EXHIBIT 99.2 EARNINGS RLS

NEWS RELEASE

FOR RELEASE: IMMEDIATE RELEASE

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

TANGER REPORTS FIRST QUARTER 2004 RESULTS 35.2% Increase in
Total FFO, 7.7% Increase in FFO Per Share

Greensboro, NC, April 27, 2004, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported net income available to common shareholders for the first quarter
of 2004 was $1.0 million, or $0.08 per share, as compared to net income
available to common shareholders of $1.7 million, or $0.19 per share for the
first quarter of 2003. As expected, comparative net income amounts were impacted
by the allocation of income to Tanger's consolidated joint venture partner in
2004 as required under the Company's current accounting policies. For the three
months ended March 31, 2004, funds from operations ("FFO"), a widely accepted
measure of REIT performance, was $13.9 million, or $0.84 per share, as compared
to FFO of $10.3 million, or $0.78 per share, for the three months ended March
31, 2003, representing a 35.2% increase in total FFO and a 7.7% 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 Generated $13.2 million in net proceeds in conjunction with the exercise of
the underwriters' over-allotment option relating to the December 2003
common share offering

o 200 leases signed, totaling 886,640 square feet with respect to
re-tenanting and renewal activity, including 42.2% of the square footage
scheduled to expire during 2004

o $306 per square foot in reported same-space tenant sales for the rolling
twelve months ended March 31, 2004

o 79,000 square feet of expansion space underway and scheduled to open in
third quarter of 2004

o 94% period-end portfolio occupancy rate

o 40.5% debt-to-total market capitalization ratio, 3.26 times interest
coverage ratio

o Increased the common share dividend from $0.615 to $0.625 per share, $2.50
per share annualized, representing 11th consecutive year of increased
dividends

o General and administrative expenses as a percentage of total revenues
decreased from 8.5% to 6.9%

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Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented,
"Our first quarter results were encouraging. Percentage rentals and specialty
leasing income exceeded our first quarter forecast. Same space tenants' sales
were up significantly over last year. Our leasing spreads during the quarter
continued to grow for both new leases and renewals. The integration of the
Charter Oak portfolio into our systems is virtually complete. This should be a
busy and productive year for our company."

Portfolio Operating Results

During the first quarter of 2004, Tanger executed 200 leases, totaling 886,640
square feet. Lease renewals during the first quarter accounted for 755,832
square feet, generated a 7.9% increase in average base rental rates on a cash
basis and represented 42.2% of the 1,790,000 square feet originally scheduled to
expire during 2004. Base rental increases on re-tenanted space during the first
quarter averaged 8.3% on a cash basis and accounted for the remaining 130,808
square feet. Additionally, the average initial base rent on a cash basis for new
stores opened during the first quarter of 2004 was $17.26, representing an
increase of $.83 or 5.1% above the average base rent for stores closed during
the first quarter of 2004.

Reported same-space sales per square foot for the rolling twelve months ended
March 31, 2004 were $306 per square foot. This represents a 4.2% increase
compared to $294 per square foot for the rolling twelve months ended March 31,
2003. For the first quarter of 2004, same-space sales increased by 6.1%, as
compared to the same period in 2003. 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.

Investment Activities

Tanger is currently underway with constructing a 79,000 square foot third phase
at its center located on Highway 17 North in Myrtle Beach, SC. This 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. The estimated cost of
the expansion is $9.7 million, and the company currently expects to complete the
expansion with stores commencing operations during the summer of 2004. The
capital investment by Tanger for the third phase is approximately $1.7 million
with an expected return on our investment in excess of 20%. Leases have been
executed with Banana Republic, GAP, Calvin Klein, Ann Taylor, Puma, Guess and
Jones, NY. Upon completion of the expansion, the Company's two Myrtle Beach
centers will total approximately 830,000 square feet.

