EXHIBIT 99.1, PRESS RELEASE
Published on November 29, 2004
NEWS RELEASE
FOR RELEASE: IMMEDIATE RELEASE
CONTACT: Frank C. Marchisello, Jr. - (336) 834-6834
TANGER FACTORY OUTLET CENTERS, INC. ANNOUNCES A
2-FOR-1 STOCK SPLIT
GREENSBORO, NC, November 29, 2004, Tanger Factory Outlet Centers, Inc.
(NYSE:SKT), today announced that its Board of Directors declared a 2-for-1 split
of the Company's common shares.
The split will be effected by paying a stock dividend of one new share for
each common share outstanding. The stock dividend is payable December 28, 2004
to shareholders of record on December 17, 2004.
Stanley K. Tanger, Chairman and Chief Executive Officer, said "As part
of our ongoing effort to enhance shareholder value, this split is intended to
make the market price of our stock more affordable to a broader group of
investors."
Tanger Factory Outlet Centers, Inc. is a fully integrated,
self-administered and self-managed publicly traded (REIT), that presently has
ownership interests in or management responsibilities for 36 centers in 23
states coast to coast, totaling approximately 8.8 million square feet of gross
leasable area. For more information on Tanger Outlet Centers, visit our web site
at http://www.tangeroutlet.com.
*** end ***
3200 Northline Avenue, Suite 360 Greensboro, NC 27408
336-292-3010 FAX 336-297-0931