10-Q/A

- --------------------------------------------------------------------------------
                                   FORM 10-Q/A

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                             ----------------------


             [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998

                                       OR
            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of
                      THE SECURITIES EXCHANGE ACT OF 1934

                For the transition period from________ to________

                           COMMISSION FILE NO. 1-11986

                       TANGER FACTORY OUTLET CENTERS, INC.
             (Exact name of Registrant as specified in its Charter)

      NORTH CAROLINA                                        56-1815473
   (State or other jurisdiction                         (I.R.S. Employer
   of incorporation or organization)                    Identification No.)

         1400 WEST NORTHWOOD STREET, GREENSBORO, NORTH CAROLINA 27408
                   (Address of principal executive offices)
                                   (Zip code)

                                (336) 274-1666
             (Registrant's telephone number, including area code)



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
                                      ---   ---

                        7,902,607 shares of Common Stock,
               $.01 par value, outstanding as of October 30, 1998

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                           PART II. OTHER INFORMATION


                                   SIGNATURES


Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                TANGER FACTORY OUTLET CENTERS, INC.



                                By:    /s/ FRANK C. MARCHISELLO,JR.           
                                       ----------------------------
                                       Frank C. Marchisello, Jr.
                                       Vice President, Chief Financial Officer




DATE: November 11, 1998

                                       2

EX-27

 


<ARTICLE>                     5
<LEGEND>
The schedule contains summary financial information extracted from the financial
statements as of and for the nine months ended September 30, 1998 included
herein and is qualified in its entirety by reference to such financial
statements. 

<CIK>                         0000899715
<NAME>                                         TANGER FACTORY OUTLET CENTERS,INC
<MULTIPLIER>                                   1000
       
                             
<PERIOD-TYPE>                                  9-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-END>                                   SEP-30-1998
<CASH>                                         2,659
<SECURITIES>                                   0
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0
<PP&E>                                         519,678
<DEPRECIATION>                                 79,282
<TOTAL-ASSETS>                                 464,044
<CURRENT-LIABILITIES>                          0
<BONDS>                                        288,446
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    1
<COMMON>                                       79
<OTHER-SE>                                     117,543
<TOTAL-LIABILITY-AND-EQUITY>                   464,044
<SALES>                                        0
<TOTAL-REVENUES>                               72,223
<CGS>                                          0
<TOTAL-COSTS>                                  22,030
<OTHER-EXPENSES>                               16,407
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             16,065
<INCOME-PRETAX>                                13,749
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            10,325
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                (332)
<CHANGES>                                      0
<NET-INCOME>                                   9,993
<EPS-PRIMARY>                                  1.09
<EPS-DILUTED>                                  1.06
        

<F1> DEPRECIATION AND AMORTIZATION