Full Description

Tanger Factory Outlet Centers, Inc., along with its subsidiaries, is an owner and operator of factory outlet centers in the United States. The Company is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that focuses on developing, acquiring, owning, operating and managing factory outlet shopping centers. As of December 31, 2008, Tanger Factory Outlet Centers, Inc. owned 30 outlet centers, with a total gross leasable area (GLA) of approximately 8.8 million square feet. These factory outlet centers were 97% occupied and contained over 1,900 stores, representing approximately 370 store brands. The Company also operated and had partial ownership interests in three outlet centers totaling approximately 1.4 million square feet.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership, through its two wholly owned subsidiaries: the Tanger GP Trust and the Tanger LP Trust. The Tanger GP Trust controls the Operating Partnership as its sole general partner. The Tanger LP Trust holds a limited partnership interest. The Tanger family, through its ownership of the Tanger Family Limited Partnership (TFLP) holds the remaining units as a limited partner. As of December 31, 2008, the Company’s wholly owned subsidiaries owned 15,833,751 units and TFLP owned the remaining 3,033,305 units.

Tanger Factory Outlet Centers, Inc. is engaged in the development, construction and leasing of two sites located in Washington County, south of Pittsburgh, Pennsylvania and in Deer Park (Long Island), New York. The Deer Park project is owned through a joint venture, in which the Company owns a 33.3% interest.

The Company has an option for a development site located in Mebane, North Carolina on the Interstate 40/85 corridor, which sees over 83,000 cars daily. The site is located halfway between the Research Triangle Park area of Raleigh, Durham, and Chapel Hill, and the Triad area of Greensboro, High Point and Winston-Salem.

The Company’s factory outlet centers range in size from 24,619 to 729,315 square feet and are typically located at least 10 miles from major department stores and manufacturer-owned, full-price retail stores. As of February 1, 2009, the Company had a diverse tenant base comprising approximately 370 different national designer or brand name concepts, such as Liz Claiborne, GAP, Banana Republic, Old Navy, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Nautica, Abercrombie & Fitch, Hollister, Eddie Bauer, Coach Leatherware, Brooks Brothers, Nike and others. Most of the factory outlet stores are directly operated by the respective manufacturer.