-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Skszi6XiZ9deP+2LYgSmEROKexItW+1kP60tIupi2KEG0pDUZ6RAl/ljp9xoHrcs U94vl7tD7Z7J8AGKrSgjgA== 0001145443-10-001814.txt : 20100806 0001145443-10-001814.hdr.sgml : 20100806 20100806154701 ACCESSION NUMBER: 0001145443-10-001814 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20100629 FILED AS OF DATE: 20100806 DATE AS OF CHANGE: 20100806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANGER FACTORY OUTLET CENTERS INC CENTRAL INDEX KEY: 0000899715 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561815473 STATE OF INCORPORATION: NC FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11986 FILM NUMBER: 10998330 BUSINESS ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 BUSINESS PHONE: 3362923010 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANGER PROPERTIES LTD PARTNERSHIP /NC/ CENTRAL INDEX KEY: 0001004036 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561822494 STATE OF INCORPORATION: NC FISCAL YEAR END: 0105 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-03526-01 FILM NUMBER: 10998329 BUSINESS ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 BUSINESS PHONE: 3362923010 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 10-Q 1 d27002_10-q.htm HTML


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2010

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                               to

Commission File No. 1-11986 (Tanger Factory Outlet Centers, Inc.)

Commission File No. 333-3526-01 (Tanger Properties Limited Partnership)

  

TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP

(Exact name of Registrant as specified in its Charter)

  

           
  NORTH CAROLINA (Tanger Factory Outlet Centers, Inc.)     56-1815473  
           
  NORTH CAROLINA (Tanger Properties Limited Partnership)     56-1822494  
  (State or other jurisdiction of incorporation or organization)     (I.R.S. Employer Identification No.)  
     
  3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408  
  (Address of principal executive offices) (Zip code)  
     
  (336) 292-3010  
  (Registrant's telephone number, including area code)  

  

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Tanger Factory Outlet Centers, Inc. Yes x No o

Tanger Properties Limited Partnership Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Tanger Factory Outlet Centers, Inc. Yes x No o

Tanger Properties Limited Partnership Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

    


1

Tanger Factory Outlet Centers, Inc.:

                       
  Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     Smaller reporting company o  
              (Do not check if a smaller reporting company)  

Tanger Properties Limited Partnership:

                       
  Large accelerated filer o     Accelerated filer o     Non-accelerated filer x     Smaller reporting company o  
              (Do not check if a smaller reporting company)  

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Tanger Factory Outlet Centers, Inc.

Yes o No x

Tanger Properties Limited Partnership

Yes o No x

     
  As of August 2, 2010, there were 40,475,662 shares of Tanger Factory Outlet Centers, Inc. common stock, $.01 par value, outstanding.  


2

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2010 of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership. Unless the context indicates otherwise, the term, Company, refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, Operating Partnership, refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States. The Company is a fully-integrated, self-administered and self-managed real estate investment trust, or REIT, which, through its controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. The outlet centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership and its subsidiaries. Accordingly, the descriptions of the business, employees and properties of the Company are also descriptions of the business, employees and properties of the Operating Partnership.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, the Tanger GP Trust and the Tanger LP Trust. The Tanger GP Trust controls the Operating Partnership as its sole general partner. The Tanger LP Trust holds a limited partnership interest in the Operating Partnership. The Tanger family, through its ownership of the Tanger Family Limited Partnership, holds the remaining units of partnership interest in the Operating Partnership as a limited partner. Stanley K. Tanger, a member of the Company's Board of Directors, is the sole general partner of the Tanger Family Limited Partnership.

As of June 30, 2010, the Company, through its ownership of the GP Trust and LP Trust, owned 20,235,431 units of the Operating Partnership and the Tanger Family Limited Partnership owned 3,033,305 units. Each Tanger Family Limited Partnership unit is exchangeable for two of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Prior to the Company's two for one share split on December 28, 2004, the exchange ratio was one for one.

Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership. The individuals that comprise the Company's Board of Directors are also the same individuals that make up the Tanger GP Trust's Board of Trustees.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

  • enhancing investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
  • eliminating duplicative disclosure and providing a more streamlined and readable presentation because a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
  • creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this report. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company. As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership through its wholly-owned subsidiaries, the Tanger GP Trust and Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company's income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the REIT. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this report. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company's unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating


3

Partnership generates the capital required by the Company's business through the Operating Partnership's operations, by the Operating Partnership's incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership or its subsidiaries.

