Exhibit 99.1

Note: As discussed in Note 2 to the consolidated financial statements, effective January 1, 2009, the Company adopted FSPAPB14-1,“Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”,  FASB No. 160, “No. 160 “Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51” and FASB Staff Position EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities”.  These accounting pronouncements all required retrospective application.

Item 6.  Selected Financial Data

			2008	2007	2006		2005	2004
			(As adjusted)	(As adjusted)	(As adjusted)		(As adjusted)	(As adjusted)
			(in thousands, except per share and center data)
OPERATING DATA
	Total revenues		$    245,391	$    228,765	$    210,962	$    197,949		$   189,651
	Operating income		78,901	71,565	68,942	73,769		68,961
	Income from continuing operations		29,718	30,438	28,501	7,678		7,742
	Net income		29,718	30,556	42,699	6,077		8,626
SHARE DATA
	Basic:
		Income from continuing operations	$           .63	$           .65	$            .61	$            .06		$           .23
		Net income available to common
		shareholders	$           .63	$           .65	$          1.00	$            .15		$           .25
		Weighted average common shares	31,084	30,821	30,599	28,380		27,044
	Diluted:
		Income from continuing operations	$           .62	$           .64	$            .61	$            .06		$           .23
		Net income available to common
		shareholders	$           .62	$           .64	$            .99	$            .15		$           .25
		Weighted average common shares	31,220	31,513	30,956	28,573		27,231
	Common dividends paid		$         1.50	$         1.42	$          1.34	$          1.28		$         1.25
BALANCE SHEET DATA
	Real estate assets, before depreciation		$ 1,399,755	$ 1,287,241	$ 1,216,859	$ 1,152,866		$1,077,393
	Total assets		1,121,925	1,060,148	1,040,561	1,000,605		936,378
	Debt		786,863	695,002	664,518	663,607		488,007
	Tanger Factory Outlet Centers, Inc.
	shareholders’ equity		235,211	258,596	286,174	250,214		161,133
	Total equity		265,903	294,148	327,445	299,580		196,754
OTHER DATA
	Cash flows provided by (used in):
		Operating activities	$     96,970	$    98,588	$   88,390	$     83,902		$    84,816
		Investing activities	$ (133,483)	$ (84,803)	$ (63,336)	$ (336,563)		$      2,607
		Financing activities	$     39,078	$ (19,826)	$ (19,531)	$   251,488		$  (93,156)
	Gross Leasable Area Open:
		Wholly-owned	8,820	8,398	8,388	8,261		5,066
		Partially-owned (consolidated)	---	---	---	---		3,271
		Partially-owned (unconsolidated)	1,352	667	667	402		402
		Managed	---	---	293	64		105
	Number of outlet centers:
		Wholly-owned	30	29	30	31		23
		Partially-owned (consolidated)	---	---	---	---		9
		Partially-owned (unconsolidated)	3	2	2	1		1
		Managed	---	---	3	1		3

      In December 2003, COROC Holdings, LLC, or COROC, a joint venture in which we initially had a one-third ownership interest and consolidated for financial reporting purposes under the provisions of FIN 46R, purchased the 3.3 million square foot Charter Oak portfolio of outlet center properties for $491.0 million.  In November 2005, we purchased for $286.0 million (including acquisition costs) the remaining two-thirds interest in this joint venture.  The transaction was funded with a combination of common and preferred shares and senior unsecured notes.