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): April 27, 2010

TANGER FACTORY OUTLET CENTERS, INC.

_________________________________________
(Exact name of registrant as specified in its charter)

North Carolina	1-11986	56-1815473
(State or other jurisdiction of Incorporation)	(Commission File Number)	(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:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

On April 27, 2010, 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 March 31, 2010. A copy of the Company's press release is hereby furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 7.01 Regulation FD Disclosure

On March 31, 2010, the Company made publicly available certain supplemental operating and financial information for the quarter ended March 31, 2010. This supplemental operating and financial information is hereby attached to this current report as exhibit 99.2. The information contained in this report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

The following exhibits are included with this Report:

Exhibit 99.1	Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended March 31, 2010.
Exhibit 99.2	Supplemental operating and financial information of the Company as of and for the quarter ended March 31, 2010.

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: April 27, 2010

TANGER FACTORY OUTLET CENTERS, INC.

By:	/s/ Frank C. Marchisello, Jr.
	Frank C. Marchisello, Jr.
	Executive Vice President, Chief Executive Officer & Secretary

______________________________________________________________________ _______________________

EXHIBIT INDEX

Exhibit No.
99.1	Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended March 31, 2010.
99.2	Supplemental operating and financial information of the Company as of and for the quarter ended March 31, 2010.

EX-99.1

Tanger Factory Outlet Centers, Inc.

News Release

For Release: IMMEDIATE RELEASE
          Contact:      Frank Marchisello
                               (336) 834-6847

TANGER REPORTS FIRST QUARTER 2010 RESULTS
Funds From Operation Increases 17.4%
First Quarter Tenant Sales Increase 10.3%

Greensboro, NC, April 27, 2010, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported funds from operations ("FFO") available to common shareholders, a widely accepted supplemental measure of REIT performance, for the three months ended March 31, 2010 was $29.0 million, or $0.63 per share, as compared to FFO of $24.7 million, or $0.66 per share, for the three months ended March 31, 2009. Net income available to common shareholders for the three months ended March 31, 2010 was $1.2 million or $0.03 per share, as compared to net income of $28.9 million, or $0.92 per share for the first quarter of 2009.

Steven B. Tanger, President and Chief Executive Officer, commented, "Tanger Outlet Centers showed a strong start to 2010 with funds from operations increasing by 17.4%. As we had anticipated, retail sales have come back, inventories are right sized and the retail sector is growing when compared to 2009. March retail sales, aided by the early holiday calendar shift, translated to an overall strong first quarter for Tanger and our tenant base. Also during the first quarter, we announced that our Board of Directors approved an increase in our common share cash dividend for the 17th consecutive year. Tanger has paid cash dividends each quarter since becoming a public company in May of 1993."

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 release.

First Quarter Highlights

• Dividend increase approved by Board of Directors to raise the quarterly common share cash dividend from $0.3825 to $0.3875 per share, $1.55 per share annualized, representing the 17^th consecutive year of increased dividends
• 21.9% debt-to-total market capital ratio as of March 31, 2010 and 4.82 times interest coverage for the first quarter ended March 31, 2010
• 0.7% increase in same center net operating income
• 8.8% increase in average base rental rates on leases renewed during the quarter
• 22.5% increase in average base rental rates on released space during the quarter
• 94.8% period-end wholly-owned portfolio occupancy rate, compared to 93.5% last year
• $342 per square foot in reported tenant comparable sales for the rolling twelve months ended March 31, 2010

Portfolio Operating Results

During the first quarter of 2010, Tanger executed 210 leases, totaling 874,000 square feet throughout its wholly-owned portfolio. Lease renewals during the first quarter accounted for 646,000 square feet, generated an 8.8% increase in average base rental rates and represented 43.5% of the square feet originally scheduled to expire during 2010. Average base rental increases on re-tenanted space during the first quarter averaged 22.5% and accounted for the remaining 228,000 square feet.

Same center net operating income increased 0.7% for the first quarter of 2010, while reported tenant comparable sales for our wholly owned properties for the rolling twelve months ended March 31, 2010 increased 3.1% to $342 per square foot. Tenant comparable sales for the three months ended March 31, 2010 increased 10.3%.

Cash Dividend Increased

On April 8, 2010, Tanger announced that its Board of Directors approved an increase in the annual cash dividend on its common shares from $1.53 per share to $1.55 per share. Simultaneously, the Board of Directors declared a quarterly dividend of $0.3875 per share for the first quarter ended March 31, 2010. A cash dividend of $0.3875 per share will be payable on May 14, 2010 to holders of record on April 30, 2010. The company has paid dividends each quarter since becoming a public company in May 1993. The company's Board of Directors also declared a dividend of $0.46875 per share on its 3,000,000 7.5% Class C Preferred Shares. A cash dividend of $0.46875 per Preferred Share will be payable on May 17, 2010 to holders of record on April 30, 2010.

Balance Sheet Summary

As of March 31, 2010, Tanger had a total market capitalization of approximately $2.7 billion including $584.8 million of debt outstanding, equating to a 21.9% debt-to-total market capitalization ratio. As of March 31, 2010, 84.0% of Tanger's debt was at fixed interest rates and the company had $93.4 million outstanding on its $325.0 million in available unsecured lines of credit. During the first quarter of 2010, Tanger continued to maintain a strong interest coverage ratio of 4.82 times, compared to 3.34 times during the first quarter of last year.

