EXHIBIT 99.2 EARNING RLS

TANGER FACTORY OUTLET CENTERS, INC.

NEWS RELEASE

FOR RELEASE: IMMEDIATE RELEASE

CONTACT: Frank C. Marchisello, Jr.
(336) 834-6834

TANGER REPORTS 5.3% INCREASE IN FFO PER SHARE FOR 2002
Occupancy Increases to 98%, Representing 22nd Consecutive Year at or Above 95%

Greensboro, NC, February 26, 2003, Tanger Factory Outlet Centers, Inc.
(NYSE:SKT) today reported funds from operations (FFO) for the year ended
December 31, 2002 of $41.7 million, or $3.40 per share, as compared to FFO of
$37.8 million, or $3.23 per share for 2001, representing a 5.3% per share
increase. FFO for the fourth quarter of 2002 was $13.1 million, or $1.01 per
share, as compared to FFO of $11.5 million, or $0.98 per share for the fourth
quarter of 2001, representing a 3.1% per share increase. Net income for the year
ended December 31, 2002 was $11.0 million, or $1.08 per share, as compared to
$7.1 million, or $0.67 per share, for 2001, representing a 61.2% per share
increase. Net income for the fourth quarter of 2002 was $5.2 million, or $0.51
per share, as compared to $3.1 million, or $0.34 per share, for the fourth
quarter of 2001, representing a 50.0% per share increase. All FFO and net income
per share amounts are on a diluted basis. A reconciliation of net income to FFO
is presented on the supplemental information page of this press release.

Tanger achieved the following results for the year ended December 31, 2002:

o 98% year-end portfolio occupancy rate (a 200 basis point increase over
2001)

o 280 leases signed, totaling over one million square feet, achieving an 87.6
% renewal rate and a 1.7% increase in base rent, on a cash basis, for
re-tenanted and renewed space

o Average initial base rent for new stores opened during 2002 was $16.54, an
increase of $1.47 or 9.8% over the tenants who closed during 2002

o $1.5 billion in total tenant sales, equating to $294 per sq. ft. and a 1.4%
increase on a same-space basis

o Occupancy cost per square foot remained at an industry-leading low 7.2%

o $42.2 million in 100% leased, quality factory outlet shopping center
acquisitions

o Completed 260,000 square foot factory outlet development in Myrtle Beach
(opened 100% leased)

o $21.6 million in non-core property dispositions

o 1.0 million common shares issued in September 2002, generating
approximately $28 million in net proceeds

o Lowered debt level by $13.2 million and lowered weighted average borrowing
cost by 70 basis points

o Additional equity and lower debt significantly improved coverage ratios

o $2.45 per share in common dividends paid (the 9th consecutive year of
increased dividends)

o 72.0% FFO pay out ratio provides adequate coverage of the dividend

o 62.9% total return to shareholders (highest among all REITs included in the
RMS Index)

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Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, stated,
"In 2002 we achieved a number of important milestones for the company. Through
our disciplined investment activity, we continued to strategically expand our
portfolio and further our national platform. Additionally, we continued to
generate solid results with our core portfolio, achieving one of our highest
occupancy rates on record, while maintaining high tenant sales per square foot
and our renowned low tenant occupancy cost. We also enhanced our franchise name
within the outlet industry by rolling out a number of innovative marketing
initiatives throughout the year." Mr. Tanger continued, "The fundamentals of the
outlet industry today are sound. Total tenant sales continue to increase each
year and the supply/demand characteristics remain in balance. Looking ahead,
with our strong operating platform and portfolio, we are well-positioned for
continued growth in 2003 and beyond."

National Platform Continues to Drive Solid Operating Results and Higher
Same-Space Sales

As of December 31, 2002, Tanger's portfolio totaled 34 factory outlet shopping
centers diversified across 21 states, totaling 6.2 million square feet. The
company's broad geographic representation and established brand name within the
factory outlet industry continues to generate solid operating results. At
December 31, 2002, the company's portfolio was 98% leased, representing a 200
basis point increase over its year-end 2001 occupancy rate of 96%. Tanger's 98%
portfolio occupancy rate also represents the 22nd consecutive year since the
company commenced operations in 1981 that it has achieved a year-end portfolio
occupancy rate at or above 95%.

During 2002, the company executed 280 leases totaling approximately 1,048,000
square feet. The company achieved a retention rate of 87.6% with existing
tenants for the year and achieved a 1.7% increase in base rental revenue per
square foot, on a cash basis, for re-tenanted and renewed space. The average
initial base rent for new stores opened during 2002 was $16.54, an increase of
$1.47 or 9.8% over the tenants who closed. As a result, the company's average
base rental income per square foot increased to $14.44 per foot as of December
31, 2002 compared to $14.33 per foot at year-end 2001. The company continues to
derive its rental income from a diverse group of retailers with no single tenant
representing more than 6.7% of its gross leasable area as of December 31, 2002.

During 2002, total reported sales reached a new record high for Tanger of
approximately $1.5 billion. Additionally, same-space sales increased by 1.4% for
the year ended December 31, 2002 and increased by 0.4% for the three months
ended December 31, 2002 over the same-space sales for the comparable periods in
2001. Reported 2002 same-space sales equated to $294 per square foot, matching
Tanger's 2001 per square foot record high. For the year ended December 31, 2002
reported same-store sales for tenants in operation since January 1, 2001, were
down 0.8% compared to 2001. Fourth quarter 2002 reported same-store sales were
down 1.9%. Average tenant occupancy costs across Tanger's portfolio remained at
an industry-leading low level during 2002, averaging 7.2%, approximately in-line
with the company's record 2001 low of 7.1%.

