V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Real Estate

Tanger Executive Compensation (FY25)

SKT · Greensboro, NC · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Stephen Yalof
Latest say-on-pay support
=
May 9, 2025
Chief executive pay ratio
◇
To the median employee
Velarion Member: every covered company in Real Estate, with dashboards, peer screens and board-ready briefs. Three seats, one year.

The Tanger brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
Data as of October 22, 2026Latest filing (DEF 14A): March 26, 2026
7 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Tanger brief$1,500Get the executive brief
Velarion Member, one year
275 figures on this page: 272 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
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. NormanRSU◇——◇——◇
Jessica K. NormanPSU◇◇◇—◇—◇
Justin C. SteinPSU◇◇◇—◇—◇
Justin C. SteinRSU◇——◇——◇
Leslie A. SwansonRSU◇——◇——◇
Leslie A. SwansonPSU◇◇◇—◇—◇
Michael J. BilermanRSU◇——◇——◇
Michael J. BilermanPSU◇◇◇—◇—◇
Stephen YalofRSU◇——◇——◇
Stephen YalofPSU◇◇◇—◇—◇
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
Jessica NormanRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael BilermanOption◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Leslie SwansonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Justin SteinRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stephen YalofRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Justin Stein
Executive Vice President, Chief Revenue Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Leslie Swanson
Executive Vice President, Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Michael Bilerman
Executive Vice President, Chief Financial Officer and Chief Investment Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Stephen Yalof
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Equity acceleration on change in control◇
Benefits continuation◇
Excise tax treatment◇

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◇
Board chair premium◇
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
◇

Velarion Pro: every company page, peer tools and exports, one seat

One seat, one person. It opens the whole platform: the peer tools, the written analysis and the exports, on every company we cover. Join the list and you will hear from us when it opens.
Your address is used for this and nothing else, and you can unsubscribe in one click. See the privacy policy.

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Stephen Yalof (President and Chief Executive Officer), FY2025 total compensation $7,113,515 (base salary $900,000) [exec_comp, SEC accession 0001628280-26-021249, filed 2026-03-26]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

Email me this page as a cited PDF — sent in 2 minutes
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Tanger files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

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 — $499
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.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for Peer Group Review
Whether Tanger's disclosed peer group is defensible, who names Tanger back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
275 figures on this page: 272 cited to the filing that reported them, 3 calculated from figures it prints.
272 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 Discussion and Analysis · 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
Cite this data
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

The Tanger brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
7 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Tanger and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

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

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy