<ARTICLE>                     5
<LEGEND>
The schedule contains summary financial information extracted from the financial
statements as of and for the year ended December 31, 1998 included herein and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK>            0000899715             
<NAME>          TANGER FACTORY OUTLET, INC.              
<MULTIPLIER>                                   1000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-END>                                   DEC-31-1998
<CASH>                                         6,330
<SECURITIES>                                   0
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0
<PP&E>                                         529,247
<DEPRECIATION>                                 84,685
<TOTAL-ASSETS>                                 471,795
<CURRENT-LIABILITIES>                          0
<BONDS>                                        302,485
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    1
<COMMON>                                       79
<OTHER-SE>                                     113,959
<TOTAL-LIABILITY-AND-EQUITY>                   471,795
<SALES>                                        0
<TOTAL-REVENUES>                               97,766
<CGS>                                          0
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<OTHER-EXPENSES>                               24,854
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             22,028
<INCOME-PRETAX>                                16,103
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            12,159
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                (332)
<CHANGES>                                      0
<NET-INCOME>                                   11,827
<EPS-PRIMARY>                                  1.26
<EPS-DILUTED>                                  1.24