Noncontrolling interests, shareholder's equity and partners' capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Tanger Family Limited Partnership are accounted for as partners' capital in the Operating Partnership's financial statements and as noncontrolling interests in the Company's financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

           
 
  • consolidated financial statements;
  • the following notes to the consolidated financial statements:
  
       
  • Debt;
  • Shareholders' Equity of the Company and Partners' Equity of the Operating Partnership;
  • Other Comprehensive Income of the Company and Other Comprehensive Income of the Operating Partnership;
  • Earnings Per Share and Earnings Per Unit and
  
 
  • Liquidity and Capital Resources in the Management's Discussion and Analysis of Financial condition and Results of Operations.
 

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company, not including its consolidated subsidiaries, and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

As the 100% owner of Tanger GP Trust, the general partner with control of the Operating Partnership, the Company consolidates the Operating Partnership for financial reporting purposes. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.


4

TANGER FACTORY OUTLET CENTERS, INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP

Index

                 
              Page
Number 		 
        Part I. Financial Information        
  Item 1.              
        FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC
(Unaudited)		        
        Consolidated Balance Sheets - as of June 30, 2010 and December 31, 2009     6  
        Consolidated Statements of Operations - for the three and six months ended June 30, 2010 and 2009     7  
        Consolidated Statements of Cash Flows - for the six months ended June 30, 2010 and 2009     8  
                 
        FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP
(Unaudited) 		       
        Consolidated Balance Sheets - as of June 30, 2010 and December 31, 2009     9  
        Consolidated Statements of Operations - for the three and six months ended June 30, 2010 and 2009     10  
        Consolidated Statements of Cash Flows - for the six months ended June 30, 2010 and 2009     11  
                 
        Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc and Tanger Properties Limited Partnership     12  
                 
  Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations     26  
                 
  Item 3.     Quantitative and Qualitative Disclosures about Market Risk     40  
                 
  Item 4.     Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)     41  
                 
        Part II. Other Information        
                 
  Item 1.     Legal Proceedings     41  
                 
  Item 1A.     Risk Factors     41  
                 
  Item 6.     Exhibits     41  
                 
  Signatures           42  


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PART I. - FINANCIAL INFORMATION
Item 1 - Financial Statements of Tanger Factory Outlet Centers, Inc.
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)

                 
        June 30,     December 31,  
        2010     2009  
  ASSETS:              
  Rental property              
  Land   $ 141,575   $ 143,933  
  Buildings, improvements and fixtures     1,343,155     1,352,568  
  Construction in progress     39,883     11,369  
        1,524,613     1,507,870  
  Accumulated depreciation     (425,168 )   (412,530 )
  Rental property, net     1,099,445     1,095,340  
  Cash and cash equivalents     3,453     3,267  
  Rental property held for sale     1,921     ---  
  Investments in unconsolidated joint ventures     7,570     9,054  
  Deferred charges, net     35,124     38,867  
  Other assets     31,627     32,333  
  Total assets   $ 1,179,140   $ 1,178,861  
  LIABILITIES AND EQUITY              
  Liabilities              
  Debt              
  Senior, unsecured notes (net of discount of $2,795 and $858 respectively)   $ 554,415   $ 256,352  
  Mortgage payable (including a debt discount of $0 and $241, respectively)     ---     35,559  
  Unsecured term loan     ---     235,000  
  Unsecured lines of credit     50,800     57,700  
        605,215     584,611  
  Construction trade payables     30,829     14,194  
  Accounts payable and accrued expenses     22,747     31,916  
  Other liabilities     17,286     27,077  
  Total liabilities     676,077     657,798  
  Commitments and contingencies              
  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 June 30, 2010 and December 31, 2009     75,000     75,000  
  Common shares, $.01 par value, 150,000,000 shares authorized, 40,470,862 and 40,277,124 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively     405     403  
  Paid in capital     599,270     596,074  
  Distributions in excess of net income      (229,298 )   (202,997 )
  Accumulated other comprehensive income (loss)     1,884     (5,809 )
  Equity attributable to Tanger Factory Outlet Centers, Inc.     447,261     462,671  
  Equity attributable to noncontrolling interest in Operating Partnership     55,802     58,392  
  Total equity     503,063     521,063  
  Total liabilities and equity   $ 1,179,140   $ 1,178,861  
                 

The accompanying notes are an integral part of these consolidated financial statements.


