Tanger Factory Outlet Centers, Inc. operates as a real estate investment trust (REIT). The company, through its subsidiary, Tanger Properties Limited Partnership, engages in acquiring, developing, owning, operating, and managing factory outlet shopping centers. As of September 30, 2005, Tanger owned and operated 33 factory outlet centers in 22 states totaling 8.7 million square feet of gross leasable area. It also provides development, leasing, and management services for its outlet centers. The company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to Federal income taxes provided it distributes at least 90% of its taxable income to its shareholders. Tanger Factory Outlet Centers was founded by Stanley K. Tanger in 1981. The company is headquartered in Greensboro, North Carolina.