Tanger Announces Expansion of Its Management Team

Tanger Factory Outlet Centers, Inc. announced today that it has expanded its senior management team by appointing Thomas E. McDonough, 52, to the newly created position of Executive Vice President of Operations.

Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc., stated, "We fully expect Mr. McDonough's demonstrated experience growing and building businesses in the real estate investment trust industry to add great value and perspective to our company and to our senior management team. Organizationally, the addition of Mr. McDonough will enable each member of the company's current senior management team to focus more closely on their respective growth initiatives."

Mr. McDonough brings close to 30 years of real estate investment trust ("REIT") management, leasing, acquisition, asset management, development and redevelopment experience to Tanger.

He is the former chief investment officer of Equity One, a REIT specializing in the acquisition, asset management, development and redevelopment of properties anchored by supermarkets, pharmacies and retail store chains in major metropolitan markets across the United States. At Equity One, he completed over $300 million of joint ventures with affiliates of CalPERS and DRA Advisors. Prior to Mr. McDonough's role at Equity One, he was a partner of Kahl & Goveia Commercial Real Estate acquiring retail, office, medical and residential space, primarily in California. He spent six years, from 2000-2006, with Regency Centers Corporation as their senior vice president and national director of acquisitions and dispositions in their Irvine, CA office and three years with Regency's predecessor, Pacific Retail Trust, as senior vice president where he assembled a portfolio of high-quality neighborhood shopping centers in the western United States. For the previous 12 years, Mr. McDonough was a marketing principal and leasing agent, then partner and principal of Trammell Crow Company, where he took on projects of increasing complexity and responsibility.

While at Trammell Crow, he led a large leasing and property management team converting a 1.8 million square foot, single-user facility into a multiple-user office complex; developed a $20 million retail center; and, was the general manager of a $600 million mixed-use development project, to name just a few of his accomplishments.

Mr. McDonough started his career in management consulting, working for Strategic Planning Associates, Inc. (Washington, DC and London, UK), where he helped open the firm's first European office.

Currently residing in Irvine, California, Mr. McDonough and his family will relocate to North Carolina, and he will be based out of Tanger's Greensboro headquarters office. Mr. McDonough graduated from Stanford University with a B.S. in Mechanical Engineering and holds an M.B.A. from Harvard Business School with an emphasis on Finance and Strategic Planning.