8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (date of earliest event reported):  October 30, 2007

TANGER FACTORY OUTLET CENTERS, INC.

_________________________________________

(Exact name of registrant as specified in its charter)

             North Carolina (State or other jurisdiction of Incorporation)   1-11986 (Commission File Number)                   56-1815473                 (I.R.S. Employer Identification Number)

             3200 Northline Avenue, Greensboro, North Carolina 27408             

(Address of principal executive offices) (Zip Code)

                           (336) 292-3010                                

(Registrants’ telephone number, including area code)

                           N/A                                

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02                      Results of Operations and Financial Condition

On October 30, 2007, Tanger Factory Outlet Centers, Inc. (the “Company”) issued a press release announcing its results of operations and financial condition as of and for the quarter ended September 30, 2007.  A copy of the Company’s press release is furnished as Exhibit 99.1 to this report on Form 8-K.  The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 7.01                      Regulation FD Disclosure

On October 30, 2007, the Company made publicly available certain supplemental operating and financial information for the quarter ended September 30, 2007.  This supplemental operating and financial information is attached to this current report as exhibit 99.2.  The information contained in this report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 9.01                      Financial Statements and Exhibits

(c) Exhibits

The following exhibits are included with this Report:

Exhibit 99.1 Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended September 30, 2007.

Exhibit 99.2 Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  October 30, 2007

TANGER FACTORY OUTLET CENTERS, INC.

By:           /s/ Frank C. Marchisello Jr.

Frank C. Marchisello, Jr.

Executive Vice President, Chief Financial Officer & Secretary

_____________________________________________________________________________________________

EXHIBIT INDEX

Exhibit No.

99.1      Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended September 30, 2007.

99.2      Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2007.

EX-99.1

Tanger Factory Outlet Centers, Inc.

News Release

For Release:IMMEDIATE RELEASE

Contact: Frank C. Marchisello, Jr.

               (336) 834-6834

TANGER REPORTS THIRD QUARTER 2007 RESULTS

13.1% Increase in Total FFO, 12.3% Increase in FFO Per Share

6.2% Increase in Same Center Net Operating Income

Greensboro, NC, October 30, 2007, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported funds from operations available to common shareholders (“FFO”), a widely accepted measure of REIT performance, for the three months ended September 30, 2007 increased 12.3% to $0.64 per share, or $23.9 million, as compared to FFO of $0.57 per share, or $21.2 million, for the three months ended September 30, 2006.  For the nine months ended September 30, 2007, FFO increased 11.1% to $1.80 per share, or $67.4 million, as compared to FFO of $1.62 per share, or $59.8 million, for the nine months ended September 30, 2006.  

For the three months ended September 30, 2007, net income available to common shareholders increased 16.4% to $7.0 million or $0.22 per share, as compared to $6.0 million, or $0.19 per share for the third quarter of 2006.  During the first quarter of the previous year, Tanger recognized a net gain on the sale of real estate of $13.8 million.  As a result, the company reported net income available to common shareholders of $24.5 million, or $0.79 per share for the nine months ended September 30, 2006, compared to $13.9 million, or $0.44 per share for the first nine months of 2007.

Net income and FFO per share amounts above are on a diluted basis.  FFO is a supplemental non-GAAP financial measure used as a standard in the real estate industry to measure and compare the operating performance of real estate companies.  A complete reconciliation containing adjustments from GAAP net income to FFO is included in this press release.

Third Quarter Highlights

·   6.2% increase in same center net operating income, 3.9% increase year to date

·   30.9% average increase in base rental rates on 169,555 square feet of re-leased space during the third quarter of 2007, 37.6% increase year to date

·   9.8% average increase in base rental rates on 107,010 square feet of signed renewals during the third quarter of 2007, 13.2% increase year to date

·   97.3% occupancy rate for wholly-owned properties, up 1.3% from September 30, 2006

·   $340 per square foot in reported same-space tenant sales for the rolling twelve months ended September 30, 2007, up 1.0% compared to the twelve months ended September 30, 2006

·   30.5% debt-to-total market capitalization ratio, compared to 32.8% as of September 30, 2006

·   3.40 times interest coverage ratio compared to 3.25 times last year

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented, “Our third quarter results were very positive.  Same center net operating income increased 6.2% for the quarter as a result of our continuing efforts to drive rental rates on the renewal and releasing of space as well as certain new high volume tenants exceeding their percentage rental breakpoints during the quarter.”

Portfolio Operating Results

During the first nine months of 2007, Tanger executed 414 lease documents, totaling 1,725,596 square feet within its wholly-owned properties.  Lease renewals accounted for 1,126,879 square feet, or 71.7% of the square feet which was scheduled to expire during 2007, and generated a 13.2% increase in average base rental rates on a straight-line basis. Base rental increases on re-tenanted space during the first nine months of 2007 averaged 37.6% on a straight-line basis and accounted for the remaining 598,717 square feet.

Same center net operating income increased 6.2% for the third quarter of 2007 and 3.9% for the first nine months of 2007 compared to the same periods in 2006.  Reported tenant comparable sales per square foot increased 1.0% for the rolling three months as well as the rolling twelve months ended September 30, 2007 to $340 per square foot.

Investment and Other Activities

Tanger continues the development and leasing of two previously announced sites located in Washington County, south of Pittsburgh, Pennsylvania and in Deer Park (Long Island), New York.  Construction at the Pittsburgh project is ongoing at this time.  In response to strong tenant demand for space, Tanger has increased the size of the initial phase from 308,000 square feet to 370,000 square feet, with leases for approximately 61% of the first phase signed and an additional 20% out for signature.  The company currently expects delivery of the initial phase in the second quarter of 2008, with stores opening in the third quarter of 2008.  The Pittsburgh center will be wholly owned by Tanger.

The company currently expects the Deer Park center will contain over 800,000 square feet upon final build-out.  Site work and construction continues on an initial phase of approximately 682,000 square foot.  The company has approximately 44% of the space signed and an additional 20% out for signature.  Tanger currently expects the project will be delivered in the second quarter of 2008, with stores opening in the third quarter of 2008.   The Deer Park property is owned through a joint venture of which Tanger and two venture partners each own a one-third interest.

Tanger has signed an option on a potential new development site located in Mebane, North Carolina on the highly traveled Interstate 40/85 corridor.  The company also has an additional site under control in Port St. Lucie, Florida at Exit 118 on Interstate I-95.  Tenant interest in these two new locations appears to be strong and Tanger is continuing with its predevelopment work.  During the third quarter of this year, Tanger put on hold its plans to develop a center in Burlington, New Jersey due to numerous development and site access issues.

As of September 30, 2007, Tanger reclassified its center in Boaz, Alabama as held for sale.  Subsequently, in October 2007, the 79,575 square foot center was sold.  The Boaz center represents less than 1.0% of the company’s gross leasable area and less than 0.25% of its net operating income.  Net proceeds from the sale, which approximated the net book value of the property, were $2.0 million and were used to reduce amounts outstanding on the company’s unsecured lines of credit.

Financing Activities and Balance Sheet Summary

As of September 30, 2007, Tanger had $697.3 million of debt outstanding, equating to a 30.5% debt-to-total market capitalization ratio.  The company had $23.3 million outstanding on its $200.0 million in available unsecured lines of credit with 96.7% of Tanger’s debt bearing fixed interest rates.  During the third quarter of 2007, Tanger continued to maintain a strong interest coverage ratio of 3.40 times, compared to 3.25 times during the third quarter of last year.

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2007 FFO Per Share Guidance

Based on current market conditions and the strength and stability of its core portfolio, the company currently believes its net income for 2007, excluding gains or losses on the sale of real estate, will be between $0.69 and $0.73 per share and its FFO for 2007 will be between $2.44 and $2.48 per share.  The company’s earnings estimates do not include the impact of any potential gains on the sale of land parcels or the impact of any potential sales or acquisitions of properties.  The following table provides the reconciliation of estimated diluted FFO per share to estimated diluted net income available to common shareholders per share:

For the twelve months ended December 31, 2007:

Low Range  High Range

Estimated diluted net income per share, excluding

gain/loss on the sale of real estate      $ 0.69    $ 0.73

Minority interest, depreciation and amortization uniquely

significant to real estate including minority interest 

share and our share of joint ventures         1.75       1.75

Estimated diluted FFO per share        $ 2.44     $ 2.48

Third Quarter Conference Call

Tanger will host a conference call to discuss its third quarter results for analysts, investors and other interested parties on Wednesday, October 31, 2007, at 10:00 A.M. eastern time.  To access the conference call, listeners should dial 1-877-277-5113 and request to be connected to the Tanger Factory Outlet Centers Third Quarter 2007 Financial Results call.  Alternatively, the call will be web cast by CCBN and can be accessed at the company’s web site at http://www.tangeroutlet.com/investorrelations/news.

A telephone replay of the call will be available from October 31, 2007 starting at 11:00 A.M. Eastern Time through November 9, 2007, by dialing 1-800-642-1687 (conference ID # 18545795).  Additionally, an online archive of the broadcast will also be available through November 9, 2007.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc.(NYSE:SKT), a fully integrated, self-administered and self-managed publicly traded REIT, presently owns 29 outlet centers in 21 states coast to coast, totaling approximately 8.3 million square feet of gross leasable area.  Tanger also manages for a fee and owns a 50% interest in two outlet centers containing approximately 667,000 square feet and manages for a fee two outlet centers totaling approximately 229,000 square feet.  Tanger is filing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended June 30, 2007. For more information on Tanger Outlet Centers, visit our web site at www.tangeroutlet.com.

Estimates of future net income per share and FFO per share are by definition, and certain other matters discussed in this press release regarding our re-merchandising strategy, the renewal and re-tenanting of space, tenant sales and sales trends, interest rates, funds from operations, the development of new centers, the opening of ongoing expansions, coverage of the current dividend and the impact of sales of land parcels may be, forward-looking statements within the meaning of the federal securities laws.  These forward-looking statements are subject to risks and uncertainties.  Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and local real estate conditions, the availability and cost of capital, the company’s ability to lease its properties, the company’s inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, and competition.  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.

2

TANGER FACTORY OUTLET CENTERS, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

			Three months ended						Nine months ended
			September 30,						September 30,
			2007			2006			2007			2006
REVENUES
	Base rentals (a)		$	37,207		$	35,260		$	108,614		$	101,816
	Percentage rentals			2,305			1,736			5,434			4,292
	Expense reimbursements			16,719			14,866			47,496			41,271
	Other income (b)			2,155			2,400			5,243			5,248
		Total revenues		58,386			54,262			166,787			152,627
EXPENSES
	Property operating			19,158			17,616			53,893			48,183
	General and administrative			4,916			4,147			14,096			12,304
	Depreciation and amortization			14,941			13,531			48,870			42,978
		Total expenses		39,015			35,294			116,859			103,465
Operating income				19,371			18,968			49,928			49,162
	Interest expense (including prepayment premium
		and deferred loan cost write off of $917 in 2006)		10,087			10,932			30,215			30,856
Income before equity in earnings of
	unconsolidated joint ventures, minority
	interest and discontinued operations			9,284			8,036			19,713			18,306
Equity in earnings of unconsolidated joint ventures				461			539			1,030			971
Minority interests in operating partnership				(1,370	)		(1,186	)		(2,716	)		(2,524	)
Income from continuing operations				8,375			7,389			18,027			16,753
Discontinued operations, net of minority interest (c)				22			25			76			11,797
Net income				8,397			7,414			18,103			28,550
Preferred share dividends				(1,406	)		(1,406	)		(4,219	)		(4,027	)
Net income available to common shareholders			$	6,991		$	6,008		$	13,884		$	24,523
Basic earnings per common share:
	Income from continuing operations		$	.23		$	.20		$	.45		$	.42
	Net income		$	.23		$	.20		$	.45		$	.80
Diluted earnings per common share:
	Income from continuing operations		$	.22		$	.19		$	.44		$	.41
	Net income		$	.22		$	.19		$	.44		$	.79
Funds from operations available to
	common shareholders (FFO)		$	23,929		$	21,155		$	67,386		$	59,800
FFO per common share – diluted			$	.64		$	.57		$	1.80		$	1.62
Summary of discontinued operations (c)
	Operating income from discontinued operations		$	26		$	30		$	91		$	309
	Gain on sale of real estate			---			---			---			13,833
	Income from discontinued operations			26			30			91			14,142
	Minority interest in discontinued operations			(4	)		(5	)		(15	)		(2,345	)
Discontinued operations, net of minority interest			$	22		$	25		$	76		$	11,797
(a) Includes straight-line rent and market rent adjustments of $1,033 and $962 for the three months ended and $3,192 and $2,831 for the nine months ended September 30, 2007 and 2006, respectively.
(b) Includes gains on sale of outparcels of land of $177 for the three months ended September 30, 2006 and $402 for the nine months ended September 30, 2006.
(c) In accordance with SFAS No. 144”Accounting for the Impairment or Disposal of Long Lived Assets,” the results of operations for properties disposed of or classified as held for sale during the above periods in which we have no significant continuing involvement have been reported above as discontinued operations for all periods presented.

3

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(Unaudited)

			September 30,			December 31,
			2007			2006
ASSETS:
Rental property
	Land		$	129,921		$	130,137
	Buildings, improvements and fixtures			1,074,310			1,068,070
	Construction in progress			61,364			18,640
				1,265,595			1,216,847
	Accumulated depreciation			(302,411	)		(275,372	)
		Rental property, net		963,184			941,475
Cash and cash equivalents				2,434			8,453
Assets held for sale				2,052			---
Investments in unconsolidated joint ventures				11,908			14,451
Deferred charges, net				47,306			55,089
Other assets				26,563			21,409
Total assets			$	1,053,447		$	1,040,877
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS’ EQUITY:
Liabilities
Debt
	Senior, unsecured notes (net of discount of $778 and
	$832, respectively)		$	498,722		$	498,668
	Mortgages payable (including a debt premium of $1,654 and
	$3,441, respectively)			175,312			179,911
	Unsecured lines of credit			23,300			---
	Total debt			697,334			678,579
Construction trade payables				27,943			23,504
Accounts payable and accrued expenses				35,237			25,094
Total liabilities				760,514			727,177
Commitments
Minority interest in operating partnership				35,366			39,024
Shareholders’ equity
Preferred shares, 7.5% Class C, liquidation preference $25 per
	share, 8,000,000 shares authorized, 3,000,000 shares issued
	and outstanding at September 30, 2007 and December 31, 2006			75,000			75,000
Common shares, $.01 par value, 150,000,000 shares authorized,
	31,317,401 and 31,041,336 shares issued and outstanding
	at September 30, 2007 and December 31, 2006, respectively			313			310
Paid in capital				350,701			346,361
Distributions in excess of earnings				(169,419	)		(150,223	)
Accumulated other comprehensive income				972			3,228
Total shareholders’ equity				257,567			274,676
Total liabilities, minority interest and shareholders’
equity			$	1,053,447		$	1,040,877

4

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(in thousands, except per share, state and center information)

(Unaudited)

