EXHIBIT 99.1
Published on May 31, 2007
Tanger
Factory Outlet Centers,
Inc.
News
Release
For
Release: IMMEDIATE
RELEASE
Contact: Frank
C. Marchisello, Jr.
(336)
834-6834
Tanger
Announces Approval of Proxy Proposal
Greensboro,
NC, May 31, 2007, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced
that
at its Annual Meeting of Shareholders reconvened yesterday, May 30, 2007,
proposal #4 to amend the Company’s articles of incorporation creating four new
classes of preferred shares, each class having four million shares with a par
value of $.01 per share, was approved by a majority of the votes cast by the
holders of its common shares and a majority of the votes cast by the Class
C
Preferred Shares voting as a class. As previously announced, the Annual Meeting
of Shareholders had been adjourned in order to give all shareholders the benefit
of additional time to vote. Due to the non-routine nature of this proposal,
brokers were not allowed to vote on behalf of their clients.
About
Tanger Factory Outlet Centers
Tanger
Factory Outlet Centers, Inc.(NYSE:SKT), a fully integrated, self-administered
and self-managed publicly traded REIT, presently owns 30 outlet centers in
21
states coast to coast, totaling approximately 8.4 million square feet of gross
leasable area. Tanger also manages for a fee and owns a 50% interest
in two outlet centers containing approximately 667,000 square feet and manages
for a fee two outlet centers totaling approximately 229,000 square
feet. For more information on Tanger Outlet Centers, visit our web
site at www.tangeroutlet.com.
This
document may contain 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, the Company’s ability to lease its properties,
the Company’s 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, 2006.
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3200
Northline Avenue, Suite 360 · Greensboro,
NC 27408 · 336-292-3010
·
FAX
336-297-0931