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 24, 2006

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 2.02Results of Operations and Financial Condition

On October 24, 2006, 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, 2006. 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 7.01Regulation FD Disclosure

On October 24, 2006, the Company made publicly available certain supplemental operating and financial information for the quarter ended September 30, 2006. 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 9.01Financial Statements and Exhibits

(c) Exhibits

The following exhibits are included with this Report:

Exhibit 99.1Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended September 30, 2006.

Exhibit 99.2 Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2006.

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 24, 2006

TANGER FACTORY OUTLET CENTERS, INC.

By:/s/ Frank C. Marchisello, Jr.

Frank C. Marchisello, Jr.

Executive Vice President, Chief Financial Officer

_____________________________________________________________________________________________

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, 2006.

99.2    Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2006.

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 2006 RESULTS

22.1% Increase in Total FFO, 14.0% Increase in FFO Per Share,

Tenant Sales Increase 6.9%

Greensboro, NC, October 24, 2006, 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, 2006 increased 14.0% to $0.57 per share, or $21.2 million, as compared to FFO of $0.50 per share, or $17.3 million, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, FFO increased 15.7% to $1.62 per share, or $59.8 million, as compared to FFO of $1.40 per share, or $47.6 million, for the nine months ended September 30, 2005.

FFO for the three months and nine months ended September 30, 2006 was impacted by a non-recurring charge for the early extinguishment of debt of $917,000, or approximately $0.03 per share, which has been included in interest expense. Excluding the non-recurring charge, FFO for the third quarter and nine months ended September 30, 2006 would have been $0.60 and $1.64 per share respectively, representing an increase of 20.0% for the three months ended September 30, 2006 and an increase of 17.1% for the nine months ended September 30, 2006.

For the three months ended September 30, 2006, net income available to common shareholders increased 36.1% to $6.0 million or $0.19 per share, as compared to $4.4 million, or $0.15 per share for the third quarter of 2005. For the nine months ended September 30, 2006, net income available to common shareholders was $24.5 million, or $0.79 per share, compared to $5.0 million, or $0.18 per share for the first nine months of 2005, representing a per share increase of 338.9%. Net income for the nine months ended September 30, 2006 included a gain on the sale of real estate incurred during the first quarter of $13.8 million, while net income for the nine months ended September 30, 2005 included a $4.7 million loss on sale of real estate incurred during the first quarter of 2005.

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

·   Equity market capital up 49.8% as of September 30, 2006 compared to last year

·   Total market capital up 51.9% to $2.1 billion as of September 30, 2006 compared to last year

·   32.8% debt-to-total market capitalization ratio, 3.25 times interest coverage ratio

·   11.6% average increase in base rental rates on signed renewals with the existing tenants for 1.4 million square feet, or 78.4% of the square feet scheduled to expire during 2006

·   96.0% occupancy rate for wholly-owned stabilized properties, compared to 96.4% as of September 30, 2005

·   $336 per square foot in reported same-space tenant sales for the rolling twelve months ended September 30, 2006, up 6.1% compared to the twelve months ended September 30, 2005

·   Opened newly constructed 264,900 square foot center in Wisconsin Dells, Wisconsin in August 2006

·   Opened newly constructed 352,300 square foot center in Charleston, South Carolina in August 2006

·   Issued $149.5 million of 3.75% exchangeable senior notes due 2026

·   Repaid approximately $15.3 million in mortgage debt with an average interest rate of 8.86%

·   Repaid all amounts outstanding under the company’s unsecured lines of credit and other variable rate debt totaling approximately $103.3 million in the aggregate with a weighted average interest rate of 6.3%

Stanley K. Tanger, Chairman of the Board and Chief Executive Officer, commented, “Our third quarter results were better than expected and average tenant sales increased 6.9% during the third quarter of 2006, continuing the positive momentum experienced in the first half of the year. We were also very happy to see our two new centers open for business during the quarter. Initial signs indicate both locations appear to be doing very well.”

Portfolio Operating Results

During the first nine months of 2006, Tanger executed 448 leases, totaling 1,830,329 square feet within its wholly-owned properties. Lease renewals accounted for 1,381,718 square feet and generated an 11.6% increase in average base rental rates on a straight-line basis. Base rental increases on re-tenanted space during the first nine months of 2006 averaged 22.3% on a straight-line basis and accounted for the remaining 448,611 square feet. For the first nine months of 2006, Tanger has already renewed 78.4% of the 1,760,000 square feet originally scheduled to expire during 2006. Same center net operating income increased 2.8% for the first nine months of 2006 compared to the same periods in 2005.

Reported same-space sales per square foot for the rolling twelve months ended September 30, 2006 were $336 per square foot. This represents a 6.1% increase compared to the rolling twelve months ended September 30, 2005. For the third quarter of 2006, same-space sales increased by 6.9%, as compared to the same period in 2005. Same-space sales is defined as the weighted average sales per square foot reported in space open for the full duration of the comparative periods. Reported same-store sales increased 5.1% for the three months ended September 30, 2006 and increased 3.7% for the nine months ended September 30, 2006. Same-store sales are defined as sales for tenants whose stores have been open from January 1, 2005 through the duration of the comparison period.