				Three months ended						Nine months ended
				September 30,						September 30,
				2007			2006			2007			2006
FUNDS FROM OPERATIONS (a)
	Net income			$	8,397		$	7,414		$	18,103		$	28,550
		Adjusted for:
		Minority interest in operating partnership			1,370			1,186			2,716			2,524
		Minority interest, depreciation and amortization
			attributable to discontinued operations		52			52			160			2,604
		Depreciation and amortization uniquely significant to
			real estate – consolidated		14,865			13,465			48,641			42,780
		Depreciation and amortization uniquely significant to
			real estate – unconsolidated joint ventures		651			444			1,985			1,202
		(Gain) loss on sale of real estate			---			---			---			(13,833	)
		Funds from operations (FFO)			25,335			22,561			71,605			63,827
		Preferred share dividends			(1,406	)		(1,406	)		(4,219	)		(4,027	)
		Funds from operations available to common
			shareholders	$	23,929		$	21,155		$	67,386		$	59,800
		Funds from operations available to common
			shareholders per share - diluted	$	.64		$	.57		$	1.80		$	1.62
WEIGHTED AVERAGE SHARES
	Basic weighted average common shares				30,847			30,619			30,805			30,582
	Effect of exchangeable notes				235			---			235			---
	Effect of outstanding share and unit options				188			229			217			234
	Effect of unvested restricted share awards				130			135			144			107
	Diluted weighted average common shares (for earnings
		per share computations)			31,400			30,983			31,401			30,923
	Convertible operating partnership units (b)				6,067			6,067			6,067			6,067
	Diluted weighted average common shares (for funds
		from operations per share computations)			37,467			37,050			37,468			36,990
OTHER INFORMATION
Gross leasable area open at end of period -
	Wholly owned				8,363			8,389			8,363			8,389
	Partially owned – unconsolidated				667			667			667			667
	Managed				229			293			229			293
Outlet centers in operation -
	Wholly owned				30			30			30			30
	Partially owned – unconsolidated				2			2			2			2
	Managed				2			3			2			3
States operated in at end of period (c)					21			21			21			21
Occupancy at end of period (c) (d)					97.3	%		96.0	%		97.3	%		96.0	%

5

(a)   FFO is a non-GAAP financial measure.  The most directly comparable GAAP measure is net income (loss), to which it is reconciled.  We believe that for a clear understanding of our operating results, FFO should be considered along with net income as presented elsewhere in this report.  FFO is presented because it is a widely accepted financial indicator used by certain investors and analysts to analyze and compare one equity REIT with another on the basis of operating performance.  FFO is generally defined as net income (loss), computed in accordance with generally accepted accounting principles, before extraordinary items and gains (losses) on sale or disposal of depreciable operating properties, plus depreciation and amortization uniquely significant to real estate and after adjustments for unconsolidated partnerships and joint ventures.  We caution that the calculation of FFO may vary from entity to entity and as such the presentation of FFO by us may not be comparable to other similarly titled measures of other reporting companies.  FFO does not represent net income or cash flow from operations as defined by accounting principles generally accepted in the United States of America and should not be considered an alternative to net income as an indication of operating performance or to cash flows from operations as a measure of liquidity.  FFO is not necessarily indicative of cash flows available to fund dividends to shareholders and other cash needs.

(b)   The convertible operating partnership units (minority interest in operating partnership) are not dilutive on earnings per share computed in accordance with generally accepted accounting principles.

(c)   Excludes Myrtle Beach, South Carolina Hwy 17 and Wisconsin Dells, Wisconsin properties which are operated by us through 50% ownership joint ventures and two centers for which we only have management responsibilities.

(d)   Excludes our wholly-owned, non-stabilized center in Charleston, South Carolina.

6

EX-99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

September 30, 2007

1

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.

2

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 September 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

3

Geographic Diversification

As of September 30, 2007
State	# of Centers	GLA	% of GLA
South Carolina	3	1,171,826	14%
Georgia	3	826,643	10%
New York	1	729,315	9%
Texas	2	620,000	8%
Alabama	2	611,444	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	8,363,324	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.

4

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

Location	Total GLA 9/30/07	%    Occupied   9/30/07	%       Occupied 6/30/07	%        Occupied 3/31/07	%      Occupied 12/31/06	%       Occupied 9/30/06
Riverhead, NY	729,315	98%	99%	97%	100%	98%
Rehoboth, DE	568,926	98%	99%	98%	99%	100%
Foley, AL	531,869	99%	98%	96%	98%	96%
San Marcos, TX	442,510	99%	99%	98%	99%	98%
Myrtle Beach, SC	426,417	96%	97%	94%	95%	94%
Sevierville, TN	419,038	99%	99%	98%	100%	100%
Hilton Head, SC	393,094	87%	88%	85%	88%	88%
Charleston, SC	352,315	94%	93%	90%	89%	81%
Commerce II, GA	347,025	98%	96%	94%	99%	96%
Howell, MI	324,631	99%	99%	99%	100%	99%
Park City, UT	300,602	100%	100%	99%	100%	99%
Locust Grove, GA	293,868	100%	95%	94%	99%	93%
Westbrook, CT	291,051	99%	94%	93%	99%	96%
Branson, MO	277,883	100%	100%	98%	100%	99%
Williamsburg, IA	277,230	99%	98%	95%	99%	98%
Lincoln City, OR	270,280	99%	96%	99%	97%	96%
Tuscola, IL	256,514	77%	72%	69%	77%	70%
Lancaster, PA	255,152	100%	99%	99%	100%	100%
Gonzales, LA	243,499	100%	100%	98%	100%	100%
Tilton, NH	227,849	100%	99%	96%	100%	94%
Fort Myers, FL	198,950	96%	96%	97%	100%	100%
Commerce I, GA	185,750	90%	90%	90%	90%	87%
Terrell, TX	177,490	100%	100%	98%	99%	91%
West Branch, MI	112,120	100%	100%	87%	96%	100%
Barstow, CA	109,600	100%	100%	100%	100%	100%
Blowing Rock, NC	104,280	98%	99%	97%	100%	100%
Nags Head, NC	82,178	100%	100%	100%	100%	100%
Boaz, AL	79,575	98%	96%	92%	98%	98%
Kittery I, ME	59,694	95%	100%	100%	100%	100%
Kittery II, ME	24,619	94%	94%	94%	94%	94%
Total	8,363,324	97% (2)	97% (2)	95% (2)	98% (2)	96% (2)

(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.

5

Portfolio Occupancy at the End of Each Period (1)

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

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

6

Major Tenants (1)

Ten Largest Tenants As of September 30, 2007
Tenant	# of    Stores	GLA	% of     Total GLA
The Gap, Inc.	63	648,638	7.8%
Phillips-Van Heusen	93	440,118	5.3%
Liz Claiborne	38	293,978	3.5%
Adidas	34	279,274	3.3%
VF Factory Outlet	29	266,819	3.2%
Dress Barn, Inc.	36	238,352	2.9%
Nike	17	222,098	2.7%
Carter’s	44	217,721	2.6%
Polo Ralph Lauren	20	188,728	2.2%
Jones Retail Corporation	67	187,259	2.2%
Total of All Listed Above	441	2,982,985	35.7%

(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.

7

Lease Expirations as of September 30, 2007

Percentage of Total Gross Leasable Area (1)

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

2.00%13.00% 18.00% 17.00% 19.00% 15.00% 6.00% 2.00% 2.00% 2.00% 4.00%

Percentage of Total Annualized Base Rent (1)

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

2.00%11.00% 16.00% 20.00% 18.00% 15.00% 6.00% 2.00% 2.00% 3.00% 5.00%

(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.

8

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	46		166	128
Gross leasable area	321,288	107,874	169,555		598,717	448,611
New initial base rent per square foot	$21.54	$23.41	$19.92		$21.42	$18.96
Prior expiring base rent per square foot	$16.57	$17.82	$16.04		$16.65	$16.31
Percent increase	30.0%	31.4%	24.2%		28.7%	16.3%
New straight line base rent per square foot	$22.51	$25.01	$20.74		$22.46	$19.67
Prior straight line base rent per square foot	$16.39	$16.90	$15.85		$16.33	$16.08
Percent increase	37.4%	47.9%	30.9%		37.6%	22.3%
Renewed Space:
Number of leases	156	62	30		248	320
Gross leasable area	733,856	286,013	107,010		1,126,879	1,381,718
New initial base rent per square foot	$18.32	$16.04	$18.53		$17.76	$17.21
Prior expiring base rent per square foot	$16.73	$14.28	$16.76		$16.11	$15.86
Percent increase	9.5%	12.3%	10.6%		10.2%	8.5%
New straight line base rent per square foot	$18.71	$16.25	$18.21		$18.03	$17.42
Prior straight line base rent per square foot	$16.52	$14.19	$16.58		$15.93	$15.61
Percent increase	13.3%	14.5%	9.8%		13.2%	11.6%
Total Re-tenanted and Renewed Space:
Number of leases	245	93	76		414	448
Gross leasable area	1,055,144	393,887	276,565		1,725,596	1,830,329
New initial base rent per square foot	$19.30	$18.06	$19.38		$19.03	$17.64
Prior expiring base rent per square foot	$16.68	$15.25	$16.32		$16.30	$15.97
Percent increase	15.7%	18.4%	18.8%		16.8%	10.4%
New straight line base rent per square foot	$19.86	$18.65	$19.76		$19.57	$17.97
Prior straight line base rent per square foot	$16.48	$14.94	$16.13		$16.07	$15.72
Percent increase	20.6%	24.8%	22.5%		21.8%	14.3%

(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.

9

Consolidated Balance Sheets (dollars in thousands)

	9/30/07			6/30/07			3/31/07			12/31/06			9/30/06
Assets
Rental property
Land	$	129,921		$	130,138		$	130,137		$	130,137		$	130,250
Buildings		1,074,310			1,074,260			1,071,691			1,068,070			1,059,725
Construction in progress		61,364			39,728			23,944			18,640			--
Total rental property		1,265,595			1,244,126			1,225,772			1,216,847			1,189,975
Accumulated depreciation		(302,411	)		(296,319	)		(287,720	)		(275,372	)		(266,054	)
Total rental property – net		963,184			947,807			938,052			941,475			923,921
Cash & cash equivalents		2,434			1,223			3,273			8,453			20,197
Assets held for sale		2,052			--			--			--			--
Investments in unconsolidated jointventures		11,908			14,324			14,052			14,451			14,581
Deferred charges – net		47,306			49,795			52,312			55,089			57,915
Other assets		26,563			28,904			21,149			21,409			26,819
Total assets	$	1,053,447		$	1,042,053		$	1,028,838		$	1,040,877		$	1,043,433
Liabilities, minority interest & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	498,722		$	498,704		$	498,685		$	498,668		$	498,650
Mortgages payable, including premium		175,312			176,850			178,363			179,911			181,420
Unsecured lines of credit		23,300			7,900			--			--			--
Total debt		697,334			683,454			677,048			678,579			680,070
Construction trade payables		27,943			27,840			22,266			23,504			21,049
Accounts payable & accruals		35,237			26,656			25,680			25,094			27,254
Total liabilities		760,514			737,950			724,994			727,177			728,373
Minority interest in operating partnership		35,366			37,191			37,193			39,024			39,270
Shareholders’ equity
Preferred shares		75,000			75,000			75,000			75,000			75,000
Common shares		313			313			313			310			310
Paid in capital		350,701			349,599			347,933			346,361			345,411
Distributions in excess of net income		(169,419	)		(165,139	)		(158,902	)		(150,223	)		(147,030	)
Accum. other compreh. income		972			7,139			2,307			3,228			2,099
Total shareholders’ equity		257,567			266,912			266,651			274,676			275,790
Total liabilities, minority interest & shareholders’ equity	$	1,053,447		$	1,042,053		$	1,028,838		$	1,040,877		$	1,043,433

10

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		09/07			06/07			03/07			12/06			09/06			09/07			09/06
Revenues
Base rentals	$	37,207		$	36,318		$	35,089		$	36,285		$	35,260		$	108,614		$	101,816
Percentage rentals		2,305			1,662			1,467			2,890			1,736			5,434			4,292
Expense reimbursements		16,719			15,764			15,013			17,126			14,866			47,496			41,271
Other income		2,155			1,590			1,498			2,034			2,400			5,243			5,248
Total revenues		58,386			55,334			53,067			58,335			54,262			166,787			152,627
Expenses
Property operating		19,158			17,822			16,913			20,119			17,616			53,893			48,183
General & administrative		4,916			4,903			4,277			4,402			4,147			14,096			12,304
Depreciation & amortization		14,941			15,490			18,439			14,034			13,531			48,870			42,978
Total expenses		39,015			38,215			39,629			38,555			35,294			116,859			103,465
Operating income		19,371			17,119			13,438			19,780			18,968			49,928			49,162
Interest expense (1)		10,087			10,072			10,056			9,919			10,932			30,215			30,856
Income before equity in earnings    of  unconsolidated joint ventures    and minority interest		9,284			7,047			3,382			9,861			8,036			19,713			18,306
Equity in earnings of unconsolidated    joint ventures		461			334			235			297			539			1,030			971
Minority interest in operating    partnership		(1,370	)		(982	)		(364	)		(1,446	)		(1,186	)		(2,716	)		(2,524	)
Income from continuing operations		8,375			6,399			3,253			8,712			7,389			18,027			16,753
Discontinued operations (2)		22			26			28			47			25			76			11,797
Net income		8,397			6,425			3,281			8,759			7,414			18,103			28,550
Less applicable preferred share dividends		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(4,219	)		(4,027	)
Net income available to common    shareholders	$	6,991		$	5,018		$	1,875		$	7,353		$	6,008		$	13,884		$	24,523
Basic earnings per common share:
Income from continuing operations	$	.23		$	.16		$	.06		$	.24		$	.20		$	.45		$	.42
Net income	$	.23		$	.16		$	.06		$	.24		$	.20		$	.45		$	.80
Diluted earnings per common share:
Income from continuing operations	$	.22		$	.16		$	.06		$	.23		$	.19		$	.44		$	.41
Net income	$	.22		$	.16		$	.06		$	.23		$	.19		$	.44		$	.79
Weighted average common shares:
Basic		30,847			30,824			30,743			30,651			30,619			30,805			30,582
Diluted		31,400			31,547			31,550			31,380			30,983			31,401			30,923

(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.

11

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
		09/07			06/07			03/07			12/06			09/06			09/07			09/06
Funds from operations:
Net income	$	8,397		$	6,425		$	3,281		$	8,759		$	7,414		$	18,103		$	28,550
Adjusted for -
Minority interest in operating         partnership		1,370			982			364			1,446			1,186			2,716			2,524
Minority interest,  depreciation         discontinued operations		52			54			54			57			52			160			2,604
Depreciation and amortization         uniquely significant to real estate –        wholly owned		14,865			15,412			18,364			13,967			13,465			48,641			42,780
Depreciation and amortization                                      uniquely significant to real estate –         joint ventures		651			680			654			623			444			1,985			1,202
(Gain) on sale of real estate		--			--			--			--			--			--			(13,833	)
Preferred share dividend		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(4,219	)		(4,027	)
Funds from operations	$	23,929		$	22,146		$	21,311		$	23,446		$	21,155		$	67,386		$	59,800
Funds from operations per share	$	.64		$	.59		$	.57		$	.63		$	.57		$	1.80		$	1.62
Funds available for distribution:
Funds from operations	$	23,929		$	22,146		$	21,311		$	23,446		$	21,155		$	67,386		$	59,800
Adjusted For -
Corporate depreciation           excluded above		76			78			75			67			67			229			198
Amortization of finance costs		473			417			418			413			386			1,308			982
Early extinguishment of debt		--			--			--			--			917			--			917
Amortization of share compensation		1,067			1,057			832			651			880			2,956			2,022
Straight line rent adjustment		(753	)		(839	)		(714	)		(521	)		(633	)		(2,306	)		(1,698	)
Market rent adjustment		(277	)		(236	)		(364	)		(332	)		(326	)		(877	)		(1,132	)
Market rate interest adjustment		(605	)		(597	)		(585	)		(592	)		(589	)		(1,787	)		(1,738	)
2nd generation tenant allowances		(3,268	)		(5,314	)		(6,047	)		(3,351	)		(2,527	)		(14,629	)		(6,194	)
Capital improvements		(579	)		(2,188	)		(1,880	)		(3,041	)		(2,911	)		(4,647	)		(8,248	)
Funds available for distribution	$	20,063		$	14,524		$	13,046		$	16,740		$	16,419		$	47,633		$	44,909
Funds available for distribution    per share	$	.54		$	.39		$	.35		$	.45		$	.44		$	1.27		$	1.21
Dividends paid per share	$	.36		$	.36		$	.34		$	.34		$	.34		$	1.06		$	1.0025
FFO payout ratio		56	%		61	%		60	%		54	%		60	%		59	%		62	%
FAD payout ratio		67	%		92	%		97	%		76	%		77	%		83	%		83	%
Diluted weighted average common shs.		37,467			37,614			37,616			37,447			37,050			37,468			36,990