2010 FFO Per Share Guidance

Based on Tanger's internal budgeting process, the company's view on current market conditions, and the strength and stability of its core portfolio, the company currently believes its net income available to common shareholders for 2010 will be between $0.82 and $0.92 per share and its FFO available to common shareholders for 2010 will be between $2.57 and $2.67 per share.

The company's estimates do not include the impact of any rent termination fees, potential refinancing transactions, the sale of any out parcels of land or the sale or acquisition of any properties. The following table provides the reconciliation of estimated diluted net income per share to estimated diluted FFO per share:

For the twelve months ended December 31, 2010:
		Low Range		High Range
Estimated diluted net income per share	$	0.82	$	0.92
Noncontrolling interest, gain/loss on acquisition of real estate, depreciation and amortization uniquely significant to real estate including noncontrolling interest share and our share of joint ventures		1.75		1.75
Estimated diluted FFO per share	$	2.57	$	2.67

First Quarter Conference Call

Tanger will host a conference call to discuss its first quarter results for analysts, investors and other interested parties on Wednesday, April 28, 2010, 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 First Quarter 2010 Financial Results call. Alternatively, the call will be web cast by Thomson Reuters and can be accessed at Tanger Factory Outlet Centers, Inc.'s web site at http://www.tangeroutlet.com/investorrelations/news/ under the News Releases section. A telephone replay of the call will be available from April 28, 2010 starting at 1:00 P.M. Eastern Time through May 7, 2010, by dialing 1-800-642-1687 (conference ID # 66153055). Additionally, an online archive of the broadcast will also be available through May 7, 2010.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc.(NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 33 upscale outlet shopping centers in 22 states coast to coast, totaling approximately 10.0 million square feet leased to over 1,900 stores operated by 330 different brand name companies. More than 150 million shoppers visit Tanger Factory Outlet Centers, Inc. annually. Tanger is filing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended March 31, 2010. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at www.tangeroutlet.com.

2

Estimates of future net income per share and FFO per share are by definition, and certain other matters discussed in this press release regarding our re-merchandising strategy, the renewal and re-tenanting of space, tenant sales and sales trends, interest rates, funds from operations, the development of new centers, and coverage of the current dividend 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 company's ability to meet its obligations on existing indebtedness or refinance existing indebtedness on favorable terms, 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, 2009.

3

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

		Three Months Ended
		March 31,
		2010			2009
Revenues
Base rentals (a)	$	43,648		$	42,927
Percentage rentals		1,305			1,308
Expense reimbursements		19,536			19,219
Other income  (b)		1,730			1,704
Total revenues		66,219			65,158
Expenses
Property operating		22,472			21,748
General and administrative		5,466			5,935
Depreciation and amortization (c)		26,527			20,397
Impairment charge (d)		735			---
Total expenses		55,200			48,080
Operating income		11,019			17,078
Interest expense		(7,948	)		(11,210	)
Gain on fair value measurement of previously held interest in acquired joint venture (e)		---			31,497
Income before equity in earnings (losses) of unconsolidated joint ventures		3,071			37,365
Equity in earnings (losses) of unconsolidated joint ventures		(68	)		(897	)
Net income		3,003			36,468
Noncontrolling interest in Operating Partnership		(210	)		(5,698	)
Net income attributable to Tanger Factory Outlet Centers, Inc.		2,793			30,770
Preferred share dividends		(1,406	)		(1,406	)
Allocation of earnings to participating securities		(169	)		(437	)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	1,218		$	28,927
Basic earnings per common share available to common shareholders:
Income from continuing operations	$	.03		$	.93
Net income		.03			.93
Diluted earnings per common share available to common shareholders:
Income from continuing operations	$	.03		$	.92
Net income		.03			.92

Includes straight-line rent and market rent adjustments of $899 and $668 for the three months ended March 31, 2010 and 2009, respectively.
Includes the gain on sale of outparcels of land of $161 for the three months ended March 31, 2010.
As of March 31, 2010, the Hilton Head I, SC outlet center was vacant of all tenants in preparation of the demolition of the existing center and the redevelopment of the new center. As a result, a total of $9.2 million in depreciation and amortization was recognized for 2010 to completely depreciate the center. Accelerated depreciation recognized due to changes in the estimated remaining lives at our Hilton Head I, SC outlet center were $4.6 million and $1.2 million for the three months ended March 31, 2010 and 2009, respectively.
Represents an impairment charge for outparcels of land owned in Seymour, Indiana where the company previously owned an outlet center which was sold in 2005.
Represents gain on fair value measurement of our previously held interest in the Myrtle Beach Hwy 17 joint venture upon acquisition on January 5, 2009.

