Tanger has demonstrated success to date in repositioning its portfolio toward a more stable and upscale tenancy base; The Charter Oak acquisition is geographically complementary to Tanger's existing portfolio, enabling the company to leverage its current operating platform; The acquisition reduces Tanger's asset concentration in the dominant Riverhead (Long Island, N.Y.) center; The Charter Oak assets present some potential upside opportunity with regard to occupancy and sales levels, since both measures are currently below Tanger's average; and Coverage of total obligations (including the common dividend) has been above average and very stable over the past five years. Manageable ongoing capital expense needs remain modest. Tanger has experienced mixed quality and performance trends within its historically relatively small and more concentrated
