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Press Release

Tanger Factory Outlet Centers, Inc. 2005 Tax Reporting Information - Distribution (Form 1099)

Company Release - 1/23/2006 11:52 AM ET

GREENSBORO, N.C., Jan. 23 /PRNewswire-FirstCall/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today that based upon the review by the Company's independent accountants, PricewaterhouseCoopers LLP, its 2005 dividend distributions should be treated as follows for income tax purposes.

Common Shares: 50% as ordinary income and 50% as return of capital.

A form with detailed information regarding each distribution during 2005 is attached. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.



    2005 Year-End Tax Reporting
    TANGER FACTORY OUTLET CENTERS, INC.

    Form 2005 Report Date:  January 23, 2006

    This spreadsheet and the accompanying instructions do not constitute, and
    should not be considered a substitute for, legal advice.  The rules
    governing the proper tax characterization of distributions by mutual funds
    can be complex.  Each fund should consult its own tax advisor regarding
    the proper tax characterization and reporting of the fund's distributions.


    Please list Securities in Cusip Order (Skip Rows Between Entries)
        1           2         3        7            8           9
     Security
    Description             Ticker   Record    Ex-Dividend   Payable
    (Fund Name)   CUSIP     Symbol    Date        Date         Date

      Common   875465-10-6   SKT    1/31/2005   1/27/2005    2/15/2005
      Common   875465-10-6   SKT    4/29/2005   4/27/2005    5/16/2005
      Common   875465-10-6   SKT    7/29/2005   7/27/2005    8/15/2005
      Common   875465-10-6   SKT   10/31/2005  10/27/2005   11/15/2005



    Please list Securities in Cusip Order (Skip Rows Between Entries)
        1             10         14       15      17       19        23
                                                Box 1a   Box 2a     Box 3
                                                 Total
                                        Short-            Total
     Security       Total                term            Capital
    Description  Distribution  Income   Capital Ordinary  Gain    Nontaxable
    (Fund Name)   Per Share   Dividends  Gain   Dividends Distr. Distributions
      Common       0.312500   0.156250          0.156250           0.156250
      Common       0.322500   0.161250          0.161250           0.161250
      Common       0.322500   0.161250          0.161250           0.161250
      Common       0.322500   0.161250          0.161250           0.161250

    TOTALS         1.280000   0.640000          0.640000           0.640000
SOURCE  Tanger Factory Outlet Centers, Inc.

    -0-                             01/23/2006
    /CONTACT:  Frank C. Marchisello of Tanger Factory Outlet Centers, Inc.
,
+1-336-834-6834/
    /Web site:  http://www.tangeroutlet.com/
    (SKT)

CO:  Tanger Factory Outlet Centers, Inc.

ST:  North Carolina
IN:  REA
SU:  DIV

MM-JK
-- CLM039 --
1648 01/23/2006 11:52 EST http://www.prnewswire.com