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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.

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