EXHIBIT 99.1 EARNINGS RLS

NEWS RELEASE
FOR RELEASE: IMMEDIATE RELEASE
CONTACT: Frank C. Marchisello, Jr.
(336) 834-6834

TANGER REPORTS YEAR END RESULTS FOR 2004
34.0% INCREASE IN TOTAL FFO, 9.9% INCREASE IN FFO PER SHARE
Declares 3.2% Increase in Common Share Dividend


Greensboro, NC, March 1, 2005, Tanger Factory Outlet Centers, Inc. (NYSE:SKT)
today reported funds from operations (FFO) for the year ended December 31, 2004
increased 34.0% to $63.0 million, as compared to FFO of $47.0 million for 2003.
On a per share basis, FFO for 2004 was $1.89 per share, as compared to $1.72 per
share for 2003, representing a 9.9% per share increase. FFO for the fourth
quarter of 2004 was $17.7 million, or $0.53 per share, as compared to FFO of
$13.9 million, or $.49 per share for the fourth quarter of 2003, representing an
increase of 8.2% per share.

Tanger's FFO included $1.5 million in gains on the sale of land parcels for the
year ended December 31, 2004, compared to no land parcel sales in the previous
year. Excluding these gains, which are a component of Tanger's long term
strategic plan, but unpredictable in their occurrence, FFO for the year ended
December 31, 2004 would have been $1.85 per share, resulting in a 7.6% increase
in FFO per share for the year.

Net income for the year ended December 31, 2004 was $7.0 million, or $0.26 per
share, as compared to $12.0 million, or $0.59 per share, for 2003. Net income
for the fourth quarter of 2004 was $4.3 million, or $0.16 per share, as compared
to $4.8 million, or $0.22 per share, for the fourth quarter of 2003. Comparable
net income results 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.

The Company considers FFO a key measure of its operating performance that is not
specifically defined by accounting principles generally accepted in the United
States ("GAAP"). The Company believes that FFO is helpful to investors because
it is a widely recognized measure of the performance of real estate investment
trusts and provides a relevant basis for comparison among REITs. All FFO and net
income per share amounts are on a diluted basis and have been adjusted for the
two for one split of the Company's common shares which occurred in December of
2004. A reconciliation of net income to FFO is presented on the supplemental
information page of this press release.

Tanger achieved the following results for the year ended December 31, 2004:


o 97% year-end portfolio occupancy rate, up from 96% on December 31, 2003 and
September 30, 2004

o Comparative sales increased 3.2% to $310 per square foot in reported
same-space tenant sales for the rolling twelve months ended December 31,
2004

o Average initial base rent for new stores opened during 2004 was $17.99,
which was 12.1% higher than the average base rent of $16.05 for stores
closed during 2004

o 471 re-tenant or renewal leases signed, totaling 2.0 million square feet,
achieving an 87.7% renewal rate and a 5.5% increase in base rent, on a cash
basis, for re-tenanted and renewed space

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o 35.1% debt-to-total market capitalization ratio, 3.47 times interest
coverage ratio compared to 2.63 times last year

o General and administrative expenses as a percentage of total revenues
decreased from 8.1% to 6.6%

o $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 $20.4 million in net proceeds from the sale of three non-core properties
and five land parcels

o Expanded Board of Directors from five to six members

o Two for one split of the Company's common shares


"The Tanger team successfully executed our growth strategy in 2004," stated
Stanley K. Tanger, Chairman of the Board and Chief Executive Officer. "Our
financial results came in as expected for the fourth quarter and the year. Our
tenant retention rates, along with the increases in rental rates on new leases
and renewals, were outstanding. What makes this most satisfying is our ability
to obtain these results after increasing the square feet under management by 50%
when we acquired, through a joint venture agreement, nine centers in December of
2003. These achievements are a reflection of the strength and depth of our
seasoned management team."

Dividend Increases for 12th Consecutive Year

Tanger announced today that its Board of Directors approved a 3.2% increase in
the annual dividend on its common shares from $1.25 per share to $1.29 per
share. Simultaneously, the Board of Directors declared a quarterly dividend of
$.3225 per share for the first quarter ended March 31, 2005. A cash dividend of
$.3225 per share will be payable on May 16, 2005 to holders of record on April
29, 2005. Tanger has increased its dividend each year since becoming a public
company in May of 1993.

National Platform Continues to Drive Solid Operating
Results and Higher Same-Space Sales

The Company's broad geographic representation and established brand name within
the factory outlet industry continues to generate solid operating results. The
Company's portfolio of owned or partially owned properties had a year-end
occupancy rate of 97%, representing the 24th consecutive year since the Company
commenced operations in 1981 that it has achieved a year-end portfolio occupancy
rate at or above 95%.

During 2004, the Company executed 471 re-tenant or renewal leases totaling 2.0
million square feet. The Company achieved a retention rate of 87.5% with
existing tenants for the year and achieved a 5.5% increase in base rental
revenue per square foot, on a cash basis, for re-tenanted and renewed space. The
average initial base rent for new stores that opened during 2004 was $17.99,
which was 12.1% higher than the average base rent of $16.05 for stores that
closed during 2004.

The Company continues to derive its rental income from a diverse group of
retailers with no single tenant representing more than 6.7% of its gross
leasable area and 6.1% of its total base and percentage rental revenues. Same
center net operating income increased 2.0% for the fourth quarter of 2004
compared to the same period in 2003.

In spite of sales at a number of our centers located along the east coast and
the Gulf of Mexico being adversely affected by the hurricanes in September of
2004, same-space sales increased by 3.2% for the year ended December 31, 2004
and 2.2% for the three months ended December 31, 2004 over the same-space sales
for the comparable periods 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.