6

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

                             
        Three months ended
June 30, 		    Six months ended
June 30, 		 
        2010     2009     2010     2009  
  Revenues                          
  Base rentals   $ 43,968   $ 43,218   $ 87,465   $ 85,894  
  Percentage rentals     1,048     940     2,353     2,248  
  Expense reimbursements     18,429     18,321     37,948     37,491  
  Other income     1,850     1,921     3,571     3,618  
  Total revenues     65,295     64,400     131,337     129,251  
                             
  Expenses                          
  Property operating     22,123     20,660     44,472     42,270  
  General and administrative     5,963     5,817     11,429     11,752  
  Impairment charge     ---     ---     735     ---  
  Depreciation and amortization     17,109     19,422     43,583     39,588  
  Total expenses     45,195     45,899     100,219     93,610  
  Operating income     20,100     18,501     31,118     35,641  
  Interest expense     (7,951 )   (9,564 )   (15,899 )   (20,774 )
  Gain (loss) on early extinguishment of debt     (563 )   10,467     (563 )   10,467  
  Gain on fair value measurement of previously held interest in acquired joint venture     ---     ---     ---     31,497  
  Loss on termination of interest rate swaps     (6,142 )   ---     (6,142 )   ---  
  Income before equity in losses of unconsolidated joint ventures and discontinued operations     5,444     19,404     8,514     56,831  
  Equity in losses of unconsolidated joint ventures     (51 )   (517 )   (119 )   (1,414 )
  Income from continuing operations     5,393     18,887     8,395     55,417  
  Discontinued operations     (1 )   (5,300 )   ---     (5,362 )
  Net income     5,392     13,587     8,395     50,055  
  Noncontrolling interest     (524 )   (1,833 )   (734 )   (7,531 )
  Net income attributable to Tanger Factory Outlet Centers, Inc.   $ 4,868   $ 11,754   $ 7,661   $ 42,524  
                             
  Basic earnings per common share:                          
  Income from continuing operations   $ .08   $ .43   $ .11   $ 1.33  
  Net income   $ .08   $ .30   $ .11   $ 1.19  
                             
  Diluted earnings per common share:                          
  Income from continuing operations   $ .08   $ .43   $ .11   $ 1.33  
  Net income   $ .08   $ .30   $ .11   $ 1.19  
                             
  Dividends paid per common share   $ .3875   $ .3825   $ .7700   $ .7625  
                             

The accompanying notes are an integral part of these consolidated financial statements.


7

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

                 
        Six Months Ended
June 30, 		 
        2010     2009  
           
  OPERATING ACTIVITIES              
  Net income   $ 8,395   $ 50,055  
  Adjustments to reconcile net income to net cash provided by operating activities:              
  Depreciation and amortization (including discontinued operations)     43,670     40,049  
  Impairment charge     735     5,200  
  Loss on termination of interest rate swap agreements     6,142     ---  
  Gain on sale of outparcels of land     (161 )   ---  
  Amortization of deferred financing costs     657     822  
  (Gain) loss on early extinguishment of debt     563     (10,467 )
  Gain on fair value measurement of previous interest held in acquired joint venture     ---     (31,497 )
  Equity in losses of unconsolidated joint ventures     119     1,414  
  Compensation expense related share-based compensation     2,682     2,889  
  Amortization of debt (premiums) and discount, net     (219 )   994  
  Distributions of cumulative earnings from unconsolidated joint ventures     414     360  
  Net accretion of market rent rate adjustment     (381 )   (43 )
  Straight-line base rent adjustment     (1,402 )   (1,534 )
  Increase (decrease) due to changes in:              
  Other assets     2,250     1,348  
  Accounts payable and accrued expenses     (9,423 )   (1,795 )
  Net cash provided by operating activities     54,041     57,795  
  INVESTING ACTIVITIES              
  Additions to rental property     (26,692 )   (20,962 )
  Acquisition of remaining interests in unconsolidated joint venture, net of cash acquired     ---     (31,086 )
  Termination payments related to interest rate swap agreements     (6,142 )   ---  
  Distributions in excess of cumulative earnings from unconsolidated joint ventures     536     ---  
  Net proceeds from the sale of real estate     602     ---  
  Additions to deferred lease costs     (1,969 )   (2,369 )
  Net cash used in investing activities     (33,665 )   (54,417 )
  FINANCING ACTIVITIES              
  Cash dividends paid     (33,962 )   (27,047 )
  Distributions to noncontrolling interest in Operating Partnership     (4,671 )   (4,623 )
  Proceeds from debt issuances     485,230     109,200  
  Repayments of debt     (465,000 )   (82,450 )
  Proceeds from tax incremental financing     ---     944  
  Additions to deferred financing costs     (2,486 )   ---  
  Proceeds from exercise of options     699     771  
  Net cash used in financing activities     (20,190 )   (3,205 )
  Net increase in cash and cash equivalents     186     173  
  Cash and cash equivalents, beginning of period     3,267     4,977  
  Cash and cash equivalents, end of period   $ 3,453   $ 5,150  
                 

