899715--3/6/2006--TANGER_FACTORY_OUTLET_CENTERS

related topics

{acquisition, growth, future}

{loan, real, estate}

{tax, income, asset}

{condition, economic, financial}

{debt, indebtedness, cash}

{loss, insurance, financial}

{cost, regulation, environmental}

{customer, product, revenue}

Risks Related to our Business We face competition for the acquisition of factory outlet centers, and we may not be able to complete acquisitions that we have identified. The economic performance and the market value of our factory outlet centers are dependent on risks associated with real property investments. Our earnings and therefore our profitability is entirely dependent on rental income from real property. We are substantially dependent on the results of operations of our retailers. We may be subject to environmental regulation. We are required by law to make distributions to our shareholders. Our failure to qualify as a REIT could subject our earnings to corporate level taxation. We depend on distributions from our Operating Partnership to meet our financial obligations, including dividends. We may be unable to develop new factory outlet centers or expand existing factory outlet centers successfully. An uninsured loss or a loss that exceeds the insurance policies on our factory outlet centers could subject us to lost capital or revenue on those centers. Historically high fuel prices may impact consumer travel and spending habits.

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899715--3/6/2006--TANGER_FACTORY_OUTLET_CENTERS_INC