Tanger Reports First Quarter 2010 Results

                  Funds From Operation Increases 17.4%
                First Quarter Tenant Sales Increase 10.3%

GREENSBORO, N.C., April 27, 2010 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported funds from operations ("FFO") available to common shareholders, a widely accepted supplemental measure of REIT performance, for the three months ended March 31, 2010 was $29.0 million, or $0.63 per share, as compared to FFO of $24.7 million, or $0.66 per share, for the three months ended March 31, 2009. Net income available to common shareholders for the three months ended March 31, 2010 was $1.2 million or $0.03 per share, as compared to net income of $28.9 million, or $0.92 per share for the first quarter of 2009.

Steven B. Tanger, President and Chief Executive Officer, commented, "Tanger Outlet Centers showed a strong start to 2010 with funds from operations increasing by 17.4%. As we had anticipated, retail sales have come back, inventories are right sized and the retail sector is growing when compared to 2009. March retail sales, aided by the early holiday calendar shift, translated to an overall strong first quarter for Tanger and our tenant base. Also during the first quarter, we announced that our Board of Directors approved an increase in our common share cash dividend for the 17th consecutive year. Tanger has paid cash dividends each quarter since becoming a public company in May of 1993."

Net income and FFO per share amounts above are on a diluted basis. FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO is included in this release.

                        First Quarter Highlights

  --  Dividend increase approved by Board of Directors to raise the quarterly
      common share cash dividend from $0.3825 to $0.3875 per share, $1.55 per
      share annualized, representing the 17th consecutive year of increased
      dividends
  --  21.9% debt-to-total market capital ratio as of March 31, 2010 and 4.82
      times interest coverage for the first quarter ended March 31, 2010
  --  0.7% increase in same center net operating income
  --  8.8% increase in average base rental rates on leases renewed during the
      quarter
  --  22.5% increase in average base rental rates on released space during the
      quarter
  --  94.8% period-end wholly-owned portfolio occupancy rate, compared to
      93.5% last year
  --  $342 per square foot in reported tenant comparable sales for the rolling
      twelve months ended March 31, 2010

                      Portfolio Operating Results

During the first quarter of 2010, Tanger executed 210 leases, totaling 874,000 square feet throughout its wholly-owned portfolio. Lease renewals during the first quarter accounted for 646,000 square feet, generated an 8.8% increase in average base rental rates and represented 43.5% of the square feet originally scheduled to expire during 2010. Average base rental increases on re-tenanted space during the first quarter averaged 22.5% and accounted for the remaining 228,000 square feet.

Same center net operating income increased 0.7% for the first quarter of 2010, while reported tenant comparable sales for our wholly owned properties for the rolling twelve months ended March 31, 2010 increased 3.1% to $342 per square foot. Tenant comparable sales for the three months ended March 31, 2010 increased 10.3%.

                        Cash Dividend Increased

On April 8, 2010, Tanger announced that its Board of Directors approved an increase in the annual cash dividend on its common shares from $1.53 per share to $1.55 per share. Simultaneously, the Board of Directors declared a quarterly dividend of $0.3875 per share for the first quarter ended March 31, 2010. A cash dividend of $0.3875 per share will be payable on May 14, 2010 to holders of record on April 30, 2010. The company has paid dividends each quarter since becoming a public company in May 1993. The company's Board of Directors also declared a dividend of $0.46875 per share on its 3,000,000 7.5% Class C Preferred Shares. A cash dividend of $0.46875 per Preferred Share will be payable on May 17, 2010 to holders of record on April 30, 2010.

                          Balance Sheet Summary

As of March 31, 2010, Tanger had a total market capitalization of approximately $2.7 billion including $584.8 million of debt outstanding, equating to a 21.9% debt-to-total market capitalization ratio. As of March 31, 2010, 84.0% of Tanger's debt was at fixed interest rates and the company had $93.4 million outstanding on its $325.0 million in available unsecured lines of credit. During the first quarter of 2010, Tanger continued to maintain a strong interest coverage ratio of 4.82 times, compared to 3.34 times during the first quarter of last year.

