EX-99.2 3 tfoc8k03312007ex99-2.htm EXHIBIT 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

March 31, 2007

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, 2006.

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 March 31, 2007				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 March 31, 2007
State	# of Centers	GLA	% of GLA
South Carolina	3	1,171,771	14%
Georgia	3	826,643	10%
New York	1	729,315	9%
Texas	2	620,000	8%
Alabama	2	619,918	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	227,849	3%
Florida	1	198,950	2%
North Carolina	2	186,458	2%
California	1	109,600	1%
Maine	2	84,313	1%
Total (1)	30	8,371,743	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 two centers totaling 229,174 square feet for which we only have management responsibilities.

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

Location	Total GLA 3/31/07	% Occupied 3/31/07	% Occupied 12/31/06	% Occupied 9/30/06	% Occupied 6/30/06	% Occupied 3/31/06
Riverhead, NY	729,315	97%	100%	98%	99%	98%
Rehoboth, DE	568,926	98%	99%	100%	99%	98%
Foley, AL	540,343	96%	98%	96%	96%	94%
San Marcos, TX	442,510	98%	99%	98%	99%	97%
Myrtle Beach, SC	426,417	94%	95%	94%	94%	91%
Sevierville, TN	419,038	98%	100%	100%	100%	100%
Hilton Head, SC	393,094	85%	88%	88%	84%	81%
Charleston, SC	352,260	90%	89%	81%	n/a	n/a
Commerce II, GA	347,025	94%	99%	96%	99%	98%
Howell, MI	324,631	99%	100%	99%	100%	95%
Park City, UT	300,602	99%	100%	99%	100%	100%
Locust Grove, GA	293,868	94%	99%	93%	94%	95%
Westbrook, CT	291,051	93%	99%	96%	92%	90%
Branson, MO	277,883	98%	100%	99%	100%	99%
Williamsburg, IA	277,230	95%	99%	98%	97%	99%
Lincoln City, OR	270,280	99%	97%	96%	98%	99%
Tuscola, IL	256,514	69%	77%	70%	70%	70%
Lancaster, PA	255,152	99%	100%	100%	100%	99%
Gonzales, LA	243,499	98%	100%	100%	100%	100%
Tilton, NH	227,849	96%	100%	94%	99%	97%
Fort Myers, FL	198,950	97%	100%	100%	94%	91%
Commerce I, GA	185,750	90%	90%	87%	93%	87%
Terrell, TX	177,490	98%	99%	91%	99%	99%
West Branch, MI	112,120	87%	96%	100%	98%	98%
Barstow, CA	109,600	100%	100%	100%	95%	95%
Blowing Rock, NC	104,280	97%	100%	100%	100%	100%
Nags Head, NC	82,178	100%	100%	100%	100%	97%
Boaz, AL	79,575	92%	98%	98%	92%	92%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	94%	94%	94%	100%	100%
Total	8,371,743	95% (2)	98% (2)	96% (2)	96%	95%

(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 two centers totaling 229,174 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)

03/07 (2) 12/06 (2) 09/06 (2) 06/06 03/06 12/05 09/05 06/05 03/05

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

(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 two centers totaling 229,174 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 March 31, 2007
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	60	595,187	7.1%
Phillips-Van Heusen	94	448,564	5.4%
Liz Claiborne	40	310,478	3.7%
Adidas	34	274,371	3.3%
VF Factory Outlet	29	266,819	3.2%
Dress Barn, Inc.	34	230,998	2.8%
Carter’s	43	213,191	2.5%
Nike	16	210,098	2.5%
Jones Retail Corporation	68	190,478	2.3%
Polo Ralph Lauren	23	188,628	2.2%
Total of All Listed Above	441	2,928,812	35.0%

(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 two centers totaling 229,174 square feet for which we only have management responsibilities.

Lease Expirations as of March 31, 2007

Percentage of Total Gross Leasable Area (1)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017+

10.00% 17.00% 19.00% 17.00% 19.00% 9.00% 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+

8.00% 16.00% 17.00% 21.00% 19.00% 9.00% 2.00% 2.00% 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 two centers totaling 229,174 square feet for which we only have management responsibilities.

Leasing Activity (1)

	03/31/07	06/30/07	09/30/07	12/31/07	Year to Date	Prior Year to Date
Re-tenanted Space:
Number of leases	89				89	60
Gross leasable area	321,288				321,288	220,484
New initial base rent per square foot	$21.54				$21.54	$17.98
Prior expiring base rent per square foot	$16.57				$16.57	$15.48
Percent increase	30.0%				30.0%	16.1%

New straight line base rent per square foot	$22.51				$22.51	$18.61
Prior straight line base rent per square foot	$16.39				$16.39	$15.35
Percent increase	37.4%				37.4%	21.2%

Renewed Space:
Number of leases	156				156	220
Gross leasable area	733,856				733,856	942,601
New initial base rent per square foot	$18.32				$18.32	$17.71
Prior expiring base rent per square foot	$16.73				$16.73	$16.37
Percent increase	9.5%				9.5%	8.2%

New straight line base rent per square foot	$18.71				$18.71	$17.91
Prior straight line base rent per square foot	$16.52				$16.52	$16.03
Percent increase	13.3%				13.3%	11.7%

Total Re-tenanted and Renewed Space:
Number of leases	245				245	280
Gross leasable area	1,055,144				1,055,144	1,163,085
New initial base rent per square foot	$19.30				$19.30	$17.76
Prior expiring base rent per square foot	$16.68				$16.68	$16.20
Percent increase	15.7%				15.7%	9.6%

New straight line base rent per square foot	$19.86				$19.86	$18.05
Prior straight line base rent per square foot	$16.48				$16.48	$15.90
Percent increase	20.6%				20.6%	13.5%

(1)

Consolidated Balance Sheets (dollars in thousands)

	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Assets
Rental property
Land	$	130,137		$	130,137		$	130,250		$	119,876		$	119,969
Buildings		1,071,691			1,068,070			1,059,725			1,017,245			1,005,300
Construction in progress		23,944			18,640			--			51,260			32,459
Total rental property		1,225,772			1,216,847			1,189,975			1,188,381			1,157,728
Accumulated depreciation		(287,720	)		(275,372	)		(266,054	)		(266,958	)		(257,256	)
Total rental property - net		938,052			941,475			923,921			921,423			900,472
Cash & cash equivalents		3,273			8,453			20,197			1,785			2,153
Assets held for sale		--			--			--			--			--
Investments in unconsolidated joint ventures		14,052			14,451			14,581			15,130			14,960
Deferred charges - net		52,312			55,089			57,915			56,867			59,497
Other assets		21,149			21,409			26,819			27,008			38,148
Total assets	$	1,028,838		$	1,040,877		$	1,043,433		$	1,022,213		$	1,015,230
Liabilities, minority interest & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	498,685		$	498,668		$	498,650		$	349,132		$	349,115
Mortgages payable, including premium		178,363			179,911			181,420			198,177			199,662
Unsecured note		--			--			--			53,500			53,500
Unsecured lines of credit		--			--			--			49,800			47,100
Total debt		677,048			678,579			680,070			650,609			649,377
Construction trade payables		22,226			23,504			21,049			22,372			14,247
Accounts payable & accruals		25,680			25,094			27,254			22,095			21,434
Total liabilities		724,994			727,177			728,373			695,076			685,058
Minority interest in operating partnership		37,193			39,024			39,270			53,541			54,124
Shareholders’ equity
Preferred shares		75,000			75,000			75,000			75,000			75,000
Common shares		313			310			310			310			309
Paid in capital		347,933			346,361			345,411			332,103			330,545
Distributions in excess of net income		(158,902	)		(150,223	)		(147,030	)		(142,497	)		(136,853	)
Accum. other compreh. income		2,307			3,228			2,099			8,680			7,047
Total shareholders’ equity		266,651			274,676			275,790			273,596			276,048
Total liabilities, minority interest & shareholders’ equity	$	1,028,838		$	1,040,877		$	1,043,433		$	1,022,213		$	1,015,230

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		03/07			12/06			09/06			06/06			03/06			03/07			03/06
Revenues
Base rentals	$	35,227		$	36,449		$	35,403		$	33,879		$	32,965		$	35,227		$	32,965
Percentage rentals		1,468			2,896			1,736			1,398			1,158			1,468			1,158
Expense reimbursements		15,045			17,165			14,890			13,747			12,720			15,045			12,720
Other income		1,501			2,039			2,407			1,504			1,355			1,501			1,355
Total revenues		53,241			58,549			54,436			50,528			48,198			53,241			48,198
Expenses
Property operating		17,005			19,285			17,139			15,995			14,765			17,005			14,765
General & administrative		4,277			4,402			4,147			4,077			4,081			4,277			4,081
Depreciation & amortization		18,487			14,082			13,578			13,593			15,950			18,487			15,950
Abandoned acquisition due diligence costs		--			944			574			--			--			--			--
Total expenses		39,769			38,713			35,438			33,665			34,796			39,769			34,796
Operating income		13,472			19,836			18,998			16,863			13,402			13,472			13,402
Interest expense (1)		10,056			9,919			10,932			9,890			10,034			10,056			10,034
Income before equity in earnings of unconsolidated joint ventures and minority interest		3,416			9,917			8,066			6,973			3,368			3,416			3,368
Equity in earnings of unconsolidated joint ventures		235			297			539			285			147			235			147
Minority interest in operating partnership		(370	)		(1,455	)		(1,191	)		(969	)		(381	)		(370	)		(381	)
Income from continuing operations		3,281			8,759			7,414			6,289			3,134			3,281			3,134
Discontinued operations (2)		--			--			--			--			11,713			--			11,713
Net income		3,281			8,759			7,414			6,289			14,847			3,281			14,847
Less applicable preferred share dividends		(1,406	)		(1,406	)		(1,406	)		(1,406	)		(1,215	)		(1,406	)		(1,215	)
Net income available to common shareholders	$	1,875		$	7,353		$	6,008		$	4,883		$	13,632		$	1,875		$	13,632
Basic earnings per common share:
Income from continuing operations	$	.06		$	.24		$	.20		$	.16		$	.06		$	.06		$	.06
Net income	$	.06		$	.24		$	.20		$	.16		$	.45		$	.06		$	.45
Diluted earnings per common share:
Income from continuing operations	$	.06		$	.23		$	.19		$	.16		$	.06		$	.06		$	.06
Net income	$	.06		$	.23		$	.19		$	.16		$	.44		$	.06		$	.44
Weighted average common shares:
Basic		30,743			30,651			30,619			30,593			30,531			30,743			30,531
Diluted		31,550			31,380			30,983			30,915			30,861			31,550			30,861

(1)	Three months ended September 30, 2006 includes a prepayment premium and deferred loan cost write off of $917,000.

(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
		03/07			12/06			09/06			06/06			03/06			03/07			03/06
Funds from operations:
Net income	$	3,281		$	8,759		$	7,414		$	6,289		$	14,847		$	3,281		$	14,847
Adjusted for -
Minority interest in operating Partnership		370			1,455			1,191			969			381			370			381
Minority interest, depreciation and amortization in discontinued operations		--			--			--			--			2,444			--			2,444
Depreciation and amortization uniquely significant to real estate -wholly owned		18,412			14,015			13,512			13,526			15,885			18,412			15,885
Depreciation and amortization uniquely significant to real estate -joint ventures		654			623			444			379			379			654			379
(Gain) on sale of real estate		--			--			--			--			(13,833	)		--			(13,833	)
Preferred share dividend		(1,406	)		(1,406	)		(1,406	)		(1,406	)		(1,215	)		(1,406	)		(1,215	)
Funds from operations	$	21,311		$	23,446		$	21,155		$	19,757		$	18,888		$	21,311		$	18,888

Funds from operations per share	$	.57		$	.63		$	.57		$	.53		$	.51		$	.57		$	.51
Funds available for distribution:
Funds from operations	$	21,311		$	23,446		$	21,155		$	19,757		$	18,888		$	21,311		$	18,888
Adjusted For -
Corporate depreciation excluded above		75			67			67			66			65			75			65
Amortization of finance costs		418			413			386			298			298			418			298
Early extinguishment of debt		--			--			917			--			--			--			--
Amortization of share compensation		832			651			880			661			481			832			481
Straight line rent adjustment		(714	)		(521	)		(633	)		(601	)		(464	)		(714	)		(464	)
Market rent adjustment		(364	)		(332	)		(326	)		(348	)		(458	)		(364	)		(458	)
Market rate interest adjustment		(585	)		(592	)		(589	)		(581	)		(568	)		(585	)		(568	)
2^nd generation tenant allowances		(6,047	)		(3,351	)		(2,527	)		(2,017	)		(1,650	)		(6,047	)		(1,650	)
Capital improvements		(1,880	)		(3,041	)		(2,911	)		(2,913	)		(2,424	)		(1,880	)		(2,424	)
Funds available for distribution	$	13,046		$	16,740		$	16,419		$	14,322		$	14,168		$	13,046		$	14,168
Funds available for distribution per share	$	.35		$	.45		$	.44		$	.39		$	.38		$	.35		$	.38
Dividends paid per share	$	.34		$	.34		$	.34		$	.34		$	.3225		$	.34		$	.3225

FFO payout ratio		60	%		54	%		60	%		64	%		63	%		60	%		63	%
FAD payout ratio		97	%		76	%		77	%		87	%		85	%		97	%		85	%
Diluted weighted average common shs.		37,616			37,447			37,050			36,982			36,928			37,616			36,928

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

	3/31/07	12/31/06	9/30/06	6/30/06	3/31/06	Tanger’s Share as of 3/31/07 (1)
Assets
Investment properties at cost - net	$74,017	$74,253	$74,913	$37,474	$64,463	$37,009
Construction in progress	44,049	38,449	29,776	65,298	26,562	14,683
Cash and cash equivalents	3,260	6,539	14,173	2,926	5,284	1,382
Deferred charges - net	2,294	2,824	2,122	1,805	1,729	1,097
Other assets	16,663	15,239	21,141	13,220	10,647	7,252
Total assets	$140,283	$137,304	$142,125	$120,723	$108,685	$61,423

Liabilities & Owners’ Equity
Mortgage payable	$103,444	$100,138	$99,561	$77,380	$69,323	$45,264
Construction trade payables	1,283	2,734	6,162	9,665	6,646	642
Accounts payable & other liabilities	4,696	2,767	2,904	858	1,035	2,316
Total liabilities	109,423	105,639	108,627	87,903	77,004	48,222
Owners’ equity	30,860	31,665	33,498	32,820	31,681	13,201
Total liabilities & owners’ equity	$140,283	$137,304	$142,125	$120,723	$108,685	$61,423

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	03/07	12/06	09/06	06/06	03/06	03/07	03/06
Revenues	$4,636	$4,434	$4,441	$3,171	$2,657	$4,636	$2,657
Expenses
Property operating	1,764	1,457	1,726	1,202	1,030	1,764	1,030
General & administrative	42	82	58	66	7	42	7
Depreciation & amortization	1,357	1,283	924	788	786	1,357	786
Total expenses	3,163	2,822	2,708	2,056	1,823	3,163	1,823
Operating income	1,473	1,612	1,733	1,115	834	1,473	834
Interest expense	1,056	1,060	700	578	569	1,056	569
Net income	$417	$552	$1,033	$537	$265	$417	$265
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$1,417	$1,457	$1,334	$952	$810	$1,417	$810
Net income	$235	$297	$539	$285	$147	$235	$147
Depreciation (real estate related)	$655	$623	$444	$379	$379	$655	$379

