tfoc8k08022007ex99-2.htm

EX-99.2 3 tfoc8k08022007ex99-2.htm EXHIBIT 99.2 tfoc8k08022007ex99-2.htm

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

June 30, 2007

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/07

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 June 30, 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 June 30, 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	601,994	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	8,353,819	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 6/30/07	% Occupied 6/30/07	% Occupied 3/31/07	% Occupied 12/31/06	% Occupied 9/30/06	% Occupied 6/30/06
Riverhead, NY	729,315	99%	97%	100%	98%	99%
Rehoboth, DE	568,926	99%	98%	99%	100%	99%
Foley, AL	522,419	98%	96%	98%	96%	96%
San Marcos, TX	442,510	99%	98%	99%	98%	99%
Myrtle Beach, SC	426,417	97%	94%	95%	94%	94%
Sevierville, TN	419,038	99%	98%	100%	100%	100%
Hilton Head, SC	393,094	88%	85%	88%	88%	84%
Charleston, SC	352,260	93%	90%	89%	81%	n/a
Commerce II, GA	347,025	96%	94%	99%	96%	99%
Howell, MI	324,631	99%	99%	100%	99%	100%
Park City, UT	300,602	100%	99%	100%	99%	100%
Locust Grove, GA	293,868	95%	94%	99%	93%	94%
Westbrook, CT	291,051	94%	93%	99%	96%	92%
Branson, MO	277,883	100%	98%	100%	99%	100%
Williamsburg, IA	277,230	98%	95%	99%	98%	97%
Lincoln City, OR	270,280	96%	99%	97%	96%	98%
Tuscola, IL	256,514	72%	69%	77%	70%	70%
Lancaster, PA	255,152	99%	99%	100%	100%	100%
Gonzales, LA	243,499	100%	98%	100%	100%	100%
Tilton, NH	227,849	99%	96%	100%	94%	99%
Fort Myers, FL	198,950	96%	97%	100%	100%	94%
Commerce I, GA	185,750	90%	90%	90%	87%	93%
Terrell, TX	177,490	100%	98%	99%	91%	99%
West Branch, MI	112,120	100%	87%	96%	100%	98%
Barstow, CA	109,600	100%	100%	100%	100%	95%
Blowing Rock, NC	104,280	99%	97%	100%	100%	100%
Nags Head, NC	82,178	100%	100%	100%	100%	100%
Boaz, AL	79,575	96%	92%	98%	98%	92%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	94%	94%	94%	94%	100%
Total	8,353,819	97% (2)	95% (2)	98% (2)	96% (2)	96%

(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)

06/07 03/07 12/06 09/06 06/06 03/06 12/05 09/05 06/05

(2) (2) (2) (2)

97% 95% 98% 96% 96% 95% 97% 96% 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 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 June 30, 2007
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	62	629,698	7.5%
Phillips-Van Heusen	94	448,564	5.4%
Liz Claiborne	39	305,978	3.6%
Adidas	34	274,371	3.2%
VF Factory Outlet	29	266,819	3.2%
Dress Barn, Inc.	36	238,352	2.9%
Nike	17	222,098	2.7%
Carter’s	43	213,191	2.6%
Polo Ralph Lauren	22	185,128	2.2%
Jones Retail Corporation	66	184,404	2.2%
Total of All Listed Above	442	2,968,603	35.5%

(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 June 30, 2007

Percentage of Total Gross Leasable Area (1)

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

6.00% 17.00% 19.00% 17.00% 19.00% 13.00% 2.00% 1.00% 1.00% 2.00% 3.00%

Percentage of Total Annualized Base Rent (1)

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

5.00% 15.00% 17.00% 20.00% 18.00% 12.00% 2.00% 2.00% 2.00% 3.00% 4.00%

(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			31					120			104
Gross leasable area		321,288			107,874					429,162			370,567
New initial base rent per square foot	$	21.54		$	23.41				$	22.01		$	19.33
Prior expiring base rent per square foot	$	16.57		$	17.82				$	16.88		$	15.88
Percent increase		30.0	%		31.4	%				30.4	%		21.7	%