                      2010 FFO Per Share Guidance

Based on Tanger's internal budgeting process, the company's view on current market conditions, and the strength and stability of its core portfolio, the company currently believes its net income available to common shareholders for 2010 will be between $0.82 and $0.92 per share and its FFO available to common shareholders for 2010 will be between $2.57 and $2.67 per share.

The company's estimates do not include the impact of any rent termination fees, potential refinancing transactions, the sale of any out parcels of land or the sale or acquisition of any properties. The following table provides the reconciliation of estimated diluted net income per share to estimated diluted FFO per share:


  For the twelve months ended December 31, 2010:

                                                        Low    High
                                                       Range  Range
                                                       -----  -----
  Estimated diluted net income per share               $0.82  $0.92
  Noncontrolling interest, gain/loss on acquisition
   of real estate, depreciation and amortization
   uniquely significant to real estate including
   noncontrolling interest share and our share of
   joint ventures                                       1.75   1.75
                                                       -----  -----

  Estimated diluted FFO per share                      $2.57  $2.67
                                                       -----  -----
                      First Quarter Conference Call

Tanger will host a conference call to discuss its first quarter results for analysts, investors and other interested parties on Wednesday, April 28, 2010, at 10:00 A.M. eastern time. To access the conference call, listeners should dial 1-877-277-5113 and request to be connected to the Tanger Factory Outlet Centers First Quarter 2010 Financial Results call. Alternatively, the call will be web cast by Thomson Reuters and can be accessed at Tanger Factory Outlet Centers, Inc.'s web site at http://www.tangeroutlet.com/investorrelations/news/ under the News Releases section. A telephone replay of the call will be available from April 28, 2010 starting at 1:00 P.M. Eastern Time through May 7, 2010, by dialing 1-800-642-1687 (conference ID # 66153055). Additionally, an online archive of the broadcast will also be available through May 7, 2010.

                  About Tanger Factory Outlet Centers

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 33 upscale outlet shopping centers in 22 states coast to coast, totaling approximately 10.0 million square feet leased to over 1,900 stores operated by 330 different brand name companies. More than 150 million shoppers visit Tanger Factory Outlet Centers, Inc. annually. Tanger is filing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended March 31, 2010. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at www.tangeroutlet.com.

Estimates of future net income per share and FFO per share are by definition, and certain other matters discussed in this press release regarding our re-merchandising strategy, the renewal and re-tenanting of space, tenant sales and sales trends, interest rates, funds from operations, the development of new centers, and coverage of the current dividend may be forward-looking statements within the meaning of the federal securities laws. 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 local real estate conditions, the company's ability to meet its obligations on existing indebtedness or refinance existing indebtedness on favorable terms, the availability and cost of capital, the company's ability to lease its properties, the company's inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, and competition. 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, 2009.



        TANGER FACTORY OUTLET CENTERS, INC. AND
                      SUBSIDIARIES
         CONSOLIDATED STATEMENTS OF OPERATIONS
         (In thousands, except per share data)
                      (Unaudited)
                                       Three Months
                                          Ended
                                        March 31,
                                     2010      2009

  Revenues
  --------------------------------  -------  --------
    Base rentals (a)                $43,648   $42,927
    Percentage rentals                1,305     1,308
    Expense reimbursements           19,536    19,219

    Other income  (b)                 1,730     1,704
  --------------------------------  -------  --------

  Total revenues                     66,219    65,158
  --------------------------------  -------  --------
  Expenses
    Property operating               22,472    21,748
    General and administrative        5,466     5,935
    Depreciation and amortization
     (c)                             26,527    20,397

    Impairment charge (d)               735    ------
  --------------------------------  -------  --------

       Total expenses                55,200    48,080
  --------------------------------  -------  --------
  Operating income                   11,019    17,078
    Interest expense                (7,948)  (11,210)
    Gain on fair value measurement
     of previously held interest
     in acquired joint venture (e)   ------    31,497

  Income before equity in earnings
   (losses) of unconsolidated
   joint ventures                     3,071    37,365
  --------------------------------  -------  --------

  Equity in earnings (losses) of
   unconsolidated joint ventures       (68)     (897)
  --------------------------------  -------  --------
  Net income                          3,003    36,468

