Tanger Outlet Centers and RioCan Real Estate Investment Trust Break Ground on Tanger Outlets Ottawa

Tanger Outlet Centers and RioCan Real Estate Investment Trust Break Ground on 
Tanger Outlets Ottawa 
Construction Begins On This World Class Outlet Centre Serving The Greater 
Kanata And Ontario Markets 
GREENSBORO, N.C., May 15, 2013 /CNW/ - Tanger Factory Outlet Centers, Inc. 
(NYSE:SKT) and RioCan Real Estate Investment Trust hosted an official Ground 
Breaking Ceremony today to announce that construction has begun on Tanger 
Outlets Ottawa. When complete, we expect that Phase I of the project will be 
home to approximately 293,000 square feet of branded factory outlet retailers 
from the U.S. and Canada. 
(Photo: http://photos.prnewswire.com/prnh/20130515/CL13992 ) (Photo: 
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As the capital of Canada and the fourth largest city in the country, with 1.2 
million residents and 7.5 million visitors annually, we believe Ottawa is the 
ideal location for the first ground-up construction of a Tanger Outlet in the 
Canadian market.  Tanger and RioCan currently co-own outlets in Cookstown, 
Ontario, Bromont, Quebec, and St. Sauveur, Quebec. 
The upscale outlet project will be located off the TransCanada Highway 
(Highway 417) at Palladium Drive. The site is located in the suburban area of 
Kanata and will benefit from its access to the greater Ottawa market. The 
concept, design and merchandising of the Ottawa centre will be similar to 
those within the successful, established Tanger portfolio of outlet centres in 
the United States. 
Tanger Outlets offers consumers the opportunity to purchase merchandise that 
is on trend and in- season from leading designer and brand name manufacturers 
at a savings of 30 to 70 percent off retail prices. We expect the centre will 
include over 80 leading brand name and outlet stores including:  American 
Eagle Outfitters, Gap Outlet, Banana Republic Factory Store, Calvin Klein, 
Nike Factory Store, Tommy Hilfiger, Aeropostale and many more. 
The projected total cost of this ground up construction project represents an 
estimated $120 million dollar investment in Ottawa. The new centre will have a 
positive economic impact for the area by creating an estimated 700 jobs during 
construction and approximately 1,000 full and part-time retail jobs upon 
completion.  Once complete, we believe the centre will create an estimated $15 
million dollars in annual sales tax. 
"We are excited to begin construction on this dynamic new centre in the Ottawa 
market and look forward to bringing the Tanger Outlets shopping experience to 
local residents as well as area tourists," said Steven B. Tanger, President 
and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. "The centre 
co-owned by Tanger and RioCan will deliver new brand name outlet stores to the 
market as we strive to continue to elevate the shopping experience for our 
Canadian customers." 
"The Ottawa Tanger Outlet Centre development represents an excellent 
opportunity for RioCan and Tanger to extend our relationship as we develop the 
Tanger Outlet experience here in Canada," said Edward Sonshine, CEO of RioCan. 
"This development, our fourth shopping centre together, will bring an exciting 
and new shopping experience that to date has not previously been available in 
Ottawa and surrounding areas." 
About RioCan: RioCan is Canada's largest real estate investment trust with a 
total capitalization of approximately $14.4 billion as of March 31, 2013.  It 
owns and manages Canada's largest portfolio of shopping centres with ownership 
interests in a portfolio of 344 retail properties containing more than 84 
million square feet, including 50 grocery anchored and new format retail 
centres containing 13.7 million square feet in the United States through 
various joint venture arrangements as at March 31, 2013.  RioCan's portfolio 
also includes 11 properties under development in Canada.  For further 
information, please refer to RioCan's website at www.riocan.com. 
About Tanger Factory Outlet Centers, Inc.:     Tanger Factory Outlet Centers, 
Inc. is a publicly-traded REIT headquartered in Greensboro, North Carolina 
that operates and owns, or has an ownership interest in, a portfolio of 43 
upscale outlet shopping centres in 26 states coast to coast and in Canada, 
totaling approximately 12.9 million square feet leased to over 2,700 stores 
operated by more than 460 different brand name companies. More than 175 
million shoppers visit Tanger Factory Outlet Centers annually. For more 
information on Tanger Outlet Centers, call 1-800-4TANGER or visit the 
company's web site at www.tangeroutlet.com. 
