Comparatively small but fairly stable outlet center portfolio with $3 billion in undepreciated real estate assets; Modestly positive net operating income (NOI) trends driven by softer but stable retailer demand for outlet retail space and limited new supply; and Tanger's use of joint ventures (JVs) and high pre-leasing thresholds limit development risks. Strong coverage metrics despite a significant portion of floating rate debt swapped to fixed; Moderate use of off-balance sheet joint venture financing; and As of March 31, 2017, the company generated approximately 92% of NOI through its unencumbered assets, given the company's ample financial flexibility. S&P Global Ratings' stable outlook on Tanger Factory Outlet Centers Inc. reflects our expectation for generally strong occupancy, modestly positive tenant sales, and