The accompanying notes are an integral part of these consolidated financial statements.


8

Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

                             
              June 30,
2010 		    December 31,
2009 		 
  ASSETS:                          
  Rental property                          
  Land         $ 141,575         $ 143,933  
  Buildings, improvements and fixtures           1,343,155           1,352,568  
  Construction in progress           39,883           11,369  
              1,524,613           1,507,870  
  Accumulated depreciation           (425,168 )         (412,530 )
  Rental property, net           1,099,445           1,095,340  
  Cash and cash equivalents           3,447           3,214  
  Rental property held for sale           1,921           ---  
  Investments in unconsolidated joint ventures           7,570           9,054  
  Deferred charges, net           35,124           38,867  
  Other assets           31,250           32,025  
  Total assets         $ 1,178,757         $ 1,178,500  
  LIABILITIES AND PARTNERS' EQUITY        
  Liabilities                          
  Debt                          
  Senior, unsecured notes (net of discount of $2,795 and $858, respectively)         $ 554,415         $ 256,352  
  Mortgage payable (including a debt discount of $0 and $241, respectively)           ---           35,559  
  Unsecured term loan           ---           235,000  
  Unsecured lines of credit           50,800           57,700  
              605,215           584,611  
  Construction trade payables           30,829           14,194  
  Accounts payable and accrued expenses           22,364           31,555  
  Other liabilities           17,286           27,077  
  Total liabilities           675,694           657,437  
                             
  Commitments and contingencies                          
                             
  Partners' Equity                          
  General partner           5,328           5,633  
  Limited partners           495,873           522,425  
  Accumulated other comprehensive income (loss)           1,862           (6,995 )
  Total partners' equity           503,063           521,063  
  Total liabilities and partners' equity         $ 1,178,757         $ 1,178,500  
                             

The accompanying notes are an integral part of these consolidated financial statements.


9

TANGER PROPERITES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)

                                                                             
                 
        Three months ended     Six months ended  
        June 30,     June 30,  
        2010           2009     2010           2009  
  Revenues    

 

 

                                                                    
  Base rentals   $ 43,968                     $ 43,218               $ 87,465                     $ 85,894  
  Percentage rentals     1,048                       940                 2,353                       2,248  
  Expense reimbursements     18,429                       18,321                 37,948                       37,491  
  Other income     1,850                       1,921                 3,571                       3,618  
        65,295                       64,400                 131,337                       129,251  
                                                                             
  Expenses                                                                          
  Property operating     22,123                       20,660                 44,472                       42,270  
  General and administrative     5,963                       5,817                 11,429                       11,752  
  Impairment charge     ---                       ---                 735                       ---  
  Depreciation and amortization     17,109                       19,422                 43,583                       39,588  
  Total expenses     45,195                       45,899                 100,219                       93,610  
  Operating income     20,100                       18,501                 31,118                       35,641  
  Interest expense     (7,951 )                     (9,564 )               (15,899 )                     (20,774 )
  Gain (loss) on early extinguishment of debt     (563 )                     10,467                 (563 )                     10,467  
  Gain on fair value measurement of previously held interest in acquired joint venture                                                                          
  ---                       ---                 ---                       31,497  
  Loss on termination of interest rate swaps     (6,142 )                     ---                 (6,142 )                     ---  
  Income before equity in losses of unconsolidated joint ventures and discontinued operations                                                                          
  5,444                       19,404                 8,514                       56,831  
  Equity in losses of unconsolidated joint ventures     (51 )                     (517 )               (119 )                     (1,414 )
  Income from continuing operations     5,393                       18,887                 8,395                       55,417  
  Discontinued operations     (1 )                     (5,300 )               ---                       (5,362 )
  Net income     5,392                       13,587                 8,395                       50,055  
  Net income available to limited partners     5,351                       13,496                 8,338                       49,682  
  Net income available to general partner   $ 41                     $ 91               $ 57                     $ 373  
                                                                             
