GREENSBORO, N.C., July 14, 2015 /PRNewswire/ -- As part of an ongoing effort toward environmental responsibility throughout its portfolio, Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has announced new sustainability initiatives for its United States locations promoting alternative energy usage.
Among these initiatives is a nationwide electric vehicle (EV) charging network system that will be available at 23 Tanger Outlets locations in the U.S. in anticipation of increasing demand from shoppers who own electric vehicles. Tanger has partnered with ChargePoint Networks to develop and maintain the network providing multiple spaces for EV owners to fuel up while they shop with no added cost to their experience. For a list of where Tanger Outlets shoppers can find EV Charging Stations, visit http://www.tangeroutlet.com/center/.
"Tanger has always believed that sustainable business practices are critical for our continued success," said Tanger Outlets CEO Steven B. Tanger. "These projects represent our continued commitment to being a responsible company to our shareholders and the environment. Furthermore, we believe these projects will help to improve the shopping experience for our customers by providing amenities and offsetting future operating expenses."
Tanger is also incrementally implementing solar energy resources at centers, with the Westbrook location the first to be completed. Electricity generated from the 500 kW project will be used to offset electricity expenses at the center and will act as a hedge against future increases in utility rates.
Tanger has solar projects currently in development at both the Deer Park and Riverhead, NY locations in conjunction with the Long Island Power Authority's Feed in Tariff Program. Those projects are expected to begin construction in late 2015 and will generate approximately 1500 kW and 2500 kW of power for Tanger Outlets Deer Park and Tanger Outlets Riverhead respectively.
In addition to these two new initiatives, Tanger continues to pursue other green programs including LED and Induction lighting conversions nationwide.
This news release contains forward-looking statements within the meaning of federal securities laws. These statements include, but are not limited to, the demand for electrical vehicle charging systems we expect to install, any cost savings related to the use of solar energy, whether projects under consideration or under development are ultimately completed, as well as other statements regarding plans, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.
These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect our 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, 2014.
About Tanger Factory Outlet Centers,Inc.:
Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 46 upscale outlet shopping centers in 24 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 3,000 stores operated by more than 460 different brand name companies. With more than 30 years of experience in the outlet industry and 3 additional centers currently under construction, Tanger Outlet Centers continue to attract more than 185 million shoppers annually. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at www.tangeroutlet.com.
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