Retail real estate fundamentals have bottomed and are recovering after a relatively sharp cyclical downturn. Good quality factory outlet centers, however, performed well through the downturn and should continue to perform well relative to other retail asset types. Tanger Factory Outlet Centers Inc. outperformed our expectations during the downturn, maintaining high occupancy and generating positive rent and NOI growth. We revised our outlook to positive on Tanger Factory Outlet Centers Inc. and its subsidiary Tanger Properties L.P., reflecting our belief that Tanger's portfolio will continue to generate moderate tenant sales and rent growth and that pending acquisitions will diversify and enhance the asset base cash flow stream, while maintaining its modest financial risk profile. We also affirmed our ratings on