Investment and Other Activities

During the third quarter of 2006, the company opened two new centers located in Wisconsin Dells, Wisconsin and Charleston, South Carolina. The 264,900 square foot center in Wisconsin Dells, Wisconsin is currently 100% leased. Tanger held a grand opening celebration for the center on August 18, 2006. Tenants in the center include Polo Ralph Lauren, Abercrombie & Fitch, Hollister, Gap, Banana Republic, Old Navy, Liz Claiborne, Nike, Adidas, Tommy Hilfiger and many others. The Wisconsin Dells property, which was developed and is managed and leased by Tanger for a fee, is owned through a joint venture of which Tanger owns a 50% interest.

Tanger’s 352,300 square foot center in Charleston, South Carolina is currently 83% leased with tenant commitments for an additional 12% of the leasable space. The company held a grand opening celebration for the center on August 31, 2006. Tenants in the center include Gap, Banana Republic, Liz Claiborne, Nike, Adidas, Tommy Hilfiger, Guess, Reebok and many others. The Charleston property is wholly owned by Tanger.

Tanger continues the pre-development and leasing of two previously announced sites located near Pittsburgh, Pennsylvania and in Deer Park (Long Island), New York. The company has contracted with Allegany Power to move certain power lines located on the Pittsburgh site and has closed on the acquisition of the Pittsburgh development site land. The company currently expects delivery of the center in the first quarter of 2008. The Pittsburgh center will be wholly owned by Tanger.

Demolition of the building located at the Deer Park site began during the third quarter of 2006 and the company currently expects this center will also be delivered in the first 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.

Financing Activities and Balance Sheet Summary

In August 2006, the company issued $149.5 million of 3.75% exchangeable senior notes due 2026. Proceeds from the offering were used to repay in full two mortgage loans totaling approximately $15.3 million with interest rates of 8.86% and all amounts outstanding under the company’s unsecured lines of credit and other variable rate debt with a weighted average interest rate of approximately 6.3%. As a result of the early repayment of these loans, Tanger recognized a non-recurring charge for the early extinguishment of debt of approximately $917,000. The non-recurring charge, which is included in interest expense, was recorded in the third quarter of 2006 and consisted of a prepayment premium of approximately $609,000 and the write-off of deferred loan fees totaling approximately $308,000.

Tanger’s total market capitalization as of September 30, 2006 increased 51.9% from the same period in 2005 to approximately $2.1 billion, with $680.1 million of debt outstanding. The company’s debt to total market capitalization was 32.8% as of September 30, 2006. As of September 30, 2006, 100% of Tanger’s $680.1 million in total debt was at fixed interest rates. During the third quarter of 2006, the company continued to maintain a strong interest coverage ratio of 3.25 times.

2006 FFO Per Share Guidance

Based on current market conditions, the strength and stability of its core portfolio, Tanger currently believes its diluted net income available to common shareholders for 2006 will be between $1.01 and $1.05 per share and its FFO for 2006 will be between $2.22 and $2.26 per share. The company’s earnings estimates do not include the impact of any future potential gains on the sale of land parcels or the impact of any future potential sales or acquisitions of properties. The following table provides the reconciliation of estimated diluted FFO per share to estimated diluted net income per share:

For the twelve months ended December 31, 2006

Low RangeHigh Range

Estimated diluted net income per share$ 1.01$ 1.05

Minority interest, depreciation and amortization uniquely

significant to real estate including minority interest

share and our share of joint ventures1.21 1.21

Estimated diluted FFO per share$ 2.22 $ 2.26

Third Quarter Conference Call

Tanger will host a conference call to discuss its second quarter results for analysts, investors and other interested parties on Wednesday, October 25, 2006, 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 Financial Results call. Alternatively, the call will be web cast by CCBN and can be accessed at Tanger Factory Outlet Centers, Inc.'s web site at www.tangeroutlet.com/corporate under the News Releases section.

A telephone replay of the call will be available from October 25, 2006 starting at 12:00 P.M. Eastern Time through 11:59 P.M., November 3, 2006, by dialing 1-800-642-1687 (conference ID # 8182798). Additionally, an online archive of the broadcast will also be available through November 3, 2006.

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 30 centers in 21 states coast to coast, totaling approximately 8.4 million square feet of gross leasable area. Tanger also manages for a fee and owns a 50% interest in two centers containing approximately 667,000 square feet and manages for a fee three centers totaling approximately 293,000 square feet. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended September 30, 2006. 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, fund 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, 2005.

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,
				2006			2005			2006			2005
REVENUES
	Base rentals (a)			$	35,403		$	33,311		$	102,247		$	97,372
	Percentage rentals				1,736			1,794			4,292			3,928
	Expense reimbursements				14,890			13,925			41,357			40,160
	Other income (b)				2,407			1,563			5,266			3,675
			Total revenues		54,436			50,593			153,162			145,135
EXPENSES
	Property operating				17,713			15,554			48,473			45,397
	General and administrative				4,147			3,578			12,305			10,332
	Depreciation and amortization				13,578			11,923			43,121			35,919
			Total expenses		35,438			31,055			103,899			91,648
Operating income					18,998			19,538			49,263			53,487
	Interest expense (including prepayment premium
			and deferred loan cost write off of $917 in 2006)		10,932			7,932			30,856			24,327
Income before equity in earnings of
	unconsolidated joint ventures, minority
	interests, discontinued operations
	and loss on sale of real estate				8,066			11,606			18,407			29,160
Equity in earnings of unconsolidated joint ventures					539			255			971			714
Minority interests
		Consolidated joint venture			---			(6,860	)		---			(20,211	)
		Operating partnership			(1,191	)		(881	)		(2,541	)		(1,727	)
Income from continuing operations					7,414			4,120			16,837			7,936
Discontinued operations, net of minority interest (c)					---			293			11,713			871
Income before loss on sale of real estate					7,414			4,413			28,550			8,807
Loss on sale of real estate excluded from
		discontinued operations, net of minority interest			---			---			---			(3,843	)
Net income					7,414			4,413			28,550			4,964
Preferred share dividends					(1,406	)		---			(4,027	)		---
Net income available to common shareholders				$	6,008		$	4,413		$	24,523		$	4,964
Basic earnings per common share:
Income from continuing operations				$	.20		$	.15		$	.42		$	.15
Net income				$	.20		$	.16		$	.80		$	.18
Diluted earnings per common share:
Income from continuing operations				$	.19		$	.14		$	.41		$	.15
Net income				$	.19		$	.15		$	.79		$	.18
Funds from Operations Available to
			Common Shareholders (FFO)	$	21,155		$	17,331		$	59,800		$	47,564
FFO per common share - diluted				$	.57		$	.50		$	1.62		$	1.40
Summary of discontinued operations (c)
Operating income from discontinued operations				$	---		$	355		$	208		$	1,061
Gain on sale of real estate					---			---			13,833			---
Income from discontinued operations					---			355			14,041			1,061
Minority interest in discontinued operations					---			(62	)		(2,328	)		(190	)
Discontinued operations, net of minority interest				$	---		$	293		$	11,713		$	871
(a) Includes straight-line rent and market rent adjustments of $959 and $630 for the three months ended and $2,822 and $1,941 for the nine months ended September 30, 2006 and 2005, respectively.
(b) Includes gains on sale of outparcels of land of $177 for the three months ended September 30, 2006 and $402 and $127 for the nine months ended September 30, 2006 and 2005, respectively.
(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 during the above periods in which we have no significant continuing involvement have been reported above as discontinued operations for all periods presented.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(Unaudited)

			September 30,			December 31,
			2006			2005
ASSETS:
Rental property
	Land		$	130,250		$	120,715
	Buildings, improvements and fixtures			1,059,725			1,004,545
	Construction in progress			---			27,606
				1,189,975			1,152,866
	Accumulated depreciation			(266,054	)		(253,765	)
		Rental property, net		923,921			899,101
Cash and cash equivalents				20,197			2,930
Assets held for sale				---			2,637
Investments in unconsolidated joint ventures				14,581			13,020
Deferred charges, net				57,915			64,555
Other assets				26,819			18,362
Total assets			$	1,043,433		$	1,000,605
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS’ EQUITY:
Liabilities
Debt
	Senior, unsecured notes (net of discount of $850 and
	$901, respectively)		$	498,650		$	349,099
	Mortgages payable (including a debt premium of $4,033 and
	$5,771, respectively)			181,420			201,233
	Unsecured note			---			53,500
	Unsecured lines of credit			---			59,775
	Total debt			680,070			663,607
Construction trade payables				21,049			13,464
Accounts payable and accrued expenses				27,254			23,954
Total liabilities				728,373			701,025
Commitments
Minority interest in operating partnership				39,270			49,366
Shareholders’ equity
Preferred shares, 7.5% Class C, liquidation preference $25 per
	share, 8,000,000 shares authorized, 3,000,000 and
	2,200,000 shares issued and outstanding at September 30, 2006
	and December 31, 2005, respectively			75,000			55,000
Common shares, $.01 par value, 50,000,000 shares authorized,
	31,018,536 and 30,748,716 shares issued and outstanding
	at September 30, 2006 and December 31, 2005, respectively			310			307
Paid in capital				345,411			338,688
Distributions in excess of earnings				(147,030	)		(140,738	)
Deferred compensation				---			(5,501	)
Accumulated other comprehensive income				2,099			2,458
Total shareholders’ equity				275,790			250,214
Total liabilities, minority interest and shareholders’ equity			$	1,043,433		$	1,000,605

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,
				2006			2005			2006			2005
FUNDS FROM OPERATIONS (a)
	Net income			$	7,414		$	4,413		$	28,550		$	4,964
		Adjusted for:
		Minority interest in operating partnership			1,191			881			2,541			1,727
		Minority interest adjustment - consolidated joint venture			---			(441	)		---			(549	)
		Minority interest, depreciation and amortization
			attributable to discontinued operations		---			247			2,444			729
		Depreciation and amortization uniquely significant to
			real estate - consolidated		13,512			11,856			42,923			35,736
		Depreciation and amortization uniquely significant to
			real estate - unconsolidated joint ventures		444			375			1,202			1,114
		(Gain) loss on sale of real estate			---			---			(13,833	)		3,843
		Funds from operations (FFO)			22,561			17,331			63,827			47,564
		Preferred share dividends			(1,406	)		---			(4,027	)		---
		Funds from operations available to common
			shareholders	$	21,155		$	17,331		$	59,800		$	47,564
		Funds from operations available to common
			shareholders per share - diluted	$	.57		$	.50		$	1.62		$	1.40
WEIGHTED AVERAGE SHARES
	Basic weighted average common shares				30,619			28,374			30,582			27,682
	Effect of outstanding share and unit options				229			209			234			191
	Effect of unvested restricted share awards				135			97			107			61
	Diluted weighted average common shares (for earnings
		per share computations)			30,983			28,680			30,923			27,934
	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)			37,050			34,747			36,990			34,001
OTHER INFORMATION
Gross leasable area open at end of period -
Wholly owned					8,389			4,956			8,389			4,956
Partially owned - consolidated (c)					---			3,271			---			3,271
Partially owned - unconsolidated					667			402			667			402
Managed					293			65			293			65
Outlet centers in operation -
Wholly owned					30			22			30			22
Partially owned - consolidated (c)					---			9			---			9
Partially owned - unconsolidated					2			1			2			1
Managed					3			1			3			1
States operated in at end of period (c) (d)					21			22			21			22
Occupancy at end of period (c) (d) (e)					96.0	%		96.4	%		96.0	%		96.4	%