4

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)

						March 31,			December 31,
						2010			2009
ASSETS
	Rental property
	Land				$	142,822		$	143,933
	Building, improvement and fixtures					1,360,010			1,352,568
	Construction in progress					19,557			11,369
						1,522,389			1,507,870
	Accumulated depreciation					(432,276	)		(412,530	)
		Rental property, net				1,090,113			1,095,340
	Cash and cash equivalents					3,197			3,267
	Investments in unconsolidated joint ventures					8,151			9,054
	Deferred charges, net					35,555			38,867
	Other assets					31,889			32,333
Total assets					$	1,168,905		$	1,178,861
LIABILITIES AND EQUITY
Liabilities
	Debt
	Senior, unsecured notes (net of discounts of $798 and $858, respectively)				$	256,412		$	256,352
	Mortgage loan, net of discount of $0 and $241, respectively)					---			35,559
	Unsecured term loan					235,000			235,000
	Unsecured lines of credit					93,400			57,700
			Total debt			584,812			584,611
	Construction trade payables					22,381			14,194
	Accounts payable and accrued expenses					28,544			31,916
	Other liabilities					25,657			27,077
				Total liabilities		661,394			657,798
Commitments
Equity
Tanger Factory Outlet Centers, Inc.
Preferred shares, 7.5% Class C, liquidation preference $25 per share, 8,000,000 shares authorized, 3,000,000 shares issued and outstanding at March 31, 2010 and December 31, 2009						75,000			75,000
Common shares, $.01 par value, 150,000,000 shares authorized, 40,469,662 and 40,277,124 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively						405			403
Paid in capital						597,968			596,074
Distributions in excess of net income						(217,076	)		(202,997	)
Accumulated other comprehensive loss						(5,169	)		(5,809	)
Equity attributable to Tanger Factory Outlet Centers, Inc.						451,128			462,671
Equity attributable to noncontrolling interest in Operating Partnership						56,383			58,392
Total equity						507,511			521,063
Total liabilities and equity					$	1,168,905		$	1,178,861

5

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands, except per share, state and center information)
(Unaudited)

			Three Months Ended
			March 31,
			2010			2009
FUNDS FROM OPERATIONS (FFO) (a)
Net income		$	3,003		$	36,468
Adjusted for:
Depreciation and amortization uniquely significant to real estate — wholly-owned			26,412			20,278
Depreciation and amortization uniquely significant to real estate — unconsolidated joint ventures
			1,265			1,166
Gain on fair value measurement of previously held interest in acquired joint venture			---			(31,497	)
Funds from operations			30,680			26,415
Preferred share dividends			(1,406	)		(1,406	)
Allocation of earnings to participating securities			(268	)		(306	)
Funds from operations available to common shareholders			29,006			24,703
Funds from operations available to common shareholders per share — diluted		$	.63		$	.66
WEIGHTED AVERAGE SHARES
Basic weighted average common shares			40,030			31,269
Effect of exchangeable notes			33			---
Effect of outstanding options			54			81
Diluted weighted average common shares (for earnings per share computations)			40,117			31,350
Convertible operating partnership units (b)			6,067			6,067
Diluted weighted average common share (for funds from operations per share computations)			46,184			37,417
OTHER INFORMATION
Gross leasable area open at end of period -
	Wholly-owned		9,057			9,218
	Partially-owned - unconsolidated		948			950
Outlet centers in operations -
Wholly-owned			31			31
Partially-owned - unconsolidated			2			2
States operated in at end of period (c)			21			21
Occupancy percentage at end of period (c) (d)			94.8	%		93.5	%

6

(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 (noncontrolling interest in operating partnership) are not dilutive on earnings per share computed in accordance with generally accepted accounting principles.
(c)	Excludes the partially owned and unconsolidated properties in Wisconsin Dells, Wisconsin which is operated by us through 50% ownership joint venture and in Deer Park, New York which is operated by us through a 33.3% ownership joint venture.
(d)	Excludes our wholly-owned, non-stabilized center in Washington, Pennsylvania for the 2009 period.

7

EX-99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

March 31, 2010

1 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

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, 2009.

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 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Table of Contents

Section

Portfolio Data:
	Geographic Diversification	4
	Property Summary — Occupancy at End of Each Period Shown	5
	Portfolio Occupancy at the End of Each Period	6
	Major Tenants	7
	Lease Expirations as of March 31, 2010	8
	Leasing Activity	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	16
	Future Scheduled Principal Payments	17
	Senior Unsecured Notes Financial Covenants	17
Investor Information		18

3 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Geographic Diversification

As of March 31, 2010
State	# of Centers	GLA	% of GLA
South Carolina	4	1,387,784	15%
Georgia	3	850,130	9%
New York	1	729,475	8%
Pennsylvania	2	628,124	7%
Texas	2	619,729	7%
Delaware	1	568,868	6%
Alabama	1	557,235	6%
Michigan	2	436,751	5%
Tennessee	1	419,038	5%
Missouri	1	302,992	4%
Utah	1	298,379	3%
Connecticut	1	291,051	3%
Louisiana	1	282,403	3%
Iowa	1	277,230	3%
Oregon	1	270,280	3%
Illinois	1	250,439	3%
New Hampshire	1	245,698	3%
Florida	1	198,950	2%
North Carolina	2	186,413	2%
California	1	171,300	2%
Maine	2	84,313	1%
Total (1)	31	9,056,582	100%

(1) Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

4 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Property Summary — Occupancy at End of Each Period Shown

