Tanger Factory Outlet Centers, Inc. 2006 Tax Reporting Information - Distribution (Form 1099)

GREENSBORO, N.C., Jan. 22 /PRNewswire-FirstCall/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today that based upon the review by the Company's independent accountants, PricewaterhouseCoopers LLP, its 2006 dividend distributions should be treated as follows for income tax purposes.

Common Shares: 83% as ordinary income, 9% as capital gain (4.86% as a 15% rate gain and 4.26% as a Section 1250 gain) and 8% as return of capital.

Preferred Shares: 91% as ordinary income and 9% as capital gain (4.86% as a 15% rate gain and 4.26% as a Section 1250 gain)

A form with detailed information regarding each distribution during 2006 is attached. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.

        REIT Name:  Tanger Factory Outlet Centers, Inc.

    Primary Layout Report Date:  01/22/2007

This spreadsheet and the accompanying instructions do not constitute, and should not be considered a substitute for, legal advice. The rules governing the proper tax characterization of distributions by REITs can be complex. Each REIT should consult its own tax advisor regarding the proper tax characterization and reporting of the REIT's distributions.

    Security               Ticker     Record     Ex-Dividend   Payable
    Description   CUSIP    Symbol      Date         Date        Date

    Common      875465-10-6  SKT     01/31/2006  01/27/2006  02/15/2006
    Common      875465-10-6  SKT     04/28/2006  04/26/2006  05/15/2006
    Common      875465-10-6  SKT     07/31/2006  07/27/2006  08/15/2006
    Common      875465-10-6  SKT     10/31/2006  10/27/2006  11/15/2006
    Total


    Preferred   875465-40-3  SKT-PC  01/31/2006  01/27/2006  02/15/2006
    Preferred   875465-40-3  SKT-PC  04/28/2006  04/26/2006  05/15/2006
    Preferred   875465-40-3  SKT-PC  07/31/2006  07/27/2006  08/15/2006
    Preferred   875465-40-3  SKT-PC  10/31/2006  10/27/2006  11/15/2006
    Total


                                    Box 1a Total  Box 2a    Box 2b    Box 3
                             Total                 Total    Unrecap    Non-
                             Distri-              Capital    Sec.    dividend
    Security                 bution   Ordinary     Gain      1250     Distri-
    Description    CUSIP    Per Share Dividends   Distr.     Gain    butions
                            (11+12+13) (14+15)

    Common      875465-10-6  0.322500  0.268514  0.029444  0.013771  0.024542
    Common      875465-10-6  0.340000  0.283084  0.031042  0.014518  0.025874
    Common      875465-10-6  0.340000  0.283084  0.031042  0.014518  0.025874
    Common      875465-10-6  0.340000  0.283084  0.031042  0.014518  0.025874
    Total                    1.342500  1.117766  0.122570  0.057325  0.102164
                                          83.26%               9.13%     7.61%

    Preferred   875465-40-3  0.473960  0.430687  0.043273  0.020238
    Preferred   875465-40-3  0.468750  0.425953  0.042797  0.020016
    Preferred   875465-40-3  0.468750  0.425953  0.042797  0.020016
    Preferred   875465-40-3  0.468750  0.425953  0.042797  0.020016
    Total                    1.880210  1.708547  0.171663  0.080284967
                                          90.87%     9.13%

SOURCE Tanger Factory Outlet Centers, Inc.

Released January 22, 2007