April 29, 2014 1 DISCLAIMER This presentation includes time - - PowerPoint PPT Presentation

April 29, 2014

1

This presentation includes time‐sensitive information that may be accurate only as of today’s date, April 29, 2014. 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 plans for new developments and expansions, including the commencement of construction, access to capital, our ability to acquire assets opportunistically, our intentions to reinvest excess cash flow, interest rates, funds from

• perations, adjusted funds from operations 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, 2013.

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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?

4

four‐legged GROWTH

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ORGANIC GROWTH

2008 2009 2010 2011 2012 2013 1Q13 1Q14 4.1% 1.4% 2.6% 5.3% 6.0% 4.3% 3.9% 3.3%

Same Center NOI Growth

2008 2009 2010 2011 2012 2013 1Q13 1Q14 25.9% 14.3% 13.8% 23.4% 25.5% 24.1% 21.2% 22.8%

Straight‐line Blended Rental Increases

Tenant occupancy cost ratio has increased 120 basis points to 8.6% for 2013 from 7.4% for 2006 (see page 31 of appendix)

domestic RUNWAY

RECENTLY COMPLETED

• National Harbor opened on November 22, 2013

UNDER CONSTRUCTION

• Charlotte, NC
• Foxwoods Resort in Mashantucket, CT
• Savannah, GA

PRE‐DEVELOPMENT

• Columbus, OH
• Grand Rapids, MI
• Expansion of centers in Branson, MO; Glendale, AZ; and Park City, UT

SHADOW PIPELINE

• Site selection continues in other identified markets that are not served
• r underserved by the outlet industry

6

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 less than 60 million square feet, 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
• Potential for up to 10 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

8

CANADIAN GROWTH

OPERATING PROPERTIES: Cookstown, ON Bromont, QC Saint‐Sauveur, QC UNDER CONSTRUCTION

• Kanata, in suburban market of Ottawa, ON
• Expansion of center in northern Toronto, in

Cookstown, ON

SHADOW PIPELINE

• Other markets identified that are not served
• r 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

9

OPPORTUNISTIC ACQUISITIONS

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

2013

• Tanger Outlets Deer Park

Acquired an additional one‐third ownership interest

• n August 30, 2013, resulting in controlling interest

in the property

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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11

QUALITY RATIOS

Key Bond Covenants As of 03/31/2014 Actual Limit Total debt to adjusted total assets 48% < 60% Secured debt to adjusted total assets 9% < 40% Unencumbered assets to unsecured debt 184% > 150% Interest coverage 4.56 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

9% 91%

Line of Credit Capacity

Outstanding ($46.9 million) Unused capacity ($473.1 million) 14% 86%

Limited Use of Secured Financing1

Square feet encumbered Square feet unencumbered

1. Consolidated properties 12

STRONG BALANCE SHEET

As of March 31, 2014

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MANAGEABLE MATURITIES

$46.9 $29.8 $18.1 $18.8 $10.6 $18.5 $10.0 $250.0 $250.0 $300.0 $250.0

'14 Aug '15 Nov '15 Jan '16 June '16 Aug '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

$7.5 $150.0

As of March 31, 2014, in millions

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CONSERVATIVE STRATEGIES

Reinvesting in the Company

22% 78%

Outstanding Debt

Variable Rate Fixed Rate

$304.4

52% 48%

2013 FFO

Excess Cash Flow Common Dividends

Limited Floating Rate Exposure

In millions $1,055.8 As of March 31, 2014, in millions $91.6 $100.4

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INTERNAL GUIDELINES FOR BUYING LAND:

• Positive due diligence results
• 50% or greater pre‐leasing with acceptable tenant mix

& visibility of reaching 75%

• Receipt of all non‐appealable permits required to
• btain 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

DISCIPLINED DEVELOPMENT

16

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 Mar 2013 Mar 2014

$226 $281 $339 $354 $366 $376 $387 $380 $387

3% CAGR

Represents tenant comparable sales for rolling 12 months

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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% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1Q13 1Q14 Have Ended Each Year Since IPO With Occupancy of 95% or Greater

Represents period end occupancy

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STABLE EXPIRATIONS

2024+ 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 5% 6% 5% 8% 7% 8% 14% 14% 14% 13% 6%

Percentage of Annual Base Rent(1)

2024+ 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 5% 7% 6% 7% 6% 9% 17% 13% 13% 12% 5%

Percentage of Total GLA(1)

(1) As of March 31, 2014 excluding unconsolidated outlet centers

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GEOGRAPHIC DIVERSIFICATION

Well‐positioned portfolio of 44 outlet centers in 26 states coast to coast and in Canada, totaling approximately 13.3 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, 2014 & includes all retail concepts of each tenant group; excludes unconsolidated outlet centers 7.8% 4.5% 4.1% 3.4% 3.4% 3.0% 2.8% 2.7% 2.5% 2.5% 63.3%

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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 #1 among mall REITs for 10 year total return (357%)

