TFOC 8K Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

December 31, 2005

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, 2004.

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

Table of Contents

Section

Portfolio Data:

Geographic Diversification		4
Property Summary - Occupancy at End of Each Period Shown (1)		5
Portfolio Occupancy at the End of Each Period (1)		6
Major Tenants (1)		7
Lease Expirations as of December 31, 2005		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		14
Senior Unsecured Notes Financial Covenants		14
Future Scheduled Principal Payments		15

Geographic Diversification

As of December 31, 2005
State	# of Centers	GLA	% of GLA
South Carolina (1)	2	820,511	10%
Georgia	3	820,274	10%
New York	1	729,315	9%
Alabama	2	636,668	8%
Texas	2	620,000	8%
Delaware	1	568,873	7%
Tennessee	2	513,732	6%
Michigan	2	436,751	5%
Utah	1	300,602	4%
Connecticut	1	291,051	4%
Missouri	1	277,883	3%
Iowa	1	277,230	3%
Oregon	1	270,280	3%
Illinois	1	256,514	3%
Pennsylvania	1	255,152	3%
Louisiana	1	243,499	3%
New Hampshire	1	227,998	3%
Florida	1	198,924	2%
North Carolina (2)	2	187,510	2%
Minnesota	1	134,480	2%
California	1	108,950	1%
Maine	2	84,313	1%
Total (1) (2)	31	8,260,510	100%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement.

(2)	Excludes one 64,288 square foot center for which we only have management responsibilities.

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

Location	Total GLA 12/31/05	% Occupied 12/31/05	% Occupied 9/30/05	% Occupied 6/30/05	% Occupied 3/31/05	% Occupied 12/31/04
Riverhead, NY	729,315	99%	100%	99%	99%	99%
Rehoboth, DE	568,873	99%	99%	100%	99%	99%
Foley, AL	557,093	97%	98%	99%	95%	99%
San Marcos, TX	442,510	100%	99%	99%	98%	100%
Myrtle Beach, SC	427,417	93%	90%	93%	92%	92%
Sevierville, TN	419,038	100%	100%	100%	99%	100%
Hilton Head, SC	393,094	88%	87%	90%	89%	92%
Commerce II, GA	340,656	97%	99%	99%	96%	99%
Howell, MI	324,631	99%	98%	96%	96%	100%
Park City, UT	300,602	100%	99%	99%	98%	97%
Locust Grove, GA	293,868	100%	99%	98%	97%	100%
Westbrook, CT	291,051	94%	92%	92%	92%	93%
Branson, MO	277,883	100%	100%	100%	100%	100%
Williamsburg, IA	277,230	100%	99%	96%	96%	100%
Lincoln City, OR	270,280	94%	94%	92%	91%	96%
Tuscola, IL	256,514	75%	76%	76%	75%	78%
Lancaster, PA	255,152	100%	100%	99%	99%	100%
Gonzales, LA	243,499	100%	98%	100%	100%	100%
Tilton, NH	227,998	100%	96%	96%	91%	99%
Fort Myers, FL	198,924	95%	91%	91%	92%	91%
Commerce I, GA	185,750	90%	90%	86%	76%	82%
Terrell, TX	177,490	100%	99%	99%	100%	100%
North Branch, MN	134,480	100%	100%	100%	98%	100%
West Branch, MI	112,120	100%	100%	97%	98%	98%
Barstow, CA	108,950	95%	93%	98%	100%	100%
Blowing Rock, NC	105,332	100%	100%	100%	100%	100%
Pigeon Forge, TN	94,694	99%	95%	96%	93%	96%
Nags Head, NC	82,178	100%	98%	100%	100%	100%
Boaz, AL	79,575	95%	95%	95%	95%	95%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	100%	100%	100%	100%	100%
Seymour, IN	n/a	n/a	n/a	n/a	n/a	89%
Total	8,260,510	97%	96%	97%	95%	97%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and one 64,288 square foot center for which we only have management responsibilities.

Portfolio Occupancy at the End of Each Period (1)

12/05 09/05 06/05 03/05 12/04 09/04 06/04 03/04 12/03
97% 96% 97% 95% 97% 96% 95% 94% 96%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and one 64,288 square foot center for which we only have management responsibilities.

