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Tanger Executive Compensation (FY25)

SKT · Greensboro, NC · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (DEF 14A): March 26, 2026
251 figures on this page: 248 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
Stephen Yalof, President and Chief Executive Officer, received $7,113,515 in total compensation for fiscal 2025, and Yalof's total was 3.5% higher than the $6,871,995 reported for fiscal 2024. The company reported a chief executive pay ratio of 59:1 for fiscal 2025, against median employee compensation of $119,820. For fiscal 2024, shareholders backed the say-on-pay proposal with 97.8% of votes cast for or against in favor at the meeting held May 9, 2025. The disclosed peer group includes Acadia Realty Trust, Brixmor Property Group Inc., Federal Realty Investment Trust, Four Corners Property Trust, Inc. and InvenTrust Properties Corp., among others.
Chief executive, fiscal 2025
◇
Stephen Yalof
Latest say-on-pay support
=
May 9, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Stephen Yalof: $6,871,995 → $7,113,515 (3.5% higher)
Say-on-pay support: 96.8% → 97.8% (1.0 points higher)
CEO pay ratio: 72:1 → 59:1 (18.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Tanger's chief executive and what were they paid?
Stephen Yalof, President and Chief Executive Officer, received $7,113,515 in total compensation for fiscal 2025. Yalof's total was 3.5% higher than the $6,871,995 reported for fiscal 2024.
What was Tanger's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 97.8% of votes cast for or against in favor at the meeting held May 9, 2025.
Which companies are in Tanger's peer group?
The disclosed peer group includes Acadia Realty Trust, Brixmor Property Group Inc., Federal Realty Investment Trust, Four Corners Property Trust, Inc. and InvenTrust Properties Corp., among others.
What is Tanger's chief executive pay ratio?
The company reported a chief executive pay ratio of 59:1 for fiscal 2025, against median employee compensation of $119,820.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Yalof
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bilerman
Executive Vice President Chief Financial Officer and Chief Investment Officer
◇◇◇◇——◇◇
Leslie Swanson
Executive Vice President Chief Operating Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Yalof
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bilerman
Executive Vice President Chief Financial Officer and Chief Investment Officer
◇—◇—◇—◇◇
Leslie Swanson
Executive Vice President Chief Operating Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Yalof
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bilerman
Executive Vice President Chief Financial Officer and Chief Investment Officer
◇—◇—◇—◇◇
Leslie Swanson
Executive Vice President Chief Operating Officer
◇—◇—◇—◇◇
Jessica Norman
Executive Vice President and General Counsel
◇—◇—◇—◇◇
Justin Stein
Executive Vice President, Leasing
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen Yalof
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bilerman
Executive Vice President, Chief Financial Officer and Chief Investment Officer
◇—◇—◇—◇◇
Leslie Swanson
Executive Vice President, Chief Operating Officer
◇—◇—◇—◇◇
Jessica Norman
Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary
◇—◇—◇—◇◇
Justin Stein
Executive Vice President, Chief Revenue Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Jessica K. NormanPSU◇◇◇—◇—◇
Jessica K. NormanRSU◇——◇——◇
Justin C. SteinPSU◇◇◇—◇—◇
Justin C. SteinRSU◇——◇——◇
Leslie A. SwansonPSU◇◇◇—◇—◇
Leslie A. SwansonRSU◇——◇——◇
Michael J. BilermanPSU◇◇◇—◇—◇
Michael J. BilermanRSU◇——◇——◇
Stephen YalofPSU◇◇◇—◇—◇
Stephen YalofRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Leslie SwansonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael BilermanRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
RSU◇◇——
RSU◇◇——
Stephen YalofRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jessica NormanRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Justin SteinRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven B. Tanger
Board chair
◇◇———◇◇
Bridget M. Ryan-Berman
Lead independent director
◇◇———◇◇
Thomas J. Reddin
◇◇———◇◇
Susan E. Skerritt
◇◇———◇◇
Luis A. Ubiñas
◇◇———◇◇
Jeffrey B. Citrin
◇◇———◇◇
Sandeep L. Mathrani
◇◇———◇◇
Sonia Syngal
◇◇———◇◇
David B. Henry
◇◇———◇◇
Stephen Yalof served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Compensation committee chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Acadia Realty Trust AKR
  • Brixmor Property Group Inc. BRX
  • Federal Realty Investment Trust FRT
  • Four Corners Property Trust, Inc. FCPT
  • InvenTrust Properties Corp. IVT
  • Kimco Realty Corporation KIM
  • Kite Realty Group Trust KRG
  • NNN REIT, Inc. NNN
  • Phillips Edison & Company, Inc. PECO
  • Saul Centers, Inc. BFS
  • SITE Centers Corp. SITC
  • The Macerich Company MAC
  • Urban Edge Properties UE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024May 9, 2025=◇◇◇
2023May 17, 2024=◇◇◇
2022May 19, 2023=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Tanger disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Tanger sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
251 figures on this page: 248 cited to the filing that reported them, 3 calculated from figures it prints.
248 cited to the filing
3 calculated from the filing

Documents cited

  1. 0001628280-26-021249
    CEO Pay Ratio · Compensation Table · Compensation of Directors · Director Compensation Table · and 4 more sections
  2. 0000899715-25-000112
    Item 5.07 Submission of Matters to a Vote of Security Holders
  3. 0000899715-25-000096
    Compensation Table
  4. 0000899715-24-000108
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0000899715-24-000079
    Compensation Table
  6. 0000899715-23-000109
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000899715-23-000079
    2022 Summary Compensation Table
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This page is free to cite. Attribution we ask for:
Velarion, “Tanger executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/SKT (accessed 2026).
Short form: data: Velarion
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Tanger discloses

The companies named in SKT's own disclosed peer group.

Acadia Realty TrustBrixmor Property Group Inc.Federal Realty Investment TrustFour Corners Property Trust, Inc.InvenTrust Properties Corp.Kimco Realty CorporationKite Realty Group TrustNNN REIT, Inc.Phillips Edison & Company, Inc.Saul Centers, Inc.SITE Centers Corp.The Macerich CompanyUrban Edge Properties

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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