFO and EV/Adj. EBITDA use the company-stated “FFO available to common shareholders” and “Adjusted EBITDA”, extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022
Tanger Single Reporting Segment $571,790,000 $516,418,000 $455,747,000 $435,456,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022
Tanger Single Reporting Segment $398,734,000 $365,494,000 $320,263,000 $299,376,000

Operating Margin by Segment (%)

Component FY2025 FY2024 FY2023 FY2022
Tanger Single Reporting Segment 69.7% 70.8% 70.3% 68.8%
Key facts CIK 899715 CUSIP 875465106 13F (30d) 318 filings 264 filers Visit website Investor relations