EXHIBIT 99.1

Tanger Factory Outlet Centers, Inc.


Supplemental Operating and Financial Data

March 31, 2003









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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, funds 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, 2002.

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 May 6, 2003 4


Portfolio Data
Geographic Diversification 7
Property Summary - Occupancy 8
Major Tenants 9
Lease Expirations 10
Leasing Activity 11


Financial Data
Consolidated Balance Sheets 12
Consolidated Statements of Operations 13
FFO and FAD Analysis 14
Per Weighted Average Gross Leasable Area (GLA) Analysis 15
Joint Venture Information 16
Debt Outstanding Summary 17
Future Scheduled Principal Payments 18

Investor Information 19











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Quarterly Highlights from Press Release dated May 6, 2003

Greensboro, NC, May 6, 2003, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported net income for the first quarter of 2003 was $2.2 million, or
$0.19 per share, as compared to net income of $1.4 million, or $0.12 per share
for the first quarter of 2002, representing a 58.3% per share increase. For the
three months ended March 31, 2003, funds from operations ("FFO"), a widely
accepted measure of REIT performance, was $10.3 million, or $0.78 per share, as
compared to FFO of $8.9 million, or $0.76 per share, for the three months ended
March 31, 2002, representing a 15.1% increase in total FFO and a 2.6% per share
increase. Net income and FFO per share amounts above are on a diluted basis. A
reconciliation of net income to FFO is presented on the supplemental information
page of this press release.

First Quarter Highlights

o 95% period-end portfolio occupancy rate

o 152 leases signed, totaling 677,000 square feet with respect to
re-tenanting and renewal activity, including 50.4% of the square footage
scheduled to expire during 2003

o $293 per square foot in reported same-space tenant sales for the rolling
twelve months ended March 31, 2003

o 7.2% occupancy cost per square foot for the rolling twelve months ended
March 31, 2003

o 99,000 square feet of development/expansion space underway and scheduled to
open in third quarter of 2003

o 45.8% debt-to-total market capitalization ratio, 2.62 times interest
coverage ratio

o $0.615 per share in common dividends declared, $2.46 per share annualized,
representing 10th consecutive year of increased dividends

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented,
"Our portfolio and tenants continued to perform well and post solid results,
despite being faced with numerous challenges in the first quarter, including
unusually harsh winter conditions and the shift in the Easter holiday to the
second quarter of 2003. Our portfolio occupancy held firm again at a strong 95%,
equaling our first-quarter occupancy rate for the past four consecutive years.
Importantly, we continued to operate our centers in a cost efficient manner, as
was evidenced by our low occupancy cost of 7.2%." Mr. Tanger continued, "During
the first three months we have already released or renewed approximately 50% of
the space scheduled to expire during the entire year. We are on track with our
development and expansion activities, which may have a positive impact on our
earnings in the second half of the year. Overall, we remain well-positioned to
achieve our stated growth objectives for the year."

Portfolio Operating Results

During the first quarter of 2003, Tanger executed 152 leases, totaling
approximately 677,000 square feet, including approximately 539,000 square feet,
representing 50.4%, of the 1,070,000 square feet originally scheduled to expire
during 2003. Tanger achieved a 1.7% increase in base rental revenue per square


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foot, on a cash basis, with respect to this re-tenanting and renewal activity.
Additionally, the average initial cash base rent for new stores opened during
the first quarter of 2003 was $19.01, representing an increase of $1.43 or 8.1%
above the average base rent for stores closed during the first quarter of 2003.

Reported same-space sales per square foot for the rolling twelve months ended
March 31, 2003 were $293 per square foot. This represents a 0.3% decrease
compared to $294 per square foot for the rolling twelve months ended March 31,
2002. For the first quarter of 2003, same-space sales decreased by 6.1%, as
compared to the record high first quarter sales for the same period in 2002.
Same-space sales is defined as the weighted average sales per square foot
reported in space open for the full duration of the comparative periods. The
sales results are due, in part, to the severe winter during the first quarter of
2003 and the shift in the Easter holiday to the second quarter of 2003.

