Tanger Reports Year End Results For 2010

Tenant Sales Increase 6.6% for the Year Same Center NOI Increases 3.7% in the Fourth Quarter

GREENSBORO, N.C., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported its financial results for the quarter and year ended December 31, 2010. Funds from operations available to common shareholders ("FFO"), a widely accepted supplemental measure of REIT performance, for the three months ended December 31, 2010, was $30.1 million, or $0.32 per share ($0.65 per share on a pre-split adjusted basis) as compared to FFO of $32.8 million, or $0.36 per share ($0.71 per share on a pre-split adjusted basis) for the three months ended December 31, 2009. For the year ended December 31, 2010, FFO was $112.2 million, or $1.21 per share ($2.43 per share on a pre-split adjusted basis) as compared to FFO of $114.0 million, or $1.35 per share ($2.71 per share on a pre-split adjusted basis) for the year ended December 31, 2009.

Steven B. Tanger, President and Chief Executive Officer, commented, "2010 was highly productive and successful for our company, and our retail tenants. We expanded our portfolio with the November opening of our newest center in Mebane, North Carolina, achieving record opening traffic and sales. Our balance sheet was the beneficiary of an over-subscribed $300 million senior notes transaction in June and $400 million in unsecured revolving lines of credit in December. Our dividend continues to be well covered by our operating cash flow."

FFO for all periods shown was impacted by a number of charges as described in the summary below (dollars and number of shares in thousands, except per share amounts):

	Three Months Ended December 31,		Years Ended December 31,
	2010	2009	2010	2009
FFO as reported	$30,057	$32,788	$112,235	$113,958
As adjusted for:
Loss on termination of derivatives	---	---	6,142	---
Demolition costs Hilton Head I, South Carolina	---	---	699	---
Original issuance costs related to redeemed preferred shares	2,539	---	2,539	---
Impairment charge	---	---	846	5,200
(Gain) loss on early extinguishment of debt	---	---	563	(10,467)
Executive severance	---	---	---	10,296
Gain on sale of outparcel	---	---	(161)	(3,292)
Impact of above adjustments to the allocation of FFO to participating securities	(20)	---	(86)	(19)
FFO as adjusted	$32,576	$32,788	$122,777	$115,676
Diluted weighted average common shares (split adjusted)	92,578	92,219	92,523	84,157
FFO per share as adjusted	$0.35	$0.36	$1.33	$1.37

Net income available to common shareholders for the three months ended December 31, 2010 was $9.8 million, or $0.12 per share, compared to $10.0 million, or $0.12 per share, for the three months ended December 31, 2009. Net income available to common shareholders for the year ended December 31, 2010 was $25.8 million, or $0.32 per share, compared to $51.7 million, or $0.72 per share for the year ended December 31, 2009. 

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