Comparatively small but very stable outlet center portfolio; Portfolio trends should remain positive, aided by retailer demand for outlet retail space; and Increasing competition, contributing to Tanger's greater use of joint ventures to develop new centers. Strong debt protection measures; Moderate leverage; Adequate liquidity, strengthened by recent asset sales; and Moderate use of off-balance sheet under joint ventures. The stable outlook on Tanger Factory Outlet Centers Inc. reflects our expectation for consistently strong occupancy and steady tenant sales to continue supporting positive re-leasing rates and low- to mid-single-digit same-store net operating income (NOI) growth. We also expect Tanger to pursue moderate development (with strong pre-leasing) and fund investments conservatively to maintain relatively stable credit measures. The outlook reflects Tanger's strong
