EXHIBIT 99.1

Exhibit 99.1

Tanger Outlets

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

March 31, 2002











Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/02




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Notice



This Supplemental Operating and Financial Data may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, which reflect management's current views with respect to future events and
financial performance relating to our re-merchandising strategy, the renewal and
re-tenanting of space, tenant sales and sales trends, interest rates, fund from
operations, the development of new centers, the opening of ongoing expansions,
coverage of the current dividend and the impact of sales of land parcels. These
forward-looking statements are subject to risks and uncertainties. Actual
results could differ materially from those projected due to various factors
including, but not limited to, the risks associated with general economic and
local real estate conditions, the availability and cost of capital, our ability
to lease our properties, our inability to collect rent due to the bankruptcy or
insolvency of tenants or otherwise, and competition. For a more detailed
discussion of the factors that affect our operating results, interested parties
should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K
for the fiscal year ended December 31, 2001.

This Supplemental Operating and Financial Data is not an offer to sell or a
solicitation to buy any securities of the Company. Any offers to sell or
solicitations to buy any securities of the Company shall be made only by means
of a prospectus.





Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/02


2



Table of Contents

Section Page
- ------- ----

Quarterly Highlights from Press Release Dated April 30, 2002 4


Portfolio Data

Geographic Diversification 6
Property Summary - Occupancy 7
Major Tenants 8
Lease Expirations 9
Leasing Activity 10


Financial Data

Consolidated Balance Sheets 11
Consolidated Statements of Operations 12
FFO and FAD Analysis 13
Per Weighted Average Square Foot Analysis 14
Debt Outstanding Summary 15
Future Scheduled Principal Payments 16


Investor Information 17








Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/02


3

Quarterly Highlights from Press Release dated April 30, 2002

Greensboro, NC, April 30, 2002, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported funds from operations (FFO) for the first quarter of 2002
increased 9% to $8.9 million, or $.76 per share, compared to $8.2 million, or
$.70 per share in the same quarter of 2001. Net income per share for the first
quarter of 2002 increased 200% to $.12 per share compared to $.04 per share in
the same quarter of 2001. All FFO and net income calculations are on a fully
diluted basis and assume full conversion of the minority interest in the
operating partnership.

Reported same-space sales per square foot for the rolling twelve months ended
March 31, 2002 were $300 per square foot. This represents a 6% increase compared
to the same period in 2001. For the three months ended March 31, 2002,
same-space sales increased by 10% compared to the same period in 2001.
Same-space sales is defined as the weighted average sales per square foot
reported in space open for the full duration of each comparison period. Our
ability to attract high volume tenants to many of our outlet centers continues
to improve the average sales per square foot throughout our portfolio.

Reported same-store sales for the quarter ended March 31, 2002, defined as the
weighted average sales per square foot reported by tenants for stores open since
January 1, 2001, increased 5% over the same period in 2001. Reported tenant
sales for the first quarter of 2002 for all Tanger Outlet Centers increased 12%
to $271 million compared to $243 million in 2001.

Through March 31, 2002, we renewed approximately 404,000 square feet, or 43%, of
the 935,000 square feet coming up for renewal during the current year at an
average base rental rate 5% higher than the expiring rate. We anticipate that
most of the remaining leases up for renewal will either be renewed with the
existing tenant during 2001 or re-tenanted during the next twelve months. We
also re-tenanted approximately 94,000 square feet of vacant space during the
first three months of 2002 at a 9% increase in the average base rental rate from
that which was charged previously.

Construction of a new 400,000 square foot Tanger Outlet Center in Myrtle Beach,
SC continues to proceed as planned. This property is being developed as a joint
venture of which we own a 50% interest. The first phase will consist of
approximately 260,000 square feet and include over 50 brand name outlet tenants
including Polo Ralph Lauren, Coach Leatherware, Liz Claiborne, Mikasa, Nautica,
Old Navy, Reebok, and Tommy Hilfiger. Currently, leases for approximately
238,000 square feet, or over 91% of the first phase are fully executed. Stores
are expected to be open in time for our grand opening events to be held on July
5, 2002. We will be paid a third party management fee and leasing fees for our
services as property manager.

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, said, "We
are very pleased with our first quarter 2002 results. Higher than expected
income from percentage rentals and lower average interest rates were the driving
forces for the first three months. Our management team has worked very hard
during the first quarter of the year and will continue to strive toward
increasing our revenues and improving our financial results each quarter, while



Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/02


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still maintaining a long-term view regarding our portfolio of properties, our
company and our business strategy."

Tanger Factory Outlet Centers, Inc., a fully integrated, self-administered and
self-managed publicly-traded REIT, presently owns and operates 29 centers in 20
states coast to coast, totaling approximately 5.3 million square feet of gross
leasable area. At March 31, 2002, our operating properties were 95% occupied.
For more information about Tanger Outlet Centers, visit our web site at
www.tangeroutlet.com





Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/02


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