Exhibit 99.2

EX-99.2 4 tfoc8k07262006ex99-2.htm EXHIBIT 99.2 Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

June 30, 2006

Notice

For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2005.

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, 2006				8
	Leasing Activity (1)				9

Financial Data:

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

Investor Information		19

Geographic Diversification

As of June 30, 2006
State	# of Centers	GLA	% of GLA
South Carolina	2	820,511	10%
Georgia	3	818,274	10%
New York	1	729,315	9%
Alabama	2	636,668	8%
Texas	2	620,000	8%
Delaware	1	568,873	7%
Michigan	2	436,751	6%
Tennessee	1	419,038	5%
Utah	1	300,602	4%
Connecticut	1	291,051	4%
Missouri	1	277,883	4%
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	3%
North Carolina	2	186,458	2%
California	1	109,600	1%
Maine	2	84,313	1%
Total (1)	29	8,028,934	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 and three centers totaling 293,462 square feet for which we only have management responsibilities.

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

Location	Total GLA 6/30/06	% Occupied 6/30/06	% Occupied 3/31/06	% Occupied 12/31/05	% Occupied 9/30/05	% Occupied 6/30/05
Riverhead, NY	729,315	99%	98%	99%	100%	99%
Rehoboth, DE	568,873	99%	98%	99%	99%	100%
Foley, AL	557,093	96%	94%	97%	98%	99%
San Marcos, TX	442,510	99%	97%	100%	99%	99%
Myrtle Beach, SC	427,417	94%	91%	93%	90%	93%
Sevierville, TN	419,038	100%	100%	100%	100%	100%
Hilton Head, SC	393,094	84%	81%	88%	87%	90%
Commerce II, GA	338,656	99%	98%	97%	99%	99%
Howell, MI	324,631	100%	95%	99%	98%	96%
Park City, UT	300,602	100%	100%	100%	99%	99%
Locust Grove, GA	293,868	94%	95%	100%	99%	98%
Westbrook, CT	291,051	92%	90%	94%	92%	92%
Branson, MO	277,883	100%	99%	100%	100%	100%
Williamsburg, IA	277,230	97%	99%	100%	99%	96%
Lincoln City, OR	270,280	98%	99%	94%	94%	92%
Tuscola, IL	256,514	70%	70%	75%	76%	76%
Lancaster, PA	255,152	100%	99%	100%	100%	99%
Gonzales, LA	243,499	100%	100%	100%	98%	100%
Tilton, NH	227,998	99%	97%	100%	96%	96%
Fort Myers, FL	198,924	94%	91%	95%	91%	91%
Commerce I, GA	185,750	93%	87%	90%	90%	86%
Terrell, TX	177,490	99%	99%	100%	99%	99%
West Branch, MI	112,120	98%	98%	100%	100%	97%
Barstow, CA	109,600	95%	95%	95%	93%	98%
Blowing Rock, NC	104,280	100%	100%	100%	100%	100%
Nags Head, NC	82,178	100%	97%	100%	98%	100%
Boaz, AL	79,575	92%	92%	95%	95%	95%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	100%	100%	100%	100%	100%
Pigeon Forge, TN	n/a	n/a	n/a	99%	95%	96%
North Branch, MN	n/a	n/a	n/a	100%	100%	100%
Total	8,028,934	96%	95%	97%	96%	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 three centers totaling 293,462 square feet for which we only have management responsibilities.

Portfolio Occupancy at the End of Each Period (1)

'06/06 '03/06 '12/05 '09/05 '06/05 '03/05 '12/04 '09/04 '06/04

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

(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 three centers totaling 293,462 square feet for which we only have management responsibilities.

Major Tenants (1)

Ten Largest Tenants As of June 30, 2006
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	57	568,056	7.1	%
Phillips-Van Heusen	90	432,039	5.4	%
Liz Claiborne	39	306,929	3.8	%
VF Factory Outlet	30	266,524	3.3	%
Adidas	32	256,671	3.2	%
Dress Barn, Inc.	32	218,858	2.7	%
Carter’s	42	207,931	2.6	%
Polo Ralph Lauren	23	188,628	2.4	%
Jones Retail Corporation	64	182,323	2.3	%
Brown Group Retail, Inc.	38	163,398	2.0	%
Total of All Listed Above	447	2,791,357	34.8	%

(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 three centers totaling 293,462 square feet for which we only have management responsibilities.