Major Tenants (1)

Ten Largest Tenants As of December 31, 2005
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	57	569,439	6.9%
Phillips-Van Heusen	95	455,051	5.5%
Liz Claiborne	42	339,629	4.1%
VF Factory Outlet	34	272,584	3.3%
Reebok International	30	230,502	2.8%
Carter’s	47	228,193	2.8%
Dress Barn, Inc.	30	216,650	2.6%
Retail Brand Alliance, Inc.	35	209,985	2.5%
Polo Ralph Lauren	23	188,628	2.3%
Brown Group Retail, Inc.	44	181,443	2.2%
Total of All Listed Above	437	2,892,104	35.0%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and one 64,288 square foot center for which we only have management responsibilities.

Lease Expirations as of December 31, 2005

Percentage of Total Gross Leasable Area (1)

[

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016+
15% 20% 17% 17% 16% 9% 2% 1% 1% 1% 1%

Percentage of Total Annualized Base Rent (1)

[

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016+
14% 19% 17% 17% 18% 8% 2% 1% 1% 2% 1%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and one 64,288 square foot center for which we only have management responsibilities.

Leasing Activity (1)

		03/31/05			06/30/05			09/30/05			12/31/05			Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases		42			32			23			6			103			109
Gross leasable area		204,830			117,356			73,042			24,022			419,250			427,412
New base rent per square foot	$	17.25		$	16.41		$	21.52		$	16.95		$	17.74		$	17.27
Prior base rent per square foot	$	16.60		$	15.72		$	18.00		$	15.93		$	16.56		$	16.43
Percent increase in rent per square foot		3.9	%		4.4	%		19.5	%		6.4	%		7.1	%		5.1	%

Renewed Space:
Number of leases		169			74			48			66			357			362
Gross leasable area		739,494			334,357			228,647			222,528			1,525,026			1,570,565
New base rent per square foot	$	17.35		$	16.20		$	14.98		$	14.81		$	16.37		$	14.40
Prior base rent per square foot	$	15.97		$	15.25		$	14.82		$	14.61		$	15.44		$	13.63
Percent increase in rent per square foot		8.6	%		6.2	%		1.1	%		1.3	%		6.0	%		5.6	%

Total Re-tenanted and Renewed Space:
Number of leases		211			106			71			72			460			471
Gross leasable area		944,324			451,713			301,689			246,550			1,944,276			1,997,977
New base rent per square foot	$	17.33		$	16.25		$	16.56		$	15.01		$	16.66		$	15.01
Prior base rent per square foot	$	16.10		$	15.37		$	15.59		$	14.74		$	15.68		$	14.23
Percent increase in rent per square foot		7.6	%		5.7	%		6.2	%		1.9	%		6.3	%		5.5	%

		03/31/05			06/30/05			09/30/05			12/31/05			Year to Date			Prior Year to Date
Stores Opening:
Number of stores		13			32			30			18			93			126
Gross leasable area		50,994			105,009			133,745			61,185			350,933			436,574
Base rent per square foot	$	15.05		$	18.24		$	17.98		$	22.34		$	18.39		$	17.99

Stores Closing:
Number of stores		32			13			27			7			79			115
Gross leasable area		103,163			57,780			80,182			15,188			256,313			402,320
Base rent per square foot	$	18.02		$	13.35		$	18.88		$	23.03		$	17.53		$	16.05

Percent increase in rent per square foot		(16.5	%)		36.7	%		(4.8	%)		(3.0	%)		4.9	%		12.1	%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and one 64,288 square foot center for which we only have management responsibilities.

Consolidated Balance Sheets (dollars in thousands)

		12/31/05			9/30/05			6/30/05			3/31/05			12/31/04
Assets
Rental property
Land	$	120,715		$	113,284		$	113,284		$	113,355		$	113,830
Buildings		1,004,545			960,105			956,440			954,758			963,563
Construction in progress		27,606			8,797			6,044			1,173			--
Total rental property		1,152,866			1,082,186			1,075,768			1,069,286			1,077,393
Accumulated depreciation		(253,765	)		(247,179	)		(237,688	)		(228,252	)		(224,622	)
Total rental property - net		899,101			835,007			838,080			841,034			852,771
Cash & cash equivalents		2,930			6,219			3,543			6,531			4,103
Short-term investments		--			20,000			--			--			--
Assets held for sale		2,637			--			--			--			--
Investments in unconsolidated joint ventures		13,020			6,913			6,764			6,966			6,700
Deferred charges - net		64,555			52,873			54,818			55,611			58,851
Other assets		18,362			19,982			15,021			14,570			13,953
Total assets	$	1,000,605		$	940,994		$	918,226		$	924,712		$	936,378
Liabilities, minority interests & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	349,099		$	100,000		$	100,000		$	100,000		$	100,000
Mortgages payable, including premium		201,233			281,069			290,197			305,983			308,342
Unsecured note		53,500			53,500			53,500			53,500			53,500
Unsecured lines of credit		59,775			--			45,330			33,455			26,165
Total debt		663,607			434,569			489,027			492,938			488,007
Construction trade payables		13,464			8,294			9,231			9,781			11,918
Accounts payable & accruals		23,954			14,849			16,984			25,753			17,026
Total liabilities		701,025			457,712			515,242			528,472			516,951
Minority interests
Consolidated joint venture		--			227,234			225,103			223,895			222,673
Operating partnership		49,366			42,220			31,963			31,045			35,621
Total minority interests		49,366			269,454			257,066			254,940			258,294
Shareholders’ equity
Preferred shares		55,000			--			--			--			--
Common shares		307			307			277			276			274
Paid in capital		338,688			349,287			278,811			277,857			274,340
Distributions in excess of net income		(140,738	)		(130,955	)		(126,436	)		(129,917	)		(109,506	)
Deferred compensation		(5,501	)		(5,930	)		(6,372	)		(6,844	)		(3,975	)
Accum. other compreh. income (loss)		2,458			1,119			(362	)		(72	)		--
Total shareholders’ equity		250,214			213,828			145,918			141,300			161,133
Total liabilities, minority interests & shareholders’ equity	$	1,000,605		$	940,994		$	918,226		$	924,712		$	936,378

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
	12/05			09/05			06/05			03/05			12/04			12/05			12/04
Revenues
Base rentals	$	34,261		$	33,718		$	33,243		$	31,604		$	33,234		$	132,826		$	128,841
Percentage rentals		2,444			1,815			1,267			886			2,380			6,412			5,338
Expense reimbursements		15,481			14,149			12,496			14,177			14,513			56,303			52,153
Other income		3,538			1,582			1,197			941			1,680			7,258			6,708
Total revenues		55,724			51,264			48,203			47,608			51,807			202,799			193,040
Expenses
Property operating		17,691			15,897			14,448			16,056			16,468			64,092			58,973
General & administrative		3,515			3,578			3,711			3,044			3,068			13,848			12,828
Depreciation & amortization		12,368			12,046			11,360			12,870			12,236			48,644			51,201
Total expenses		33,574			31,521			29,519			31,970			31,772			126,584			123,002
Operating income		22,150			19,743			18,684			15,638			20,035			76,215			70,038
Interest expense (1)		18,600			7,932			8,167			8,228			8,433			42,927			35,117
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate		3,550			11,811			10,517			7,410			11,602			33,288			34,921
Equity in earnings of unconsolidated joint ventures		165			255			268			191			243			879			1,042
Minority interests:
Consolidated joint venture		(3,832	)		(6,860	)		(6,727	)		(6,624	)		(6,734	)		(24,043	)		(27,144	)
Operating partnership		109			(917	)		(737	)		(176	)		(930	)		(1,721	)		(1,611	)
Income (loss) from continuing operations		(8	)		4,289			3,321			801			4,181			8,403			7,208
Discontinued operations (2)		133			124			159			113			123			529			(162	)
Income before loss on sale of real estate		125			4,413			3,480			914			4,304			8,932			7,046
Loss on sale of real estate		--			--			--			(3,843	)		--			(3,843	)		--
Net income (loss)		125			4,413			3,480			(2,929	)		4,304			5,089			7,046
Less applicable preferred share dividends		(538	)		--			--			--			--			(538	)		--
Net income (loss) available to common shareholders	$	(413	)	$	4,413		$	3,480		$	(2,929	)	$	4,304		$	4,551		$	7,046