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

Summary Balance Sheets (dollars in thousands)

	3/31/07	12/31/06	09/30/06	06/30/06	03/31/06	Tanger’s Share as of 3/31/07
Assets
Investment properties at cost - net	$36,681	$36,476	$36,842	$37,474	$38,137	$18,341
Cash and cash equivalents	1,769	1,941	2,067	1,761	2,093	885
Deferred charges - net	1,034	1,043	1,095	1,119	1,159	517
Other assets	2,151	1,888	1,928	3,020	2,473	1,075
Total assets	$41,635	$41,348	$41,932	$43,374	$43,862	$20,818

Liabilities & Owners’ Equity
Mortgage payable	$35,800	$35,800	$35,800	$35,800	$35,800	$17,900
Construction trade payables	1,031	321	155	174	174	516
Accounts payable & other liabilities	580	119	256	541	491	290
Total liabilities	37,411	36,240	36,211	36,515	36,465	18,706
Owners’ equity	4,224	5,108	5,721	6,859	7,397	2,112
Total liabilities & owners’ equity	$41,635	$41,348	$41,932	$43,374	$43,862	$20,818

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	03/07	12/06	09/06	06/06	03/06	03/07	03/06
Revenues	$2,767	$2,842	$3,016	$2,976	$2,657	$2,767	$2,657
Expenses
Property operating	1,069	1,050	1,068	1,035	1,030	1,069	1,030
General & administrative	6	5	2	20	7	6	7
Depreciation & amortization	807	807	797	788	786	807	786
Total expenses	1,882	1,862	1,867	1,843	1,823	1,882	1,823
Operating income	885	980	1,149	1,133	834	885	834
Interest expense	551	564	573	578	569	551	569
Net income	$334	$416	$576	$555	$265	$334	$265
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$846	$893	$973	$961	$810	$846	$810
Net income	$181	$216	$303	$292	$147	$181	$147
Depreciation (real estate related)	$390	$395	$384	$379	$379	$390	$379

Unconsolidated Joint Venture Information - Tanger Wisconsin Dells, LLC

Summary Balance Sheets (dollars in thousands)

03/31/07				12/31/06		09/30/06		06/30/06		03/31/06		Tanger’s Share as of 03/31/07
Assets
Investment properties at cost - net	$	37,336	$	37,777	$	38,071	$	--	$	--	$	18,668
Construction in progress		--		--		--		37,582		26,562		--
Cash and cash equivalents		2		681		668		220		18		1
Deferred charges - net		959		1,011		1,026		685		569		480
Other assets		8,034		7,463		7,834		148		18		4,017
Total assets	$	46,331	$	46,932	$	47,599	$	38,635	$	27,167	$	23,166

Liabilities & Owners’ Equity
Mortgage payable	$	28,894	$	28,894	$	26,154	$	16,508	$	8,194	$	14,447
Construction trade payables		252		2,413		6,007		9,491		6,472		126
Accounts payable & other liabilities		3,922		2,454		2,454		147		1		1,961
Total liabilities		33,068		33,761		34,615		26,146		14,667		16,534
Owners’ equity		13,263		13,171		12,984		12,489		12,500		6,632
Total liabilities & owners’ equity	$	46,331	$	46,932	$	47,599	$	38,635	$	27,167	$	23,166

Summary Statements of Operations (dollars in thousands)