2002 Investment Activities Increase Portfolio by 13.8%
& Provide Growth Opportunities

During 2002, Tanger increased its portfolio under management by approximately
749,000 square feet through a balance of development and acquisition activities.

In July 2002, Tanger celebrated the grand opening of its newly developed factory
outlet shopping center in Myrtle Beach, South Carolina. The first phase of the
property totals approximately 260,000 square feet and opened 100% leased. The
property, which was developed and is managed and leased by Tanger, is owned
through a joint venture of which Tanger owns a 50% interest. Total cost for the
first phase were $34.6 million, of which Tanger's capital investment totaled
$4.3 million and is currently yielding a return in excess of 20%. In November of
2002, Tanger commenced construction on a 64,000 square foot second phase, which
is currently scheduled for completion in the summer of 2003. Tanger's capital
investment in the second phase is expected to be approximately $1.1 million with
an expected return in excess of 20%.


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In September 2002, Tanger acquired a 325,000 square foot, 100% leased factory
outlet shopping center located in Howell, Michigan, within the greater Detroit
metropolitan region. The purchase price was $37.5 million, representing an
approximate 12% capitalization rate on existing net operating income. In January
2003, Tanger acquired a 29,000 square foot, 100% leased expansion located
contiguous with its existing factory outlet center in Sevierville, Tennessee.
The purchase price was $4.7 million with an expected return of 10%. Tanger is
also underway with the development of another 35,000 square foot expansion of
the center. Tanger expects to complete the expansion during 2003 at a cost of $4
million with an expected return in excess of 13%. Upon completion of the
expansion, the Sevierville center will total approximately 418,000 square feet.

In addition to its development and acquisition activity, during 2002 Tanger sold
two non-core assets. In June 2002, Tanger sold a non-core single tenant, 165,000
square foot property located in Ft. Lauderdale, Florida. The property was sold
for $18.2 million, representing a capitalization rate of 8.8% on existing net
operating income. In November 2002, Tanger sold a 23,417 square foot, non-core
property located in Bourne, Massachusetts. The property was sold for $3.4
million, representing a capitalization rate of 9.6% on existing net operating
income.

2002 Financing Activities Improve Balance Sheet and Extend Debt Maturities

In September 2002, Tanger raised approximately $28 million in net equity
proceeds through the sale of 1.0 million newly issued common shares. The company
utilized the proceeds to fund its acquisition of the factory outlet center in
Howell, Michigan. Additionally, during 2002 Tanger increased its credit line
capacity to $85 million and extended its credit lines' maturities to June 2004.
During the fourth quarter of 2002, Tanger repurchased $5.5 million of its
outstanding 7 7/8% public senior unsecured notes that mature in October 2004. To
date, during 2001 and 2002, Tanger has purchased $24.9 million of its higher
coupon senior notes at par or below.

During 2002, Tanger reduced its debt outstanding, lowered its overall borrowing
costs and increased its unencumbered pool of assets. As of December 31, 2002,
the company had approximately $345.0 million of debt outstanding, as compared to
$358.2 million outstanding at year-end 2001. Of the $345.0 million outstanding
as of December 31, 2002, $296.0 million, or 85.8% of its total debt, was fixed
rate, long-term debt. At December 31, 2002, Tanger had $20.5 million outstanding
on its lines of credit. In total, Tanger's weighted average borrowing cost
during 2002 was 8.09%, as compared to 8.79% during 2001. Additionally, as of
December 31, 2002, 61% of Tanger's real estate assets were unencumbered as
compared to 59% as of year-end 2001.

In 2003 Tanger Expects to Continue Growing FFO Per Share

Based on current market conditions, the strength and stability of its core
portfolio and the company's development and acquisition pipeline, Tanger
currently believes its FFO for 2003 will be between $3.43 and $3.51 per share.
Due to the seasonal nature of the factory outlet industry, which typically
experiences a greater demand for space from seasonal tenants in the second half
of each year and high volume tenants that pay rent based on a percentage of
their monthly sales, which are higher during the later months of the year,
Tanger currently expects 2003 FFO to range between $.77 and $.79 per share for
the first quarter, $.81 to $.83 per share for the second quarter, $.87 to $.89
per share for the third quarter and $.98 to $1.00 per share for the fourth
quarter.

Year-End Conference Call to Held on February 26, 2002 at 3:00 P.M. (EST)

Tanger will host a conference call to discuss its 2002 results for analysts,
investors and other interested parties on Wednesday, February 26, 2003, at 3:00
P.M. eastern time. To access the conference call, listeners should dial
1-877-277-5113 and request to be connected to the Tanger Factory Outlet Centers
Fourth Quarter and Year End Financial Results call. Alternatively, this call is
being webcast by CCBN and can be accessed at Tanger Factory Outlet Centers,
Inc.'s web site at www.tangeroutlet.com, and click on Corporate News.

A telephone replay of the call will be available from February 26, 2003 at 5:00
P.M eastern time through March 5, 2003 at 11:59 A.M. by dialing 1-800-642-1687,
conference ID # 7978733. An online archive of the broadcast will also be
available through March 5, 2003.


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About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a fully integrated,
self-administered and self-managed publicly-traded REIT, presently has ownership
interests in or management responsibilities for 34 centers in 21 states coast to
coast, totaling approximately 6.2 million square feet of gross leasable area. We
are filing a Form 8-K with the Securities and Exchange Commission that includes
a supplemental information package for the quarter ended December 31, 2002. For
more information on Tanger Outlet Centers, visit our web site at
www.tangeroutlet.com.

This press release may contain forward-looking statements regarding 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.





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