  Noncontrolling interest in
   Operating Partnership              (210)   (5,698)
  --------------------------------  -------  --------
  Net income attributable to
   Tanger Factory Outlet Centers,
   Inc.                               2,793    30,770
  Preferred share dividends         (1,406)   (1,406)

  Allocation of earnings to
   participating securities           (169)     (437)
  --------------------------------  -------  --------

  Net income available to common
   shareholders of Tanger Factory
   Outlet Centers, Inc.              $1,218   $28,927
  ================================  =======  ========
  Basic earnings per common share
   available to common
   shareholders:
    Income from continuing
     operations                        $.03      $.93

    Net income                          .03       .93
  ================================  =======  ========
  Diluted earnings per common
   share available to common
   shareholders:
    Income from continuing
     operations                        $.03      $.92

    Net income                          .03       .92
  ================================  =======  ========

(a) Includes straight-line rent and market rent adjustments of $899 and $668 for the three months ended March 31, 2010 and 2009, respectively.

(b) Includes the gain on sale of outparcels of land of $161 for the three months ended March 31, 2010.

(c) As of March 31, 2010, the Hilton Head I, SC outlet center was vacant of all tenants in preparation of the demolition of the existing center and the redevelopment of the new center. As a result, a total of $9.2 million in depreciation and amortization was recognized for 2010 to completely depreciate the center. Accelerated depreciation recognized due to changes in the estimated remaining lives at our Hilton Head I, SC outlet center were $4.6 million and $1.2 million for the three months ended March 31, 2010 and 2009, respectively.

(d) Represents an impairment charge for outparcels of land owned in Seymour, Indiana where the company previously owned an outlet center which was sold in 2005.

(e) Represents gain on fair value measurement of our previously held interest in the Myrtle Beach Hwy 17 joint venture upon acquisition on January 5, 2009.

   TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
               CONSOLIDATED BALANCE SHEETS
     (In thousands, except share and per share data)
                       (Unaudited)

                                              December
                                  March 31,     31,

                                    2010        2009
  -----------------------------  ----------  ----------
  ASSETS
   Rental property
   Land                            $142,822    $143,933
   Building, improvement and
    fixtures                      1,360,010   1,352,568

   Construction in progress          19,557      11,369
  -----------------------------  ----------  ----------
                                  1,522,389   1,507,870

   Accumulated depreciation       (432,276)   (412,530)
  -----------------------------  ----------  ----------
    Rental property, net          1,090,113   1,095,340
   Cash and cash equivalents          3,197       3,267
   Investments in
    unconsolidated joint
    ventures                          8,151       9,054
   Deferred charges, net             35,555      38,867

   Other assets                      31,889      32,333
  -----------------------------  ----------  ----------

  Total assets                   $1,168,905  $1,178,861
  =============================  ==========  ==========
  LIABILITIES AND EQUITY
  Liabilities
   Debt
   Senior, unsecured notes (net
    of discounts of $798 and
    $858, respectively)            $256,412    $256,352
   Mortgage loan, net of
    discount of $0 and $241,
    respectively)                        --      35,559
   Unsecured term loan              235,000     235,000

   Unsecured lines of credit         93,400      57,700
  -----------------------------  ----------  ----------
    Total debt                      584,812     584,611
   Construction trade payables       22,381      14,194
   Accounts payable and accrued
    expenses                         28,544      31,916

   Other liabilities                 25,657      27,077
  -----------------------------  ----------  ----------

      Total liabilities             661,394     657,798
  -----------------------------  ----------  ----------

  Commitments

  Equity
  Tanger Factory Outlet
   Centers, Inc.
   Preferred shares, 7.5% Class
    C, liquidation preference
    $25 per share, 8,000,000
    shares authorized,
    3,000,000 shares issued and
    outstanding at March 31,
    2010 and December 31, 2009       75,000      75,000
   Common shares, $.01 par
    value, 150,000,000 shares
    authorized, 40,469,662 and
    40,277,124 shares issued
    and outstanding at March
    31, 2010 and December 31,
    2009, respectively                  405         403
   Paid in capital                  597,968     596,074
   Distributions in excess of
    net income                    (217,076)   (202,997)

   Accumulated other
    comprehensive loss              (5,169)     (5,809)
  -----------------------------  ----------  ----------