Lease Expirations as of June 30, 2006

Percentage of Total Gross Leasable Area (1)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016+
5.00% 19.00% 17.00% 19.00% 16.00% 15.00% 4.00% 1.00% 1.00% 1.00% 2.00%

Percentage of Total Annualized Base Rent (1)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016+
5.00% 18.00% 17.00% 18.00% 18.00% 14.00% 3.00% 2.00% 1.00% 2.00% 2.00%

(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 three centers totaling 293,462 square feet center for which we only have management responsibilities.

Leasing Activity (1)

		03/31/06			06/30/06		09/30/06	12/31/06		Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases		60			44					104			74
Gross leasable area		220,484			150,083					370,567			322,186
New base rent per square foot	$	17.98		$	21.32				$	19.33		$	16.95
Prior base rent per square foot	$	15.48		$	16.47				$	15.88		$	16.28
Percent increase in rent per square foot		16.1	%		29.5	%				21.7	%		4.1	%

New average base rent per square foot	$	18.61		$	22.15				$	20.04			Not available
Prior average base rent per square foot	$	15.35		$	16.21				$	15.70			Not available
Percent increase in average rent per square foot		21.2	%		36.7	%				27.7	%		Not available

Renewed Space:
Number of leases		220			69					289			243
Gross leasable area		942,601			316,120					1,258,721			1,073,851
New base rent per square foot	$	17.71		$	16.22				$	17.34		$	16.99
Prior base rent per square foot	$	16.37		$	14.72				$	15.96		$	15.74
Percent increase in rent per square foot		8.2	%		10.2	%				8.7	%		7.9	%

New average base rent per square foot	$	17.91		$	16.38				$	17.53			Not available
Prior average base rent per square foot	$	16.03		$	14.37				$	15.62			Not available
Percent increase in average rent per square foot		11.7	%		14.0	%				12.2	%		Not available

Total Re-tenanted and Renewed Space:
Number of leases		280			113					393			317
Gross leasable area		1,163,085			466,203					1,629,288			1,396,037
New base rent per square foot	$	17.76		$	17.86				$	17.79		$	16.98
Prior base rent per square foot	$	16.20		$	15.28				$	15.94		$	15.87
Percent increase in rent per square foot		9.6	%		16.9	%				11.6	%		7.0	%

New average base rent per square foot	$	18.05		$	18.24				$	18.10			Not available
Prior average base rent per square foot	$	15.90		$	14.96				$	15.63			Not available
Percent increase in average rent per square foot		13.5	%		21.9	%				15.8	%		Not available

(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 three centers totaling 293,462 square feet for which we only have management responsibilities.

Consolidated Balance Sheets (dollars in thousands)

	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Assets
Rental property
Land	$	119,876		$	119,969		$	120,715		$	113,284		$	113,284
Buildings		1,017,245			1,005,300			1,004,545			960,105			956,440
Construction in progress		51,260			32,459			27,606			8,797			6,044
Total rental property		1,188,381			1,157,728			1,152,866			1,082,186			1,075,768
Accumulated depreciation		(266,958	)		(257,256	)		(253,765	)		(247,179	)		(237,688	)
Total rental property - net		921,423			900,472			899,101			835,007			838,080
Cash & cash equivalents		1,785			2,153			2,930			6,219			3,543
Short-term investments		--			--			--			20,000			--
Assets held for sale		--			--			2,637			--			--
Investments in unconsolidated joint ventures		15,130			14,960			13,020			6,913			6,764
Deferred charges - net		56,867			59,497			64,555			52,873			54,818
Other assets		27,008			38,148			18,362			19,982			15,021
Total assets	$	1,022,213		$	1,015,230		$	1,000,605		$	940,994		$	918,226
Liabilities, minority interests & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	349,132		$	349,115		$	349,099		$	100,000		$	100,000
Mortgages payable, including premium		198,177			199,662			201,233			281,069			290,197
Unsecured note		53,500			53,500			53,500			53,500			53,500
Unsecured lines of credit		49,800			47,100			59,775			--			45,330
Total debt		650,609			649,377			663,607			434,569			489,027
Construction trade payables		22,372			14,247			13,464			8,294			9,231
Accounts payable & accruals		22,095			21,434			23,954			14,849			16,984
Total liabilities		695,076			685,058			701,025			457,712			515,242
Minority interests
Consolidated joint venture		--			--			--			227,234			225,103
Operating partnership		53,541			54,124			49,366			42,220			31,963
Total minority interests		53,541			54,124			49,366			269,454			257,066
Shareholders’ equity
Preferred shares		75,000			75,000			55,000			--			--
Common shares		310			309			307			307			277
Paid in capital		332,103			330,545			338,688			349,287			278,811
Distributions in excess of net income		(142,497	)		(136,853	)		(140,738	)		(130,955	)		(126,436	)
Deferred compensation		--			--			(5,501	)		(5,930	)		(6,372	)
Accum. other compreh. income (loss)		8,680			7,047			2,458			1,119			(362	)
Total shareholders’ equity		273,596			276,048			250,214			213,828			145,918
Total liabilities, minority interests & shareholders’ equity	$	1,022,213		$	1,015,230		$	1,000,605		$	940,994		$	918,226

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		06/06			03/06			12/05			09/05			06/05			06/06			06/05
Revenues
Base rentals	$	33,879		$	32,965		$	33,855		$	33,311		$	32,845		$	66,844		$	64,061
Percentage rentals		1,398			1,158			2,418			1,794			1,254			2,556			2,134
Expense reimbursements		13,747			12,720			15,255			13,925			12,296			26,467			26,235
Other income		1,504			1,355			2,098			1,563			1,182			2,859			2,112
Total revenues		50,528			48,198			53,626			50,593			47,577			98,726			94,542
Expenses
Property operating		15,995			14,765			17,347			15,554			14,143			30,760			29,843
General & administrative		4,077			4,081			3,509			3,578			3,711			8,158			6,754
Depreciation & amortization		13,593			15,950			12,246			11,923			11,243			29,543			23,996
Total expenses		33,665			34,796			33,102			31,055			29,097			68,461			60,593
Operating income		16,863			13,402			20,524			19,538			18,480			30,265			33,949
Interest expense (1)		9,890			10,034			18,600			7,932			8,167			19,924			16,395
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate excluded from discontinued operations		6,973			3,368			1,924			11,606			10,313			10,341			17,554
Equity in earnings of unconsolidated joint ventures		285			147			165			255			268			432			459
Minority interests:
Consolidated joint venture		--			--			(3,832	)		(6,860	)		(6,727	)		--			(13,351	)
Operating partnership		(969	)		(381	)		379			(881	)		(700	)		(1,350	)		(846	)
Income (loss) from continuing operations		6,289			3,134			(1,364	)		4,120			3,154			9,423			3,816
Discontinued operations (2)		--			11,713			1,489			293			326			11,713			578
Income before loss on sale of real estate		6,289			14,847			125			4,413			3,480			21,136			4,394
Loss on sale of real estate excluded from discontinued operations		--			--			--			--			--			--			(3,843	)
Net income		6,289			14,847			125			4,413			3,480			21,136			551
Less applicable preferred share dividends		(1,406	)		(1,215	)		(538	)		--			--			(2,621	)		--
Net income (loss) available to common shareholders	$	4,883		$	13,632		$	(413	)	$	4,413		$	3,480		$	18,515		$	551
Basic earnings per common share:
Income (loss) from continuing operations	$	.16		$	.06		$	(.06	)	$	.15		$	.12		$	.22		$	--
Net income (loss)	$	.16		$	.45		$	(.01	)	$	.16		$	.13		$	.61		$	.02
Diluted earnings per common share:
Income (loss) from continuing operations	$	.16		$	.06		$	(.06	)	$	.14		$	.11		$	.22		$	--
Net income (loss)	$	.16		$	.44		$	(.01	)	$	.15		$	.13		$	.60		$	.02
Weighted average common shares:
Basic		30,593			30,531			30,452			28,374			27,357			30,562			27,330
Diluted		30,915			30,861			30,753			28,680			27,576			30,889			27,546

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

(2)

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

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
		06/06			03/06			12/05			09/05			06/05			06/06			06/05
Funds from operations:
Net income	$	6,289		$	14,847		$	125		$	4,413		$	3,480		$	21,136		$	551
Adjusted for -
Minority interest in operating partnership		969			381			(379	)		881			700			1,350			846
Minority interest adjustment consolidated joint venture		--			--			234			(441	)		(277	)		--			(108	)
Minority interest, depreciation and amortization in discontinued operations		--			2,444			480			247			249			2,444			482
Depreciation and amortization uniquely significant to real estate - wholly owned		13,526			15,885			12,181			11,856			11,181			29,411			23,880
Depreciation and amortization uniquely significant to real estate - joint ventures		379			379			379			375			370			758			739
(Gain) loss on sale of real estate		--			(13,833	)		--			--			--			(13,833	)		3,843
Preferred share dividend		(1,406	)		(1,215	)		(538	)		--						(2,621	)		--
Funds from operations	$	19,757		$	18,888		$	12,482		$	17,331		$	15,703		$	38,645		$	30,233
Funds from operations per share	$	.53		$	.51		$	.34		$	.50		$	.47		$	1.05		$	.90

Funds available for distribution:
Funds from operations	$	19,757		$	18,888		$	12,482		$	17,331		$	15,703		$	38,645		$	30,233
Adjusted For -
Corporate depreciation excluded above		66			65			66			66			62			131			117
Amortization of finance costs		298			298			276			323			341			596			696
Early extinguishment of debt		--			--			9,866			--			--			--			--
Amortization of share compensation		661			481			429			426			468			1,142			710
Straight line rent adjustment		(601	)		(464	)		(393	)		(706	)		(539	)		(1,065	)		(651	)
Market rent adjustment		(348	)		(458	)		(158	)		76			(613	)		(806	)		(659	)
Market rate interest adjustment		(581	)		(568	)		(609	)		(652	)		(643	)		(1,149	)		(1,272	)
2^nd generation tenant allowances		(2,017	)		(1,650	)		(2,130	)		(1,290	)		(2,346	)		(3,667	)		(6,808	)
Capital improvements		(2,913	)		(2,424	)		(1,572	)		(1,841	)		(2,231	)		(5,337	)		(3,183	)
Consolidated joint venture minority interest share of adjustments		--			--			(234	)		441			277			--			108
Funds available for distribution	$	14,322		$	14,168		$	18,023		$	14,174		$	10,479		$	28,490		$	19,291
Funds available for distribution per share	$	.39		$	.38		$	.49		$	.41		$	.31		$	.77		$	.57
Dividends paid per share	$	.34		$	.3225		$	.3225		$	.3225		$	.3225		$	.6625		$	.635

FFO payout ratio		64	%		63	%		95	%		65	%		69	%		63	%		71	%
FAD payout ratio		87	%		85	%		66	%		79	%		104	%		86	%		111	%
Diluted weighted average common shs.		36,982			36,928			36,820			34,747			33,643			36,956			33,613

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

		6/30/06		3/31/06		12/31/05		09/30/05		6/30/05		Tanger’s Share as of 6/30/06 (1	)
Assets
Investment properties at cost - net	$	37,474	$	64,463	$	64,915	$	65,489	$	67,446	$	18,737
Construction in progress		65,298		26,562		15,734		96		--		28,030
Cash and cash equivalents		2,926		5,284		6,355		4,171		4,253		1,306
Deferred charges - net		1,805		1,729		1,548		1,340		1,433		902
Other assets		13,220		10,647		6,690		6,073		4,245		4,935
Total assets	$	120,723	$	108,685	$	95,242	$	77,169	$	77,377	$	53,910

Liabilities & Owners’ Equity
Mortgage payable	$	77,380	$	69,323	$	61,081	$	61,066	$	61,024	$	34,511
Member loans payable		--		--		--		550		--		--
Construction trade payables		9,665		6,646		6,588		215		477		4,833
Accounts payable & other liabilities		858		1,035		1,177		1,239		1,956		401
Total liabilities		87,903		77,004		68,846		63,070		63,457		39,745
Owners’ equity		32,820		31,681		26,396		14,099		13,920		14,165
Total liabilities & owners’ equity	$	120,723	$	108,685	$	95,242	$	77,169	$	77,377	$	53,910

