April 28, 2015 1 DISCLAIMER This presentation includes - - PowerPoint PPT Presentation

April 28, 2015

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This presentation includes time-sensitive information that may be accurate only as of today’s date, April 28, 2015. Estimates of future net income per share, funds from operations per share, adjusted funds from operations per share and certain other matters discussed in this presentation regarding the state of the industry; our growth expectations and prospects; our development, remerchandising and financial strategies; the renewal and re-tenanting of space; tenant demand for outlet space in the US and Canada; our reputation; the credit quality of our tenants; our plans for new developments, expansions, and dispositions, including the commencement of construction; access to capital; our ability to acquire assets opportunistically; whether potential dispositions of assets close and the timing of such closings; our intentions to reinvest excess cash flow; and coverage of the current dividend may be forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and local real estate conditions in the US and Canada, the company’s ability to meet its

• bligations on existing indebtedness or refinance existing indebtedness on favorable terms, the availability

and cost of capital, the company’s ability to lease its properties, the company’s ability to implement its plans and strategies for joint venture properties that it does not fully control, the company’s inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, and competition. For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

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DISCLAIMER

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• Well-positioned for growth
• Financial stewardship
• Recession resiliency
• Outlet expertise & focus
• Proven record of value creation

WHY TANGER?

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four-legged GROWTH

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ORGANIC GROWTH

2009 2010 2011 2012 2013 2014 1Q14 1Q15 1.4% 2.6% 5.3% 6.0% 4.3% 2.6% 3.3% 4.0%

Same Center NOI Growth (1)

2009 2010 2011 2012 2013 2014 1Q14 1Q15 14.3% 13.8% 23.4% 25.5% 24.6% 23.0% 23.9% 24.1%

Straight-line Blended Rental Increases (1)

Tenant occupancy cost ratio has only increased 150 basis points to 8.9% for 2014 from 7.4% for 2006 (see page 31 of appendix)

(1) Consolidated outlet centers

domestic RUNWAY

RECENTLY COMPLETED

• Savannah, GA opened April 16, 2015
• Charlotte, NC opened July 31, 2014
• Center expansions in Glendale, AZ; Branson, MO; and Park City, UT
• pened in 2014

UNDER CONSTRUCTION

• Foxwoods Resort in Mashantucket, CT
• Grand Rapids, MI
• Southaven, MS, outside Memphis, TN

PRE-DEVELOPMENT

• Columbus, OH

SHADOW PIPELINE

• Site selection continues in other identified markets that are not served or

underserved by the outlet industry

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DOMESTIC RUNWAY

Tenant demand for

• utlet space continues

for developers who have access to capital and the expertise to deliver new

• utlet projects

The Outlet Industry is Small – we estimate about 70 million square feet of quality outlet space, which is smaller than the retail space in the city of Chicago

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CANADIAN PLATFORM

• 50/50 co-ownership agreement to establish and operate

an outlet platform in Canada

• Properties branded as Tanger Outlet Centers
• Tanger is responsible for leasing & marketing
• RioCan is responsible for development & management

The Next Frontier – Canadian consumers and retailers on both sides of the border are driving the demand for

• utlet expansion into Canada

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CANADIAN GROWTH

CANADIAN PROPERTIES: Cookstown, ON Ottawa, ON Bromont, QC Saint-Sauveur, QC RECENTLY COMPLETED

• Kanata, in suburban market of Ottawa, ON,
• pened October 17, 2014
• Expansion of center in northern Toronto, in

Cookstown, ON, opened on November 7, 2014

SHADOW PIPELINE

• Other markets identified that are not served or

underserved by the outlet industry

Opportunities for Growth – US style outlet shopping is under-represented in Canada, and relative to the US, Canada is under-retailed

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OPPORTUNISTIC ACQUISITIONS

Acquisition opportunities are limited, but Tanger has sufficient access to capital to acquire quality assets

• pportunistically

Investment Grade Rated & Focused on Moving Up the Ratings Scale Funding Preference for Unsecured Financing – Limited Secured Financing Generate Capital Internally (Cash Flow in Excess

• f Dividends Paid)

Financial STEWARDSHIP

Maintain Significant Unused Capacity Under Lines of Credit Maintain Manageable Schedule of Debt Maturities Disciplined Development Approach – Will Not Build on Spec Limit Floating Rate Exposure Solid Coverage & Leverage Ratios Use Joint Ventures Opportunistically

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QUALITY RATIOS

Key Bond Covenants As of 3/31/2015 Actual Limit Total debt to adjusted total assets 50% < 60% Secured debt to adjusted total assets 10% < 40% Unencumbered assets to unsecured debt 174% > 150% Interest coverage 4.45 x > 1.5 x

