NEW YORK (Standard & Poor's) Aug. 23, 2005--Standard & Poor's Ratings Services today said its ratings on Tanger Factory Outlet Centers (Tanger) are not affected by the company's recently announced intent to buy out its partner's (an affiliate of Blackstone Real Estate Advisors) share of equity in the nine-center Charter Oak joint venture. Tanger has been managing the portfolio since acquiring it in late 2003. Standard & Poor's has analytically fully consolidated this joint venture (and the portfolio's secured loan) in assessing Tanger's financial profile. Management intends to fund the $282.5 million purchase with a combination of senior unsecured debt, common equity, and preferred equity. Leverage is expected to rise to the low-50% range (debt-to-undepreciated assets). Debt service and fixed
