EXHIBIT 99.1 EARNINGS RLS

TANGER REPORTS THIRD QUARTER 2004 RESULTS

3200 Northline Avenue, Suite 360
Greensboro, NC 27408
336-292-3010
FAX 336-297-0931 3200 Northline Avenue, Suite 360
Greensboro, NC 27408
336-292-3010 FAX 336-297-0931



NEWS RELEASE

FOR RELEASE: IMMEDIATE RELEASE

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

TANGER REPORTS THIRD QUARTER 2004 RESULTS
33.6% Increase in Total FFO, 9.2% Increase in FFO per Share

Greensboro, NC, October 26, 2004, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported funds from operations ("FFO"), a widely accepted measure of REIT
performance, for the three months ended September 30, 2004, was $15.8 million,
or $0.95 per share, as compared to FFO of $11.9 million, or $0.87 per share, for
the three months ended September 30, 2003, representing a 33.6% increase in
total FFO and a 9.2% increase in FFO per share. For the nine months ended
September 30, 2004, FFO was $45.3 million, or $2.73 per share, as compared to
FFO of $33.1 million, or $2.47 per share, for the nine months ended September
30, 2003, representing a 36.9% increase in total FFO and a 10.5% increase in FFO
per share.

Tanger's FFO included $172,000 and $1.4 million in gains on the sale of land
parcels for the three months and nine months ended September 30, 2004,
respectively, compared to no land parcel sales in the previous year. Excluding
these gains, which are a component of our strategic plan, but unpredictable in
their occurrence, FFO for the third quarter and nine months ended September 30,
2004 would have been $0.94 and $2.64 per share respectively, resulting in an
8.0% increase in FFO per share for the third quarter and a 6.9% increase in FFO
per share for the nine months.

During the third quarter of 2004 Tanger recognized a $3.5 million loss
associated with the sale of an outlet center in Dalton, Georgia, resulting in a
net loss for the third quarter of 2004 of $2.0 million, or $0.15 per share, as
compared to net income of $3.5 million, or $0.33 per share for the third quarter
of 2003. For the nine months ended September 30, 2004, net income was $2.7
million, or $0.20 per share, compared to $7.2 million, or $0.72 per share for
the first nine months of 2003.

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.

Third Quarter Highlights

o Comparative sales increased 3.7% to $309 per square foot in reported
same-space tenant sales for the rolling twelve months ended September 30,
2004

o 96% period-end portfolio occupancy rate, up from 95% in June 30, 2004 and
September 30, 2003

o 40.1% debt-to-total market capitalization ratio, 3.45 times interest
coverage ratio compared to 2.64 times last year

o General and administrative expenses as a percentage of total revenues
decreased from 8.6% to 6.8%

o Year to date 1.45 million square feet, or 81.0% 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 6.0%

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o Generated approximately $11.0 million in net proceeds in conjunction with
the sale of one non-core property

o Expanded Board of Directors from five to six members

o Received an increase in corporate rating from Standard and Poor's Ratings
Service to BBB-

o Completed the release of two properties which had been securing $53.5
million in mortgage loans

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented,
"This marks the third full quarter that we have been operating the Charter Oak
portfolio of nine centers. We have completely integrated these assets into all
of our systems including accounting, marketing, leasing and operations. It is
important to note that sales at our outlet centers along the east coast and the
Gulf of Mexico were adversely affected by the hurricanes in September.
Fortunately, no one was injured on our properties and the majority of stores are
now open. Traffic at these centers, particularly our center in Foley, Alabama,
continues to be down significantly. However, we do not expect this to have a
material impact on our financial results."

Portfolio Operating Results

During the third quarter of 2004, Tanger executed 122 new leases, totaling
549,000 square feet. Lease renewals for the third quarter of 2004 accounted for
411,500 square feet and generated a 2.1% increase in average base rental rates
on a cash basis. For the first nine months of 2004, 1,452,000 square feet of
renewals generated a 6.0% increase in average base rental rates, and represented
approximately 81.0% 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 nine months of 2004 was $17.37, which was 6.7% above the average base rent
for stores that closed during the same period. Same center net operating income
increased 1.7% for the third quarter of 2004 compared to the same period in
2003.

