Comparatively small but highly stable outlet center portfolio with $3.1 billion in undepreciated real estate assets; Moderately positive net operating income (NOI) trends driven by consistent retailer demand for outlet retail space and limited supply; and Tanger's use of joint ventures and high pre-leasing thresholds limit development risks. Strong coverage metrics despite meaningful reduction in floating rate debt; Moderate use of off-balance sheet joint venture financing; and Relatively well-laddered debt maturity schedule. S&P Global Ratings' stable outlook on Tanger Factory Outlet Centers Inc. reflects our expectation for consistently strong occupancy, modestly positive tenant sales, and low occupancy costs to continue supporting positive re-leasing rates and low- single-digit same-store NOI growth. Despite a moderating pipeline, we expect Tanger to pursue development
