Tanger Factory Outlet Centers Inc.'s (Tanger) already strong credit metrics improved in the first quarter—an equity raise in 2009 deleveraged the balance sheet and bolstered coverage measures. Additionally, the company's outlet-center portfolio performed better than we anticipated despite the consumer strain due to the recent recession. Funds from operation (FFO) continued to grow. We expect FFO to remain stable to support currently healthy coverage measures and continue to fully cover Tanger's dividend and capital expenditure needs. Tempering these strengths are the company's short debt-tenor, comparatively smaller portfolio, which results in moderate asset concentration, and a moderate level of lease maturities in 2011 (16% of base rents). Greensboro, N.C.-based Tanger is the largest publicly traded stand-alone operator of outlet centers, although
