"The majority of our tenants have remained financially strong during these difficult economic times and are showing increased profits and improved sales," says Steven Tanger, president and CEO of the retail REIT. He adds that the company's balance sheet remains conservatively positioned.
Tanger owns and operates 31 outlets in 21 states, totaling 9.2 million square feet of gross leasable area. It is currently developing a 317,000-square-foot center in Mebane, NC with lease commitments for 73% of the space at an estimated total cost of nearly $65 million.
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