Tanger Factory Outlet Centers

GREENSBORO, N.C., April 13 -- Tanger Factory
Outlet Centers, Inc.(NYSE: SKT), announced today that its Board of
Directors approved a 5.43% increase in the annual dividend on its common
shares from $1.29 per share to $1.36 per share. Simultaneously, the Board
of Directors declared a quarterly dividend of $.34 per share for the first
quarter ended March 31, 2006. A cash dividend of $.34 per share will be
payable on May 15, 2006 to holders of record on April 28, 2006. The company
has paid dividends each quarter since becoming a public 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 May 15, 2006 to holders
of record on April 28, 2006.
Tanger Factory Outlet Centers, Inc.(NYSE: SKT), a fully integrated,
self- administered and self-managed publicly traded REIT, presently owns 29
centers in 21 states coast to coast, totaling approximately 8.0 million
square feet of gross leasable area. Tanger also owns a 50% interest in one
center containing approximately 402,000 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
http://www.tangeroutlet.com.



SOURCE Tanger Factory Outlet Centers, Inc.
Web Site: http://www.tangeroutlet.com/