      Equity attributable to
       Tanger Factory Outlet
       Centers, Inc.                451,128     462,671
  -----------------------------  ----------  ----------

  Equity attributable to
   noncontrolling interest in
   Operating Partnership             56,383      58,392
  -----------------------------  ----------  ----------

      Total equity                  507,511     521,063
  -----------------------------  ----------  ----------

       Total liabilities and
        equity                   $1,168,905  $1,178,861
  =============================  ==========  ==========
      TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
                    SUPPLEMENTAL INFORMATION
       (in thousands, except per share, state and center
                          information)
                           (Unaudited)

                                                Three Months
                                                   Ended
                                                 March 31,

                                              2010      2009
  -----------------------------------------  -------  --------
  FUNDS FROM OPERATIONS (FFO) (a)
  Net income                                  $3,003   $36,468
  Adjusted for:
    Depreciation and amortization uniquely
     significant to real estate --
     wholly-owned                             26,412    20,278
    Depreciation and amortization uniquely
     significant to real estate --
     unconsolidated joint ventures
                                               1,265     1,166

    Gain on fair value measurement of
     previously held interest in acquired
     joint venture                                --  (31,497)
  -----------------------------------------  -------  --------
  Funds from operations                       30,680    26,415
  Preferred share dividends                  (1,406)   (1,406)

  Allocation of earnings to participating
   securities                                  (268)     (306)
  -----------------------------------------  -------  --------

  Funds from operations available to common
   shareholders                               29,006    24,703
  -----------------------------------------  -------  --------

  Funds from operations available to common
   shareholders per share -- diluted           $0.63     $0.66
  -----------------------------------------  -------  --------

  WEIGHTED AVERAGE SHARES
  Basic weighted average common shares        40,030    31,269
  Effect of exchangeable notes                    33    ------

  Effect of outstanding options                   54        81
  -----------------------------------------  -------  --------
  Diluted weighted average common shares
   (for earnings per share computations)      40,117    31,350

  Convertible operating partnership units
   (b)                                         6,067     6,067
  -----------------------------------------  -------  --------

  Diluted weighted average common share
   (for funds from operations per share
   computations)                              46,184    37,417
  =========================================  =======  ========

  OTHER INFORMATION
  Gross leasable area open at end of period
   --
    Wholly-owned                               9,057     9,218

  Partially-owned - unconsolidated               948       950
  =========================================  =======  ========

  Outlet centers in operations --
    Wholly-owned                                  31        31

    Partially-owned - unconsolidated               2         2
  =========================================  =======  ========

  States operated in at end of period (c)         21        21
  Occupancy percentage at end of period (c)
   (d)                                         94.8%     93.5%





(a) FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net income (loss), to which it is reconciled. We believe that for a clear understanding of our operating results, FFO should be considered along with net income as presented elsewhere in this report. FFO is presented because it is a widely accepted financial indicator used by certain investors and analysts to analyze and compare one equity REIT with another on the basis of operating performance. FFO is generally defined as net income (loss), computed in accordance with generally accepted accounting principles, before extraordinary items and gains (losses) on sale or disposal of depreciable operating properties, plus depreciation and amortization uniquely significant to real estate and after adjustments for unconsolidated partnerships and joint ventures. We caution that the calculation of FFO may vary from entity to entity and as such the presentation of FFO by us may not be comparable to other similarly titled measures of other reporting companies. FFO does not represent net income or cash flow from operations as defined by accounting principles generally accepted in the United States of America and should not be considered an alternative to net income as an indication of operating performance or to cash flows from operations as a measure of liquidity. FFO is not necessarily indicative of cash flows available to fund dividends to shareholders and other cash needs.

(b) The convertible operating partnership units (noncontrolling interest in operating partnership) are not dilutive on earnings per share computed in accordance with generally accepted accounting principles.

(c) Excludes the partially owned and unconsolidated properties in Wisconsin Dells, Wisconsin which is operated by us through 50% ownership joint venture and in Deer Park, New York which is operated by us through a 33.3% ownership joint venture.

(d) Excludes our wholly-owned, non-stabilized center in Washington, Pennsylvania for the 2009 period.

CONTACT:  Tanger Factory Outlet Centers, Inc.
          Frank Marchisello
          (336) 834-6847