EXHIBIT 99.2 EARNINGS RLS

NEWS RELEASE

FOR RELEASE: IMMEDIATE RELEASE

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

TANGER REPORTS SECOND QUARTER 2004 RESULTS
42.0% Increase in Total FFO, 14.6% Increase in FFO per Share

Greensboro, NC, July 27, 2004, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported net income available to common shareholders for the second
quarter of 2004 was $3.7 million, or $0.28 per share, as compared to net income
available to common shareholders of $1.9 million, or $0.20 per share for the
second quarter of 2003. For the six months ended June 30, 2004, net income was
$4.8 million, or $0.35 per share, compared to $3.7 million, or $0.38 per share
for the first six months of 2003. 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, $1.2 million
in land parcel gains during the second quarter of 2004 and a $2.2 million
increase in discontinued operations associated with the sale of properties
during the second quarters of 2004 and 2003.

For the three months ended June 30, 2004, funds from operations ("FFO"), a
widely accepted measure of REIT performance, was $15.6 million, or $0.94 per
share, as compared to FFO of $11.0 million, or $0.82 per share, for the three
months ended June 30, 2003, representing a 42.0% increase in total FFO and a
14.6% increase in FFO per share. For the six months ended June 30, 2004, FFO was
$29.5 million, or $1.78 per share, as compared to FFO of $21.3 million, or $1.60
per share, for the six months ended June 30, 2003, representing a 38.7% increase
in total FFO and an 11.3% increase in FFO per share. Tanger's FFO for the three
months and six months ended June 30, 2004 included $1.2 million in gains on the
sale of land parcels, which are included in other income. These land parcel
gains represent $0.06 per share for the three months and six months ended June
30, 2004, compared to no land parcel gains in the prior year periods. Excluding
these gains, which are a component of our strategic plan, but unpredictable in
their occurrence, FFO for the second quarter and six months ended June 30, 2004
would have been $0.88 and $1.72 per share respectively, resulting in a 7.3%
increase in FFO per share for the second quarter and a 7.5% increase in FFO per
share for the six months.

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.

Second Quarter Highlights

o Comparative sales increased 5.0% to $309 per square foot in reported
same-space tenant sales for the rolling twelve months ended June 30, 2004
compared to $294 per square foot for the twelve months ended June 30, 2003
o 95% period-end portfolio occupancy rate
o 43.5% debt-to-total market capitalization ratio, 3.46 times interest
coverage ratio compared to 2.54 times last year

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o General and administrative expenses as a percentage of total revenues
decreased from 8.5% to 6.6%
o 79,000 square feet of expansion space completed in Myrtle Beach, South
Carolina
o Year to date 1,040,785 square feet, or 58.1% of the square feet scheduled
to expire during 2004 has been renewed with the existing tenants at an
average increase in base rental rates of 7.5%
o Generated $6.5 million in net proceeds in conjunction with the sale of two
non-core properties
o Generated $2.5 million in net proceeds in conjunction with the sale of
three land parcels

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented,
"Our second quarter results exceeded plan, as comparative tenant sales were
impressive across our entire portfolio. Our leasing activity continues to be
very encouraging as many of our tenants are increasing their presence in Tanger
centers by opening additional new stores. This should give us the opportunity to
increase occupancies across our portfolio during the second half of the year. In
addition, tenant renewals continued to be very strong during the second quarter
and we plan to complete the vast majority of the remaining renewals by the end
of the year."

Portfolio Operating Results

During the second quarter of 2004, Tanger executed 110 leases, totaling 436,107
square feet. Lease renewals for the second quarter of 2004 accounted for 284,953
square feet and generated a 6.5% increase in average base rental rates on a cash
basis. For the first six months of 2004, 1,040,785 square feet of renewals
generated a 7.5% increase in average base rental rates, and represented 58.1% of
the 1,790,000 square feet originally scheduled to expire during 2004. The
average initial base rent for new stores opened during the first six months of
2004 was $17.81, which was 11.0% above the average base rent for stores that
closed during the same period.

Reported same-space sales per square foot for the rolling twelve months ended
June 30, 2004 was $309 per square foot. This represents a 5.0% increase compared
to the rolling twelve months ended June 30, 2003. For the second quarter of
2004, same-space sales increased by 3.0%, 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 and Other Activities

Tanger has completed the construction of 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 company held a grand
opening celebration for the expansion during the weekend of July 4, 2004. Stores
included in the third and final phase include Banana Republic, GAP, Calvin
Klein, Ann Taylor, Puma, Guess and Jones, NY and others. The Company's two
Myrtle Beach centers combined now 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 approximately 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 early 2006 and the Deer Park site to be 790,000 square feet at total

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build out with the initial phase scheduled for delivery in late 2006 or early
2007. Tanger has also recently announced a new site in Charleston, South
Carolina located at the southwest quadrant of Interstate 26 and Interstate 526
and a site in Wisconsin Dells, Wisconsin located at Exit 92 on Interstate 94 and
Route 12. The Company currently expects the Charleston site to be 370,000 square
feet and the Wisconsin site to be 300,000 square feet. Tanger currently expects
both of these projects to be delivered in 2006.

Financing Activities and Balance Sheet Summary

As of June 30, 2004, Tanger had a total market capitalization of approximately
$1.2 billion, with $503.0 million of debt outstanding (excluding a debt premium
of $10.6 million), equating to a 43.5% debt-to-total market capitalization
ratio. This represents a 49.6% increase in total market capitalization since
June 30, 2003. As of June 30, 2004, $449.5 million, or 89.4% of Tanger's total
debt, was at fixed interest rates and the Company did not have any amounts
borrowed on its unsecured lines of credit. During the second quarter Tanger
reduced its total debt outstanding by $6.8 million and continued to improve its
interest coverage ratio, which was 3.46 times for the second quarter of 2004, as
compared to 2.54 times interest coverage in the same period last year.

Subsequent to the end of the second quarter of 2004, Tanger was successful in
obtaining a commitment for an additional $25 million unsecured line of credit
from Citicorp North America, Inc., a subsidiary of Citigroup; bringing the total
committed unsecured lines of credit to $125 million. In addition, the Company
has obtained commitments to extend the maturity dates on all of its lines of
credit until June of 2007.

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 $0.70 and $0.74 per share and its FFO for 2004 will be
between $3.76 and $3.80 per share, representing an increase in FFO over the
prior year of approximately 9% to 10%. 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 $ 3.76 $ 3.80
Minority interest, depreciation and amortization uniquely
significant to real estate including minority interest
share, gain or loss on sale of real estate assets,
and our share of joint ventures (3.06) (3.06)
Estimated diluted net income available to
common shareholders per share $ 0.70 $ 0.74

Tanger currently believes it will earn 30% of its net income and 25% of its FFO
in the third quarter and 44% of its net income and 28% of its FFO in the fourth
quarter.

Second Quarter Conference Call

Tanger will host a conference call to discuss its second quarter results for
analysts, investors and other interested parties on Wednesday, July 28, 2004,

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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
Second 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.

A telephone replay of the call will be available from July 28, 2004 starting at
12:00 P.M. Eastern Time through 11:59 P.M., July 30, 2004, by dialing
1-800-642-1687 (conference ID # 8771519). Additionally, an online archive of the
broadcast will also be available through July 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 38 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 June 30, 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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