12

Unconsolidated Joint Venture Information – All

Summary Balance Sheets (dollars in thousands)

	9/30/07	6/30/07	3/31/07	12/31/06	9/30/06	Tanger’s Share  as of  9/30/07
Assets
Investment properties at cost – net	$72,200	$73,272	$74,017	$74,253	$74,913	$36,101
Construction in progress	81,638	55,487	44,049	38,449	29,776	27,213
Cash and cash equivalents	4,109	4,899	3,260	6,539	14,173	1,686
Deferred charges – net	2,746	2,733	2,294	2,824	2,122	1,204
Other assets	9,305	8,843	16,663	15,239	21,141	3,560
Total assets	$169,998	$145,234	$140,283	$137,304	$142,125	$69,764
Liabilities & Owners’ Equity
Mortgage payable	$128,886	$112,292	$103,444	$100,138	$99,561	$53,137
Construction trade payables	14,128	1,423	1,283	2,734	6,162	4,815
Accounts payable & other liabilities	3,915	1,571	4,696	2,767	2,904	1,533
Total liabilities	146,929	115,286	109,423	105,639	108,627	59,485
Owners’ equity	23,069	29,948	30,860	31,665	33,498	10,279
Total liabilities & owners’ equity	$169,998	$145,234	$140,283	$137,304	$142,125	$69,764

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	09/07	06/07	03/07	12/06	09/06	09/07	09/06
Revenues	$4,949	$4,780	$4,636	$4,434	$4,441	$14,365	$10,269
Expenses
Property operating	1,643	1,596	1,764	1,457	1,726	5,003	3,958
General & administrative	60	117	42	82	58	219	131
Depreciation & amortization	1,353	1,409	1,357	1,283	924	4,119	2,498
Total expenses	3,056	3,122	3,163	2,822	2,708	9,341	6,587
Operating income	1,893	1,658	1,473	1,612	1,733	5,024	3,682
Interest expense	1,025	1,061	1,056	1,060	700	3,142	1,847
Net income	$868	$597	$417	$552	$1,033	$1,882	$1,835
Tanger’s share of:
Total revenues less property        operating and general &        administrative expenses (“NOI”)	$1,625	$1,544	$1,417	$1,457	$1,334	$4,586	$3,096
Net income	$461	$334	$235	$297	$539	$1,030	$971
Depreciation (real estate related)	$651	$679	$655	$623	$444	$1,985	$1,202

13

Unconsolidated Joint Venture Information – Myrtle Beach Hwy 17

Summary Balance Sheets (dollars in thousands)

	9/30/07	6/30/07	3/31/07	12/31/06	09/30/06	Tanger’s Share as of 9/30/07
Assets
Investment properties at cost – net	$35,541	$36,136	$36,681	$36,476	$36,842	$17,771
Cash and cash equivalents	1,501	1,826	1,769	1,941	2,067	751
Deferred charges – net	896	986	1,034	1,043	1,095	448
Other assets	2,243	2,256	2,151	1,888	1,928	1,122
Total assets	$40,181	$41,204	$41,635	$41,348	$41,932	$20,092
Liabilities & Owners’ Equity
Mortgage payable	$35,800	$35,800	$35,800	$35,800	$35,800	$17,900
Construction trade payables	426	1,005	1,031	321	155	213
Accounts payable & other liabilities	841	319	580	119	256	422
Total liabilities	37,067	37,124	37,411	36,240	36,211	18,535
Owners’ equity	3,114	4,080	4,224	5,108	5,721	1,557
Total liabilities & owners’ equity	$40,181	$41,204	$41,635	$41,348	$41,932	$20,092

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	09/07	06/07	03/06	12/06	09/06	09/07	09/06
Revenues	$3,208	$2,997	$2,767	$2,842	$3,016	$8,972	$8,649
Expenses
Property operating	1,174	1,054	1,069	1,050	1,068	3,297	3,133
General & administrative	3	22	6	5	2	31	29
Depreciation & amortization	753	817	807	807	797	2,377	2,371
Total expenses	1,930	1,893	1,882	1,862	1,867	5,705	5,533
Operating income	1,278	1,104	885	980	1,149	3,267	3,116
Interest expense	566	555	551	564	573	1,672	1,720
Net income	$712	$549	$334	$416	$576	$1,595	$1,396
Tanger’s share of:
Total revenues less property        operating and general &        administrative expenses (“NOI”)	$1,014	$961	$846	$893	$973	$2,821	$2,774
Net income	$371	$289	$181	$216	$303	$841	$742
Depreciation (real estate related)	$362	$394	$390	$395	$384	$1,146	$1,142

