TFOC EXHIBIT 99.1

Tanger Factory Outlet Centers, Inc.
Supplemental Operating and Financial Data for the

Quarter Ended 12/31/03

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

December 31, 2003


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Notice

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 and on Form 10-K
for the fiscal year ended December 31, 2003 (when available).

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

Portfolio Data:

Geographic Diversification............................................4

Property Summary .....................................................5

Portfolio Occupancy at the End of Each Period.........................6

Major Tenants ........................................................7

Lease Expirations as of December 31, 2003.............................8

Leasing Activity......................................................9



Financial Data:

Consolidated Balance Sheets..........................................10

Consolidated Statements of Operations................................11

FFO and FAD Analysis.................................................12

Per Weighted Average Gross Leasable Area (GLA) Analysis..............13

Unconsolidated Joint Venture Information.............................14

Debt Outstanding Summary.............................................15

Future Scheduled Principal Payments..................................16

Investor Information......................................................17



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Geographic Diversification

- -------------------------------------------------------------------------------
As of December 31, 2003

- ------------------------------------ ---------------- ------------- -----------
State # of Centers GLA % of GLA
- ------------------------------------ ---------------- ------------- -----------
South Carolina (1) (2) 3 1,144,899 13%
Georgia 4 949,190 11%
New York 1 729,238 8%
Texas 2 619,976 7%
Alabama (2) 2 615,250 7%
Delaware (2) 1 568,787 6%
Tennessee 2 513,581 6%
Michigan 2 437,651 5%
Utah (2) 1 300,602 3%
Connecticut (2) 1 291,051 3%
New Hampshire (2) 3 289,711 3%
Missouri 1 277,883 3%
Iowa 1 277,230 3%
Oregon (2) 1 270,280 3%
Illinois (2) 1 258,114 3%
Pennsylvania 1 255,059 3%
Louisiana 1 245,199 3%
Florida 1 198,789 2%
North Carolina 2 187,702 2%
Indiana 1 141,051 2%
Minnesota 1 134,480 2%
California 1 105,950 1%
Maine 2 84,313 1%
- ------------------------------------ ---------------- ------------- -----------
Total 36 8,895,986 100%
- ------------------------------------ ---------------- ------------- -----------


(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest
through a joint venture arrangement.

(2) Includes nine centers from the Charter Oak portfolio acquired on December
19, 2003 of which Tanger owns a 33.3% interest through a joint venture
arrangement.


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