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		06/06		03/06		12/05		09/05		06/05		06/06		06/05
Revenues	$	3,171	$	2,657	$	2,730	$	2,735	$	2,933	$	5,828	$	5,444
Expenses
Property operating		1,202		1,030		1,050		888		1,067		2,232		2,041
General & administrative		66		7		5		4		15		73		15
Depreciation & amortization		788		786		789		777		769		1,574		1,536
Total expenses		2,056		1,823		1,844		1,669		1,851		3,879		3,592
Operating income		1,115		834		886		1,066		1,082		1,949		1,852
Interest expense		578		569		586		584		574		1,147		991
Net income	$	537	$	265	$	300	$	482	$	508	$	802	$	861
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	952	$	810	$	837	$	922	$	925	$	1,762	$	1,694
Net income	$	285	$	147	$	165	$	255	$	268	$	432	$	459
Depreciation (real estate related)	$	379	$	379	$	379	$	375	$	370	$	758	$	739

Unconsolidated Joint Venture Information - TWMB Associates, LLC

Summary Balance Sheets (dollars in thousands)

		06/30/06		03/31/06		12/31/05		09/30/05		06/30/05		Tanger’s Share as of 06/30/06
Assets
Investment properties at cost - net	$	37,474	$	38,137	$	38,817	$	39,486	$	40,119	$	18,737
Cash and cash equivalents		1,761		2,093		1,993		2,268		2,080		881
Deferred charges - net		1,119		1,159		1,257		1,339		1,432		560
Other assets		3,020		2,473		1,760		1,731		1,977		1,510
Total assets	$	43,374	$	43,862	$	43,827	$	44,824	$	45,608	$	21,688

Liabilities & Owners’ Equity
Mortgage payable	$	35,800	$	35,800	$	35,800	$	35,800	$	35,800	$	17,900
Construction trade payables		174		174		184		215		477		87
Accounts payable & other liabilities		541		491		176		694		1,411		271
Total liabilities		36,515		36,465		36,160		36,709		37,688		18,258
Owners’ equity		6,859		7,397		7,667		8,115		7,920		3,430
Total liabilities & owners’ equity	$	43,374	$	43,862	$	43,827	$	44,824	$	45,608	$	21,688

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		06/06		03/06		12/05		09/05		06/05		06/06		06/05
Revenues	$	2,976	$	2,657	$	2,730	$	2,735	$	2,933	$	5,633	$	5,444
Expenses
Property operating		1,035		1,030		1,050		888		1,067		2,065		2,041
General & administrative		20		7		5		4		15		27		15
Depreciation & amortization		788		786		789		777		769		1,574		1,536
Total expenses		1,843		1,823		1,844		1,669		1,851		3,666		3,592
Operating income		1,133		834		886		1,066		1,082		1,967		1,852
Interest expense		578		569		586		584		574		1,147		991
Net income	$	555	$	265	$	300	$	482	$	508	$	820	$	861
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	961	$	810	$	837	$	922	$	925	$	1,771	$	1,694
Net income	$	292	$	147	$	165	$	255	$	268	$	439	$	459
Depreciation (real estate related)	$	379	$	379	$	379	$	375	$	370	$	758	$	739

Unconsolidated Joint Venture Information - Tanger Wisconsin Dells, LLC

Summary Balance Sheets (dollars in thousands)

	06/30/06		03/31/06		12/31/05		09/30/05		06/30/05		Tanger’s Share as of 06/30/06
Assets
Construction in progress	$	37,582	$	26,562	$	15,734	$	96	$	--	$	18,791
Cash and cash equivalents		220		18		2,305		291		100		110
Deferred charges - net		685		569		290		--		--		343
Other assets		148		18		12		263		--		74
Total assets	$	38,635	$	27,167	$	18,341	$	650	$	100	$	19,318