Wholly-owned properties

Location	Total GLA 3/31/10	% Occupied 3/31/10		% Occupied 12/31/09		% Occupied 9/30/09		% Occupied 6/30/09		% Occupied 3/31/09
Riverhead, NY	729,475	99	%	99	%	99	%	98	%	97	%
Rehoboth, DE	568,868	99	%	99	%	99	%	99	%	97	%
Foley, AL	557,235	92	%	91	%	91	%	91	%	91	%
San Marcos, TX	441,929	97	%	100	%	100	%	99	%	97	%
Myrtle Beach Hwy 501, SC	426,417	88	%	90	%	90	%	88	%	86	%
Sevierville, TN	419,038	99	%	100	%	100	%	100	%	98	%
Myrtle Beach Hwy 17, SC	402,466	99	%	100	%	100	%	99	%	97	%
Washington, PA	372,972	94	%	88	%	88	%	86	%	82	%
Commerce II, GA	370,512	96	%	97	%	96	%	95	%	93	%
Charleston, SC	352,315	92	%	98	%	96	%	95	%	91	%
Howell, MI	324,631	94	%	95	%	95	%	94	%	94	%
Branson, MO	302,992	97	%	100	%	100	%	100	%	98	%
Park City, UT	298,379	100	%	100	%	100	%	99	%	99	%
Locust Grove, GA	293,868	97	%	100	%	100	%	97	%	95	%
Westbrook, CT	291,051	97	%	95	%	97	%	91	%	94	%
Gonzales, LA	282,403	98	%	100	%	99	%	100	%	99	%
Williamsburg, IA	277,230	91	%	95	%	94	%	96	%	91	%
Lincoln City, OR	270,280	98	%	99	%	100	%	99	%	94	%
Lancaster, PA	255,152	97	%	100	%	99	%	97	%	97	%
Tuscola, IL	250,439	82	%	82	%	81	%	79	%	78	%
Tilton, NH	245,698	100	%	100	%	99	%	97	%	96	%
Hilton Head, SC	206,586	100	%	89	%	90	%	85	%	85	%
Fort Myers, FL	198,950	90	%	92	%	89	%	92	%	95	%
Commerce I, GA	185,750	44	%	61	%	58	%	63	%	58	%
Terrell, TX	177,800	93	%	98	%	94	%	94	%	94	%
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,120	98	%	96	%	96	%	96	%	96	%
Blowing Rock, NC	104,235	100	%	100	%	100	%	100	%	100	%
Nags Head, NC	82,178	94	%	97	%	97	%	97	%	97	%
Kittery I, ME	59,694	100	%	100	%	100	%	100	%	100	%
Kittery II, ME	24,619	100	%	100	%	100	%	100	%	100	%
Total	9,056,582	95	%	96% (1	)	96% (1	)	95% (1	)	94% (1	)

Unconsolidated joint ventures

Deer Park, NY (2)	683,033	81	%	81	%	80	%	80	%	78	%
Wisconsin Dells, WI	265,061	97	%	97	%	98	%	98	%	97	%

(1) Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.

(2) Includes a 29,253 square foot warehouse adjacent to the shopping center.

5 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Portfolio Occupancy at the End of Each Period (1)

(1) Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

(2) Excludes the occupancy rate at our Myrtle Beach Hwy 17, South Carolina center which was owned by an unconsolidated joint venture during those periods. On January 5, 2009, we acquired the remaining 50% interest in the joint venture and the property became wholly-owned.

(3) Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.

6 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Major Tenants (1)

Ten Largest Tenants As of March 31, 2010
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	72	761,530	8.4	%
Phillips-Van Heusen	87	418,898	4.6	%
Dress Barn, Inc.	57	344,120	3.8	%
Nike	26	310,437	3.4	%
VF Outlet, Inc.	31	300,457	3.3	%
Adidas	33	281,374	3.1	%
Liz Claiborne	33	270,439	3.0	%
Carter's	48	233,513	2.6	%
Polo Ralph Lauren	23	197,669	2.2	%
Jones Retail Corporation	67	186,325	2.1	%
Total of All Listed Above	477	3,304,762	36.5	%

(1) Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

7 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Lease Expirations as of March 31, 2010

Percentage of Total Gross Leasable Area (1)

Percentage of Total Annualized Base Rent (1)

(1) Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

8 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Leasing Activity (1)

		03/31/10		06/30/10	09/30/10	12/31/10		Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases		60						60			48
Gross leasable area		227,468						227,468			179,661
New initial base rent per square foot	$	21.25					$	21.25		$	25.04
Prior expiring base rent per square foot	$	19.07					$	19.07		$	18.95
Percent increase		11.4	%					11.4	%		32.1	%
New straight line base rent per square foot	$	22.92					$	22.92		$	26.38
Prior straight line base rent per square foot	$	18.71					$	18.71		$	18.51
Percent increase		22.5	%					22.5	%		42.5	%
Renewed Space:
Number of leases		150						150			162
Gross leasable area		646,422						646,422			806,051
New initial base rent per square foot	$	19.80					$	19.80		$	18.05
Prior expiring base rent per square foot	$	18.86					$	18.86		$	16.20
Percent increase		4.9	%					4.9	%		11.4	%
New straight line base rent per square foot	$	20.37					$	20.37		$	18.42
Prior straight line base rent per square foot	$	18.72					$	18.72		$	16.08
Percent increase		8.8	%					8.8	%		14.5	%
Total Re-tenanted and Renewed Space:
Number of leases		210						210			210
Gross leasable area		873,890						873,890			985,712
New initial base rent per square foot	$	20.17					$	20.17		$	19.32
Prior expiring base rent per square foot	$	18.92					$	18.92		$	16.70
Percent increase		6.6	%					6.6	%		15.7	%
New straight line base rent per square foot	$	21.04					$	21.04		$	19.87
Prior straight line base rent per square foot	$	18.72					$	18.72		$	16.52
Percent increase		12.4	%					12.4	%		20.3	%

