Tanger Factory Outlet Centers, Inc. 2010 Tax Reporting Information -- Distribution (Form 1099)

GREENSBORO, N.C., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced today that based upon the review by the Company's independent accountants, PricewaterhouseCoopers LLP, its 2010 dividend distributions should be treated as follows for income tax purposes.

Common Shares: 69.40% as ordinary income and 30.60% as return of capital.

Preferred Shares: 100.00% as ordinary income.

Detailed information regarding each distribution during 2010 is below. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.

Tanger Factory Outlet Centers, Inc. - Common Stock (Symbol SKT) (CUSIP No. 875465106)

Record
    Date                    Ex-Dividend
    Date                    Payable
    Date          Total
    Distribution
    Per Share     Year Included in
    Shareholders' 
    Income
    2010          Box 1a
    Total
    Ordinary Dividends                     Box 3
    Non
    dividend
    Distributions
                          1/29/2010                               1/27/2010                           2/12/2010                                      0.382500                                                    0.382500                                         0.265455                                                         0.117045
                          4/30/2010                               4/28/2010                           5/14/2010                                      0.387500                                                    0.387500                                         0.268925                                                         0.118575
                          7/30/2010                               7/28/2010                           8/13/2010                                      0.387500                                                    0.387500                                         0.268925                                                         0.118575
                         10/29/2010                              10/27/2010                          11/15/2010                                      0.387500                                                    0.387500                                         0.268925                                                         0.118575
                                                                                                                                                   1.54500                                                     1.54500                                         1.072230                                                         0.472770
                                                                                                                                                                                                                                                               69.40%                                                           30.60%

Tanger Factory Outlet Centers, Inc. - Preferred Stock (Symbol SKT.PC) (CUSIP No. 875465403)

Record
    Date     Ex-Dividend
    Date          Payable
    Date     Total
    Distribution
    Per Share     Year Included in
    Shareholders' 
    Income
    2010     Box 1a
    Total
    Ordinary
    Dividends      
                     1/29/2010                1/27/2010                 2/16/2010                                 0.468750                                                    0.468750                                        0.468750      
                     4/30/2010                4/28/2010                 5/17/2010                                 0.468750                                                    0.468750                                        0.468750      
                     7/30/2010                7/28/2010                 8/16/2010                                 0.468750                                                    0.468750                                        0.468750      
                    10/29/2010               10/27/2010                11/15/2010                                 0.468750                                                    0.468750                                        0.468750      
                     12/9/2010                     N/A                 12/9/2010                                 0.198000                                                    0.198000                                        0.198000      
                                                                                                               2.073000                                                    2.073000                                        2.073000      
                                                                                                                                                                                                                          100.00%      

About Tanger Factory Outlet Centers, Inc.

Tanger Factory Outlet Centers, Inc., (NYSE:SKT) is a publicly traded REIT headquartered in Greensboro, North Carolina that operates and owns or has ownership interests in, a portfolio of 33 outlet centers in 22 states coast-to-coast, totaling approximately 10.2 million square feet, leased to over 2,100 stores that are operated by more than 375 different brand name companies. More than 160 million shoppers visit Tanger Outlet Centers annually. For more information on Tanger Outlet Centers, call 1-800-4-TANGER or visit the company's web site at www.tangeroutlet.com.

CONTACT: Frank C. Marchisello
         Executive Vice President and CFO
         (336) 834-6834

Released January 20, 2011