What move does the options market price into Tanger's report?

Implied ±4.9%, either direction.

How often does Tanger move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

SKTNYSEReal Estate Investment Trusts

Tanger Inc. (SKT) earnings date, market-implied expected move, and options open interest by expiry

38.44

+0.83 · +2.19%

Regular session12:46 ET

Open38.00Volume990,427Mkt cap$4.3BP/E18.13EPS2.12Div yield3.27%

Day38.00 – 38.5579%52-wk30.37 – 41.8470%

SKT

Tanger Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±4.9%implied · straddle

35.7839.44

spot 37.61exp Nov 20ATM strike 38ATM straddle 2.15IV 33%

Nov 3 closethin chain

Expected move

Inputs

Next report

Nov 6

after close · in 2 days

est.Q3 FY26

Calendar

Next report

Last report

−0.42%

vs ±4.6% implied · ×0.09

shaded = implied · ▲▼ = realized

Aug 4 '26 · confirmed

Implied vs realized

Largest filed tie

—

13F top-10 QoQ

+4.38%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

357 managers

Top fund weight

0.24%

SKT weight · VNQ

N-PORTJul 31 '26

5 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Tanger (SKT) is expected to report on Nov 6 after close (estimated date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±5.5%
avg realized: ±3.6%

Nov 6 '24Nov 6 '24confirmed±4.0%▲+4.88%×1.21

Feb 19 '25Feb 19 '25confirmed±3.1%▲+3.87%×1.24

Apr 30 '25Apr 30 '25confirmed±5.5%▼−5.01%×0.91

Aug 4 '25Aug 4 '25confirmed±4.7%▲+5.97%×1.27

Nov 4 '25Nov 4 '25confirmed±6.9%▲+0.65%×0.09

Feb 24 '26Feb 24 '26confirmed±7.6%▲+5.79%×0.76

Q1 FY26Apr 30 '26confirmed±7.7%▼−1.97%×0.26

Q2 FY26Aug 4 '26confirmed±4.6%▼−0.42%×0.09

quarterimplied−10%0+10%realized×

Q2 FY26±4.6%▼−0.42%×0.09

Q1 FY26±7.7%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 2 close

1.69OI · 3 expiries · Nov 2 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1130%Nov 2016d670%

1340%Dec 1844d0.168340%0.16

63+5%Mar 19135d0.32195+1%0.32

ExpiryPutsCallsP/C

Nov 2016d1130%670%1.69

Dec 1844d1340%8340%0.16

Mar 19135d63+5%195+1%0.32

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±4.9%

Funds 4

VNQ±0.0%

IWM±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod 1 more fund Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

22.12%as filednet margin · revenue +3.97% QoQ · +11.15% YoY

Revenue$156M+3.97%

Gross profit$156M100.00%+3.97%

Operating income$48M30.98%+12.05%

Pre-tax income$31M+18.38%

Net income$35M22.12%+17.62%

Cost of revenue$0—

Operating expenses$108M+0.71%

Other expense−$18M−2.51%

Source: SEC filings · standardized · QE Jun 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 12:45 ET

Intraday

Event sensitivity

FOMC ×1.40· ±1.5% vs ±1.1% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±1.5%11 of 24×1.40

GDPgross domestic product±1.2%9 of 19×1.07

CPROFcorporate profits±1.1%6 of 12×1.01

PCEpersonal income & outlays±1.1%10 of 19×0.98

NFPjobs report±1.0%5 of 10×0.87

PPIproducer prices±0.8%5 of 10×0.70

CPIconsumer prices±0.5%6 of 10×0.42

Bar = avg |move| to ±2% · tick = ±1.1% avg day · ×base = |move| ÷ ±1.1% · min 6 releases

Earnings history

EPS 0.29 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 4 '26 · confirmed	0.29	—
Q1 FY26	Apr 30 '26 · confirmed	0.24	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod