Exhibit 99.2 Supplemental

EX-99.2 3 tfoc8k02202007ex99-2.htm EXHIBIT 99.2 SUPPLEMENTAL Exhibit 99.2 Supplemental

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

December 31, 2006

Notice

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, 2005 (and December 31, 2006 when available) and our Current Report on Form 8-K dated February 20, 2007.

This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made only by means of a prospectus.

Table of Contents

Section

Portfolio Data:

	Geographic Diversification				4
	Property Summary - Occupancy at End of Each Period Shown (1)				5
	Portfolio Occupancy at the End of Each Period (1)				6
	Major Tenants (1)				7
	Lease Expirations as of December 31, 2006				8
	Leasing Activity (1)				9

Financial Data:

	Consolidated Balance Sheets	10
	Consolidated Statements of Operations	11
	FFO and FAD Analysis	12
	Unconsolidated Joint Venture Information	13
	Debt Outstanding Summary	17
	Senior Unsecured Notes Financial Covenants	17
	Future Scheduled Principal Payments	18

Investor Information		19

Geographic Diversification

As of December 31, 2006
State	# of Centers	GLA	% of GLA
South Carolina	3	1,171,771	14%
Georgia	3	825,862	10%
New York	1	729,315	9%
Alabama	2	636,668	8%
Texas	2	620,000	7%
Delaware	1	568,926	7%
Michigan	2	436,751	5%
Tennessee	1	419,038	5%
Utah	1	300,602	4%
Connecticut	1	291,051	4%
Missouri	1	277,883	3%
Iowa	1	277,230	3%
Oregon	1	270,280	3%
Illinois	1	256,514	3%
Pennsylvania	1	255,152	3%
Louisiana	1	243,499	3%
New Hampshire	1	227,998	3%
Florida	1	198,924	2%
North Carolina	2	186,458	2%
California	1	109,600	1%
Maine	2	84,313	1%
Total (1)	30	8,387,835	100%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

Property Summary - Occupancy at End of Each Period Shown (1)

Location	Total GLA 12/31/06	% Occupied 12/31/06	% Occupied 9/30/06	% Occupied 6/30/06	% Occupied 3/31/06	% Occupied 12/31/05
Riverhead, NY	729,315	100%	98%	99%	98%	99%
Rehoboth, DE	568,926	99%	100%	99%	98%	99%
Foley, AL	557,093	98%	96%	96%	94%	97%
San Marcos, TX	442,510	99%	98%	99%	97%	100%
Myrtle Beach, SC	426,417	95%	94%	94%	91%	93%
Sevierville, TN	419,038	100%	100%	100%	100%	100%
Hilton Head, SC	393,094	88%	88%	84%	81%	88%
Charleston, SC	352,260	89%	81%	n/a	n/a	n/a
Commerce II, GA	346,244	99%	96%	99%	98%	97%
Howell, MI	324,631	100%	99%	100%	95%	99%
Park City, UT	300,602	100%	99%	100%	100%	100%
Locust Grove, GA	293,868	99%	93%	94%	95%	100%
Westbrook, CT	291,051	99%	96%	92%	90%	94%
Branson, MO	277,883	100%	99%	100%	99%	100%
Williamsburg, IA	277,230	99%	98%	97%	99%	100%
Lincoln City, OR	270,280	97%	96%	98%	99%	94%
Tuscola, IL	256,514	77%	70%	70%	70%	75%
Lancaster, PA	255,152	100%	100%	100%	99%	100%
Gonzales, LA	243,499	100%	100%	100%	100%	100%
Tilton, NH	227,998	100%	94%	99%	97%	100%
Fort Myers, FL	198,924	100%	100%	94%	91%	95%
Commerce I, GA	185,750	90%	87%	93%	87%	90%
Terrell, TX	177,490	99%	91%	99%	99%	100%
West Branch, MI	112,120	96%	100%	98%	98%	100%
Barstow, CA	109,600	100%	100%	95%	95%	95%
Blowing Rock, NC	104,280	100%	100%	100%	100%	100%
Nags Head, NC	82,178	100%	100%	100%	97%	100%
Boaz, AL	79,575	98%	98%	92%	92%	95%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	94%	94%	100%	100%	100%
Pigeon Forge, TN	n/a	n/a	n/a	n/a	n/a	99%
North Branch, MN	n/a	n/a	n/a	n/a	n/a	100%
Total	8,387,835	98% (2)	96% (2)	96%	95%	97%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

(2)	Excludes the occupancy rate at our Charleston, South Carolina center which opened during the third quarter of 2006 and has not yet stabilized.