14

Unconsolidated Joint Venture Information – Wisconsin Dells

Summary Balance Sheets (dollars in thousands)

	09/30/07	06/30/07	03/31/07	12/31/06	09/30/06	Tanger’s Share as of 09/30/07
Assets
Investment properties at cost - net	$36,659	$37,136	$37,336	$37,777	$38,071	$18,330
Cash and cash equivalents	396	720	2	681	668	198
Deferred charges – net	836	898	959	1,011	1,026	418
Other assets	506	494	8,034	7,463	7,834	253
Total assets	$38,397	$39,248	$46,331	$46,932	$47,599	$19,199
Liabilities & Owners’ Equity
Mortgage payable	$25,250	$25,250	$28,894	$28,894	$26,154	$12,625
Construction trade payables	206	418	252	2,413	6,007	103
Accounts payable & other liabilities	517	607	3,922	2,454	2,454	259
Total liabilities	25,973	26,275	33,068	33,761	34,615	12,987
Owners’ equity	12,424	12,973	13,263	13,171	12,984	6,212
Total liabilities & owners’ equity	$38,397	$39,248	$46,331	$46,932	$47,599	$19,199

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	09/07	06/07	03/07	12/06	09/06	09/07	09/06
Revenues	$1,704	$1,777	$1,856	$1,573	$1,409	$5,337	$1,571
Expenses
Property operating	469	542	695	407	658	1,706	825
General & administrative	5	26	10	7	6	41	12
Depreciation & amortization	600	592	550	476	127	1,742	127
Total expenses	1,074	1,160	1,255	890	791	3,489	964
Operating income	630	617	601	683	618	1,848	607
Interest expense	459	506	505	496	127	1,470	127
Net income	$171	$111	$96	$187	$491	$378	$   480
Tanger’s share of:
Total revenues less property        operating and general &        administrative expenses (“NOI”)	$614	$605	$576	$580	$372	$1,795	$   367
Net income	$95	$67	$58	$105	$248	$220	$   243
Depreciation (real estate related)	$290	$285	$265	$228	$  60	$840	$     60

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Unconsolidated Joint Venture Information – Deer Park

Summary Balance Sheets (dollars in thousands)

	09/30/07	06/30/07	3/31/07	12/31/06	09/30/06	Tanger’s Share as of 09/30/07
Assets
Construction in progress	$81,638	$55,487	$44,049	$38,449	$29,776	$27,213
Cash and cash equivalents	2,212	2,353	1,489	3,917	11,438	737
Deferred charges – net	1,014	849	301	770	1	338
Other assets	6,556	6,093	6,478	5,888	11,379	2,185
Total assets	$91,420	$64,782	$52,317	$49,024	$52,594	$30,473
Liabilities & Owners’ Equity
Mortgage payable	$67,836	$51,242	$38,750	$35,444	$37,607	$22,612
Construction trade payables	13,496	--	--	--	--	4,499
Accounts payable & other liabilities	2,557	645	194	194	194	852
Total liabilities	83,889	51,887	38,944	35,638	37,801	27,963
Owners’ equity	7,531	12,895	13,373	13,386	14,793	2,510
Total liabilities & owners’ equity	$91,420	$64,782	$52,317	$49,024	$52,594	$30,473

Summary Statements of Operations (dollars in thousands)

	Three Months Ended					YTD
	09/07	06/07	03/07	12/06	09/06	09/07	09/06
Revenues	$37	$6	$13	$19	$16	$56	$  49
Expenses
Property operating	--	--	--	--	--	--	--
General & administrative	52	69	26	70	50	147	90
Depreciation & amortization	--	--	--	--	--	--	--
Total expenses	52	69	26	70	50	147	90
Operating income	(15)	(63)	(13)	(51)	(34)	(91)	(41)
Interest expense	--	--	--	--	--	--	--
Net loss	$(15)	$(63)	$(13)	$(51)	$(34)	$(91)	$ (41)
Tanger’s share of:
Total revenues less property        operating and general &        administrative expenses (“NOI”)	$(5)	$(21)	$(4)	$(17)	$(12)	$(30)	$(14)
Net loss	$(5)	$(21)	$(4)	$(17)	$(12)	$(30)	$(14)
Depreciation (real estate related)	$  --	$  --	$--	$   --	$  --	$  --	$   --

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Debt Outstanding Summary (dollars in thousands)

As of September 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	$173,658	6.590%	07/10/08
Net debt premium, COROC Holdings, LLC (1)	1,654
Total mortgage debt	175,312
Unsecured debt
Unsecured credit facilities	23,300	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	(778)
Total unsecured debt	522,022
Total debt	$697,334

Senior Unsecured Notes Financial Covenants (2)

As of September 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%	148%	Yes
Consolidated Income Available for Debt Service to                 Annual Debt Service Charge	2.00	3.43	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.

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Future Scheduled Principal Payments (dollars in thousands)

As of September 30, 2007
Year	Scheduled  Amortization Payments	Balloon  Payments	Total    Scheduled Payments
2007	$979	$           --	$       979
2008	2,328	270,351	272,679
2009	--	23,300	23,300
2010	--	--	--
2011	--	--	--
2012	--	--	--
2013	--	--	--
2014	--	--	--
2015	--	250,000	250,000
2016 & thereafter	--	149,500 (1)	149,500
	$3,307	$693,151	$696,458
Net Premium on Debt			876
			$697,334

(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.

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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

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