Tanger Declares Dividend

GREENSBORO, N.C., Jan. 11 /PRNewswire-FirstCall/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT), announced today that its Board of Directors declared a dividend of $.34 per common share for the fourth quarter ended December 31, 2006. On February 15, 2007, a cash dividend of $.34 per share will be payable to holders of record on January 31, 2007. The Company has paid dividends each quarter since it became a publicly traded company in May 1993.

The Company's Board of Directors also declared a dividend of $.46875 per share on its 3,000,000 7.5% Class C Preferred Shares. A cash dividend of $.46875 per Preferred Share will be payable on February 15, 2007 to holders of record on January 31, 2007.

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a fully integrated, self- administered and self-managed publicly traded REIT, presently owns 30 centers in 21 states coast to coast, totaling approximately 8.4 million square feet of gross leasable area. Tanger also manages for a fee and owns a 50% interest in two centers containing approximately 667,000 square feet and manages for a fee three centers totaling approximately 293,000 square feet. For more information on Tanger Outlet Centers, visit our web site at www.tangeroutlet.com.

SOURCE Tanger Factory Outlet Centers, Inc.

Released January 11, 2007