(1) Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

9 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Consolidated Balance Sheets (dollars in thousands)

		3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Assets
Rental property
Land	$	142,822		$	143,933		$	135,605		$	135,708		$	135,710
Buildings		1,360,010			1,352,568			1,349,310			1,343,854			1,348,211
Construction in progress		19,557			11,369			---			---			4,805
Total rental property		1,522,389			1,507,870			1,484,915			1,479,562			1,488,726
Accumulated depreciation		(432,276	)		(412,530	)		(396,508	)		(379,412	)		(374,541	)
Total rental property — net		1,090,113			1,095,340			1,088,407			1,100,150			1,114,185
Cash & cash equivalents		3,197			3,267			4,401			5,150			3,101
Investments in unconsolidated joint ventures		8,151			9,054			9,569			9,808			9,773
Deferred charges — net		35,555			38,867			41,572			43,746			48,294
Other assets		31,889			32,333			32,646			31,771			34,010
Total assets	$	1,168,905		$	1,178,861		$	1,176,595		$	1,190,625		$	1,209,363
Liabilities & equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	256,412		$	256,352		$	256,293		$	256,235		$	391,133
Unsecured term loan		235,000			235,000			235,000			235,000			235,000
Mortgages payable, net of discount		---			35,559			35,246			34,938			34,634
Unsecured lines of credit		93,400			57,700			54,000			188,250			188,400
Total debt		584,812			584,611			580,539			714,423			849,167
Construction trade payables		22,381			14,194			7,957			6,327			9,070
Accounts payable & accruals		28,544			31,916			34,235			25,103			27,777
Other liabilities		25,657			27,077			28,864			32,152			33,868
Total liabilities		661,394			657,798			651,595			778,005			919,882
Equity
Tanger Factory Outlet Centers, Inc. equity
Preferred shares		75,000			75,000			75,000			75,000			75,000
Common shares		405			403			403			368			319
Paid in capital		597,968			596,074			595,240			482,532			372,762
Distributions in excess of net income		(217,076	)		(202,997	)		(197,725	)		(186,202	)		(184,349	)
Accum. other comprehensive loss		(5,169	)		(5,809	)		(6,824	)		(6,879	)		(8,533	)
Total Tanger Factory Outlet Centers, Inc. equity		451,128			462,671			466,094			364,819			255,199
Noncontrolling interest		56,383			58,392			58,906			47,801			34,282
Total equity		507,511			521,063			525,000			412,620			289,481
Total liabilities and equity	$	1,168,905		$	1,178,861		$	1,176,595		$	1,190,625		$	1,209,363

10 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Consolidated Statements of Operations (dollars and shares in thousands)

		Three Months Ended															YTD
		03/10			12/09			09/09			06/09			03/09			03/10			03/09
Revenues
Base rentals	$	43,648		$	44,405		$	44,160		$	43,425		$	42,927		$	43,648		$	42,927
Percentage rentals		1,305			3,111			1,442			940			1,308			1,305			1,308
Expense reimbursements		19,536			22,027			19,069			18,374			19,219			19,536			19,219
Other income		1,730			2,000			5,646			1,928			1,704			1,730			1,704
Total revenues		66,219			71,543			70,317			64,667			65,158			66,219			65,158
Expenses
Property operating		22,472			23,982			21,353			20,794			21,748			22,472			21,748
General & administrative		5,466			5,066			5,467			5,820			5,935			5,466			5,935
Executive severance		---			---			10,296			---			---			---			---
Depreciation & amortization		26,527			20,239			20,213			19,652			20,397			26,527			20,397
Impairment charge		735			---			---			5,200			---			735			---
Abandoned due diligence costs		---			797			---			---			---			---			---
Total expenses		55,200			50,084			57,329			51,466			48,080			55,200			48,080
Operating income		11,019			21,459			12,988			13,201			17,078			11,019			17,078
Interest expense		(7,948	)		(8,217	)		(8,692	)		(9,564	)		(11,210	)		(7,948	)		(11,210	)
Gain on early extinguishment of debt		---			---			---			10,467			---			---			---
Gain on fair value measurement of previously held interest in acquired joint venture		---			---			---			---			31,497			---			31,497
Income before equity in earnings (losses) of unconsolidated joint ventures		3,071			13,242			4,296			14,104			37,365			3,071			37,365
Equity in earnings (losses) of unconsolidated joint ventures		(68	)		(166	)		68			(517	)		(897	)		(68	)		(897	)
Net income		3,003			13,076			4,364			13,587			36,468			3,003			36,468
Noncontrolling interest		(210	)		(1,538	)		(407	)		(1,833	)		(5,698	)		(210	)		(5,698	)
Net income attributable to the Company		2,793			11,538			3,957			11,754			30,770			2,793			30,770
Less applicable preferred share dividends		(1,406	)		(1,406	)		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)
Allocation of earnings to participating securities		(169	)		(121	)		(207	)		(179	)		(437	)		(169	)		(437	)
Net income available to common shareholders	$	1,218		$	10,011		$	2,344		$	10,168		$	28,927		$	1,218		$	28,927
Basic earnings per common share:
Income from continuing operations	$	.03		$	.25		$	.06		$	.30		$	.93		$	.03		$	.93
Net income	$	.03		$	.25		$	.06		$	.30		$	.93		$	.03		$	.93
Diluted earnings per common share:
Income from continuing operations	$	.03		$	.25		$	.06		$	.30		$	.92		$	.03		$	.92
Net income	$	.03		$	.25		$	.06		$	.30		$	.92		$	.03		$	.92
Weighted average common shares:
Basic		40,030			39,958			38,063			34,249			31,269			40,030			31,269
Diluted		40,117			40,043			38,145			34,327			31,350			40,117			31,350