Portfolio Occupancy at the End of Each Period (1)

12/06 (2) 09/06 (2) 06/06 03/06 12/05 09/05 06/05 03/05 12/04

98% 96% 96% 95% 97% 96% 97% 95% 97%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

(2)	Excludes the occupancy rate at our Charleston, South Carolina center which opened during the third quarter of 2006 and has not yet stabilized.

Major Tenants (1)

Ten Largest Tenants As of December 31, 2006
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	60	595,187	7.1%
Phillips-Van Heusen	93	446,997	5.3%
Liz Claiborne	40	308,440	3.7%
Adidas	34	274,371	3.3%
VF Factory Outlet	30	269,609	3.2%
Dress Barn, Inc.	34	230,998	2.8%
Carter’s	43	213,191	2.5%
Nike	15	197,200	2.4%
Jones Retail Corporation	69	194,363	2.3%
Polo Ralph Lauren	23	188,628	2.2%
Total of All Listed Above	441	2,918,984	34.8%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

Lease Expirations as of December 31, 2006

Percentage of Total Gross Leasable Area (1)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017+
15.00% 16.00% 18.00% 16.00% 19.00% 7.00% 2.00% 1.00% 2.00% 2.00% 2.00%

Percentage of Total Annualized Base Rent (1)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017+
13.00% 16.00% 17.00% 20.00% 19.00% 6.00% 2.00% 1.00% 2.00% 2.00% 2.00%

(1)

Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

Leasing Activity (1)

	03/31/06	06/30/06	09/30/06	12/31/06	Year to Date	Prior Year to Date
Re-tenanted Space:
Number of leases	60	44	24	5	133	103
Gross leasable area	220,484	150,083	78,044	16,889	465,500	419,250
New base rent per square foot	$17.98	$21.32	$17.21	$24.31	$19.16	$17.74
Prior base rent per square foot	$15.48	$16.47	$18.34	$19.78	$16.43	$16.56
Percent increase	16.1%	29.5%	(6.1%)	22.9%	16.6%	7.1%

New straight line base rent per square foot	$18.61	$22.15	$17.86	$26.05	$19.90	Not available
Prior straight line base rent per square foot	$15.35	$16.21	$17.89	$19.24	$16.19	Not available
Percent increase	21.2%	36.7%	(0.2%)	35.4%	22.9%	Not available

Renewed Space:
Number of leases	220	69	31	26	346	357
Gross leasable area	942,601	316,120	122,997	83,787	1,465,505	1,525,026
New base rent per square foot	$17.71	$16.22	$15.87	$17.36	$17.22	$16.37
Prior base rent per square foot	$16.37	$14.72	$14.93	$16.68	$15.91	$15.44
Percent increase	8.2%	10.2%	6.3%	4.1%	8.2%	6.0%

New straight line base rent per square foot	$17.91	$16.38	$16.34	$17.52	$17.43	Not available
Prior straight line base rent per square foot	$16.03	$14.37	$15.54	$16.32	$15.65	Not available
Percent increase	11.7%	14.0%	5.1%	7.4%	11.4%	Not available

Total Re-tenanted and Renewed Space:
Number of leases	280	113	55	31	479	460
Gross leasable area	1,163,085	466,203	201,041	100,676	1,931,005	1,944,276
New base rent per square foot	$17.76	$17.86	$16.39	$18.53	$17.68	$16.66
Prior base rent per square foot	$16.20	$15.28	$16.25	$17.20	$16.04	$15.68
Percent increase	9.6%	16.9%	0.9%	7.7%	10.3%	6.3%

New straight line base rent per square foot	$18.05	$18.24	$16.93	$18.95	$18.02	Not available
Prior straight line base rent per square foot	$15.90	$14.96	$16.46	$16.81	$15.78	Not available
Percent increase	13.5%	21.9%	2.9%	12.7%	14.2%	Not available