(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)   Includes the Charter Oak portfolio which we originally acquired through a joint venture in 2003. At that time we had a 33.3% ownership interest in the joint venture. In November 2005, we acquired the remaining 66.7% interest in the joint venture, thus making the portfolio wholly-owned from that date forward. However, these properties have been consolidated for financial reporting purposes under the accounting guidance of FIN 46R since the initial formation of the joint venture in December 2003.

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

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

EX-99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

September 30, 2006

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, 2005 and our Current Report on Form 8-K dated August 9, 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, 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

3

Geographic Diversification

As of September 30, 2006
State	# of Centers	GLA	% of GLA
South Carolina	3	1,172,771	14%
Georgia	3	825,862	10%
New York	1	729,315	9%
Alabama	2	636,668	8%
Texas	2	620,000	7%
Delaware	1	568,873	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	227,998	3%
Florida	1	198,924	2%
North Carolina	2	186,458	2%
California	1	109,600	1%
Maine	2	84,313	1%
Total (1)	30	8,388,782	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 three centers totaling 293,462 square feet for which we only have management responsibilities.

4

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

Location	Total GLA 9/30/06	% Occupied 9/30/06	% Occupied 6/30/06	% Occupied 3/31/06	% Occupied 12/31/05	% Occupied 9/30/05
Riverhead, NY	729,315	98%	99%	98%	99%	100%
Rehoboth, DE	568,873	100%	99%	98%	99%	99%
Foley, AL	557,093	96%	96%	94%	97%	98%
San Marcos, TX	442,510	98%	99%	97%	100%	99%
Myrtle Beach, SC	427,417	94%	94%	91%	93%	90%
Sevierville, TN	419,038	100%	100%	100%	100%	100%
Hilton Head, SC	393,094	88%	84%	81%	88%	87%
Charleston, SC	352,260	81%	n/a	n/a	n/a	n/a
Commerce II, GA	346,244	96%	99%	98%	97%	99%
Howell, MI	324,631	99%	100%	95%	99%	98%
Park City, UT	300,602	99%	100%	100%	100%	99%
Locust Grove, GA	293,868	93%	94%	95%	100%	99%
Westbrook, CT	291,051	96%	92%	90%	94%	92%
Branson, MO	277,883	99%	100%	99%	100%	100%
Williamsburg, IA	277,230	98%	97%	99%	100%	99%
Lincoln City, OR	270,280	96%	98%	99%	94%	94%
Tuscola, IL	256,514	70%	70%	70%	75%	76%
Lancaster, PA	255,152	100%	100%	99%	100%	100%
Gonzales, LA	243,499	100%	100%	100%	100%	98%
Tilton, NH	227,998	94%	99%	97%	100%	96%
Fort Myers, FL	198,924	100%	94%	91%	95%	91%
Commerce I, GA	185,750	87%	93%	87%	90%	90%
Terrell, TX	177,490	91%	99%	99%	100%	99%
West Branch, MI	112,120	100%	98%	98%	100%	100%
Barstow, CA	109,600	100%	95%	95%	95%	93%
Blowing Rock, NC	104,280	100%	100%	100%	100%	100%
Nags Head, NC	82,178	100%	100%	97%	100%	98%
Boaz, AL	79,575	98%	92%	92%	95%	95%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	94%	100%	100%	100%	100%
Pigeon Forge, TN	n/a	n/a	n/a	n/a	99%	95%
North Branch, MN	n/a	n/a	n/a	n/a	100%	100%
Total	8,388,782	96% (2)	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 three centers totaling 293,462 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)

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

96%        96%      95%      97%      96%       97%      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 three centers totaling 293,462 square feet for which we only have management responsibilities.

6

Major Tenants (1)

Ten Largest Tenants As of September 30, 2006
Tenant	# of    Stores	GLA	% of      Total GLA
The Gap, Inc.	60	595,187	7.1%
Phillips-Van Heusen	92	443,497	5.3%
Liz Claiborne	40	308,440	3.7%
Adidas	34	274,371	3.3%
VF Factory Outlet	29	267,109	3.2%
Dress Barn, Inc.	33	226,858	2.7%
Carter’s	43	213,191	2.5%
Jones Retail Corporation	69	194,363	2.3%
Polo Ralph Lauren	23	188,628	2.2%
Nike	14	183,801	2.2%
Total of All Listed Above	437	2,895,445	34.5%

(1)   Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

7

Lease Expirations as of September 30, 2006

Percentage of Total Gross Leasable Area (1)

2006           2007     2008        2009       2010         2011        2012        2013       2014      2015      2016+
2.00%       17.00%     16.00%    18.00%    15.00%    18.00%      5.00%     2.00%     2.00%    2.00%    3.00%

Percentage of Total Annualized Base Rent (1)

2006           2007     2008        2009       2010         2011        2012        2013        2014      2015      2016+

2.00%       15.00%     16.00%    17.00%    18.00%    17.00%    5.00%     2.00%     2.00%    2.00%   4.00%

(1)   Excludes one 401,992 square foot center in Myrtle Beach, SC and one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements and three centers totaling 293,462 square feet for which we only have management responsibilities.

8

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			24				128			97
Gross leasable area		220,484			150,083			78,044				448,611			395,228
New base rent per square foot	$	17.98		$	21.32		$	17.21			$	18.96		$	17.79
Prior base rent per square foot	$	15.48		$	16.47		$	18.34			$	16.31		$	16.60
Percent increase in rent per square foot		16.1	%		29.5	%		(6.1	%)			16.3	%		7.2	%
New average base rent per square foot	$	18.61		$	22.15		$	17.86			$	19.67			Not available
Prior average base rent per square foot	$	15.35		$	16.21		$	17.89			$	16.08			Not available
Percent increase in average rent per square foot		21.2	%		36.7	%		(0.2	%)			22.3	%		Not available
Renewed Space:
Number of leases		220			69			31				320			291
Gross leasable area		942,601			316,120			122,997				1,381,718			1,302,498
New base rent per square foot	$	17.71		$	16.22		$	15.87			$	17.21		$	16.64
Prior base rent per square foot	$	16.37		$	14.72		$	14.93			$	15.86		$	15.58
Percent increase in rent per square foot		8.2	%		10.2	%		6.3	%			8.5	%		6.8	%
New average base rent per square foot	$	17.91		$	16.38		$	16.34			$	17.42			Not available
Prior average base rent per square foot	$	16.03		$	14.37		$	15.54			$	15.61			Not available
Percent increase in average rent per square foot		11.7	%		14.0	%		5.1	%			11.6	%		Not available
Total Re-tenanted and Renewed Space:
Number of leases		280			113			55				448			388
Gross leasable area		1,163,085			466,203			201,041				1,830,329			1,697,726
New base rent per square foot	$	17.76		$	17.86		$	16.39			$	17.64		$	16.90
Prior base rent per square foot	$	16.20		$	15.28		$	16.25			$	15.97		$	15.82
Percent increase in rent per square foot		9.6	%		16.9	%		0.9	%			10.4	%		6.9	%
New average base rent per square foot	$	18.05		$	18.24		$	16.93			$	17.97			Not available
Prior average base rent per square foot	$	15.90		$	14.96		$	16.46			$	15.72			Not available
Percent increase in average rent per square foot		13.5	%		21.9	%		2.9	%			14.3	%		Not available

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

9

Consolidated Balance Sheets (dollars in thousands)

	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Assets
Rental property
Land	$	130,250		$	119,876		$	119,969		$	120,715		$	113,284
Buildings		1,059,725			1,017,245			1,005,300			1,004,545			960,105
Construction in progress		--			51,260			32,459			27,606			8,797
Total rental property		1,189,975			1,188,381			1,157,728			1,152,866			1,082,186
Accumulated depreciation		(266,054	)		(266,958	)		(257,256	)		(253,765	)		(247,179	)
Total rental property - net		923,921			921,423			900,472			899,101			835,007
Cash & cash equivalents		20,197			1,785			2,153			2,930			6,219
Short-term investments		--			--			--			--			20,000
Assets held for sale		--			--			--			2,637			--
Investments in unconsolidated joint ventures		14,581			15,130			14,960			13,020			6,913
Deferred charges - net		57,915			56,867			59,497			64,555			52,873
Other assets		26,819			27,008			38,148			18,362			19,982
Total assets	$	1,043,433		$	1,022,213		$	1,015,230		$	1,000,605		$	940,994
Liabilities, minority interests & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	498,650		$	349,132		$	349,115		$	349,099		$	100,000
Mortgages payable, including premium		181,420			198,177			199,662			201,233			281,069
Unsecured note		--			53,500			53,500			53,500			53,500
Unsecured lines of credit		--			49,800			47,100			59,775			--
Total debt		680,070			650,609			649,377			663,607			434,569
Construction trade payables		21,049			22,372			14,247			13,464			8,294
Accounts payable & accruals		27,254			22,095			21,434			23,954			14,849
Total liabilities		728,373			695,076			685,058			701,025			457,712
Minority interests
Consolidated joint venture		--			--			--			--			227,234
Operating partnership		39,270			53,541			54,124			49,366			42,220
Total minority interests		39,270			53,541			54,124			49,366			269,454
Shareholders’ equity
Preferred shares		75,000			75,000			75,000			55,000			--
Common shares		310			310			309			307			307
Paid in capital		345,411			332,103			330,545			338,688			349,287
Distributions in excess of net income		(147,030	)		(142,497	)		(136,853	)		(140,738	)		(130,955	)
Deferred compensation		--			--			--			(5,501	)		(5,930	)
Accum. other compreh. income		2,099			8,680			7,047			2,458			1,119
Total shareholders’ equity		275,790			273,596			276,048			250,214			213,828
Total liabilities, minority interests & shareholders’ equity	$	1,043,433		$	1,022,213		$	1,015,230		$	1,000,605		$	940,994

