Tanger Factory Outlet Centers Inc. (SKT)

[Penny Roger$]

Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The Company is an owner and operator of outlet centers in the United States. As of December 31, 2010, it owned and operated 31 outlet centers, with a total gross leasable area of approximately 9.2 million square feet. These outlet centers were 98% occupied and contained over 2,000 stores, representing approximately 360 store brands. It also operated and had partial ownership interests in two outlet centers totaling approximately 948,000 square feet. Its outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. In July 2010, the Company completely sold Commerce I, Georgia center. In October 2011, the Company acquired outlets at Hershey in Hershey, Pennsylvania.

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