Tanger Factory Outlet Centers, Inc. 2008 Tax Reporting Information - Distribution (Form 1099)

GREENSBORO, N.C., Jan. 19, 2009 (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 2008 dividend distributions should be treated as follows for income tax purposes.

Common Shares: 73.11% as ordinary income and 26.89% as return of capital.

Preferred Shares: 100% as ordinary income

A form with detailed information regarding each distribution during 2008 is attached. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.

    Security                 Ticker    Record    Ex-Dividend   Payable
   Description      CUSIP    Symbol     Date        Date        Date
 ----------------------------------------------------------------------
 Tanger Factory
  Outlet Centers,
  Inc. Common     875465106   SKT     1/31/2008   1/29/2008   2/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Common     875465106   SKT     4/30/2008   4/28/2008   5/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Common     875465106   SKT     7/30/2008   7/28/2008   8/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Common     875465106   SKT    10/31/2008  10/29/2008  11/14/2008
 Total

 Tanger Factory
  Outlet Centers,
  Inc. Preferred  875465403  SKT-PC   1/31/2008   1/29/2008   2/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Preferred  875465403  SKT-PC   4/30/2008   4/28/2008   5/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Preferred  875465403  SKT-PC   7/30/2008   7/28/2008   8/15/2008
 Tanger Factory
  Outlet Centers,
  Inc. Preferred  875465403  SKT-PC  10/31/2008  10/29/2008  11/14/2008
 Total


                               Year Included   Box 1a Total   Box 3
                               in calculation
                              of Shareholders'
                                   Income        Ordinary
                     Total          2008        Dividends
    Security      Distribution   (Current                  Nondividend
   Description     Per Share       Year)                  Distributions
 ----------------------------------------------------------------------
 Tanger Factory
  Outlet Centers,
  Inc. Common       0.360000       0.360000      0.26320     0.09680
 Tanger Factory
  Outlet Centers,
  Inc. Common       0.380000       0.380000      0.27782     0.10218
 Tanger Factory
  Outlet Centers,
  Inc. Common       0.380000       0.380000      0.27782     0.10218
 Tanger Factory
  Outlet Centers,
  Inc. Common       0.380000       0.380000      0.27782     0.10218
 Total              1.500000       1.500000     1.096650    0.403350
                                                   73.11%      26.89%

 Tanger Factory
  Outlet Centers,
  Inc. Preferred    0.468750       0.468750      0.46875
 Tanger Factory
  Outlet Centers,
  Inc. Preferred    0.468750       0.468750      0.46875
 Tanger Factory
  Outlet Centers,
  Inc. Preferred    0.468750       0.468750      0.46875
 Tanger Factory
  Outlet Centers,
  Inc. Preferred    0.468750       0.468750      0.46875

 Total              1.875000       1.875000     1.875000
                                                  100.00%

CONTACT:  Tanger Factory Outlet Centers, Inc.
          Frank C. Marchisello
          (336) 834-6834

Released January 19, 2009