Basic earnings per common share:
Income (loss) from continuing operations	$	(.02	)	$	.15		$	.12		$	(.11	)	$	.15		$	.14		$	.27
Net income (loss)	$	(.01	)	$	.16		$	.13		$	(.11	)	$	.16		$	.16		$	.26

Diluted earnings per common share:
Income (loss) from continuing operations	$	(.02	)	$	.15		$	.12		$	(.11	)	$	.15		$	.14		$	.26
Net income (loss)	$	(.01	)	$	.15		$	.13		$	(.11	)	$	.16		$	.16		$	.26

Weighted average common shares:
Basic		30,452			28,374			27,357			27,304			27,266			28,380			27,044
Diluted		30,753			28,680			27,576			27,516			27,520			28,646			27,261

(1)	Including prepayment premium and deferred loan cost write off of $9.9 million in 2005.

(2)

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

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
		12/05			09/05			06/05			03/05			12/04			12/05			12/04
Funds from operations:
Net income	$	125		$	4,413		$	3,480		$	(2,929	)	$	4,304		$	5,089		$	7,046
Adjusted for -
Minority interest in operating partnership		(109	)		917			737			176			930			1,721			1,611
Minority interest adjustment consolidated joint venture		234			(441	)		(277	)		169			(198	)		(315	)		(180	)
Minority interest, depreciation and amortization in discontinued operations		89			87			95			87			84			358			768
Depreciation and amortization uniquely significant to real estate - wholly owned		12,302			11,980			11,298			12,815			12,183			48,395			50,979
Depreciation and amortization uniquely significant to real estate - joint ventures		379			375			370			369			379			1,493			1,334
Loss on sale of real estate		--			--			--			3,843			--			3,843			1,460
Preferred share dividend		(538	)		--			--						--			(538	)		--
Funds from operations	$	12,482		$	17,331		$	15,703		$	14,530		$	17,682		$	60,046		$	63,018

Funds from operations per share	$	.34		$	.50		$	.47		$	.43		$	.53		$	1.73		$	1.89
Funds available for distribution:
Funds from operations	$	12,482		$	17,331		$	15,703		$	14,530		$	17,682		$	60,046		$	63,018
Adjusted For -
Corporate depreciation excluded above		66			66			62			55			53			249			222
Amortization of finance costs		276			323			341			355			350			1,295			1,465
Early extinguishment of debt		9,866			--			--			--			--			9,866			--
Amortization of share compensation		429			426			468			242			237			1,565			1,476
Straight line rent adjustment		(393	)		(706	)		(539	)		(112	)		(90	)		(1,750	)		(389	)
Below market rent adjustment		(158	)		76			(613	)		(46	)		(418	)		(741	)		(1,065	)
Market rate interest adjustment		(609	)		(652	)		(643	)		(629	)		(631	)		(2,533	)		(2,506	)
2^nd generation tenant allowances		(2,130	)		(1,290	)		(2,346	)		(4,462	)		(2,839	)		(10,228	)		(7,368	)
Capital improvements		(1,572	)		(1,841	)		(2,231	)		(952	)		(2,080	)		(6,596	)		(7,045	)
Consolidated joint venture minority interest share of adjustments		(234	)		441			277			(169	)		198			315			180
Funds available for distribution	$	18,023		$	14,174		$	10,479		$	8,812		$	12,462		$	51,488		$	47,988
Funds available for distribution per share	$	.49		$	.41		$	.31		$	.26		$	.37		$	1.48		$	1.44
Dividends paid per share	$	.3225		$	.3225		$	.3225		$	.3125		$	.3125		$	1.28		$	1.245

FFO payout ratio		95	%		65	%		69	%		73	%		59	%		74	%		66	%
FAD payout ratio		66	%		79	%		104	%		120	%		84	%		86	%		86	%
Diluted weighted average common shs.		36,820			34,747			33,643			33,583			33,587			34,713			33,328