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

Consolidated Balance Sheets (dollars in thousands)

		12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Assets
Rental property
Land	$	130,137		$	130,250		$	119,876		$	119,969		$	120,715
Buildings		1,068,070			1,059,725			1,017,245			1,005,300			1,004,545
Construction in progress		18,640			--			51,260			32,459			27,606
Total rental property		1,216,847			1,189,975			1,188,381			1,157,728			1,152,866
Accumulated depreciation		(275,372	)		(266,054	)		(266,958	)		(257,256	)		(253,765	)
Total rental property - net		941,475			923,921			921,423			900,472			899,101
Cash & cash equivalents		8,453			20,197			1,785			2,153			2,930
Assets held for sale		--			--			--			--			2,637
Investments in unconsolidated joint ventures		14,451			14,581			15,130			14,960			13,020
Deferred charges - net		55,089			57,915			56,867			59,497			64,555
Other assets		21,409			26,819			27,008			38,148			18,362
Total assets	$	1,040,877		$	1,043,433		$	1,022,213		$	1,015,230		$	1,000,605
Liabilities, minority interests & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	498,668		$	498,650		$	349,132		$	349,115		$	349,099
Mortgages payable, including premium		179,911			181,420			198,177			199,662			201,233
Unsecured note		--			--			53,500			53,500			53,500
Unsecured lines of credit		--			--			49,800			47,100			59,775
Total debt		678,579			680,070			650,609			649,377			663,607
Construction trade payables		23,504			21,049			22,372			14,247			13,464
Accounts payable & accruals		25,094			27,254			22,095			21,434			23,954
Total liabilities		727,177			728,373			695,076			685,058			701,025
Minority interest in operating partnership		39,024			39,270			53,541			54,124			49,366
Shareholders’ equity
Preferred shares		75,000			75,000			75,000			75,000			55,000
Common shares		310			310			310			309			307
Paid in capital		346,361			345,411			332,103			330,545			338,688
Distributions in excess of net income		(150,223	)		(147,030	)		(142,497	)		(136,853	)		(140,738	)
Deferred compensation		--			--			--			--			(5,501	)
Accum. other compreh. income		3,228			2,099			8,680			7,047			2,458
Total shareholders’ equity		274,676			275,790			273,596			276,048			250,214
Total liabilities, minority interest & shareholders’ equity	$	1,040,877		$	1,043,433		$	1,022,213		$	1,015,230		$	1,000,605

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		12/06			09/06			06/06			03/06			12/05			12/06			12/05
Revenues
Base rentals	$	36,449		$	35,403		$	33,879		$	32,965		$	33,855		$	138,696		$	131,227
Percentage rentals		2,896			1,736			1,398			1,158			2,418			7,188			6,346
Expense reimbursements		17,165			14,890			13,747			12,720			15,255			58,522			55,415
Other income		2,039			2,407			1,504			1,355			2,098			7,305			5,773
Total revenues		58,549			54,436			50,528			48,198			53,626			211,711			198,761
Expenses
Property operating		19,285			17,139			15,995			14,765			17,347			67,184			62,744
General & administrative		4,402			4,147			4,077			4,081			3,509			16,707			13,841
Depreciation & amortization		14,082			13,578			13,593			15,950			12,246			57,203			48,165
Abandoned acquisition due diligence costs		944			574			--			--			--			1,518			--
Total expenses		38,713			35,438			33,665			34,796			33,102			142,612			124,750
Operating income		19,836			18,998			16,863			13,402			20,524			69,099			74,011
Interest expense (1)		9,919			10,932			9,890			10,034			18,600			40,775			42,927
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate excluded from discontinued operations		9,917			8,066			6,973			3,368			1,924			28,324			31,084
Equity in earnings of unconsolidated joint ventures		297			539			285			147			165			1,268			879
Minority interests:
Consolidated joint venture		--			--			--			--			(3,832	)		--			(24,043	)
Operating partnership		(1,455	)		(1,191	)		(969	)		(381	)		379			(3,996	)		(1,348	)
Income (loss) from continuing operations		8,759			7,414			6,289			3,134			(1,364	)		25,596			6,572
Discontinued operations (2)		--			--			--			11,713			1,489			11,713			2,360
Income before loss on sale of real estate		8,759			7,414			6,289			14,847			125			37,309			8,932
Loss on sale of real estate excluded from discontinued operations		--			--			--			--			--			--			(3,843	)
Net income		8,759			7,414			6,289			14,847			125			37,309			5,089
Less applicable preferred share dividends		(1,406	)		(1,406	)		(1,406	)		(1,215	)		(538	)		(5,433	)		(538	)
Net income (loss) available to common shareholders	$	7,353		$	6,008		$	4,883		$	13,632		$	(413	)	$	31,876		$	4,551
Basic earnings per common share:
Income (loss) from continuing operations	$	.24		$	.20		$	.16		$	.06		$	(.06	)	$	.66		$	.08
Net income (loss)	$	.24		$	.20		$	.16		$	.45		$	(.01	)	$	1.04		$	.16
Diluted earnings per common share:
Income (loss) from continuing operations	$	.23		$	.19		$	.16		$	.06		$	(.06	)	$	.65		$	.08
Net income (loss)	$	.23		$	.19		$	.16		$	.44		$	(.01	)	$	1.03		$	.16
Weighted average common shares:
Basic		30,651			30,619			30,593			30,531			30,452			30,599			28,380
Diluted		31,380			30,983			30,915			30,861			30,753			31,081			28,646