10

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
		09/06			06/06			03/06			12/05			09/05			09/06			09/05
Revenues
Base rentals	$	35,403		$	33,879		$	32,965		$	33,855		$	33,311		$	102,247		$	97,372
Percentage rentals		1,736			1,398			1,158			2,418			1,794			4,292			3,928
Expense reimbursements		14,890			13,747			12,720			15,255			13,925			41,357			40,160
Other income		2,407			1,504			1,355			2,098			1,563			5,266			3,675
Total revenues		54,436			50,528			48,198			53,626			50,593			153,162			145,135
Expenses
Property operating		17,713			15,995			14,765			17,347			15,554			48,473			45,397
General & administrative		4,147			4,077			4,081			3,509			3,578			12,305			10,332
Depreciation & amortization		13,578			13,593			15,950			12,246			11,923			43,121			35,919
Total expenses		35,438			33,665			34,796			33,102			31,055			103,899			91,648
Operating income		18,998			16,863			13,402			20,524			19,538			49,263			53,487
Interest expense (1)		10,932			9,890			10,034			18,600			7,932			30,856			24,327
Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate excluded from discontinued operations		8,066			6,973			3,368			1,924			11,606			18,407			29,160
Equity in earnings of unconsolidated joint ventures		539			285			147			165			255			971			714
Minority interests:
Consolidated joint venture		--			--			--			(3,832	)		(6,860	)		--			(20,211	)
Operating partnership		(1,191	)		(969	)		(381	)		379			(881	)		(2,541	)		(1,727	)
Income (loss) from continuing operations		7,414			6,289			3,134			(1,364	)		4,120			16,837			7,936
Discontinued operations (2)		--			--			11,713			1,489			293			11,713			871
Income before loss on sale of real estate		7,414			6,289			14,847			125			4,413			28,550			8,807
Loss on sale of real estate excluded from discontinued operations		--			--			--			--			--			--			(3,843	)
Net income		7,414			6,289			14,847			125			4,413			28,550			4,964
Less applicable preferred share dividends		(1,406	)		(1,406	)		(1,215	)		(538	)		--			(4,027	)		--
Net income (loss) available to common shareholders	$	6,008		$	4,883		$	13,632		$	(413	)	$	4,413		$	24,523		$	4,964
Basic earnings per common share:
Income (loss) from continuing operations	$	.20		$	.16		$	.06		$	(.06	)	$	.15		$	.42		$	.15
Net income (loss)	$	.20		$	.16		$	.45		$	(.01	)	$	.16		$	.80		$	.18
Diluted earnings per common share:
Income (loss) from continuing operations	$	.19		$	.16		$	.06		$	(.06	)	$	.14		$	.41		$	.15
Net income (loss)	$	.19		$	.16		$	.44		$	(.01	)	$	.15		$	.79		$	.18
Weighted average common shares:
Basic		30,619			30,593			30,531			30,452			28,374			30,582			27,682
Diluted		30,983			30,915			30,861			30,753			28,680			30,923			27,934

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

11

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
		09/06			06/06			03/06			12/05			09/05			09/06			09/05
Funds from operations:
Net income	$	7,414		$	6,289		$	14,847		$	125		$	4,413		$	28,550		$	4,964
Adjusted for -
Minority interest in operating partnership		1,191			969			381			(379	)		881			2,541			1,727
Minority interest adjustment consolidated joint venture		--			--			--			234			(441	)		--			(549	)
Minority interest, depreciation and amortization in discontinued operations		--			--			2,444			480			247			2,444			729
Depreciation and amortization uniquely significant to real estate - wholly owned		13,512			13,526			15,885			12,181			11,856			42,923			35,736
Depreciation and amortization uniquely significant to real estate - joint ventures		444			379			379			379			375			1,202			1,114
(Gain) loss on sale of real estate		--			--			(13,833	)		--			--			(13,833	)		3,843
Preferred share dividend		(1,406	)		(1,406	)		(1,215	)		(538	)		--			(4,027	)		--
Funds from operations	$	21,155		$	19,757		$	18,888		$	12,482		$	17,331		$	59,800		$	47,564
Funds from operations per share	$	.57		$	.53		$	.51		$	.34		$	.50		$	1.62		$	1.40
Funds available for distribution:
Funds from operations	$	21,155		$	19,757		$	18,888		$	12,482		$	17,331		$	59,800		$	47,564
Adjusted For -
Corporate depreciation excluded above		67			66			65			66			66			198			183
Amortization of finance costs		386			298			298			276			323			982			1,019
Early extinguishment of debt		917			--			--			9,866			--			917			--
Amortization of share compensation		880			661			481			429			426			2,022			1,136
Straight line rent adjustment		(633	)		(601	)		(464	)		(393	)		(706	)		(1,698	)		(1,357	)
Market rent adjustment		(326	)		(348	)		(458	)		(158	)		76			(1,132	)		(583	)
Market rate interest adjustment		(589	)		(581	)		(568	)		(609	)		(652	)		(1,738	)		(1,924	)
2nd generation tenant allowances		(2,527	)		(2,017	)		(1,650	)		(2,130	)		(1,290	)		(6,194	)		(8,098	)
Capital improvements		(2,911	)		(2,913	)		(2,424	)		(1,572	)		(1,841	)		(8,248	)		(5,024	)
Consolidated joint venture minority interest share of adjustments		--			--			--			(234	)		441			--			549
Funds available for distribution	$	16,419		$	14,322		$	14,168		$	18,023		$	14,174		$	44,909		$	33,465
Funds available for distribution per share	$	.44		$	.39		$	.38		$	.49		$	.41		$	1.21		$	.98
Dividends paid per share	$	.34		$	.34		$	.3225		$	.3225		$	.3225		$	1.0025		$	.9575
FFO payout ratio		60	%		64	%		63	%		95	%		65	%		62	%		68	%
FAD payout ratio		77	%		87	%		85	%		66	%		79	%		83	%		98	%
Diluted weighted average common shs.		37,050			36,982			36,928			36,820			34,747			36,990			34,001