New straight line base rent per square foot	$	22.51		$	25.01				$	23.14		$	20.04
Prior straight line base rent per square foot	$	16.39		$	16.90				$	16.52		$	15.70
Percent increase		37.4	%		47.9	%				40.1	%		27.7	%

Renewed Space:
Number of leases		156			62					218			289
Gross leasable area		733,856			286,013					1,019,869			1,258,721
New initial base rent per square foot	$	18.32		$	16.04				$	17.68		$	17.34
Prior expiring base rent per square foot	$	16.73		$	14.28				$	16.04		$	15.96
Percent increase		9.5	%		12.3	%				10.2	%		8.7	%

New straight line base rent per square foot	$	18.71		$	16.25				$	18.02		$	17.53
Prior straight line base rent per square foot	$	16.52		$	14.19				$	15.87		$	15.62
Percent increase		13.3	%		14.5	%				13.6	%		12.2	%

Total Re-tenanted and Renewed Space:
Number of leases		245			93					338			393
Gross leasable area		1,055,144			393,887					1,449,031			1,629,288
New initial base rent per square foot	$	19.30		$	18.06				$	18.96		$	17.79
Prior expiring base rent per square foot	$	16.68		$	15.25				$	16.29		$	15.94
Percent increase		15.7	%		18.4	%				16.4	%		11.6	%

New straight line base rent per square foot	$	19.86		$	18.65				$	19.53		$	18.10
Prior straight line base rent per square foot	$	16.48		$	14.94				$	16.06		$	15.63
Percent increase		20.6	%		24.8	%				21.6	%		15.8	%

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

Consolidated Balance Sheets (dollars in thousands)

	6/30/07			3/31/07			12/31/06			9/30/06			6/30/06
Assets
Rental property
Land	$	130,138		$	130,137		$	130,137		$	130,250		$	119,876
Buildings		1,074,260			1,071,691			1,068,070			1,059,725			1,017,245
Construction in progress		39,728			23,944			18,640			--			51,260
Total rental property		1,244,126			1,225,772			1,216,847			1,189,975			1,188,381
Accumulated depreciation		(296,319	)		(287,720	)		(275,372	)		(266,054	)		(266,958	)
Total rental property – net		947,807			938,052			941,475			923,921			921,423
Cash & cash equivalents		1,223			3,273			8,453			20,197			1,785
Investments in unconsolidated jointventures		14,324			14,052			14,451			14,581			15,130
Deferred charges – net		49,795			52,312			55,089			57,915			56,867
Other assets		28,904			21,149			21,409			26,819			27,008
Total assets	$	1,042,053		$	1,028,838		$	1,040,877		$	1,043,433		$	1,022,213
Liabilities, minority interest & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	498,704		$	498,685		$	498,668		$	498,650		$	349,132
Mortgages payable, including premium		176,850			178,363			179,911			181,420			198,177
Unsecured note		--			--			--			--			53,500
Unsecured lines of credit		7,900			--			--			--			49,800
Total debt		683,454			677,048			678,579			680,070			650,609
Construction trade payables		27,840			22,266			23,504			21,049			22,372
Accounts payable & accruals		26,656			25,680			25,094			27,254			22,095
Total liabilities		737,950			724,994			727,177			728,373			695,076
Minority interest in operating partnership		37,191			37,193			39,024			39,270			53,541
Shareholders’ equity
Preferred shares		75,000			75,000			75,000			75,000			75,000
Common shares		313			313			310			310			310
Paid in capital		349,599			347,933			346,361			345,411			332,103
Distributions in excess of net income		(165,139	)		(158,902	)		(150,223	)		(147,030	)		(142,497	)
Accum. other compreh. income		7,139			2,307			3,228			2,099			8,680
Total shareholders’ equity		266,912			266,651			274,676			275,790			273,596
Total liabilities, minority interest & shareholders’ equity	$	1,042,053		$	1,028,838		$	1,040,877		$	1,043,433		$	1,022,213

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		06/07			03/07			12/06			09/06			06/06			06/07			06/06
Revenues
Base rentals	$	36,456		$	35,227		$	36,449		$	35,403		$	33,879		$	71,683		$	66,844
Percentage rentals		1,662			1,468			2,896			1,736			1,398			3,130			2,556
Expense reimbursements		15,798			15,045			17,165			14,890			13,747			30,843			26,467
Other income		1,596			1,501			2,039			2,407			1,504			3,097			2,859
Total revenues		55,512			53,241			58,549			54,436			50,528			108,753			98,726
Expenses
Property operating		17,916			17,005			19,285			17,139			15,995			34,921			30,760
General & administrative		4,907			4,277			4,402			4,147			4,077			9,184			8,158
Depreciation & amortization		15,539			18,487			14,082			13,578			13,593			34,026			29,543
Abandoned acquisition due diligence costs		--			--			944			574			--			--			--
Total expenses		38,362			39,769			38,713			35,438			33,665			78,131			68,461
Operating income		17,150			13,472			19,836			18,998			16,863			30,622			30,265
Interest expense (1)		10,072			10,056			9,919			10,932			9,890			20,128			19,924
Income before equity in earnings of unconsolidated joint ventures and minority interest		7,078			3,416			9,917			8,066			6,973			10,494			10,341
Equity in earnings of unconsolidated joint ventures		334			235			297			539			285			569			432
Minority interest in operating partnership		(987	)		(370	)		(1,455	)		(1,191	)		(969	)		(1,357	)		(1,350	)
Income from continuing operations		6,425			3,281			8,759			7,414			6,289			9,706			9,423
Discontinued operations (2)		--			--			--			--			--			--			11,713
Net income		6,425			3,281			8,759			7,414			6,289			9,706			21,136
Less applicable preferred share dividends		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(1,406	)		(2,813	)		(2,621	)
Net income available to common shareholders	$	5,108		$	1,875		$	7,353		$	6,008		$	4,883		$	6,893		$	18,515
Basic earnings per common share:
Income from continuing operations	$	.16		$	.06		$	.24		$	.20		$	.16		$	.22		$	.22
Net income	$	.16		$	.06		$	.24		$	.20		$	.16		$	.22		$	.61
Diluted earnings per common share:
Income from continuing operations	$	.16		$	.06		$	.23		$	.19		$	.16		$	.22		$	.22
Net income	$	.16		$	.06		$	.23		$	.19		$	.16		$	.22		$	.60
Weighted average common shares:
Basic		30,824			30,743			30,651			30,619			30,593			30,784			30,562
Diluted		31,547			31,550			31,380			30,983			30,915			31,537			30,889

(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
		06/07			03/07			12/06			09/06			06/06			06/07			06/06
Funds from operations:
Net income	$	6,425		$	3,281		$	8,759		$	7,414		$	6,289		$	9,706		$	21,136
Adjusted for -
Minority interest in operating Partnership		987			370			1,455			1,191			969			1,357			1,350
Minority interest, depreciation and amortization in discontinued operations		--			--			--			--			--			--			2,444
Depreciation and amortization uniquely significant to real estate – wholly owned		15,461			18,412			14,015			13,512			13,526			33,873			29,411
Depreciation and amortization uniquely significant to real estate – joint ventures		680			654			623			444			379			1,334			758
(Gain) on sale of real estate		--			--			--			--			--			--			(13,833	)
Preferred share dividend		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(1,406	)		(2,813	)		(2,621	)
Funds from operations	$	22,146		$	21,311		$	23,446		$	21,155		$	19,757		$	43,457		$	38,645