Agency Rating Latest Action S&P BBB+, stable outlook Rating upgraded on May 29, 2013 Moody’s Baa1, stable outlook Rating upgraded on May 23, 2013

strong BALANCE SHEET

22% 78%

Line of Credit Capacity

Outstanding ($115.7 million) Unused capacity ($404.3 million) 14% 86%

Limited Use of Secured Financing1

Square feet encumbered Square feet unencumbered

(1) Consolidated outlet centers

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STRONG BALANCE SHEET

As of March 31, 2015

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MANAGEABLE MATURITIES

$115.7 $29.1 $17.7 $40.1 $150.0 $17.0 $10.6 $17.7 $10.0 $7.5 $250.0 $300.0 $250.0 $250.0

Aug '15 Jan '16 June '16 Aug '17 Dec '17 Aug '18 Oct '18 Feb '19 June '20 Nov '21 '22 Dec '23 Dec '24 '25 Dec '26

Lines of Credit Lines of Credit Commitment Mortgage Debt Term Loans Bond Debt

1. Assumes all extension options are exercised; although some mortgage debt is amortizing, outstanding balance is shown in the month of final maturity 2. Excludes debt discount/premium 3. Excludes pro-rata share of debt maturities related to unconsolidated joint ventures As of March 31, 2015, in millions

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CONSERVATIVE STRATEGIES

Reinvesting in the Company

25% 75%

Outstanding Debt

Variable Rate Fixed Rate

$373.2

47% 53%

2014 FFO

Excess Cash Flow Common Dividends

Limited Floating Rate Exposure

In millions

$1,092.2

As of March 31, 2015, in millions

$95.4 $84.6

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INTERNAL GUIDELINES FOR BUYING LAND:

• Positive due diligence results
• 50% or greater pre-leasing commitments with

acceptable tenant mix & visibility of reaching 75%

• Receipt of all non-appealable permits required to obtain

building permit

• Acceptable return on cost analysis

PREDEVELOPMENT COSTS ARE LIMITED TO:

• Costs to control the land (option contract costs)
• Pre-leasing costs
• Due diligence costs
• Capitalized overhead

DISCIPLINED DEVELOPMENT

RECESSION RESILIENCY

“In good times people love a bargain, and in tough times, people need a bargain.”

~ Steven B. Tanger, CEO & President

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STEADY SALES GROWTH

Throughout 30+ years of economic cycles and the related peaks and valleys, tenant sales have trended positively

1995 2000 2009 2010 2011 2012 2013 2014 Mar 2014 Mar 2015

$226 $281 $339 $354 $366 $376 $387 $393 $387 $395

3% CAGR

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SUSTAINED OCCUPANCY

98% 99% 99% 99% 98% 97% 97% 96% 96% 98% 96% 97% 97% 98% 98% 97% 96% 98% 99% 99% 99% 98% 97% 97% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q14 1Q15 Have Ended Each Year Since IPO With Occupancy of 95% or Greater

Represents period end occupancy for consolidated outlet centers

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STABLE EXPIRATIONS

2025+ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 6% 7% 7% 6% 7% 8% 11% 17% 13% 13% 5%

Percentage of Annual Base Rent(1)

2025+ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 6% 5% 6% 5% 8% 10% 10% 16% 15% 14% 5%

Percentage of Total GLA(1)

(1) March 31, 2015 for consolidated outlet centers, net of renewals executed

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GEOGRAPHIC DIVERSIFICATION

Well-positioned portfolio of 45 outlet centers in 24 states coast to coast and in Canada, totaling approximately 14.1 million square feet

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STRONG TENANT MIX

Diversified tenant base, the majority of which are publicly-held, high credit quality retailers Properties are easily reconfigured to minimize tenant turnover downtime

Chart is in terms of square feet as of March 31, 2015 and includes all retail concepts of each tenant group for our consolidated outlet centers 7.7% 4.4% 3.9% 3.3% 3.3% 3.0% 2.9% 2.8% 2.5% 2.4% 63.8%

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OUTLET EXPERTISE

In this competitive environment, retailers want to work with a trusted partner that they know can:

• Secure the best sites
• Secure financing, if needed
• Construct a quality property on time
• Complete lease-up timely and effectively
• Market and operate the center for years to come

30+ years outlet industry experience and strong tenant relationships Tanger executives average 15+ years of service to the Company, and even more in the industry

THE OUTLET SKILL SET

• Site selection – sites are typically outside of major metropolitan areas
• Leasing – smaller spaces and no/few anchors means many more leases

per property

• Marketing – landlord must establish programs to drive traffic to outlet

centers from metropolitan areas and to cultivate loyalty for its own brand

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ONLY PURE PLAY Targeted focus – single property type

Tanger has established a reputation as an outlet industry leader As the only public pure play outlet center REIT, SKT equity may provide portfolio diversification to investors

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PROVEN RECORD

Ranked #2 among mall REITs for 10 year total return (338%)