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

		12/31/05		09/30/05		06/30/05		3/31/05		12/31/04		Tanger’s Share as of 12/31/05 (1	)
Assets
Investment properties at cost - net	$	64,915	$	65,489	$	67,446	$	67,399	$	69,865	$	28,108
Construction in progress		15,734		96		--		--		--		7,867
Cash and cash equivalents		6,355		4,171		4,253		4,319		2,449		2,835
Deferred charges - net		1,548		1,340		1,433		1,305		1,973		774
Other assets		6,690		6,073		4,245		3,869		2,826		2,525
Total assets	$	95,242	$	77,169	$	77,377	$	76,892	$	77,113	$	42,109

Liabilities & Owners’ Equity
Mortgage payable	$	61,081	$	61,066	$	61,024	$	60,254	$	59,708	$	26,327
Member loans payable		--		550		--		--		--		--
Construction trade payables		6,588		215		477		426		578		3,294
Accounts payable & other liabilities		1,177		1,239		1,956		828		702		498
Total liabilities		68,846		63,070		63,457		61,508		60,988		30,119
Owners’ equity		26,396		14,099		13,920		15,384		16,125		11,990
Total liabilities & owners’ equity	$	95,242	$	77,169	$	77,377	$	76,892	$	77,113	$	42,109

(1) Tanger’s portion of investment properties at cost - net, includes $8.7 million associated with a development property that generated net income considered incidental to its intended future operation as an outlet center. As such, the net income generated from this property is recorded as a reduction to the carrying value of the property and is therefore not included in the summary statement of operations below.

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		12/05		09/05		06/05		03/05		12/04		12/05		12/04
Revenues	$	2,730	$	2,735	$	2,933	$	2,511	$	2,557	$	10,909	$	9,821
Expenses
Property operating		1,050		888		1,067		974		900		3,979		3,539
General & administrative		5		4		15		--		10		24		31
Depreciation & amortization		789		777		769		767		765		3,102		2,742
Total expenses		1,844		1,669		1,851		1,741		1,675		7,105		6,312
Operating income		866		1,066		1,082		770		882		3,804		3,509
Interest expense		586		584		574		417		401		2,161		1,532
Net income	$	300	$	482	$	508	$	353	$	481	$	1,643	$	1,977
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	837	$	922	$	925	$	769	$	824	$	3,453	$	3,126
Net income	$	165	$	255	$	268	$	191	$	243	$	879	$	1,042
Depreciation (real estate related)	$	379	$	375	$	370	$	369	$	379	$	1,493	$	1,334

Debt Outstanding Summary (dollars in thousands)

As of December 31, 2005
		Principal Balance		Interest Rate		Maturity Date
Mortgage debt
Blowing Rock, NC	$	9,201		8.860	%	09/01/10
Nags Head, NC		6,244		8.860	%	09/01/10
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		180,017		6.590	%	07/10/08
Net debt premium COROC Holdings, LLC (1)		5,771
Total mortgage debt		201,233

Corporate debt
Unsecured term loan		53,500		Libor + 0.85	%	03/26/08
Unsecured credit facilities		59,775		Libor + 0.85	%	06/30/08
2008 Senior unsecured notes		100,000		9.125	%	02/15/08
2015 Senior unsecured notes		250,000		6.15	%	11/15/15
Net discount senior unsecured notes		(901	)
Total corporate debt		462,374
Total debt	$	663,607

Senior Unsecured Notes Financial Covenants (2)

As of December 31, 2005
	Required		Actual		Compliance
Total Consolidated Debt to Adjusted Total Assets	60	%	54	%	Yes
Total Secured Debt to Adjusted Total Assets	40	%	16	%	Yes
Total Unencumbered Assets to Unsecured Debt	135	%	138	%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00		3.94		Yes

(1)	Represents a premium on mortgage debt with an imputed interest rate of 4.97% assumed in the Charter Oak acquisition.

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

Future Scheduled Principal Payments (dollars in thousands)

As of December 31, 2005
Year	Scheduled Amortization Payments	Balloon Payments	Total Scheduled Payments
2006	$3,849	--	$3,849
2007	4,121	--	4,121
2008	2,688	$383,626	386,314
2009	394	--	394
2010	181	13,878	14,059
2011	--	--	--
2012	--	--	--
2013	--	--	--
2014	--	--	--
2015 & thereafter		250,000	250,000
	$11,233	$647,504	$658,737
Net Premium on Debt			4,870
			$663,607

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