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Reported same-store sales increased 1.1% for the year ended December 31, 2004
compared to the same period in 2003, while same store sales for the fourth
quarter increased 0.5% compared to the fourth quarter of 2003 and 2.8% for the
month of December 2004 compared to December of 2003. Reported 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 continued to be adversely affected by the aftermath of the September 2004
hurricanes at a number of our centers located along the east coast and the Gulf
of Mexico where sales were down 11.0% for the month of October 2004. Excluding
these centers, same-space sales increased 4.9% for the quarter and 6.1 % for the
rolling twelve months ended December 31, 2004 and same-store sales increased
2.6% for the quarter and 2.9% for the year ended December 31, 2004.

Integration of Charter Oak Portfolio, Sale of Non-Core Assets and
Land Parcels, Key Drivers in 2004

During 2004, Tanger successfully completed the integration of the Charter Oak
portfolio of nine outlet centers, totaling approximately 3.3 million square
feet. Tanger and an affiliate of Blackstone Real Estate Advisors acquired the
portfolio through a joint venture in the form of a limited liability company in
December 2003. Tanger owns one-third and Blackstone owns two-thirds of the joint
venture. Tanger is providing operating, management, leasing and marketing
services to the properties for a fee. The purchase price of this transaction was
$491 million, including the assumption of approximately $186.4 million of debt.

Tanger completed a 78,000 square foot expansion at its center located on highway
17 North in Myrtle Beach, South Carolina. Stores located in the expansion
include Banana Republic, GAP, Calvin Klein, Ann Taylor, Puma, Guess and Jones,
NY and others.

The Company was also successful in divesting of three non-core assets, including
its two small properties, located in North Conway, New Hampshire and its
property in Dalton, Georgia. The Company also sold five land parcels located
throughout four different outlet centers during the year. Net proceeds from
these transactions totaled $20.4 million.

On February 24, 2005, Tanger completed the sale of its 141,051 square feet
outlet center located in Seymour, Indiana, which opened in September 1994, for a
total cash sales price of $2.1 million. After the deduction of all closing
costs, Tanger will receive net proceeds of approximately $1.9 million and will
recognize a net loss on the sale of the property of approximately $5.1 million,
in the first quarter of 2005. The center is currently 75% occupied and generated
average tenant sales of approximately $164 per square foot for the twelve months
ended January 31, 2005. The center represents less than 2% of the Company's
gross leasable area and was expected to generate approximately $114,000 of net
operating income in 2005.

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.

2004 Financing Activities Improve Balance Sheet

On January 6, 2004, Tanger issued 345,000 common shares in conjunction with the
exercise of the underwriters' over-allotment option, relating to the Company's
December 2003 common share offering, 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.

Additionally, during 2004 Tanger increased its unsecured credit line capacity to
$125 million and extended the maturity on its credit lines to June 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, and retired its $47.5 million,
7.875% unsecured notes which matured on October 24, 2004 with proceeds from its
property and land parcel sales, and amounts available under the Company's
unsecured lines of credit.
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Tanger's total market capitalization increased 15.8% from $1.18 billion at
December 31, 2003 to $1.37 billion at December 31, 2004. As of December 31,
2004, on a consolidated basis, the Company had approximately $478.7 million of
debt outstanding (excluding a debt premium of $9.3 million), as compared to
$528.5 million outstanding at year-end 2003. Of the $478.7 million outstanding
as of December 31, 2004, $399.0 million, or 83.4% of its total debt, was at
fixed interest rates. At December 31, 2004, Tanger had $26.2 million outstanding
on its lines of credit. During 2004, Tanger improved its interest coverage
ratio, to 3.47 times for the year ended December 31, 2004, as compared to 2.63
times interest coverage in the same period last year.

In 2005 Tanger Expects to Continue Growing FFO Per Share

Based on current market conditions, the strength and stability of its core
portfolio, Tanger currently believes its net income for 2005 will be between
$0.56 and $0.60 per share and its FFO for 2005 will be between $1.93 and $1.97
per share. The Company's earnings estimates do not include the impact of any
potential gains on the sale of land parcels or the impact of any potential sales
or acquisitions of properties. 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, 2005
Low Range High Range
Estimated diluted net income per share, excluding
gain/loss on the sale of real estate $ 0.56 $ 0.60
Minority interest, depreciation and amortization uniquely
significant to real estate including minority interest
share and our share of joint ventures (1.37) (1.37)
Estimated diluted FFO per share $ 1.93 $ 1.97

Year-End Conference Call to be Held on March 1, 2005 at 10:00 A.M. (EST)

Tanger will host a conference call to discuss its 2004 results for analysts,
investors and other interested parties on March 1, 2005, 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 Fourth Quarter and
Year End Financial Results call. Alternatively, this call is being web cast by
CCBN and can be accessed at the corporate section of Tanger Factory Outlet
Centers, Inc.'s web site at www.tangeroutlet.com/corporate.

A telephone replay of the call will be available from March 1, 2005 at 12:00
P.M. eastern time through March 10, 2005 at 11:59 A.M. by dialing
1-800-642-1687, conference ID # 3279023. An online archive of the broadcast will
also be available through March 10, 2005.

About Tanger Factory Outlet Centers

As of December 31, 2004, Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a
fully integrated, self-administered and self-managed publicly traded REIT, had
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. We are filing a Form 8-K with the Securities and Exchange
Commission that includes a supplemental information package for the quarter
ended December 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 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

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expansions, the acquisition or disposition of centers 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 (and December
31, 2004, when available).

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