Forward-looking Information This News Release contains forward-looking 
statements within the meaning of applicable securities laws. These statements 
include, but are not limited to, statements regarding RioCan's and Tanger's 
intention to construct Tanger Outlets Ottawa, the cost and size of the 
project, the impact on the local area in terms of jobs and sales taxes 
generated,  and other statements concerning each company's objectives, its 
strategies to achieve those objectives, as well as statements with respect to 
management's beliefs, plans, estimates, and intentions, and similar statements 
concerning anticipated future events, results, circumstances, performance or 
expectations that are not historical facts. Forward-looking statements 
generally can be identified by the use of forward-looking terminology such as 
"outlook", "objective", "may", "expect", "intend", "estimate", "anticipate", 
"believe", "should", "plan", "continue", or similar expressions suggesting 
future outcomes or events. Such forward-looking statements reflect 
management's current beliefs and are based on information currently available 
to management. All forward-looking statements in this News Release are 
qualified by these cautionary statements. These forward-looking statements are 
not guarantees of future events or performance and, by their nature, are based 
on each company's current estimates and assumptions, which are subject to 
risks and uncertainties. 
For a list of risks and uncertainties described  affecting RioCan, see those 
described under "Risks and Uncertainties" in RioCan's latest financial 
statements and RioCan's Management's Discussion and Analysis for the period 
ended March 31, 2013, which could cause actual events or results to differ 
materially from the forward-looking statements contained in this News Release. 
Those risks and uncertainties include, but are not limited to, those related 
to: liquidity in the global marketplace associated with economic conditions, 
tenant concentrations, occupancy levels, access to debt and equity capital, 
interest rates, joint ventures/partnerships, the relative illiquidity of real 
property, unexpected costs or liabilities related to acquisitions, 
construction, environmental matters, legal matters, reliance on key personnel, 
unitholder liability, income taxes, the investment in the United States of 
America ("US"), fluctuations in the currency exchange rate between the 
Canadian and US dollar and RioCan's qualification as a real estate investment 
trust for tax purposes. Material factors or assumptions that were applied in 
drawing a conclusion or making an estimate set out in the forward-looking 
information may include, but are not limited to: a stable retail environment; 
relatively low and stable interest costs; a continuing trend toward land use 
intensification in high growth markets; access to equity and debt capital 
markets to fund, at acceptable costs, the future growth program to enable the 
Trust to refinance debts as they mature; the availability of purchase 
opportunities for growth in Canada and the US; and the impact of accounting 
principles adopted by the Trust effective January 1, 2011 under International 
Financial Reporting Standards ("IFRS"). Although the forward-looking 
information contained in this News Release is based upon what management 
believes are reasonable assumptions, there can be no assurance that actual 
results will be consistent with these forward-looking statements. Certain 
statements included in this News Release may be considered "financial outlook" 
for purposes of applicable securities laws, and such financial outlook may not 
be appropriate for purposes other than this News Release. 
The Income Tax Act (Canada) (the "Act") contains legislation affecting the tax 
treatment of publicly traded trusts (the "SIFT Legislation"). The SIFT 
Legislation will not impose tax on a trust which qualifies under such 
legislation as a real estate investment trust (the "REIT Exception"). RioCan 
currently qualifies for the REIT Exception and intends to continue to qualify 
for future years. Should this not occur, certain statements contained in this 
News Release may need to be modified. 
For a more detailed discussion of the factors that affect Tanger's operating 
results, interested parties should review the Tanger Factory Outlet Centers, 
Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2012. 
Such factors include, but are not limited to, the risks associated with 
general economic and local real estate conditions, Tanger's ability to meet 
its obligations on existing indebtedness or refinance existing indebtedness on 
favorable terms, the availability and cost of capital, Tanger's ability to 
lease its properties or to meet its minimum pre-leasing hurdles on proposed 
new developments, Tanger's inability to collect rent due to the bankruptcy or 
insolvency of tenants or otherwise, and competition. 
Contact: Quentin Pell 214-600-3838  qnpell@tangeroutlet.com 
http://www.tangeroutlet.com 
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SOURCE: Tanger Factory Outlet Centers, Inc. 
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CO: Tanger Factory Outlet Centers, Inc.
ST: North Carolina
NI: CST  
-0- May/15/2013 17:00 GMT
 
 
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