Exhibit 99.2

EX-99.2 3 tfoc8k09302006ex99-2.htm EXHIBIT 99.2 Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

September 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 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.

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

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.

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.

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.

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.

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.

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.

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

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.

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	)
2^nd 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

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

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

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	$	--

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)	$	--		$	--		$	--	$	--	$	--	$	--		$	--

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.

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.

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