(1)	Three months ended September 30, 2006 and year ended December 31, 2006 includes prepayment premium and deferred loan cost write off of $917,000. Three months and year ended December 31, 2005 includes prepayment premium and deferred loan cost write off of $9.9 million.

(2)

In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”, the results of operations for properties sold for which we have no significant continuing involvement, including any gain or loss on such sales, and properties classified as assets held for sale, have been reported above as discontinued operations for both the current and prior periods presented.

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
		12/06			09/06			06/06			03/06			12/05			12/06			12/05
Funds from operations:
Net income	$	8,759		$	7,414		$	6,289		$	14,847		$	125		$	37,309		$	5,089
Adjusted for -
Minority interest in operating Partnership		1,455			1,191			969			381			(379	)		3,996			1,348
Minority interest adjustment consolidated joint venture		--			--			--			--			234			--			(315	)
Minority interest, depreciation and amortization in discontinued operations		--			--			--			2,444			480			2,444			1,210
Depreciation and amortization uniquely significant to real estate - wholly owned		14,015			13,512			13,526			15,885			12,181			56,938			47,916
Depreciation and amortization uniquely significant to real estate - joint ventures		623			444			379			379			379			1,825			1,493
(Gain) loss on sale of real estate		--			--			--			(13,833	)		--			(13,833	)		3,843
Preferred share dividend		(1,406	)		(1,406	)		(1,406	)		(1,215	)		(538	)		(5,433	)		(538	)
Funds from operations	$	23,446		$	21,155		$	19,757		$	18,888		$	12,482		$	83,246		$	60,046

Funds from operations per share	$	.63		$	.57		$	.53		$	.51		$	.34		$	2.24		$	1.73
Funds available for distribution:
Funds from operations	$	23,446		$	21,155		$	19,757		$	18,888		$	12,482		$	83,246		$	60,046
Adjusted For -
Corporate depreciation excluded above		67			67			66			65			66			265			249
Amortization of finance costs		413			386			298			298			276			1,395			1,295
Early extinguishment of debt		--			917			--			--			9,866			917			9,866
Amortization of share compensation		651			880			661			481			429			2,673			1,565
Straight line rent adjustment		(521	)		(633	)		(601	)		(464	)		(393	)		(2,219	)		(1,750	)
Market rent adjustment		(332	)		(326	)		(348	)		(458	)		(158	)		(1,464	)		(741	)
Market rate interest adjustment		(592	)		(589	)		(581	)		(568	)		(609	)		(2,330	)		(2,533	)
2^nd generation tenant allowances		(3,351	)		(2,527	)		(2,017	)		(1,650	)		(2,130	)		(9,545	)		(10,228	)
Capital improvements		(3,041	)		(2,911	)		(2,913	)		(2,424	)		(1,572	)		(11,289	)		(6,596	)
Consolidated joint venture minority interest share of adjustments		--			--			--			--			(234	)		--			315
Funds available for distribution	$	16,740		$	16,419		$	14,322		$	14,168		$	18,023		$	61,649		$	51,488
Funds available for distribution per share	$	.45		$	.44		$	.39		$	.38		$	.49		$	1.66		$	1.48
Dividends paid per share	$	.34		$	.34		$	.34		$	.3225		$	.3225		$	1.3425		$	1.28