Funds from operations per share	$	.59		$	.57		$	.63		$	.57		$	.53		$	1.16		$	1.05
Funds available for distribution:
Funds from operations	$	22,146		$	21,311		$	23,446		$	21,155		$	19,757		$	43,457		$	38,645
Adjusted For -
Corporate depreciation excluded above		78			75			67			67			66			153			131
Amortization of finance costs		417			418			413			386			298			835			596
Early extinguishment of debt		--			--			--			917			--			--			--
Amortization of share compensation		1,057			832			651			880			661			1,889			1,142
Straight line rent adjustment		(839	)		(714	)		(521	)		(633	)		(601	)		(1,553	)		(1,065	)
Market rent adjustment		(236	)		(364	)		(332	)		(326	)		(348	)		(600	)		(806	)
Market rate interest adjustment		(597	)		(585	)		(592	)		(589	)		(581	)		(1,182	)		(1,149	)
2^nd generation tenant allowances		(5,314	)		(6,047	)		(3,351	)		(2,527	)		(2,017	)		(11,361	)		(3,667	)
Capital improvements		(2,188	)		(1,880	)		(3,041	)		(2,911	)		(2,913	)		(4,068	)		(5,337	)
Funds available for distribution	$	14,524		$	13,046		$	16,740		$	16,419		$	14,322		$	27,570		$	28,490
Funds available for distribution per share	$	.39		$	.35		$	.45		$	.44		$	.39		$	.73		$	.77
Dividends paid per share	$	.36		$	.34		$	.34		$	.34		$	.34		$	.7000		$	.6625

FFO payout ratio		61	%		60	%		54	%		60	%		64	%		60	%		63	%
FAD payout ratio		92	%		97	%		76	%		77	%		87	%		96	%		86	%
Diluted weighted average common shares		37,614			37,616			37,447			37,050			36,982			37,604			36,956

Unconsolidated Joint Venture Information – All

Summary Balance Sheets (dollars in thousands)

	6/30/07	3/31/07	12/31/06	9/30/06	6/30/06	Tanger’s Share as of 6/30/07
Assets
Investment properties at cost – net	$ 73,272	$ 74,017	$ 74,253	$ 74,913	$ 37,474	$ 36,636
Construction in progress	55,487	44,049	38,449	29,776	65,298	18,496
Cash and cash equivalents	4,899	3,260	6,539	14,173	2,926	2,057
Deferred charges – net	2,733	2,294	2,824	2,122	1,805	1,225
Other assets	8,843	16,663	15,239	21,141	13,220	3,406
Total assets	$145,234	$140,283	$137,304	$142,125	$120,723	$ 61,820

Liabilities & Owners’ Equity
Mortgage payable	$112,292	$103,444	$100,138	$ 99,561	$ 77,380	$ 47,606
Construction trade payables	1,423	1,283	2,734	6,162	9,665	712
Accounts payable & other liabilities	1,571	4,696	2,767	2,904	858	677
Total liabilities	115,286	109,423	105,639	108,627	87,903	48,995
Owners’ equity	29,948	30,860	31,665	33,498	32,820	12,825
Total liabilities & owners’ equity	$145,234	$140,283	$137,304	$142,125	$120,723	$ 61,820

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	06/07	03/07	12/06	09/06	06/06	06/07	06/06
Revenues	$4,780	$4,636	$4,434	$4,441	$3,171	$9,416	$5,828
Expenses
Property operating	1,596	1,764	1,457	1,726	1,202	3,360	2,232
General & administrative	117	42	82	58	66	159	73
Depreciation & amortization	1,409	1,357	1,283	924	788	2,766	1,574
Total expenses	3,122	3,163	2,822	2,708	2,056	6,825	3,879
Operating income	1,658	1,473	1,612	1,733	1,115	3,131	1,949
Interest expense	1,061	1,056	1,060	700	578	2,117	1,147
Net income	$ 597	$ 417	$ 552	$1,033	$ 537	$1,014	$ 802
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$1,544	$1,417	$1,457	$1,334	$ 952	$2,961	$1,762
Net income	$ 334	$ 235	$ 297	$ 539	$ 285	$ 569	$ 432
Depreciation (real estate related)	$ 679	$ 655	$ 623	$ 444	$ 379	$1,334	$ 758

