Tanger Inc.?s portfolio remained highly occupied at 97.4% in the third quarter with same-property cash net operating income growth of 4.3% relative to the same prior-year period supported by productive leasing efforts in recent quarters and steady demand for open air retail. Leasing remained productive with strong blended cash leasing spreads, which should support steady EBITDA generation. Tanger?s portfolio largely caters to discretionary retailers that tend to be disproportionately affected by slowing consumer spending, which we expect to continue for the next year or two. This could place pressure on retailers, and moderate demand and rent growth, particularly in the context of Tanger?s tougher lease expiration schedule over the next two years when 38% of annualized base rent (20% in