Investment Activities

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%.
Construction of an additional 35,000 square foot expansion of the center is
currently under way, with stores expected to open during the summer of 2003. The
cost of expansion is estimated to be $4.0 million with an expected return in
excess of 13%. Upon completion of the expansion, the Sevierville center will
total approximately 418,000 square feet.

Tanger is currently underway with constructing the second phase of our newly
opened, 100% leased center in Myrtle Beach, SC. The second phase totals 64,000
square feet and stores are expected to open during the summer of 2003. The
center, which was developed and is managed and leased by the Company, is owned
through a joint venture of which the Company owns a 50% interest. Accordingly,
the Company's capital investment for the second phase will be approximately $1.1
million with an expected return in excess of 20%.

Balance Sheet Summary

As of March 31, 2003, Tanger had a total market capitalization of approximately
$744 million, with $341 million of debt outstanding, equating to a 45.8%
debt-to-total market capitalization ratio. This compares favorably to a total
market capitalization of approximately $674 million with $360 million of debt
outstanding on March 31, 2002. The Company had a 53.3% debt-to-total market
capitalization ratio as of March 31, 2002. During the first quarter Tanger
reduced its debt outstanding by $3.9 million. As of March 31, 2003, the Company
had $19.3 million outstanding with $65.7 million available on its lines of
credit. The Company continues to improve its interest coverage ratio, which was
2.62 times for the first quarter of 2003, as compared to 2.35 times interest
coverage in the same period last year.

On May 2, 2003, Tanger announced it would call for redemption all of its
outstanding Depositary Shares representing Series A Cumulative Convertible
Redeemable Preferred Shares (NYSE: SKT-A) on June 20, 2003. The redemption price
will be $25.00 per Depositary Share, plus accrued and unpaid dividends, if any,


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to, but not including, the redemption date. Prior to redemption, each Depositary
Share may be converted to .901 common shares at the option of the Depositary
Share holder until 5:00 p.m., Eastern Time, on June 17, 2003.

2003 FFO Per Share Guidance

Based on current market conditions, the strength and stability of its core
portfolio and the Company's ongoing development, expansion and acquisition
pipeline, Tanger currently believes its FFO for 2003 will range between $3.44
and $3.50 per share. Tanger currently expects 2003 FFO to range between $0.81 to
$0.83 per share for the second quarter, $0.87 to $0.89 per share for the third
quarter and $0.98 to $1.00 per share for the fourth quarter.

First Quarter Conference Call

Tanger will host a conference call to discuss its first quarter results for
analysts, investors and other interested parties on Tuesday, May 6, 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
First Quarter Financial Results call. Alternatively, the call will be webcast by
CCBN and can be accessed at Tanger Factory Outlet Centers, Inc.'s web site at
www.tangeroutlet.com, (click on "Corporate News").

A telephone replay of the call will be available from May 6, 2003 starting at
5:00 P.M eastern time through May 13, 2003, by dialing 1-800-642-1687
(conference ID # 9544838). Additionally, an online archive of the broadcast will
also be available through May 13, 2003.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a fully integrated,
self-administered and self-managed publicly traded REIT, presently operates 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, funds from operations and the development of
new centers. 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, 2002.


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Geographic Diversification

As of March 31, 2003
- ------------------------------------------------------------------------------
State # of Centers GLA % of GLA
- --------------------- -------------------- --------------- -------------------
Georgia 4 950,590 17%

New York 1 729,238 13%

Texas 2 619,426 11%

Tennessee 2 477,412 8%

Michigan 2 437,651 8%

Missouri 1 277,494 5%

Iowa 1 277,230 5%

South Carolina (1) 1 260,033 5%

Pennsylvania 1 255,059 4%

Louisiana 1 245,199 4%

Florida 1 198,789 3%

North Carolina 2 187,702 3%

Arizona 1 184,768 3%

Indiana 1 141,051 3%

Minnesota 1 134,480 2%

California 1 105,950 2%

Maine 2 84,397 1%

Alabama 1 79,575 1%

New Hampshire 2 61,745 1%

West Virginia 1 49,252 1%
- --------------------- -------------------- --------------- -------------------
Total 29 5,757,041 100%
- --------------------- -------------------- --------------- -------------------


(1) Includes one center totaling 260,033 sq. ft. of which Tanger owns a 50%
interest through a joint venture arrangement.


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