Summary: Tanger Factory Outlet Centers Inc.

Standard&Poor's Ratings Services' ratings on Tanger Factory Outlet Centers Inc. (Tanger) are supported by a "satisfactory" business risk profile and "modest" financial risk profile. The company's satisfactory business risk profile reflects consistently strong outlet center performance that we expect will continue and the company's established standing and track record as an owner and operator of outlet centers. The company's small portfolio (when compared with similarly rated peers) and moderate asset concentration tempers its sound operating performance. We believe the company will complement recent acquisition activity with new development activity in order to grow and diversify its portfolio. We also note that the currently more competitive environment for acquisitions and development opportunities may pressure investment returns and has contributed

Summary