Tanger Factory Outlet Centers Announces Direct Sale of 800,000 Class C Preferred Shares

GREENSBORO, N.C., Feb. 9 /PRNewswire-FirstCall/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT), today announced it has entered into purchase agreements to sell 800,000 of its 7.5% Class C Preferred Shares (liquidation preference $25.00 per share) to certain advisory clients of Cohen & Steers Capital Management, Inc., Neuberger Berman, LLC and ING Clarion Real Estate Securities L.P., each an institutional investor, at a price of $24.51 per share. The sale is being made under the company's shelf registration statement previously filed with, and declared effective by, the Securities and Exchange Commission.

Closing on the transaction is expected to occur on February 16, 2006. The company intends to use the net proceeds from the sale, totaling approximately $19.5 million, to reduce amounts outstanding on its short-term variable rate unsecured lines of credit. Upon closing of the transaction described above, Tanger will have a total of 3.0 million 7.5% Class C Preferred Shares outstanding.