~ Keybanc Leaderboard Report, 3/27/2015

50 100 150 200 250 2009 2010 2011 2012 2013 2014

Total Return to Shareholders

Tanger NAREIT All Equity REIT Index SNL REIT Retail Shopping Ctr Index

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DIVIDEND GROWTH

Dividend increased 18.8% in 2015 to $1.14 per share annually from $0.96

Tanger has increased its dividend each year and has paid a cash dividend every quarter since its IPO

$0.2388 $0.4600 $0.5000 $0.5200 $0.5500 $0.6000 $0.6052 $0.6076 $0.6100 $0.6128 $0.6158 $0.6252 $0.6452 $0.6800 $0.7200 $0.7600 $0.7652 $0.7752 $0.8000 $0.8400 $0.9000 $0.9600 $1.1400 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Split-adjusted

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GROWING ENTERPRISE

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Mar 2014 Mar 2015 $1.8 $2.2 $2.2 $2.3 $2.5 $3.1 $3.9 $4.5 $4.5 $5.2 $4.9 $5.0

11% CAGR

Period end total market capitalization in billions

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AFFO GROWTH

1. Excludes $1.2 million in acquisition costs, and $7.4 million in adjustments from unconsolidated joint ventures that are not considered indicative to

• ur ongoing operations

2. Excludes $13.1 million loss on early extinguishment of debt related to the December 2014 redemption of $250 million senior notes, not scheduled to mature until November 2015; Also excludes $2.6 million in abandoned pre-development costs and $0.2 million in adjustments from unconsolidated joint ventures that are not considered indicative to our ongoing operations 3. Per share amount represents midpoint of FFO guidance; dollar amount represents per share amount multiplied by the weighted average budgeted common shares outstanding for 2015

2013 (1) 2014 (2) 2015E (3)

$186.0 $194.9 $210.4

Million $$

4.8% increase 8.0% increase

2013 (1) 2014 (2) 2015E (3)

$1.88 $1.97 $2.12

$$ Per Share

98,954,000 shares 99,242,000 shares 99,129,000 shares

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INVESTMENT HIGHLIGHTS

• Well-positioned for growth
• Financial stewardship
• Recession resiliency
• Outlet expertise & focus
• Proven record of value creation

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EARNINGS GUIDANCE

Low High Range Range Estimated diluted net income per share $1.50 $1.56 Non-controlling interest, depreciation and amortization

• f real estate assets including

non-controlling interest share and our share 0.59 0.59

• f unconsolidated joint ventures, and gains on

sale of real estate and interests in unconsolidated entities Estimated diluted FFO per share $2.09 $2.15

Guidance last revised in connection with April 28, 2015 earnings release

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TENANT OCCUPANCY COST

2006 2007 2008 2009 2010 2011 2012 2013 2014 7.4% 7.7% 8.2% 8.5% 8.3% 8.4% 8.4% 8.6% 8.9%

Consolidated outlet centers

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TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS

CHARLOTTE, NC

• 50/50 joint venture with

Simon Property Group

• 398,000 sf development
• Approximate total investment of

$91 million

• Located eight miles southwest of

uptown Charlotte at the interchange of I-485 and Steele Creek Road

• Grand opening was July 31, 2014
• Tenants include Saks Fifth Avenue Off

5th, Kate Spade, Coach, Brooks Brothers, Banana Republic and many more

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TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS

OTTAWA, ONTARIO

• Property is branded Tanger Outlets
• 50/50 joint venture with RioCan
• 316,000 sf development
• Approximate total investment of

$117.4 million

• Located in the suburban area of Kanata,
• ff the TransCanada Highway (Highway

417) at Palladium Drive

• Grand opening was October 17, 2014
• Tenants include American

Eagle Outfitters, Gap, Banana Republic, Calvin Klein, Nike, and many more

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TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS

COOKSTOWN, ONTARIO EXPANSION

• 50/50 joint venture with RioCan
• 153,000 sf expansion and renovation
• f existing center
• Approximate investment of

$72.7 million

• Located on the northern end of

the Greater Toronto Area

• Grand opening was November 7, 2014
• Tenants include Calvin Klein,

Nike, Tommy Hilfiger, Gap, Aeropostale, Banana Republic, and many more

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TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS 36

SAVANNAH, GA

• Property branded Tanger Outlets
• 50/50 joint venture with Ben Carter

Enterprises

• 377,000 sf development
• Approximate total investment of

$106.9 million

• Located on I-95 just north of I-16 in

Pooler, GA

• Grand opening was April 16, 2015
• Tenants include Polo, Michael Kors,
• J. Crew, Nike, Coach and many more

37

TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS 38

FOXWOODS, MASHANTUCKET, CT

• Property will be branded Tanger Outlets
• 67/33 joint venture with

Gordon Group Holdings

• 313,000 sf development
• Approximate total investment
• f $128.2 million
• Construction commenced