FFO payout ratio		54	%		60	%		64	%		63	%		95	%		60	%		74	%
FAD payout ratio		76	%		77	%		87	%		85	%		66	%		81	%		86	%
Diluted weighted average common shs.		37,447			37,050			36,982			36,928			36,820			37,148			34,713

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

		12/31/06		9/30/06		6/30/06		3/31/06		12/31/05		Tanger’s Share as of 12/31/06 (1)
Assets
Investment properties at cost - net	$	74,253	$	74,913	$	37,474	$	64,463	$	64,915	$	37,127
Construction in progress		38,449		29,776		65,298		26,562		15,734		12,816
Cash and cash equivalents		6,539		14,173		2,926		5,284		6,355		2,617
Deferred charges - net		2,824		2,122		1,805		1,729		1,548		1,284
Other assets		15,239		21,141		13,220		10,647		6,690		6,638
Total assets	$	137,304	$	142,125	$	120,723	$	108,685	$	95,242	$	60,482

Liabilities & Owners’ Equity
Mortgage payable	$	100,138	$	99,561	$	77,380	$	69,323	$	61,081	$	44,162
Construction trade payables		2,734		6,162		9,665		6,646		6,588		1,367
Accounts payable & other liabilities		2,767		2,904		858		1,035		1,177		1,351
Total liabilities		105,639		108,627		87,903		77,004		68,846		46,880
Owners’ equity		31,665		33,498		32,820		31,681		26,396		13,602
Total liabilities & owners’ equity	$	137,304	$	142,125	$	120,723	$	108,685	$	95,242	$	60,482

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		12/06		09/06		06/06		03/06		12/05		12/06		12/05
Revenues	$	4,434	$	4,441	$	3,171	$	2,657	$	2,730	$	14,703	$	10,909
Expenses
Property operating		1,457		1,726		1,202		1,030		1,050		5,415		3,979
General & administrative		82		58		66		7		5		213		24
Depreciation & amortization		1,283		924		788		786		789		3,781		3,102
Total expenses		2,822		2,708		2,056		1,823		1,844		9,409		7,105
Operating income		1,612		1,733		1,115		834		886		5,294		3,804
Interest expense		1,060		700		578		569		586		2,907		2,161
Net income	$	552	$	1,033	$	537	$	265	$	300	$	2,387	$	1,643
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	1,457	$	1,334	$	952	$	810	$	837	$	4,553	$	3,453
Net income	$	297	$	539	$	285	$	147	$	165	$	1,268	$	879
Depreciation (real estate related)	$	623	$	444	$	379	$	379	$	379	$	1,825	$	1,493

Unconsolidated Joint Venture Information - TWMB Associates, LLC (Myrtle Beach, SC)

Summary Balance Sheets (dollars in thousands)

		12/31/06		09/30/06		06/30/06		03/31/06		12/31/05		Tanger’s Share as of 12/31/06
Assets
Investment properties at cost - net	$	36,476	$	36,842	$	37,474	$	38,137	$	38,817	$	18,238
Cash and cash equivalents		1,941		2,067		1,761		2,093		1,993		971
Deferred charges - net		1,043		1,095		1,119		1,159		1,257		522
Other assets		1,888		1,928		3,020		2,473		1,760		944
Total assets	$	41,348	$	41,932	$	43,374	$	43,862	$	43,827	$	20,675

Liabilities & Owners’ Equity
Mortgage payable	$	35,800	$	35,800	$	35,800	$	35,800	$	35,800	$	17,900
Construction trade payables		321		155		174		174		184		161
Accounts payable & other liabilities		119		256		541		491		176		60
Total liabilities		36,240		36,211		36,515		36,465		36,160		18,121
Owners’ equity		5,108		5,721		6,859		7,397		7,667		2,554
Total liabilities & owners’ equity	$	41,348	$	41,932	$	43,374	$	43,862	$	43,827	$	20,675

