Exhibit 99.2

For Release: IMMEDIATE RELEASE        

Contact: Frank C. Marchisello, Jr. 

(336) 834-6834

Tanger Factory Outlet Centers Announces

Direct Placement of 3,000,000 Common Shares

GREENSBORO, N.C., August 31, 2005, Tanger Factory Outlet Centers, Inc. (NYSE: SKT), today announced it has agreed to sell 3.0 million of its common shares to certain advisory clients of Cohen & Steers Capital Management, Inc. at a price of $27.09 per share. The sale is being made under the Company’s shelf registration statements previously filed with, and declared effective by, the Securities and Exchange Commission.

Net proceeds from the sale are expected to be approximately $81.0 million and the Company intends to use such proceeds to fund, in part, its previously announced $282.5 million acquisition of the remaining two-thirds interest in the Charter Oak portfolio owned by an affiliate of Blackstone Real Estate Advisors. Prior to the closing of the Charter Oak transaction, the Company will use the net proceeds to temporarily repay variable rate debt under its unsecured lines of credit and to temporarily invest in short-term investment grade securities approved under its written investment policies. The Charter Oak portfolio, comprised of nine factory outlet centers (approximately 3.3 million square feet), was originally acquired in December 2003 by a joint venture company, owned one-third by Tanger and two-thirds by Blackstone.

 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Tanger Factory Outlet Centers, Inc., a fully integrated, self-administered and self-managed publicly traded REIT, presently has ownership interests in or management responsibilities for 33 centers in 22 states coast to coast, totaling approximately 8.7 million square feet of gross leasable area. For more information on Tanger Outlet Centers, visit our web site at www.tangeroutlet.com.

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements which are predictions of, or indicate future events and trends and which do not relate solely to historical matters, including information concerning the Company’s possible use of proceeds of the common shares sold in the offering, are 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, 2004.