	Three Months Ended											YTD
		03/07		12/06		09/06		06/06			03/06		03/07		03/06
Revenues	$	1,856	$	1,573	$	1,409	$	162		$	--	$	1,856	$	--
Expenses
Property operating		695		407		658		167			--		695		--
General & administrative		10		7		6		6			--		10		--
Depreciation & amortization		550		476		127		--			--		550		--
Total expenses		1,255		890		791		173			--		1,255		--
Operating income		601		683		618		(11	)		--		601		--
Interest expense		505		496		127		--			--		505		--
Net income (loss)	$	96	$	187	$	491	$	(11	)	$	--	$	96	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	576	$	580	$	372	$	(5	)	$	--	$	576	$	--
Net income (loss)	$	58	$	105	$	248	$	(5	)	$	--	$	58	$	--
Depreciation (real estate related)	$	265	$	228	$	60	$	--		$	--	$	265	$	--

Unconsolidated Joint Venture Information - Deer Park Enterprise, LLC

Summary Balance Sheets (dollars in thousands)

	03/31/07	12/31/06	09/30/06	06/30/06	03/31/06	Tanger’s Share as of 03/31/07
Assets
Investment in properties at cost - net	$ --	$ --	$ --	$ --	$26,326	$ --
Construction in progress	44,049	38,449	29,776	27,716	--	14,683
Cash and cash equivalents	1,489	3,917	11,438	945	3,173	496
Deferred charges - net	301	770	1	1	1	100
Other assets	6,478	5,888	11,379	10,052	8,156	2,160
Total assets	$52,317	$49,024	$52,594	$38,714	$37,656	$17,439

Liabilities & Owners’ Equity
Mortgage payable	$38,750	$35,444	$37,607	$25,072	$25,329	$ 12,917
Accounts payable & other liabilities	194	194	194	170	543	64
Total liabilities	38,944	35,638	37,801	25,242	25,872	12,981
Owners’ equity	13,373	13,386	14,793	13,472	11,784	4,458
Total liabilities & owners’ equity	$52,317	$49,024	$52,594	$38,714	$37,656	$17,439

Summary Statements of Operations (dollars in thousands)

	Three Months Ended														YTD
	03/07			12/06			09/06			06/06			03/06		03/07			03/06
Revenues	$	13		$	19		$	16		$	33		$	--	$	13		$	--
Expenses
Property operating		--			--			--			--			--		--			--
General & administrative		26			70			50			40			--		26			--
Depreciation & amortization		--			--			--			--			--		--			--
Total expenses		26			70			50			40			--		26			--
Operating income		(13	)		(51	)		(34	)		(7	)		--		(13	)		--
Interest expense		--			--			--			--			--		--			--
Net loss	$	(13	)	$	(51	)	$	(34	)	$	(7	)	$	--	$	(13	)	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	(4	)	$	(17	)	$	(12	)	$	(2	)	$	--	$	(4	)	$	--
Net loss	$	(4	)	$	(17	)	$	(12	)	$	(2	)	$	--	$	(4	)	$	--
Depreciation (real estate related)	$	--		$	--		$	--		$	--		$	--	$	--		$	--

Debt Outstanding Summary (dollars in thousands)

As of March 31, 2007
	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	$175,506	6.590%	07/10/08
Net debt premium, COROC Holdings, LLC (1)	2,857
Total mortgage debt	178,363

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	(815)
Total unsecured debt	498,685
Total debt	$677,048

Senior Unsecured Notes Financial Covenants (2)

As of March 31, 2007
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	60%	50%	Yes
Total Secured Debt to Adjusted Total Assets	40%	13%	Yes
Total Unencumbered Assets to Unsecured Debt	135%	149%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00	3.17	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 March 31, 2007
Year	Scheduled Amortization Payments	Balloon Payments	Total Scheduled Payments
2007	$2,827	$ --	$ 2,827
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
	$5,155	$669,851	$675,006
Net Premium on Debt			2,042
			$677,048

(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