Unconsolidated Joint Venture Information – Myrtle Beach Hwy 17

Summary Balance Sheets (dollars in thousands)

	6/30/07	3/31/07	12/31/06	09/30/06	06/30/06	Tanger’s Share as of 6/30/07
Assets
Investment properties at cost – net	$36,136	$36,681	$36,476	$36,842	$37,474	$18,068
Cash and cash equivalents	1,826	1,769	1,941	2,067	1,761	913
Deferred charges – net	986	1,034	1,043	1,095	1,119	493
Other assets	2,256	2,151	1,888	1,928	3,020	1,128
Total assets	$41,201	$41,635	$41,348	$41,932	$43,374	$20,602

Liabilities & Owners’ Equity
Mortgage payable	$35,800	$35,800	$35,800	$35,800	$35,800	$17,900
Construction trade payables	1,005	1,031	321	155	174	503
Accounts payable & other liabilities	319	580	119	256	541	159
Total liabilities	37,124	37,411	36,240	36,211	36,515	18,562
Owners’ equity	4,080	4,224	5,108	5,721	6,859	2,040
Total liabilities & owners’ equity	$41,204	$41,635	$41,348	$41,932	$43,374	$20,602

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	06/07	03/07	12/06	09/06	06/06	06/07	06/06
Revenues	$2,997	$2,767	$2,842	$3,016	$2,976	$5,764	$5,633
Expenses
Property operating	1,054	1,069	1,050	1,068	1,035	2,123	2,065
General & administrative	22	6	5	2	20	28	27
Depreciation & amortization	817	807	807	797	788	1,624	1,574
Total expenses	1,893	1,882	1,862	1,867	1,843	3,775	3,666
Operating income	1,104	885	980	1,149	1,133	1,989	1,967
Interest expense	555	551	564	573	578	1,106	1,147
Net income	$549	$334	$416	$576	$555	$883	$820
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$961	$846	$893	$973	$961	$1.807	$1,771
Net income	$289	$181	$216	$303	$292	$470	$439
Depreciation (real estate related)	$394	$390	$395	$384	$379	$784	$758

Unconsolidated Joint Venture Information – Wisconsin Dells

Summary Balance Sheets (dollars in thousands)

	06/30/07	03/31/07	12/31/06	09/30/06	06/30/06	Tanger’s Share as of 06/30/07
Assets
Investment properties at cost - net	$37,136	$37,336	$37,777	$38,071	$ --	$18,568
Construction in progress	--	--	--	--	37,582	--
Cash and cash equivalents	720	2	681	668	220	360
Deferred charges – net	898	959	1,011	1,026	685	449
Other assets	494	8,034	7,463	7,834	148	247
Total assets	$39,248	$46,331	$46,932	$47,599	$38,635	$19,624

Liabilities & Owners’ Equity
Mortgage payable	$25,250	$28,894	$28,894	$26,154	$16,508	$12,625
Construction trade payables	418	252	2,413	6,007	9,491	209
Accounts payable & other liabilities	607	3,922	2,454	2,454	147	303
Total liabilities	26,275	33,068	33,761	34,615	26,146	13,137
Owners’ equity	12,973	13,263	13,171	12,984	12,489	6,487
Total liabilities & owners’ equity	$39,248	$46,331	$46,932	$47,599	$38,635	$19,624

