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TANGER FACTORY OUTLET CENTERS, INC. REPORTS OPERATING RESULTS FOR THE THIRD QUARTER

 GREENSBORO, N.C., Oct. 25 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) today reported that pro forma funds from operations (FFO) per share rose 77 percent to $.46 during the third quarter of 1993, compared to $.26 during the quarter ended Sept. 30, 1992.
 Pro forma funds from operations were $3.6 million during the third quarter of 1993, ca?red to pro forma funds from operations of $2.0 million in the same quarter of 1992.
 Funds from operations is a widely accepted measure of the performance of an equity real estate investment trust (REIT). Tanger's results are presented on a pro forma basis to provide comparable results for the periods prior to the company's initial public offering in June 1993.
 For the first nine months of 1993, pro forma funds from operations per share rose 82 percent to $1.24, compared to $.68 during the first nine months of 1992.
 Pro forma funds from operations were $9.8 million during the first nine months of 1993, compared to pro forma funds from operations of $5.3 million in the first nine months of 1992.
 Pro forma net income per share was $.31 in the third quarter of 1993 compared to $.19 in the same period last year.
 Pro forma net income per share for the first nine months of 1993 was $.88 in 1993 compared to $.45 in 1992.
 Stanley K. Tanger, chairman of Tanger Factory Outlet Centers, Inc., said, "Our excellent operating results in the third quarter reflect the continuing strength of our base business and our development strategy."
 On Oct. 19, 1993, the company declared a cash dividend for the third quarter of $.42 per share, payable on Nov. 15, 1993, to holders of record on Nov. 1, 1993.
 Tanger Factory Outlet Centers, Inc., a publicly traded REIT, is one of the largest owners and operators of factory outlet shopping centers in the United States with 17 operating centers and two under construction. The company is a fully integrated equity REIT providing all development, management, and leasing services for its properties. Headquartered in Greensboro, N.C., Tanger Factory Outlet Centers was the first factory outlet shopping center developer to go public, completing its initial public offering on June 4, 1993.
 TANGER FACTORY OUTLET CENTERS, INC.
 SELECTED OPERATING DATA:
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 PRO FORMA DATA
 Income before
 extraordinary
 item and minority
 interest $2,563,000 $1,482,000 $7,085,000 $3,523,000
 Income before
 extraordinary item 1,578,000 912,000 4,362,000 2,169,000
 Net income 1,504,000 912,000 4,288,000 2,169,000
 Funds from operations
 before minority
 interest 3,629,000 2,018,000 9,800,000 5,398,000
 Funds from operations
 after minority
 interest 2,234,000 1,242,000 6,033,000 3,323,000
 Per share data:
 Income before
 extraordinary item $0.32 $0.19 $0.90 $0.45
 Net income 0.31 0.19 0.88 0.45
 Funds from
 operations after
 minority interest 0.46 0.26 1.24 0.68
 Common shares
 outstanding 4,857,796 4,857,796 4,857,796 4,857,796
 ACTUAL DATA
 Base & percentage
 rent income $5,388,000 $3,480,000 $14,783,000 $9,280,000
 Income before
 extraordinary item
 and minority
 interest 2,563,000 543,000 4,505,000 904,000
 Income before
 extraordinary item 1,578,000 -- 2,006,000 --
 Net income (loss) 1,504,000 -- (365,000) --
 Funds from operations
 before minority
 interest 3,629,000 1,207,000 7,654,000 3,081,000
 Funds from operations
 after minority
 interest 2,234,000 -- 3,024,000 --
 Per share data:
 Income before
 extraordinary item $0.32 $0.41
 Net income (loss) 0.31 (0.08)
 Funds from
 operations after
 minority interest 0.46 0.62
 Common shares
 outstanding 4,857,796 4,857,796
 SELECTED BALANCE SHEET DATA
 9/30/93 12/31/92
 (Unaudited)
 Rental properties, gross $111,300,000 $79,789,000
 Cash and cash equivalents 5,998,000 1,774,000
 Total assets 125,456,000 88,192,000
 Mortgage debt 37,840,000 90,188,000
 Shareholders' equity 79,523,000 (9,419,000)
 -0- 10/25/93
 /CONTACT: Rochelle Simpson of Tanger Factory Outlet Centers, 919-274-1666/
 (SKT)


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

CM-MM -- CH015 -- 6461 10/25/93 15:38 EDT
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Date:Oct 25, 1993
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