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	12/06	09/06	06/06	03/06	12/05	12/06	12/05
Revenues	$2,842	$3,016	$2,976	$2,657	$2,730	$11,491	$10,909
Expenses
Property operating	1,050	1,068	1,035	1,030	1,050	4,183	3,979
General & administrative	5	2	20	7	5	34	24
Depreciation & amortization	807	797	788	786	789	3,178	3,102
Total expenses	1,862	1,867	1,843	1,823	1,844	7,395	7,105
Operating income	980	1,149	1,133	834	886	4,096	3,804
Interest expense	564	573	578	569	586	2,284	2,161
Net income	$416	$576	$555	$265	$300	$1,812	$1,643
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$893	$973	$961	$810	$837	$3,637	$3,453
Net income	$216	$303	$292	$147	$165	$958	$879
Depreciation (real estate related)	$395	$384	$379	$379	$379	$1,537	$1,493

Unconsolidated Joint Venture Information - Tanger Wisconsin Dells, LLC

Summary Balance Sheets (dollars in thousands)

		12/31/06		09/30/06		06/30/06		03/31/06		12/31/05		Tanger’s Share as of 12/31/06
Assets
Investment properties at cost - net	$	37,777	$	38,071	$	--	$	--	$	--	$	18,889
Construction in progress		--		--		37,582		26,562		15,734		--
Cash and cash equivalents		681		668		220		18		2,305		341
Deferred charges - net		1,011		1,026		685		569		290		506
Other assets		7,463		7,834		148		18		12		3,732
Total assets	$	46,932	$	47,599	$	38,635	$	27,167	$	18,341	$	23,468

Liabilities & Owners’ Equity
Mortgage payable	$	28,894	$	26,154	$	16,508	$	8,194	$	--	$	14,447
Construction trade payables		2,413		6,007		9,491		6,472		6,404		1,207
Accounts payable & other liabilities		2,454		2,454		147		1		458		1,228
Total liabilities		33,761		34,615		26,146		14,667		6,862		16,882
Owners’ equity		13,171		12,984		12,489		12,500		11,479		6,586
Total liabilities & owners’ equity	$	46,932	$	47,599	$	38,635	$	27,167	$	18,341	$	23,468

Summary Statements of Operations (dollars in thousands)

	Three Months Ended											YTD
		12/06		09/06		06/06			03/06		12/05		12/06		12/05
Revenues	$	1,573	$	1,409	$	162		$	--	$	--	$	3,144	$	--
Expenses
Property operating		407		658		167			--		--		1,232		--
General & administrative		7		6		6			--		--		19		--
Depreciation & amortization		476		127		--			--		--		603		--
Total expenses		890		791		173			--		--		1,854		--
Operating income		683		618		(11	)		--		--		1,290		--
Interest expense		496		127		--			--		--		623		--
Net income (loss)	$	187	$	491	$	(11	)	$	--	$	--	$	667	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	580	$	372	$	(5	)	$	--	$	--	$	947	$	--
Net income (loss)	$	105	$	248	$	(5	)	$	--	$	--	$	348	$	--
Depreciation (real estate related)	$	228	$	60	$	--		$	--	$	--	$	288	$	--

Unconsolidated Joint Venture Information - Deer Park Enterprise, LLC

Summary Balance Sheets (dollars in thousands)

		12/31/06		09/30/06		06/30/06		03/31/06		12/31/05		Tanger’s Share as of 12/31/06
Assets
Investment in properties at cost - net	$	--	$	--	$	--	$	26,326	$	26,098	$	--
Construction in progress		38,449		29,776		27,716		--		--		12,816
Cash and cash equivalents		3,917		11,438		945		3,173		2,057		1,306
Deferred charges - net		770		1		1		1		1		257
Other assets		5,888		11,379		10,052		8,156		4,918		1,963
Total assets	$	49,024	$	52,594	$	38,714	$	37,656	$	33,074	$	16,342

Liabilities & Owners’ Equity
Mortgage payable	$	35,444	$	37,607	$	25,072	$	25,329	$	25,281	$	11,815
Accounts payable & other liabilities		194		194		170		543		543		65
Total liabilities		35,638		37,801		25,242		25,872		25,824		11,880
Owners’ equity		13,386		14,793		13,472		11,784		7,250		4,462
Total liabilities & owners’ equity	$	49,024	$	52,594	$	38,714	$	37,656	$	33,074	$	16,342

