8-K: Current report filing

Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 06/30/02











Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data
June 30, 2002



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
June 30, 2002


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Table of Contents



Section Page

Quarterly Highlights from Press Release Dated July 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 Gross Leasable Area (GLA) Analysis 14
Debt Outstanding Summary 15
Future Scheduled Principal Payments 16


Investor Information 17







Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data
June 30, 2002


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Quarterly Highlights from Press Release dated July 30, 2002

Greensboro, NC, July 30, 2002, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported funds from operations (FFO) for the second quarter of 2002
increased 9% to $9.4 million, or $.78 per share, compared to $8.6 million, or
$.74 per share, in the same quarter of 2001. For the six months ended June 30,
2002, FFO increased to $1.54 per share, or $18.3 million, compared to $1.44 per
share, or $16.9 million in the same period of 2001. Net income for the second
quarter of 2002 increased 67% to $.20 per share compared to net income of $.12
per share in the same quarter of 2001; while net income for the first six months
of 2002 increased 106% to $.33 per share compared to $.16 per share for the same
period 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
June 30, 2002 were $297 per square foot. This represents a 6% increase 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 six months ended June 30, 2002, defined as the
weighted average sales per square foot reported by tenants for stores open since
January 1, 2001, increased by 2%. Reported tenant sales for the first six months
of 2002 for all Tanger Outlet Centers increased 5% to $590 million compared to
$562 million in 2001.

Through June 30, 2002, we renewed approximately 533,000 square feet, or 57%, 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 2002 or re-tenanted during the next twelve months. We
also re-tenanted approximately 132,000 square feet of vacant space during the
first six months of 2002 at a 6% increase in the average base rental rate from
that which was charged previously.

During the second quarter of 2002, we completed the sale of our non-core, single
tenant property located in Ft. Lauderdale, FL. The property was sold for $18.2
million, representing a capitalization rate of approximately 8.79% based on an
annual net operating income of $1.6 million. After the deduction of all closing
costs, we recognized a net gain on the sale of the property of approximately
$460,000. We originally purchased the property in November of 1999.

Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data
June 30, 2002

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We celebrated a very successful grand opening of our newest outlet center in
Myrtle Beach, South Carolina on July 5, 2002. Preliminary reports from the
stores indicate that sales are exceeding expectations. The first phase,
consisting of approximately 260,000 square feet, is 100% leased and features 60
brand name and designer outlet stores including: Bombay Outlet, Coach
Leatherware, Coldwater Creek, Izod, Kenneth Cole, Liz Claiborne Outlet, Nautica,
Old Navy Outlet, Polo Ralph Lauren Factory Store, Skechers, Tommy Hilfiger and
many more. A 140,000 square foot Phase II addition is planned for summer 2003.
The new Tanger Outlet Center is conveniently located at the intersection of U.S.
Highway 17 and Veterans Highway 22 (Conway by-pass). This property is held in a
joint venture of which we own a 50% interest.

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, said, "Our
second quarter results came in better than expected, beating consensus estimates
by $.01. We were pleased to see our net operating income for the second quarter
of 2002 improve by approximately two percent over last years comparable number.
In addition, traffic and tenant sales at our centers during the first six months
of 2002 continued to beat last years comparable numbers."

Tanger Factory Outlet Centers, Inc., a fully integrated, self-administered and
self-managed publicly-traded REIT, presently operates 29 centers in 21 states
coast to coast, totaling approximately 5.4 million square feet of gross leasable
area. At June 30, 2002, our operating properties were 96% occupied. We are
filing a Form 8-K with the Securities and Exchange Commission which includes a
supplemental information package for the quarter ended June 30, 2002. 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
June 30, 2002


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