12

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

		9/30/06		6/30/06		3/31/06		12/31/05		9/30/05		Tanger’s Share as of 9/30/06 (1	)
Assets
Investment properties at cost - net	$	74,913	$	37,474	$	64,463	$	64,915	$	65,489	$	37,457
Construction in progress		29,776		65,298		26,562		15,734		96		9,925
Cash and cash equivalents		14,173		2,926		5,284		6,355		4,171		5,180
Deferred charges - net		2,122		1,805		1,729		1,548		1,340		1,061
Other assets		21,141		13,220		10,647		6,690		6,073		8,674
Total assets	$	142,125	$	120,723	$	108,685	$	95,242	$	77,169	$	62,297
Liabilities & Owners’ Equity
Mortgage payable	$	99,561	$	77,380	$	69,323	$	61,081	$	61,066	$	43,513
Member loans payable		--		--		--		--		550		--
Construction trade payables		6,162		9,665		6,646		6,588		215		3,081
Accounts payable & other liabilities		2,904		858		1,035		1,177		1,239		1,419
Total liabilities		108,627		87,903		77,004		68,846		63,070		48,013
Owners’ equity		33,498		32,820		31,681		26,396		14,099		14,284
Total liabilities & owners’ equity	$	142,125	$	120,723	$	108,685	$	95,242	$	77,169	$	62,297

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		09/06		06/06		03/06		12/05		09/05		09/06		09/05
Revenues	$	4,441	$	3,171	$	2,657	$	2,730	$	2,735	$	10,269	$	8,179
Expenses
Property operating		1,726		1,202		1,030		1,050		888		3,958		2,929
General & administrative		58		66		7		5		4		131		19
Depreciation & amortization		924		788		786		789		777		2,498		2,313
Total expenses		2,708		2,056		1,823		1,844		1,669		6,587		5,261
Operating income		1,733		1,115		834		886		1,066		3,682		2,918
Interest expense		700		578		569		586		584		1,847		1,575
Net income	$	1,033	$	537	$	265	$	300	$	482	$	1,835	$	1,343
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	1,334	$	952	$	810	$	837	$	922	$	3,096	$	2,616
Net income	$	539	$	285	$	147	$	165	$	255	$	971	$	714
Depreciation (real estate related)	$	444	$	379	$	379	$	379	$	375	$	1,202	$	1,114

13

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

Summary Balance Sheets (dollars in thousands)

		09/30/06		06/30/06		03/31/06		12/31/05		09/30/05		Tanger’s Share as of 09/30/06
Assets
Investment properties at cost - net	$	36,842	$	37,474	$	38,137	$	38,817	$	39,486	$	18,421
Cash and cash equivalents		2,067		1,761		2,093		1,993		2,268		1,034
Deferred charges - net		1,095		1,119		1,159		1,257		1,339		548
Other assets		1,928		3,020		2,473		1,760		1,731		964
Total assets	$	41,932	$	43,374	$	43,862	$	43,827	$	44,824	$	20,967
Liabilities & Owners’ Equity
Mortgage payable	$	35,800	$	35,800	$	35,800	$	35,800	$	35,800	$	17,900
Construction trade payables		155		174		174		184		215		78
Accounts payable & other liabilities		256		541		491		176		694		128
Total liabilities		36,211		36,515		36,465		36,160		36,709		18,106
Owners’ equity		5,721		6,859		7,397		7,667		8,115		2,861
Total liabilities & owners’ equity	$	41,932	$	43,374	$	43,862	$	43,827	$	44,824	$	20,967

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
		09/06		06/06		03/06		12/05		09/05		09/06		09/05
Revenues	$	3,016	$	2,976	$	2,657	$	2,730	$	2,735	$	8,649	$	8,179
Expenses
Property operating		1,068		1,035		1,030		1,050		888		3,133		2,929
General & administrative		2		20		7		5		4		29		19
Depreciation & amortization		797		788		786		789		777		2,371		2,313
Total expenses		1,867		1,843		1,823		1,844		1,669		5,533		5,261
Operating income		1,149		1,133		834		886		1,066		3,116		2,918
Interest expense		573		578		569		586		584		1,720		1,575
Net income	$	576	$	555	$	265	$	300	$	482	$	1,396	$	1,343
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	973	$	961	$	810	$	837	$	922	$	2,744	$	2,616
Net income	$	303	$	292	$	147	$	165	$	255	$	742	$	714
Depreciation (real estate related)	$	384	$	379	$	379	$	379	$	375	$	1,142	$	1,114

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Unconsolidated Joint Venture Information - Tanger Wisconsin Dells, LLC

Summary Balance Sheets (dollars in thousands)

		09/30/06		06/30/06		03/31/06		12/31/05		09/30/05		Tanger’s Share as of 09/30/06
Assets
Investment properties at cost - net	$	38,071	$	--	$	--	$	--	$	--	$	19,036
Construction in progress		--		37,582		26,562		15,734		96		--
Cash and cash equivalents		668		220		18		2,305		291		334
Deferred charges - net		1,026		685		569		290		--		513
Other assets		7,834		148		18		12		263		3,917
Total assets	$	47,599	$	38,635	$	27,167	$	18,341	$	650	$	23,800
Liabilities & Owners’ Equity
Mortgage payable	$	26,154	$	16,508	$	8,194	$	--	$	--	$	13,077
Member loans payable		--		--		--		--		550		--
Construction trade payables		6,007		9,491		6,472		6,404		--		3,004
Accounts payable & other liabilities		2,454		147		1		458		--		1,227
Total liabilities		34,615		26,146		14,667		6,862		550		17,308
Owners’ equity		12,984		12,489		12,500		11,479		100		6,492
Total liabilities & owners’ equity	$	47,599	$	38,635	$	27,167	$	18,341	$	650	$	23,800