Reported same-space sales per square foot for the rolling twelve months ended
September 30, 2004 was $309 per square foot. This represents a 3.7% increase
compared to the rolling twelve months ended September 30, 2003. For the third
quarter of 2004, same-space sales increased by 1.5%, as compared to the same
period in 2003. Same-space sales are defined as the weighted average sales per
square foot reported in space open for the full duration of the comparative
periods.

Reported same-store sales for the nine months ended September 30, 2004 increased
1.3% compared to the same period in 2003, while same-store sales for the third
quarter of 2004 decreased 1.6% compared to the third quarter of 2003. Same-store
sales are defined as sales for tenants whose stores have been open from January
1, 2003 through the duration of the comparison period. Sales were adversely
affected by the hurricanes in September at a number of our centers located along
the east coast and the Gulf of Mexico where sales were down 14.9% for the month
of September 2004. Excluding these centers, same-space sales increased 5.3% for
the quarter and 6.2 % for the rolling twelve months ended September 30, 2004 and
same-store sales increased 0.1% for the quarter and 3.0% for the nine months
ended September 30, 2004.

Investment and Other Activities

On August 23, 2004, Tanger announced that its Board of Directors had approved an
expansion of its Board from five to six members and had elected Allan L. Schuman
to become a member of Tanger's Board of Directors. Mr. Schuman, Chairman of the
Board of Ecolab, Inc. (NYSE:ECL), brings 45 years of executive and management
experience, having helped to build an international company with approximately
$3.9 billion in annual sales and $8.5 billion in market capital. Ecolab
currently does business in over 170 countries around the world.

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As a continuation of our long-term strategy to dispose of non-core assets and to
upgrade our portfolio, on September 8, 2004, Tanger sold its 173,430 square foot
outlet center located in Dalton, Georgia for a total cash sales price of $11.5
million. After the deduction of all closing costs, Tanger received net proceeds
of approximately $11.0 million and recognized a net loss on the sale of the
property of $3.5 million. Tanger originally purchased this property in March
1998.

Tanger continues its pre-development and leasing of four previously announced
sites located in Pittsburgh, Pennsylvania; Deer Park, New York; Charleston,
South Carolina; and Wisconsin Dells, Wisconsin, with expected deliveries during
2006 and 2007.

Financing Activities and Balance Sheet Summary

During the third quarter of 2004, Tanger was successful in obtaining 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 completed the extension of
the maturity dates on all of its lines of credit until June of 2007. Tanger also
completed the release of two properties which had been securing $53.5 million in
mortgage loans with Wells Fargo Bank, thus creating an unsecured note with Wells
Fargo Bank for the same face amount.

As of September 30, 2004, Tanger had a total market capitalization of
approximately $1.3 billion, with $501.5 million of debt outstanding (excluding a
debt premium of $10.0 million), equating to a 40.1% debt-to-total market
capitalization ratio. This represents a 51.8% increase in total market
capitalization since September 30, 2003. As of September 30, 2004, $448.0
million, or 89.3% 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 third quarter Tanger continued to improve its interest coverage
ratio, which was 3.45 times for the third quarter of 2004, as compared to 2.64
times interest coverage in the same period last year.

On October 25, 2004, Tanger repaid $47.5 million, 7.875% unsecured notes at
maturity, using approximately $20.2 million in net proceeds from the sale of the
three properties and four parcels of land during the first nine months of 2004,
plus other funds available under its lines of credit. Following the repayment of
these notes, Tanger had $26.0 million outstanding on its $125 million in lines
of credit.

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 $0.72 per share and its FFO for 2004 will be
between $3.76 and $3.78 per share, representing an increase in FFO over the
prior year of approximately 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 net income available to
common shareholders per share $ 0.37 $ 0.39

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 3.39 3.39

Estimated diluted FFO per share $ 3.76 $ 3.78


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Third Quarter Conference Call

Tanger will host a conference call to discuss its third quarter results for
analysts, investors and other interested parties on Wednesday, October 27, 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
Third 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 October 27, 2004 starting
at 12:00 P.M. Eastern Time through 11:59 P.M., October 29, 2004, by dialing
1-800-642-1687 (conference ID # 242617). Additionally, an online archive of the
broadcast will also be available through October 29, 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 37 centers in 23 states coast to
coast, totaling approximately 9.2 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 September 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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