[TANGER FACTORY OUTLET CENTERS, INC. LETTERHEAD]


NEWS RELEASE

FOR RELEASE:      IMMEDIATE RELEASE

CONTACT:          FRANK C. MARCHISELLO, JR.
                  (336) 834-6834


               TANGER FACTORY OUTLET CENTERS ANNOUNCES OFFERING OF
                             1,000,000 COMMON SHARES

       GREENSBORO, N.C., September 4, 2002, Tanger Factory Outlet Centers, Inc.
(NYSE: SKT), today announced a public offering of 1,000,000 of its common shares
at a price to the public of $29.25 per share. The Company will use the net
proceeds, together with other available funds, to acquire one outlet center
currently under contract, to repay indebtedness under its lines of credit and
for general corporate purposes.

       Credit Suisse First Boston is the underwriter for the offering. The
closing of the offering is expected to occur on September 10, 2002 and is
subject to customary closing conditions. The underwriter has a 30-day option to
purchase up to 150,000 additional shares of common stock from the Company solely
to cover over-allotments, if any. The offering is being made under the Company's
shelf registration statements previously declared effective by the Securities
and Exchange Commission. Copies of the final prospectus supplement and
prospectus for the offering may be obtained from the prospectus department of
Credit Suisse First Boston, 11 Madison Avenue, New York, NY 10010, or by phone
at 212-325-2580.

       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 operates 29
centers in 21 states coast to coast, totaling approximately 5.4 million square
feet of gross leasable area. This press release may contain forward-looking
statements regarding our financing and acquisition plans. 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, and the availability and cost of capital. For a more detailed
discussion of the factors that affect the Company's 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, 2001.

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