11 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

FFO and FAD Analysis (dollars and shares in thousands)

		Three Months Ended															YTD
		03/10			12/09			09/09			06/09			03/09			03/10			03/09
Funds from operations:
Net income	$	3,003		$	13,076		$	4,364		$	13,587		$	36,468		$	3,003		$	36,468
Adjusted for -
Depreciation and amortization uniquely significant to real estate — wholly-owned		26,412			20,112			20,088			19,530			20,278			26,412			20,278
Depreciation and amortization uniquely significant to real estate — joint ventures		1,265			1,231			1,239			1,223			1,166			1,265			1,166
(Gain) on fair value measurement of previously held interest in acquired joint venture		--			--			--			--			(31,497	)		--			(31,497	)
Funds from operations		30,680			34,419			25,691			34,340			26,415			30,680			26,415
Preferred share dividends		(1,406	)		(1,406	)		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)
Allocation of earnings to participating securities		(268	)		(225	)		(302	)		(452	)		(306	)		(268	)		(306	)
Funds from operations available to common shareholders	$	29,006		$	32,788		$	23,983		$	32,481		$	24,703		$	29,006		$	24,703
Funds from operations per share	$	.63		$	.71		$	.54		$	.80		$	.66		$	.63		$	.66
Funds available for distribution to common shareholders:
Funds from operations	$	29,006		$	32,788		$	23,983		$	32,481		$	24,703		$	29,006		$	24,703
Adjusted for -
Corporate depreciation excluded above		115			127			125			122			119			115			119
Amortization of finance costs		342			341			348			357			465			342			465
Amortization of net debt (discount) premium		214			(79	)		(21	)		(76	)		1,070			214			1,070
Gain on early extinguishment of debt		--			--			--			(10,467	)		--			--			--
Impairment charge		735			--			--			5,200			--			735			--
Amortization of share based compensation		1,140			829			8,080			1,592			1,297			1,140			1,297
Straight line rent adjustment		(734	)		(287	)		(421	)		(757	)		(777	)		(734	)		(777	)
Market rent adjustment		(165	)		(226	)		(223	)		(121	)		78			(165	)		78
2nd generation tenant allowances		(1,721	)		(1,652	)		(807	)		(2,834	)		(2,371	)		(1,721	)		(2,371	)
Capital improvements		(1,600	)		(1,011	)		(2,008	)		(3,107	)		(2,761	)		(1,600	)		(2,761	)
Funds available for distribution	$	27,332		$	30,830		$	29,056		$	22,390		$	21,823		$	27,332		$	21,823
Funds available for distribution per share	$	.59		$	.67		$	.66		$	.55		$	.58		$	.59		$	.58
Dividends paid per share	$	.3825		$	.3825		$	.3825		$	.3825		$	.38		$	.3825		$	.38
FFO payout ratio		61	%		54	%		71	%		48	%		58	%		61	%		58	%
FAD payout ratio		65	%		57	%		58	%		70	%		66	%		65	%		66	%
Diluted weighted average common shares		46,184			46,110			44,212			40,394			37,417			46,184			37,417

12 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Unconsolidated Joint Venture Information — All

Summary Balance Sheets (dollars in thousands)

		03/31/10		12/31/09		09/30/09		06/30/09		03/31/09		Tanger's Share as of 03/31/10
Assets
Investment properties at cost — net	$	292,105	$	294,857	$	294,220	$	291,166	$	288,951	$	102,651
Cash and cash equivalents		6,937		8,070		8,151		5,880		13,195		2,991
Deferred charges — net		5,197		5,450		5,438		5,685		6,307		1,819
Other assets		5,878		5,610		5,302		4,549		4,399		2,064
Total assets	$	310,117	$	313,987	$	313,111	$	307,280	$	312,852	$	109,525
Liabilities & Owners' Equity
Mortgage payable	$	292,468	$	292,468	$	292,468	$	288,169	$	288,169	$	101,698
Construction trade payables		1,845		3,647		2,523		1,651		3,356		625
Accounts payable & other liabilities		3,568		3,826		2,841		1,825		6,998		1,341
Total liabilities		297,881		299,941		297,832		291,645		298,523		103,664
Owners' equity		12,236		14,046		15,279		15,635		14,329		5,861
Total liabilities & owners' equity	$	310,117	$	313,987	$	313,111	$	307,280	$	312,852	$	109,525

Summary Statements of Operations (dollars in thousands)

