Tanger Factory Outlet Centers, Inc. 2009 Tax Reporting Information -- Distribution (Form 1099)

GREENSBORO, N.C., Jan. 18, 2010 (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 2009 dividend distributions should be treated as follows for income tax purposes.

Common Shares: 93.67% as ordinary income, 1.65% as long term capital gain, and 4.68% as return of capital.

Preferred Shares: 98.35% as ordinary income, and 1.65% as long term capital gain.

A form with detailed information regarding each distribution during 2009 is attached. 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)

                                                           Year Included
                                                           in              Box 1a     Box 2a
                                                Total      Shareholders'    Total     Total        Box 3
     Record     Ex-Dividend       Payable    Distribution                  Ordinary   Capital   Non dividend
     Date           Date           Date       Per Share    Income         Dividends    Gain    Distributions
                                                           2009                       Distr.
  1/30/2009    1/28/2009       2/13/2009         0.380000       0.380000   0.355946  0.006270       0.017784
  4/30/2009    4/28/2009       5/15/2009         0.382500       0.382500   0.358288  0.006311       0.017901
  7/30/2009    7/28/2009       8/14/2009         0.382500       0.382500   0.358288  0.006311       0.017901
  10/30/2009   10/28/2009      11/13/2009    0.382500      0.382500       0.358288   0.006311  0.017901
                                             ------------  -------------  ---------  --------  -------------
                                                 1.527500       1.527500  1.430809   0.025204  0.071487
                                                                             93.67%     1.65%          4.68%

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

                                                           Year Included             Box 2a
                                                           in             Box 1a     Total
                                             Total         Shareholders'  Total      Capital
     Record    Ex-Dividend     Payable       Distribution                 Ordinary   Gain
     Date      Date            Date          Per Share     Income         Dividends  Distr.
                                                           2009
  1/30/2009    1/28/2009       2/13/2009         0.468750       0.468750   0.461016  0.007734
  4/30/2009    4/28/2009       5/15/2009         0.468750       0.468750   0.461016  0.007734
  7/30/2009    7/28/2009       8/17/2009         0.468750       0.468750   0.461016  0.007734
  10/30/2009   10/28/2009      11/16/2009    0.468750      0.468750       0.461016   0.007734
                                             ------------  -------------  ---------  --------
                                                 1.875000       1.875000  1.844063   0.030938
                                                                             98.35%     1.65%

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

Released January 18, 2010