Tanger has also started the early development and leasing of a site located at
Exit 41 on Interstate 79 south of Pittsburgh, Pennsylvania and a site located in
Deer Park, New York on Commack Road about 5 miles south of Exit 52 on the Long
Island Expressway. The Company currently expects the Pittsburgh site to be
420,000 square feet at total build out with the initial phase scheduled for
delivery in late 2005 or early 2006 and the Deer Park site to be 790,000 square
feet at total build out with the initial phase scheduled for delivery in late
2006 or early 2007.

Financing Activities and Balance Sheet Summary

In December 2003, Tanger raised approximately $88.0 million in net equity
proceeds through the sale of 2.3 million newly issued common shares. The Company
utilized the proceeds, together with other available funds, to fund its portion
of the equity required to acquire the Charter Oak Portfolio of nine outlet
centers. On January 6, 2004, an additional 345,000 shares were issued in
conjunction with the exercise of the underwriters' over-allotment option,


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resulting in approximately $13.2 million in additional net proceeds which were
used to pay down amounts outstanding on Tanger's floating rate unsecured lines
of credit.

As of March 31, 2004, Tanger had a total market capitalization of approximately
$1.3 billion, with $509.2 million of debt outstanding (excluding a debt premium
of $11.2 million), equating to a 40.5% debt-to-total market capitalization
ratio. This represents a 68.8% increase in total market capitalization since
March 31, 2003. As of March 31, 2004, $450.9 million, or 88.5% of Tanger's total
debt, was at fixed interest rates and the Company had $4.8 million outstanding
with $95.2 million available on its lines of credit. During the first quarter
Tanger reduced its total debt outstanding by $19.9 million and continued to
improve its interest coverage ratio, which was 3.26 times for the first quarter
of 2004, as compared to 2.46 times interest coverage in the same period last
year.

On April 8, 2004, Moody's Investors Service affirmed Tanger's Ba1 senior
unsecured debt rating, and concurrently changed the Company's rating outlook to
positive, from stable. According to Moody's, this rating outlook change reflects
"Tanger's ability to increase the size and market leadership of its outlet
center portfolio, and reduce single-asset concentration, while demonstrating
consistent improvement in its coverage ratios and applying prudent balance sheet
management."

2004 FFO Per Share Guidance

Based on current market conditions, the strength and stability of its core
portfolio and the Company's development, acquisition and disposition strategy,
Tanger currently believes its net income available to common shareholders for
2004 will be between $0.62 and $0.70 per share and its FFO for 2004 will be
between $3.68 and $3.76 per share, representing an increase in FFO over the
prior year of approximately 7% to 9%. The following table provides the
reconciliation of estimated diluted FFO per share to estimated diluted net
income available to common shareholders per share:

For the twelve months ended December 31, 2004
Low Range High Range

Estimated diluted FFO per share $ 3.68 $ 3.76

Minority interest, depreciation and amortization uniquely
significant to real estate including minority interest
share and our share of joint ventures (3.06) (3.06)

Estimated diluted net income available to
common shareholders per share $ 0.62 $ 0.70

Tanger currently believes it will earn 14% of its annual 2004 net income and 23%
of its FFO per share in the second quarter, 30% of its net income and 26% of its
FFO in the third quarter and 44% of its net income and 28% of its FFO in 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 Wednesday, April 28, 2004,
at 10:00 A.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 web cast
by CCBN and can be accessed at the "Tanger News" section of Tanger Factory
Outlet Centers, Inc.'s web site at www.tangeroutlet.com.

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A telephone replay of the call will be available from April 28, 2004 starting at
12:00 P.M Eastern Time through April 30, 2004, by dialing 1-800-642-1687
(conference ID # 6362865). Additionally, an online archive of the broadcast will
also be available through April 30, 2004.

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 40 centers in 23 states coast to
coast, totaling approximately 9.3 million square feet of gross leasable area.
Tanger is filing a Form 8-K with the Securities and Exchange Commission that
includes a supplemental information package for the quarter ended March 31,
2004. For more information on Tanger Outlet Centers, visit our web site at
www.tangeroutlet.com.

Estimates of future net income per share and FFO per share are by definition,
and certain other matters discussed in this press release 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 may be, forward-looking statements within
the meaning of the federal securities laws. 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, 2003.


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