		Three Months Ended															YTD
		03/10			12/09			09/09			06/09			03/09			03/10			03/09
Revenues	$	9,274		$	9,374		$	9,152		$	8,431		$	8,524		$	9,274		$	8,524
Expenses
Property operating		4,210			4,682			4,103			3,611			4,247			4,210			4,247
General & administrative		287			444			111			117			189			287			189
Depreciation & amortization		3,503			3,460			3,427			3,358			3,174			3,503			3,174
Total expenses		8,000			8,586			7,641			7,086			7,610			8,000			7,610
Operating income		1,274			788			1,511			1,345			914			1,274			914
Interest expense		1,674			1,550			1,553			3,079			3,731			1,674			3,731
Net income (loss)	$	(400	)	$	(762	)	$	(42	)	$	(1,734	)	$	(2,817	)	$	(400	)	$	(2,817	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,791		$	1,603		$	1,845		$	1,751		$	1,534		$	1,791		$	1,534
Net income	$	(68	)	$	(166	)	$	68		$	(517	)	$	(897	)	$	(68	)	$	(897	)
Depreciation (real estate related)	$	1,265		$	1,231		$	1,239		$	1,223		$	1,166		$	1,265		$	1,166

13 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Unconsolidated Joint Venture Information — Wisconsin Dells

Summary Balance Sheets (dollars in thousands)

		03/31/10		12/31/09		09/30/09		06/30/09		03/31/09		Tanger's Share as of 03/31/10
Assets
Investment properties at cost — net	$	31,541	$	32,108	$	32,598	$	33,165	$	33,718	$	15,771
Cash and cash equivalents		4,050		4,549		3,846		3,312		2,436		2,025
Deferred charges — net		515		529		390		444		493		258
Other assets		626		514		522		527		589		313
Total assets	$	36,732	$	37,700	$	37,356	$	37,448	$	37,236	$	18,367
Liabilities & Owners' Equity
Mortgage payable	$	25,250	$	25,250	$	25,250	$	25,250	$	25,250	$	12,625
Construction trade payables		58		116		39		199		199		29
Accounts payable & other liabilities		906		876		696		787		654		454
Total liabilities		26,214		26,242		25,985		26,236		26,103		13,108
Owners' equity		10,518		11,458		11,371		11,212		11,133		5,259
Total liabilities & owners' equity	$	36,732	$	37,700	$	37,356	$	37,448	$	37,236	$	18,367

Summary Statements of Operations (dollars in thousands)

		Three Months Ended										YTD
		03/10		12/09		09/09		06/09		03/09		03/10		03/09
Revenues	$	1,923	$	1,757	$	1,780	$	1,785	$	1,771	$	1,923	$	1,771
Expenses
Property operating		716		629		590		661		685		716		685
General & administrative		9		1		4		13		3		9		3
Depreciation & amortization		613		612		615		613		613		613		613
Total expenses		1,338		1,242		1,209		1,287		1,301		1,338		1,301
Operating income		585		515		571		498		470		585		470
Interest expense		225		128		112		118		134		225		134
Net income	$	360	$	387	$	459	$	380	$	336	$	360	$	336
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	599	$	563	$	593	$	556	$	541	$	599	$	541
Net income	$	188	$	203	$	238	$	201	$	177	$	188	$	177
Depreciation (real estate related)	$	298	$	296	$	299	$	296	$	297	$	298	$	297

14 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Unconsolidated Joint Venture Information — Deer Park

Summary Balance Sheets (dollars in thousands)

		03/31/10		12/31/09		09/30/09		06/30/09		03/31/09		Tanger's Share as of 03/31/10
Assets
Investment properties at cost — net	$	260,413	$	262,601	$	261,474	$	257,868	$	255,174	$	86,804
Cash and cash equivalents		2,865		3,498		4,273		2,526		10,645		955
Deferred charges — net		4,682		4,921		5,048		5,241		5,814		1,561
Other assets		5,252		5,096		4,780		4,022		3,810		1,751
Total assets	$	273,212	$	276,116	$	275,575	$	269,657	$	275,443	$	91,071
Liabilities & Owners' Equity
Mortgage payable	$	267,218	$	267,218	$	267,218	$	262,919	$	262,919	$	89,073
Construction trade payables		1,785		3,531		2,484		1,452		3,157		595
Accounts payable & other liabilities		2,662		2,950		2,136		1,034		6,344		887
Total liabilities		271,665		273,699		271,838		265,405		272,420		90,555
Owners' equity		1,547		2,417		3,737		4,252		3,023		516
Total liabilities & owners' equity	$	273,212	$	276,116	$	275,575	$	269,657	$	275,443	$	91,071

Summary Statements of Operations (dollars in thousands)

		Three Months Ended															YTD
		03/10			12/09			09/09			06/09			03/09			03/10			03/09
Revenues	$	7,351		$	7,617		$	7,372		$	6,646		$	6,753		$	7,351		$	6,753
Expenses
Property operating		3,494			4,053			3,513			2,950			3,562			3,494			3,562
General & administrative		278			443			107			104			186			278			186
Depreciation & amortization		2,884			2,868			2,807			2,727			2,539			2,884			2,539
Total expenses		6,656			7,364			6,427			5,781			6,287			6,656			6,287
Operating income		695			253			945			865			466			695			466
Interest expense		1,449			1,422			1,441			2,961			3,597			1,449			3,597
Net income (loss)	$	(754	)	$	(1,169	)	$	(496	)	$	(2,096	)	$	(3,131	)	$	(754	)	$	(3,131	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,192		$	1,040		$	1,252		$	1,196		$	1,002		$	1,192		$	1,002
Net income (loss)	$	(258	)	$	(370	)	$	(169	)	$	(718	)	$	(1,065	)	$	(258	)	$	(1,065	)
Depreciation (real estate related)	$	967		$	936		$	941		$	927		$	869		$	967		$	869

