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TANGER FACTORY OUTLET CENTERS, INC. REPORTS OPERATING RESULTS

 GREENSBORO, N.C., July 28 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT), announced today results of operations for the company and its majority owned operating partnership for the sec quarter and six months ended June 30, 1993. The initial public offering of the company's stock on June 4, 1993 made it the nation's first factory outlet center real estate investment trust. Consolidated net income before extraordinary items and minority interest was $1,169,000 and $1,942,000 for the quarter and six months ended June 30, 1993, respectively. Extraordinary items associated with the early retirement of debt reduced net income by $3,732,000 and $3,927,000 for the quarter and six months ended June 30, 1993, respectively.
 Consolidated net income before minority interest for the quarter ended June 30, 1993, after pro forma adjustment to reflect the effects of the initial public offering, was $2,473,000 compared to $1,158,000 for the same period of 1992, bringing net income for the six months ended June 30, 1993 to $4,522,000 compared to $2,041,000 for the same period of 1992. Funds from operations, a widely accepted measure of REIT performance, computed on a pro forma basis, for the quarter ended June 30, 1993 were $3,331,000 or $0.422 per share compared to $1,726,000 or $0.219 per share for the same period of 1992, bringing pro forma funds from operations for the six months ended June 30, 1993 to $6,171,000 or $0.782 per share compared to $3,380,000 or $0.428 per share for the same period of 1992.
 Stanley K. Tanger, president of Tanger Factory Outlet Centers, Inc., said the company's outstanding performance was the result of continued strong operations and lower interest on reduced borrowing levels.
 Tanger Factory Outlet Centers, Inc. recently declared its initial cash dividend of $.115 per share payable on Aug. 16, 1993 for the company's initial quarter of 27 days as a public company. Funds from operations for the same 27 day period was $.163 per share. The company intends to maintain a quarterly dividend of $.42 per share, which if annualized, would equal $1.68 per share.
 TANGER FACTORY OUTLET CENTERS, INC.
 SELECTED OPERATING DATA:
 (UNAUDITED)
 Three Months Three Months Six Months Six Months
 Ended Ended Ended Ended
 06/30/93 06/30/92 06/30/93 06/30/92
 ACTUAL DATA
 Base & percentage
 rent income $4,807,000 $3,020,000 $9,395,000 $5,800,000
 Interest and other
 income $491,000 $69,000 $652,000 $139,000
 Income before extra-
 ordinary
 items (A) $1,169,000 $272,000 $1,942,000 $361,000
 Net income
 (loss)(A)(B) ($2,563,000) $87,000 ($1,985,000) $176,000
 Funds from
 operations (A) $2,279,000 $933,000 $4,025,000 $1,874,000
 PRO FORMA DATA
 Net income (A) $2,473,000 $1,158,000 $4,522,000 $2,041,000
 Net income per
 share $0.313 $0.147 $0.573 $0.259
 Funds from
 operations (A) $3,331,000 $1,726,000 $6,171,000 $3,380,000
 Funds from operations
 per share $0.422 $0.219 $0.782 $0.428
 Shares
 outstanding (C) 7,891,101 7,891,101 7,891,101 7,891,101
 SELECTED BALANCE SHEET DATA:
 June 30, 1993 Dec. 31, 1992
 (Unaudited)
 Rental properties, gross $96,563,000 $79,789,000
 Cash and cash equivalents $6,302,000 $1,774,000
 Total assets $109,930,000 $88,192,000
 Mortgage debt $24,858,000 $90,188,000
 Shareholders' equity $77,989,000 ($9,419,000)
 (A) Net income and funds from operations are presented on a pre-
 minority interest basis.
 (B) Includes extraordinary items associated with the early
 retirement of debt.
 (C) Includes 3,033,305 shares (the minority interest) that may be
 issued upon the exchange of units for common stock.
 -0- 7/28/93
 /CONTACT: Rochelle Simpson, Tanger Factory Outlet Centers, Inc., 919-274-1666/
 (SKT)


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

MM-SB -- CH006 -- 6833 07/28/93 15:02 EDT
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Date:Jul 28, 1993
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