Summary Statements of Operations (dollars in thousands)

	Three Months Ended													YTD
		12/06			09/06			06/06			03/06		12/05		12/06			12/05
Revenues	$	19		$	16		$	33		$	--	$	--	$	68		$	--
Expenses
Property operating		--			--			--			--		--		--			--
General & administrative		70			50			40			--		--		160			--
Depreciation & amortization		--			--			--			--		--		--			--
Total expenses		70			50			40			--		--		160			--
Operating income		(51	)		(34	)		(7	)		--		--		(92	)		--
Interest expense		--			--			--			--		--		--			--
Net loss	$	(51	)	$	(34	)	$	(7	)	$	--	$	--	$	(92	)	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	(17	)	$	(12	)	$	(2	)	$	--	$	--	$	(31	)	$	--
Net loss	$	(17	)	$	(12	)	$	(2	)	$	--	$	--	$	(31	)	$	--
Depreciation (real estate related)	$	--		$	--		$	--		$	--	$	--	$	--		$	--

Debt Outstanding Summary (dollars in thousands)

As of December 31, 2006
		Principal Balance		Interest Rate		Maturity Date
Mortgage debt
COROC Holdings, LLC, including centers located in Rehoboth Beach, DE; Foley, AL; Myrtle Beach (Hwy 501), SC; Hilton Head, SC; Park City, UT; Westbrook, CT; Lincoln City, OR; Tuscola, IL; Tilton, NH	$	176,470		6.590	%	07/10/08
Net debt premium, COROC Holdings, LLC (1)		3,441
Total mortgage debt		179,911

Unsecured debt
Unsecured credit facilities		---		Libor + 0.85	%	06/30/09
2008 Senior unsecured notes		100,000		9.125	%	02/15/08
2015 Senior unsecured notes		250,000		6.15	%	11/15/15
2026 Senior unsecured exchangeable notes		149,500		3.75	%	8/15/26
Net discount, senior unsecured notes		(832	)
Total unsecured debt		498,668
Total debt	$	678,579

Senior Unsecured Notes Financial Covenants (2)

As of December 31, 2006
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	60%	51%	Yes
Total Secured Debt to Adjusted Total Assets	40%	13%	Yes
Total Unencumbered Assets to Unsecured Debt	135%	143%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00	3.19	Yes

(1)	Represents a net premium on mortgage debt related to the Charter Oak acquisition.

(2)	For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.

Future Scheduled Principal Payments (dollars in thousands)

As of December 31, 2006
Year		Scheduled Amortization Payments		Balloon Payments			Total Scheduled Payments
2007	$	3,791	$	--		$	3,791
2008		2,328		270,351			272,679
2009		--		--			--
2010		--		--			--
2011		--		--			--
2012		--		--			--
2013		--		--			--
2014		--		--			--
2015		--		250,000			250,000
2016 & thereafter		--		149,500(1	)		149,500
	$	6,119	$	669,851		$	675,970
Net Premium on Debt							2,609
						$	678,579

(1) Of this amount, $149.5 million represents our exchangeable, senior unsecured notes issued in August 2006. On and after August 18, 2011, holders may exchange their notes for cash in an amount equal to the lesser of the exchange value and the aggregate principal amount of the notes to be exchanged, and, at our option, Company common shares, cash or a combination thereof for any excess. Note holders may exchange their notes prior to August 18, 2011 only upon the occurrence of specified events. In addition, on August 18, 2011, August 15, 2016 or August 15, 2021, note holders may require us to repurchase the notes for an amount equal to the principal amount of the notes plus any accrued and unpaid interest thereon.

Investor Information

Tanger Outlet Centers welcomes any questions or comments from shareholders, analysts, investment managers, media and prospective investors. Please address all inquiries to our Investor Relations Department.

Tanger Factory Outlet Centers, Inc.

Investor Relations

Phone: (336) 292-3010 ext 6825

Fax: (336) 297-0931

e-mail: tangermail@tangeroutlet.com

Mail: Tanger Factory Outlet Centers, Inc.

3200 Northline Avenue

Suite 360

Greensboro, NC 27408