15 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Debt Outstanding Summary (dollars in thousands)

As of March 31, 2010
		Principal Balance		Interest Rate	Maturity Date
Unsecured debt:
Unsecured term loan credit facility (1)	$	235,000		Libor + 1.60%	6/10/11
Unsecured credit facilities (2)		93,400		Libor + 0.60 — 0.75%	06/30/11
2015 Senior unsecured notes		250,000		6.15%	11/15/15
2026 Senior unsecured exchangeable notes (3)		7,210		3.75%	8/18/11
Net debt discounts		(798	)
Total consolidated debt	$	584,812
Tanger's share of unconsolidated JV debt:
Wisconsin Dells (4)		12,625		Libor + 3.00%	12/18/12
Deer Park (5)		89,073		Libor + 1.375 — 3.50%	5/17/11
Total Tanger's share of unconsolidated JV debt	$	101,698

(1) In July and September 2008, we entered into LIBOR based interest rate swap agreements on notional amounts of $118.0 million and $117.0 million, respectively. The purpose of the swaps was to fix the interest rate on a portion of the $235.0 million outstanding under the term loan facility completed in June 2008. The swaps fixed the one month LIBOR rate at 3.605 and 3.70%, respectively. When combined with the current spread of 160 basis points on the term loan facility, which can vary based on our credit rating, these swap agreements fix our interest rate on $235.0 million of variable rate debt at 5.25% until April 1, 2011.

(2) The Company has five lines of credit with a borrowing capacity totaling $325.0 million, of which $285.0 million expires on June 30, 2011 and $40.0 million expires on August 30, 2011.

(3) On January 1, 2009, we retrospectively adopted new guidance related to the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). This new guidance required us to bifurcate the notes into debt and equity components based on the fair value of the notes independent of the conversion feature as of the date of issuance in August 2006. As a result of this adoption, the bonds were recorded with a debt discount based on a market interest rate of 6.11%. At March 31, 2010, the unamortized discount on the remaining $7.2 million in exchangeable notes totaled $222,000. Our exchangeable notes issued during 2006 mature in 2026. They are displayed in the above table with a 2011 maturity date as this is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.

(4) In December 2009, we closed on the refinancing of the Tanger Wisconsin Dells mortgage loan. The new loan has a term of three years with an interest rate of LIBOR plus 300 basis points.

(5) In May 2007, the joint venture entered into a four-year, interest-only construction loan facility with a one-year maturity extension option. The facility includes a senior loan, with an interest rate of LIBOR plus 137.5 basis points, and a mezzanine loan, with an interest rate of LIBOR plus 350 basis points. As of March 31, 2010, the outstanding principle balances of the senior and mezzanine loans were $252.2 million and $15.0 million, respectively, and $16.8 million was available for funding of additional construction draw requests under the senior loan facility. In February 2009, the joint venture entered into an interest rate cap agreement on a nominal amount of $240.0 million which became effective June 1, 2009. The derivative contract puts a cap of 4% on the LIBOR index and expires on April 1, 2011. In June 2008, the joint venture entered into an interest-only mortgage loan agreement with an interest rate of LIBOR plus 185 basis points and a maturity of May 17, 2011. As of March 31, 2010, the outstanding principle balance under this mortgage was $2.3 million.

16 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

Future Scheduled Principal Payments (dollars in thousands)

As of March 31, 2010
Year		Tanger Consolidated Payments			Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2010	$	---		$	---	$	---
2011 (1)		335,610			89,073		424,683
2012		---			12,625		12,625
2013		---			---		--
2014		---			---		--
2015		250,000			---		250,000
2016		---			---		---
2017		---			---		---
2018		---			---		---
2019 & thereafter		---			---		---
	$	585,610		$	101,698	$	687,308
Net Discount on Debt		(798	)		---		(798	)
	$	584,812		$	101,698	$	686,510

Senior Unsecured Notes Financial Covenants (2)

As of March 31, 2010
	Required		Actual		Compliance
Total Consolidated Debt to Adjusted Total Assets	60	%	36	%	Yes
Total Secured Debt to Adjusted Total Assets	40	%	0	%	Yes
Total Unencumbered Assets to Unsecured Debt	135	%	280	%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	2.00		4.77		Yes

(1) Included in this amount is $7.2 million which represents our exchangeable, senior unsecured notes issued in August 2006. On and after August 18, 2011, holders may exchange their notes for cash in an amount equal to the lesser of the exchange value and the aggregate principal amount of the notes to be exchanged, and, at our option, Company common shares, cash or a combination thereof for any excess. Note holders may exchange their notes prior to August 18, 2011 only upon the occurrence of specified events. In addition, on August 18, 2011, August 15, 2016 or August 15, 2021, note holders may require us to repurchase the notes for an amount equal to the principal amount of the notes plus any accrued and unpaid interest thereon. The notes are shown with a 2011 maturity as this is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.

(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.

17 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10

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) 856-6021
Fax:   (336) 297-0931
e-mail: tangermail@tangeroutlet.com
Mail: Tanger Factory Outlet Centers, Inc.
           3200 Northline Avenue
           Suite 360
           Greensboro, NC 27408

18 Supplemental Operating and Financial Data for the
Quarter Ended 3/31/10