EXHIBIT 99.1

Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the
Quarter Ended 09/30/02







Tanger Factory Outlet Centers, Inc.


Supplemental Operating and Financial Data

September 30, 2002









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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.




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Table of Contents



Section Page

Quarterly Highlights from Press Release Dated October 29, 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








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Quarterly Highlights from Press Release dated October 29, 2002

Greensboro, NC, October 29, 2002, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported funds from operations (FFO) for the third quarter of 2002
increased 10% to $10.3 million, or $.84 per share, compared to $9.4 million, or
$.80 per share, in the same quarter of 2001. On a per share basis, FFO increased
by 5% in the third quarter of 2002 to $.84, compared to $.80 in the same quarter
of 2001. For the nine months ended September 30, 2002, FFO increased 9% to $28.6
million, or $2.38 per share, compared to $26.3 million or $2.24 per share, in
the same period of 2001. On a per share basis, FFO increased by 6% for the nine
months ended September 30, 2002 to $2.38, compared to $2.24 in the same period
of 2001. Net income for the third quarter of 2002 increased 29% to $.22 per
share compared to net income of $.17 per share in the same quarter of 2001. Net
income for the first nine months of 2002 increased 67% to $.55 per share
compared to $.33 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.

Based on current market conditions, we currently expect our 2003 FFO to range
between $3.41 and $3.49 per share for the year. On a quarterly basis, we expect
FFO for 2003 to range between $.78 and $.80 per share in the first quarter, $.79
to $81 per share in the second quarter, $.85 to $.87 per share in the third
quarter and $.99 to $1.01 per share in the fourth quarter of the year.

Reported same-space sales per square foot for the rolling twelve months ended
September 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. During 2002, we have added 26 new tenants to our
portfolio, 18 of which were added in the third quarter, including Baby Gap,
Dooney and Bourke, Puma, Chico's, Escada and Versace.

Reported tenant sales for the first nine months of 2002 for all Tanger Outlet
Centers increased 2% to $985 million compared to $968 million in 2001. Reported
same-store sales for the nine months ended September 30, 2002, defined as the
weighted average sales per square foot reported by tenants for stores open since
January 1, 2001 were flat. Sales in the third quarter were adversely affected by
several hurricanes and unseasonably warm weather during the important Back to
School season.

Through September 30, 2002, we renewed approximately 744,000 square feet, or
80%, of the 935,000 square feet coming up for renewal during the current year at
an average base rental rate 1% higher than the expiring rate. We anticipate that
most of the remaining leases up for renewal will either be renewed with the
existing tenants during 2002 or re-tenanted during the next twelve months. We
also re-tenanted approximately 191,000 square feet of vacant space during the
first nine months of 2002 at a 3% increase in the average base rental rate from
that which was charged previously.

In September 2002, we completed a 1,000,000 common share offering that generated
net proceeds of approximately $28,000,000. No current shareholders, including
the Tanger family, sold any shares through this public offering. As a result of
the offering, on a fully diluted basis, there are 12,785,719 shares outstanding,
of which the Tanger family continues to own 3,190,651 shares, representing
approximately 25% of the company's fully diluted shares. The average shares
traded each day have increased substantially during the past year.

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Immediately following this capital transaction, we completed the acquisition of
Kensington Valley Factory Shops located in Howell, Michigan, within the greater
Detroit metropolitan region. The established center contains approximately
325,000 square feet, is 100% occupied, and has been renamed the Tanger Outlet
Center at Kensington Valley. The purchase price of $37.5 million represents an
approximate 12% capitalization rate on the existing net operating income. The
accretive acquisition was funded with proceeds from the sale of our Fort
Lauderdale property in June of this year and a portion of the net proceeds from
the one million common share offering.

We also announced during the third quarter that John Hancock Life Insurance
Company has retained us for a fee as the exclusive manager of an existing
329,000 square foot factory outlet shopping center located in Vero Beach,
Florida. The property is in the process of being renamed Tanger Outlet Center at
Vero Beach. We will manage the day-to-day operations, marketing and leasing of
the established outlet center.

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, said, "Our
third quarter was full of activity and our results came in as expected. We
completed a very successful common share offering and immediately put those
funds to work with the acquisition of the center in Howell, Michigan. We were
also pleased that John Hancock has selected the Tanger management team to
oversee their outlet center in Vero Beach, Florida. We believe we can add value
to the center through capitalizing on the Tanger brand name, increasing consumer
traffic and improving the tenant mix at the center. We are proud that our
company has paid out over $226,000,000 in cumulative dividends to shareholders
during the past 37 consecutive quarters. Historically a portion of the dividend
is classified as return of capital and may have advantageous tax benefits to
investors.

Tanger Factory Outlet Centers, Inc., a fully integrated, self-administered and
self-managed publicly-traded REIT, presently has ownership interests in or
management responsibilities for 34 shopping centers in 21 states coast-to-coast,
totaling approximately 6,200,000 million square feet, leased to over 1,500
stores that are operated by over 250 different brand name companies. As of
September 30, 2002, our existing wholly and partially owned centers were 96%
occupied. We are filing a Form 8-K with the Securities and Exchange Commission
that includes a supplemental information package for the quarter ended September
30, 2002. For more information on Tanger Outlet Centers, visit our web site at
www.tangeroutlet.com.






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