Tanger Completes 2-for-1 Split of Its Common Shares

GREENSBORO, N.C., Jan. 24, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT), announced today that the previously announced 2-for-1 split of the Company's common shares (NYSE:SKT) has become effective. Shareholders of record on January 13, 2011 today received a dividend of one new common share for each common share outstanding.

Prior to the common share split, the Company had 40,640,034 shares outstanding. Effective today, Tanger Outlet Centers' total shares outstanding are now 81,280,068.

Previously, the Company's Board of Directors declared a quarterly dividend of $0.3875 per common share (now $0.19375 per share on a split adjusted basis) for the fourth quarter ended December 31, 2010 payable on February 15, 2011 to shareholders of record on January 31, 2011. The annualized cash dividend on the Company's common shares will be equal to $0.775 per share on a split adjusted basis. 

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 upscale outlet shopping 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 our website at www.tangeroutlet.com.

CONTACT: Frank C. Marchisello, Jr.
         Executive Vice President and CFO
         (336) 834-6834
         Mona J. Walsh
         Assistant Vice President, Corporate Communications
         (336) 856-6021

Released January 24, 2011