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TANGER ADDS TWO NEW FACTORY OUTLET CENTERS TO ITS PORTFOLIO -- DOUBLES 1991 TOTAL SQUARE FOOTAGE --

 GREENSBORO, N.C., Sept. 28 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today their plans to open two new factory outlet shopping centers later this year, which brings the company's total portfolio to 1.9 million square feet ... more than double their figure of total retail space owned and operated two years ago.
 Tanger, the first factory outlet center only Real Estate Investment Trust (REIT) listed on the New York Stock Exchange, recently started construction on its new centers in McMinnville, Ore., and Lawrence, Kan.
 "Our focus is to develop and operate high quality factory outlet shopping centers featuring a variety of financially strong and viable upscale brand name manufacturers who sell their products directly to the consumer," said President Stanley K. Tanger.
 1993 has been a year of spectacular growth for the Tanger REIT. To date, two centers have opened in Gonzales, La., and San Marcos, Texas; while expansions have been completed at the following centers: Kittery, Maine; Stroud, Okla.; Gonzales, La.; San Marcos, Texas; and Branch, Minn. Current plans call for construction to begin on a third new factory outlet site before year end. Factory outlets have been the fastest growing segment of the retail industry over the past several years, noted Tanger. "The well educated consumer of the 90's is searching for value like never before. For them, value means not only big savings over department store prices, but also a large selection of quality merchandise and a convenient, enjoyable environment for shopping," said Tanger. "As a result, savings, selection and convenience are our top priorities."
 The two new centers, McMinnville and Lawrence, are prototype locations for Tanger Factory Outlet Centers because they meet the Tanger "formula for success" ... each is located along major transportation corridors with high traffic counts and within an hour's drive of at least two million people.
 McMinnville, Ore., located on Highway 18, is just 35 miles southwest of Pn?g the major route connecting Portland to the Pacific coast. Lawrence, Kan., is situated on Interstate 70, halfway between Topeka and Kansas City. Both centers are well into construction, with first tenants expected to take occupancy in the next two months.
 Upon completion of these new projects, Tanger will own 19 factory outlet centers in 17 states offering the consumer 403 brand name tenants and upscale designers. The company, a fully integrated REIT providing all development, management and leasing services for its centers, has evolved from the business originally founded by Stanley K. Tanger in 1981. The company's IPO raised nearly $104 million in June 1993. The company declared its first quarterly distribution in July, paying an annualized rate of $1.68.
 -0- 9/28/93
 /CONTACT: Rochelle Simpson of Tanger Factory Outlet Centers, 919-274-1666/
 (SKT)


CO: Tanger Factory Outlet Centers, Inc. ST: North Carolina, Oregon, Kansas IN: REA SU:

SB -- CH002 -- 6357 09/28/93 11:54 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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