Summary Statements of Operations (dollars in thousands)

	Three Months Ended											YTD
		09/06		06/06			03/06		12/05		09/05		09/06		09/05
Revenues	$	1,409	$	162		$	--	$	--	$	--	$	1,571	$	--
Expenses
Property operating		658		167			--		--		--		825		--
General & administrative		6		6			--		--		--		12		--
Depreciation & amortization		127		--			--		--		--		127		--
Total expenses		791		173			--		--		--		964		--
Operating income		618		(11	)		--		--		--		607		--
Interest expense		127		--			--		--		--		127		--
Net income (loss)	$	491	$	(11	)	$	--	$	--	$	--	$	480	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	372	$	(5	)	$	--	$	--	$	--	$	367	$	--
Net income (loss)	$	248	$	(5	)	$	--	$	--	$	--	$	243	$	--
Depreciation (real estate related)	$	60	$	--		$	--	$	--	$	--	$	60	$	--

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Unconsolidated Joint Venture Information - Deer Park Enterprise, LLC

Summary Balance Sheets (dollars in thousands)

		09/30/06		06/30/06		03/31/06		12/31/05		09/30/05		Tanger’s Share as of 09/30/06
Assets
Investment in properties at cost - net	$	--	$	--	$	26,326	$	26,098	$	26,003	$	--
Construction in progress		29,776		27,716		--		--		--		9,925
Cash and cash equivalents		11,438		945		3,173		2,057		1,612		3,813
Deferred charges - net		1		1		1		1		1		--
Other assets		11,379		10,052		8,156		4,918		4,079		3,793
Total assets	$	52,594	$	38,714	$	37,656	$	33,074	$	31,695	$	17,531
Liabilities & Owners’ Equity
Mortgage payable	$	37,607	$	25,072	$	25,329	$	25,281	$	25,266	$	12,536
Accounts payable & other liabilities		194		170		543		543		545		64
Total liabilities		37,801		25,242		25,872		25,824		25,811		12,600
Owners’ equity		14,793		13,472		11,784		7,250		5,884		4,931
Total liabilities & owners’ equity	$	52,594	$	38,714	$	37,656	$	33,074	$	31,695	$	17,531

Summary Statements of Operations (dollars in thousands)

	Three Months Ended												YTD
		09/06			06/06			03/06		12/05		09/05		09/06			09/05
Revenues	$	16		$	33		$	--	$	--	$	--	$	49		$	--
Expenses
Property operating		--			--			--		--		--		--			--
General & administrative		50			40			--		--		--		90			--
Depreciation & amortization		--			--			--		--		--		--			--
Total expenses		50			40			--		--		--		90			--
Operating income		(34	)		(7	)		--		--		--		(41	)		--
Interest expense		--			--			--		--		--		--			--
Net loss	$	(34	)	$	(7	)	$	--	$	--	$	--	$	(41	)	$	--
Tanger’s share of:
Total revenues less property operating and general & administrative expenses (“NOI”)	$	(12	)	$	(2	)	$	--	$	--	$	--	$	(14	)	$	--
Net loss	$	(12	)	$	(2	)	$	--	$	--	$	--	$	(14	)	$	--
Depreciation (real estate related)	$	--		$	--		$	--	$	--	$	--	$	--		$	--

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Debt Outstanding Summary (dollars in thousands)

As of September 30, 2006
		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	$	177,387		6.590	%	07/10/08
Net debt premium, COROC Holdings, LLC (1)		4,033
Total mortgage debt		181,420
Corporate debt
Unsecured credit facilities		---		Libor + 0.85	%	06/30/09
2008 Senior unsecured notes		100,000		9.125	%	02/15/08
2015 Senior unsecured notes		250,000		6.15	%	11/15/15
2026 Senior unsecured exchangeable notes		149,500		3.75	%	8/15/26
Net discount, senior unsecured notes		(850	)
Total corporate debt		498,650
Total debt	$	680,070

Senior Unsecured Notes Financial Covenants (2)

As of September 30, 2006
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	60%	51%	Yes
Total Secured Debt to Adjusted Total Assets	40%	14%	Yes
Total Unencumbered Assets to Unsecured Debt	135%	142%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00	3.28	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, 2006
Year		Scheduled Amortization Payments		Balloon Payments			Total Scheduled Payments
2006	$	917	$	--		$	917
2007		3,791		--			3,791
2008		2,328		270,351			272,679
2009		--		--			--
2010		--		--			--
2011		--		--			--
2012		--		--			--
2013		--		--			--
2014		--		--			--
2015 & thereafter		--		399,500	(1)		399,500
	$	7,036	$	669,851		$	676,887
Net Premium on Debt							3,183
						$	680,070

(1) Of this amount, $149.5 million represents our exchangeable, unsecured senior 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 commons shares, cash or a combination thereof for any excess.  Note holders may exchange their notes prior to August 18, 2011 only upon the occurence 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 accured 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) 292-3010 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

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