September 2013

• May 21, 2015 projected opening
• Named tenants include Ann Taylor,

Banana Republic, Calvin Klein, Coach, Michael Kors, and many more

TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS 39

GRAND RAPIDS, MI

• Wholly-owned
• 350,000 sf development
• Approximate total investment of

$77.2 million

• Located 11 miles south of

downtown Grand Rapids at the interchange of US-131 and 84th Street

• Construction commenced August

2014

• July 31, 2015 projected opening

TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTAL E REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS IZOD GYMBOREE EDDIE BAUER NINE WEST LEVI’S RUE21 SKECHERS UNDER ARMOUR THE CHILDREN’S PLACE OLD NAVY OUTLET COACH POLO RALPH LAUREN FACTORY STORE TOMMY HILFIGER ANN TAYLOR FACTORY STORE LOFT OUTLET KAY JEWELERS BANANA REPUBLIC FACTORY STORE GAP FACTORY STORE HANESBRANDS NIKE FACTORY STORE AÉROPOSTALE REEBOK AMERICAN EAGLE OUTFITTER CARTER’S BABIES AND KIDS OSHKOSH B’GOSH BROOKS BROTHERS J.CREW FACTORY JOCKEY CHICO’S OUTLET ADIDAS 40

SOUTHAVEN, MS (MEMPHIS)

• 50/50 joint venture with Poag

Shopping Centers

• 320,000 sf development
• Approximate total investment of

$69.5 million

• Located just 4.5 miles from

Memphis, at the northeast quadrant of I-69/55 and Church Road

• Construction commenced January

2015

• 4Q 2015 projected opening

41 41

WHAT OVERBUILDING?

Strong performance relative to other retail property types has resulted in outlet project development announcements by new entrants to the outlet space Tenants want a developer that can deliver, and Tanger has a proven, 30 plus year track record

• f delivering quality outlet centers

Many projects are announced, but far fewer ever open for business (1)

• One year ago: 51 announced, 7 completed to date (includes 1 joint venture by Tanger & Simon, 1 by Simon,

and 5 by others)

• Five years ago: 33 announced, 13 completed to date (includes 1 by Tanger, 4 by Simon, and 8 by others)
• Ten years ago: 19 announced, 15 completed to date (includes 4 by Tanger, 8 by Simon, and 3 by others)

(1) Announcements per Value Retail News for planned U.S. outlet projects (1 year source = May 2014, 5 year = March 2010, 10 year = March 2005); Some developments appeared on more than one of these three lists (2) Per ICSC as of January 2015 (3) Includes airport retail and theme/festival shopping venues

Outlets = 1%

U.S. Retail Aggregate GLA (2)

Community/Strips Malls Power/Lifestyle Outlet Centers Other

(3)

42

43

ASSET RECYCLING

Potential sale of 4 outlet centers

• In April 2015, Tanger entered into a letter of intent with a private buyer for the sale of 4
• utlet centers simultaneously, all of which were classified as held for sale on Tanger’s March

31, 2015 balance sheet

• Should the buyer choose to move forward after completing its due diligence, the transaction

is expected to close in the third quarter of 2015

• Unless and until the transaction closes, there can be no assurance that the buyer will move

forward at the terms and on the time line proposed in the letter of intent

Sale of an outlet center

• In December 2014, Tanger sold an outlet center in Lincoln City, Oregon to a private buyer for

$39.5 million and, as a result, Tanger recognized a $7.5 million gain

Sale of equity interest in a joint venture

• In February 2015, Tanger sold its entire interest in an outlet center in Wisconsin Dells,

Wisconsin to its partner for $27.7 million ($15.6 in proceeds plus $12.1 million share of debt) and, as a result, recognized a $13.7 million gain

• $27.7 million privately negotiated transaction price was based on 90% of the property’s value

as determined by a third party appraisal

44

45

EMBRACING TECHNOLOGY

46

BRICKS & CLICKS

Source: International Council of Shopping Centers, May 2014

47

BRICKS & CLICKS

Source: International Council of Shopping Centers, May 2014

48

BRICKS & CLICKS

Source: International Council of Shopping Centers, May 2014

Tanger Factory Outlet Centers, Inc., (NYSE: SKT) is a publicly traded REIT headquartered in Greensboro, North Carolina that operates and owns or has ownership interests in, a portfolio of 45 upscale outlet centers in 24 states coast to coast and in Canada, totaling approximately 14.1 million square feet, leased to over 2,900 stores that are operated by more than 450 different brand name companies. More than 185 million shoppers visit Tanger Outlet Centers annually. For more information on Tanger Outlet Centers, call 1-800-4-TANGER or visit the company’s website at www.tangeroutlet.com.