– Keybanc Leaderboard Report, 03/28/2014

50 100 150 200 250 2008 2009 2010 2011 2012 2013

Total Return to Shareholders

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

25

DIVIDEND GROWTH

Dividend increased 6.7% in 2014 to $0.96 per share annually from $0.90

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 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Split‐adjusted

26

GROWING ENTERPRISE

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

13% CAGR

Period end total market capitalization in billions

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AFFO GROWTH

1. Excludes $0.1 million in acquisition costs and $1.4 million in adjustments from unconsolidated joint ventures that are not considered indicative to

• ur ongoing operations

2. 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

3. Per share amount represents midpoint of AFFO guidance; dollar amount represents per share amount multiplied by the weighted average budgeted common shares outstanding for 2014; Excludes acquisition costs, abandoned pre‐development costs, AFFO adjustments from unconsolidated joint ventures, and the impact of AFFO adjustments to the allocation of earnings to participating securities.

2012 (1) 2013 (2) 2014E (3)

$162.4 $186.0 $194.0

Million $$

14.5% increase 4.3% increase

2012 (1) 2013 (2) 2014E (3)

$1.65 $1.88 $1.96

$$ Per Share

99,129,000 shares 99,000,000 shares 98,605,000 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 common share $0.76 $0.82 Non‐controlling interest, depreciation and amortization uniquely significant to real estate including non‐controlling interest share, and our share 1.15 1.15

• f joint ventures

Estimated diluted FFO per share $1.91 $1.97 AFFO Adjustments 0.02 0.02 Estimated diluted AFFO per share $1.93 $1.99

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TENANT OCCUPANCY COST

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

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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 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 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 33

NATIONAL HARBOR

• Property is branded Tanger Outlets
• 50/50 joint venture with

The Peterson Companies

• 336,000 sf development
• Approximate total investment
• f $103 million
• Located in Washington, D.C.

metro area

• Grand opening was

November 22nd, 2013

• Tenants include Gap,

Banana Republic, Coach, Elie Tahari, H&M, Hugo Boss, 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

CHARLOTTE, NC

• 50/50 joint venture with Simon Property

Group

• 400,000 sf development
• Approximate total investment
• f $85 ‐ 95 million
• Located eight miles southwest
• f uptown Charlotte at the

interchange of 485 and Steele Creek Road

• Construction commenced

September 2013

• July 31, 2014 projected opening
• Named 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 36

FOXWOODS, MASHANTUCKET, CT

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

Holdings

• 314,000 sf development
• Approximate total investment
• f $110 ‐120 million
• Construction commenced

September 2013

• 2Q 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 37

SAVANNAH, GA

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

Enterprises

• 385,000 sf development
• Approximate total investment
• f $105 ‐115 million
• Located on I‐95 just north of I‐16 in

Pooler, GA

• Construction commenced by partner in

September 2013

• 2Q 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

OTTAWA, ONTARIO

• Property will be branded Tanger Outlets
• 50/50 joint venture with RioCan
• 303,000 sf development
• Approximate total investment of

$115 ‐120 million

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

417) at Palladium Drive

• Construction commenced

May 2013

• 4Q 2014 projected opening
• Named 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 of existing center

• Approximate investment of

$65 ‐75 million

• Located on the northern end of

the Greater Toronto Area

• Construction commenced

May 2013

• 4Q 2014 projected opening
• Named tenants include Calvin Klein,

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

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WHAT OVERBUILDING?

Strong performance relative to other retail property types has resulted in outlet project development announcements by new entrants to the outlet space Many projects are announced, but far fewer ever open for business (1)

• One year ago: 48 announced, 9 completed to date (includes 1 by Tanger, 3 by Simon and 5 by others)
• Five years ago: 41 announced, 15 completed to date (includes 1 by Tanger, 5 by Simon and 9 by others)
• Ten years ago: 10 announced, 8 completed to date (includes 3 by Tanger and 5 by Simon)

Value Retail News (August 2011 issue) supports thesis of disciplined development in the outlet industry

• Single digit grand openings per year since 1997
• All outlet centers opened since 2001 are still open and operating as outlet centers

Tenants want a developer that can deliver, and Tanger has a proven, 30 plus year track record

• f delivering quality outlet centers

(1) Announcements per Value Retail News (1 year source = March 2013, 5 year = Jan/Feb 2009, 10 year = June 2004); Some developments appeared on more than one of these three lists

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RECENT ACQUISITIONS 2013

Acquired a controlling interest in Tanger Outlets Deer Park in August 2013, a property that was previously a one‐third owned unconsolidated JV

• Acquired an additional one‐third interest for $27.4 million ($14 million in cash and

450,576 operating partnership units); including the one‐third allocation of property level debt, this equates to a 5.6% cap rate

• Entered into a triple net lease with remaining one‐third partner with Tanger as

lessee; annual lease payment to partner (after debt service), of approximately $800,000 is reflected as interest expense in Tanger’s statement of operations

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