Liabilities & Owners’ Equity
Mortgage payable	$	16,508	$	8,194	$	--	$	--	$	--	$	8,254
Member loans payable		--		--		--		550		--		--
Construction trade payables		9,491		6,472		6,404		--		--		4,746
Accounts payable & other liabilities		147		1		458		--		--		73
Total liabilities		26,146		14,667		6,862		550		--		13,073
Owners’ equity		12,489		12,500		11,479		100		100		6,245
Total liabilities & owners’ equity	$	38,635	$	27,167	$	18,341	$	650	$	100	$	19,318

Summary Statements of Operations (dollars in thousands)

	Three Months Ended											YTD
		06/06			03/06		12/05		09/05		06/05		06/06			06/05
Revenues	$	162		$	--	$	--	$	--	$	--	$	162		$	--
Expenses
Property operating		167			--		--		--		--		167			--
General & administrative		6			--		--		--		--		6			--
Depreciation & amortization		--			--		--		--		--		--			--
Total expenses		173			--		--		--		--		173			--
Operating income		(11	)		--		--		--		--		(11	)		--
Interest expense		--			--		--		--		--		--			--
Net loss	$	(11	)	$	--	$	--	$	--	$	--	$	(11	)	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	(5	)	$	--	$	--	$	--	$	--	$	(5	)	$	--
Net loss	$	(5	)	$	--	$	--	$	--	$	--	$	(5	)	$	--
Depreciation (real estate related)	$	--		$	--	$	--	$	--	$	--	$	--		$	--

Unconsolidated Joint Venture Information - Deer Park Enterprise, LLC

Summary Balance Sheets (dollars in thousands)

		06/30/06		03/31/06		12/31/05		09/30/05		06/30/05		Tanger’s Share as of 06/30/06
Assets
Investment in properties at cost - net	$	--	$	26,326	$	26,098	$	26,003	$	27,327	$	--
Construction in progress		27,716		--		--		--		--		9,239
Cash and cash equivalents		945		3,173		2,057		1,612		2,073		315
Deferred charges - net		1		1		1		1		1		--
Other assets		10,052		8,156		4,918		4,079		2,268		3,351
Total assets	$	38,714	$	37,656	$	33,074	$	31,695	$	31,669	$	12,905

Liabilities & Owners’ Equity
Mortgage payable	$	25,072	$	25,329	$	25,281	$	25,266	$	25,224	$	8,357
Accounts payable & other liabilities		170		543		543		545		545		57
Total liabilities		25,242		25,872		25,824		25,811		25,769		8,414
Owners’ equity		13,472		11,784		7,250		5,884		5,900		4,491
Total liabilities & owners’ equity	$	38,714	$	37,656	$	33,074	$	31,695	$	31,669	$	12,905

Summary Statements of Operations (dollars in thousands)

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

Debt Outstanding Summary (dollars in thousands)

As of June 30, 2006
		Principal Balance		Interest Rate		Maturity Date
Mortgage debt
Blowing Rock, NC	$	9,113		8.860	%	09/01/10
Nags Head, NC		6,184		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		178,256		6.590	%	07/10/08
Net debt premium, COROC Holdings, LLC (1)		4,623
Total mortgage debt		198,176

Corporate debt
Unsecured term loan		53,500		Libor + 0.85	%	03/26/08
Unsecured credit facilities		49,800		Libor + 0.85	%	(2	)
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		(867	)
Total corporate debt		452,433
Total debt	$	650,609

Senior Unsecured Notes Financial Covenants (3)

As of June 30, 2006
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	60%	51%	Yes
Total Secured Debt to Adjusted Total Assets	40%	16%	Yes
Total Unencumbered Assets to Unsecured Debt	135%	149%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00	3.48	Yes

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

(2)	The unsecured credit facilities expire at various times from June 30, 2008 to June 30, 2009.

(3)	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, 2006
Year	Scheduled Amortization Payments	Balloon Payments	Total Scheduled Payments
2006	$1,941	$ --	$ 1,941
2007	4,121	--	4,121
2008	2,688	363,651	366,339
2009	394	10,000	10,394
2010	181	13,878	14,059
2011	--	--	--
2012	--	--	--
2013	--	--	--
2014	--	--	--
2015 & thereafter		250,000	250,000
	$9,325	$637,529	$646,854
Net Premium on Debt			3,755
			$650,609

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