GREENSBORO, N.C. and SANIBEL, Fla., Jan. 12, 2016 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) and Dahlmann Properties announced today the closing on the sale of Tanger's outlet center located in South Fort Myers, Florida near Sanibel Island to Dahlmann Properties for a total cash sales price of $26.0 million, the details of which are listed below: 



    Closing Date          Year Built      Square         Occupancy            Sales Per      Sales Price             Estimated           % of
                                          Feet             as of              Sq Ft (1)      (in millions)        Capitalization       Portfolio
                                                                   12/31/15                                            Rate             NOI (2)
    ---                                                            --------                                            ----             ------

                 01/12/16            1993        198,877                  91%           $282               $26.0                 7.0%            1.0%
                 --------            ----        -------                  ---            ----               -----                  ---              ---



    (1) Sales are based on reports by
     retailers leasing outlet center
     stores for the trailing 12 months
     ended November 30, 2015 for
     tenants which have occupied such
     stores for a minimum of 12 months.


    (2) % of Portfolio NOI is based on
     the company's forecast of 2015
     property level net operating
     income which is defined as total
     operating revenues less property
     operating expenses and excludes
     termination fees and non-cash
     adjustments including straight-
     line rent, net above and below
     market rent amortization and gains
     or losses on sale of outparcels.
     The Company's forecast is based on
     management's estimates as of
     September 30, 2015.

Tanger expects to record an approximate $5.0 million gain on the sale of the Fort Myers outlet center during the first quarter of 2016 and has elected not to defer any taxable gain on this transaction, as the transaction is currently not expected to have a significant impact on the company's 2016 taxable income. Tanger intends to use the proceeds from the sale of this unencumbered asset to pay down balances outstanding under its unsecured lines of credit.

"We are pleased to announce the sale of the seventh non-core asset we have divested over the last year. While the sale of the Fort Myers outlet center is expected to have an approximately $0.02 per share dilutive effect on net operating income in 2016, we believe that pruning the portfolio of assets that, while productive, may no longer meet our long term growth objectives, will improve Tanger's overall asset quality," said Steven B. Tanger, President and Chief Executive Officer.

"The sale that was finalized today brings a fresh outlook and local ownership to the center, which will be renamed Sanibel Outlets," said Ben Dahlmann, Senior Vice President of Dahlmann Properties.

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About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 42 upscale outlet shopping centers in 21 states coast to coast and in Canada, totaling approximately 14.3 million square feet leased to over 3,000 stores operated by more than 490 different brand name companies. With over 35 years of experience in the outlet industry and 2 additional centers currently under construction, Tanger Outlet Centers continue to attract more than 185 million shoppers annually. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at www.tangeroutlets.com.

About Dahlmann Properties

Dahlmann Properties, headquartered in Sanibel, Florida and Ann Arbor, Michigan, is one of Southwest Florida's leading retail and hospitality development companies.

This news release contains forward-looking statements within the meaning of federal securities laws. These statements include, but are not limited to, the future overall quality of the remaining assets in the core portfolio; the impact of the asset sale on net operating income; as well as other statements regarding plans, forecasts, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.

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 real estate conditions. 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, and December 31, 2015, when available.



    Contact:                     Tanger Factory Outlet Centers

                                 Cyndi Holt

                                  Vice President, Investor
                                  Relations

                                 (336) 834-6892



                                 Ben Dahlmann

                                 Dahlmann Properties

                                 Senior Vice President

                                 (239) 454-1974

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SOURCE Tanger Factory Outlet Centers, Inc.