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	06/07	03/07	12/06	09/06	06/06	06/07	06/06
Revenues	$1,177	$1,856	$1,573	$1,409	$162	$3,633	$162
Expenses
Property operating	542	695	407	658	167	1,237	167
General & administrative	26	10	7	6	6	36	6
Depreciation & amortization	592	550	476	127	--	1,142	--
Total expenses	1,160	1,255	890	791	173	2,415	173
Operating income	617	601	683	618	(11)	1,218	(11)
Interest expense	506	505	496	127	--	1,011	--
Net income (loss)	$111	$96	$187	$491	$(11)	$207	$(11)
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$605	$576	$580	$372	$(5)	$1,180	$(5)
Net income (loss)	$67	$58	$105	$248	$(5)	$125	$(5)
Depreciation (real estate related)	$285	$265	$228	$ 60	$--	$550	$ --

Unconsolidated Joint Venture Information – Deer Park

Summary Balance Sheets (dollars in thousands)

	06/30/07	03/31/07	12/31/06	09/30/06	06/30/06	Tanger’s Share as of 06/30/07
Assets
Construction in progress	$55,487	$44,049	$38,449	$29,776	$27,716	$18,496
Cash and cash equivalents	2,353	1,489	3,917	11,438	945	784
Deferred charges – net	849	301	770	1	1	283
Other assets	6,093	6,478	5,888	11,379	10,052	2,031
Total assets	$64,782	$52,317	$49,024	$52,594	$38,714	$21,594

Liabilities & Owners’ Equity
Mortgage payable	$51,242	$38,750	$35,444	$37,607	$25,072	$17,081
Accounts payable & other liabilities	645	194	194	194	170	215
Total liabilities	51,887	38,944	35,638	37,801	25,242	17,296
Owners’ equity	12,895	13,373	13,386	14,793	13,472	4,298
Total liabilities & owners’ equity	$64,782	$52,317	$49,024	$52,594	$38,714	$21,594

Summary Statements of Operations (dollars in thousands)

	Three Months Ended															YTD
		06/07			03/07			12/06			09/06			06/06			06/07			06/06
Revenues	$	6		$	13		$	19		$	16		$	33		$	19		$	33
Expenses
Property operating		--			--			--			--			--			--			--
General & administrative		69			26			70			50			40			95			40
Depreciation & amortization		--			--			--			--			--			--			--
Total expenses		69			26			70			50			40			95			40
Operating income		(63	)		(13	)		(51	)		(34	)		(7	)		(76	)		(7	)
Interest expense		--			--			--			--			--			--			--
Net loss	$	(63	)	$	(13	)	$	(51	)	$	(34	)	$	(7	)	$	(76	)	$	(7	)
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	(21	)	$	(4	)	$	(17	)	$	(12	)	$	(2	)	$	(25	)	$	(2	)
Net loss	$	(21	)	$	(4	)	$	(17	)	$	(12	)	$	(2	)	$	(25	)	$	(2	)
Depreciation (real estate related)	$	--		$	--		$	--		$	--		$	--		$	--		$	--

Debt Outstanding Summary (dollars in thousands)

As of June 30, 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	$	174,590			6.590	%	07/10/08
Net debt premium, COROC Holdings, LLC (1)		2,260
Total mortgage debt		176,850

Unsecured debt
Unsecured credit facilities		7,900		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		(796	)
Total unsecured debt		506,604
Total debt	$	683,454

Senior Unsecured Notes Financial Covenants (2)

As of June 30, 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%	150%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00	3.37	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 June 30, 2007
Year	Scheduled Amortization Payments		Balloon Payments			Total Scheduled Payments
2007	$	1,911	$	--		$	1,911
2008		2,328		270,351			272,679
2009		--		7,900			7,900
2010		--		--			--
2011		--		--			--
2012		--		--			--
2013		--		--			--
2014		--		--			--
2015		--		250,000			250,000
2016 & thereafter		--		149,500	(1)		149,500
	$	4,239	$	667,751		$	681,990
Net Premium on Debt							1,464
						$	683,454

(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) 292-6825

Fax: (336) 297-0931

e-mail: tangermail@tangeroutlet.com

Mail: Tanger Factory Outlet Centers, Inc.

3200 Northline Avenue

Suite 360

Greensboro, NC 27408