  Basic earnings per common unit:                                                                          
  Income from continuing operations   $ .17                     $ .85               $ .23                     $ 2.67  
  Net income   $ .17                     $ .59               $ .23                     $ 2.40  
                                                                             
  Diluted earnings per common unit:                                                                          
  Income from continuing operations   $ .17                     $ .85               $ .23                     $ 2.67  
  Net income   $ .17                     $ .59               $ .23                     $ 2.40  
                                                                             
  Distribution paid per common unit   $ .775                     $ .765               $ 1.540                     $ 1.525  

The accompanying notes are an integral part of these consolidated financial statements.


10

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

                       
        Six Months Ended
June 30, 		 
        2010           2009  
                       
  OPERATING ACTIVITIES                    
  Net income   $ 8,395         $ 50,055  
  Adjustments to reconcile net income to net cash provided by operating activities:                    
  Depreciation and amortization (including discontinued operations)     43,670           40,049  
  Impairment charge     735           5,200  
  Loss on termination of interest rate swap agreements     6,142           ---  
  Gain on sale of outparcels of land     (161 )         ---  
  Amortization of deferred financing costs     657           822  
  (Gain) loss on early extinguishment of debt     563           (10,467 )
  Gain on fair value measurement of previous interest held in acquired joint venture     ---           (31,497 )
  Equity in losses of unconsolidated joint ventures     119           1,414  
  Equity-based compensation expense     2,682           2,889  
  Amortization of debt premiums and discount, net     (219 )         994  
  Distributions of cumulative earnings from unconsolidated joint ventures     414           360  
  Net accretion of market rent rate adjustment     (381 )         (43 )
  Straight-line base rent adjustment     (1,402 )         (1,534 )
  Increase (decrease) due to changes in:                    
  Other assets     2,319           1,913  
  Accounts payable and accrued expenses     (9,445 )         (2,373 )
  Net cash provided by operating activities     54,088           57,782  
  INVESTING ACTIVITIES                    
  Additions to rental property     (26,692 )         (20,962 )
  Acquisition of remaining interests in unconsolidated joint venture, net of cash acquired     ---           (31,086 )
  Termination payments related to interest rate swap agreements     (6,142 )         ---  
  Distributions in excess of cumulative earnings from unconsolidated joint ventures     536           ---  
  Net proceeds from the sale of real estate     602           ---  
  Additions to deferred lease costs     (1,969 )         (2,369 )
     Net cash used in investing activities     (33,665 )         (54,417 )
  FINANCING ACTIVITIES                    
  Cash distributions paid     (38,633 )         (31,670 )
  Proceeds from debt issuances     485,230           109,200  
  Repayments of debt     (465,000 )         (82,450 )
  Proceeds from tax incremental financing     ---           944  
  Additions to deferred financing costs     (2,486 )         ---  
  Proceeds from exercise of options     699           771  
  Net cash used in financing activities     (20,190 )         (3,205 )
  Net increase in cash and cash equivalents     233           160  
  Cash and cash equivalents, beginning of period     3,214           4,952  
  Cash and cash equivalents, end of period   $ 3,447         $ 5,112  
                       

The accompanying notes are an integral part of these consolidated financial statements.


11

TANGER FACTORY OUTLET CENTERS INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIAIRES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States. We are a fully-integrated, self-administered and self-managed real estate investment trust, or REIT, which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of June 30, 2010, we owned and operated 31 outlet centers, with a total gross leasable area of approximately 9.1 million square feet. We also operated and had partial ownership interests in two outlet centers totaling approximately 948,000 square feet.

Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, Company, refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, Operating Partnership, refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, the Tanger GP Trust and the Tanger LP Trust. The Tanger GP Trust controls the Operating Partnership as its sole general partner. The Tanger LP Trust holds a limited partnership interest in the Operating Partnership. The Tanger family, through its ownership of the Tanger Family Limited Partnership holds the remaining units of partnership interest in the Operating Partnership as a limited partner. Stanley K. Tanger, a member of the Company's Board of Directors, is the sole general partner of the Tanger Family Limited Partnership.

2. Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's Annual Reports on Form 10-K for the year ended December 31, 2009. The December 31, 2009 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the Securities and Exchange Commission's, or the SEC, rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading.

Investments in real estate joint ventures that we do not control are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income (loss), cash contributions, distributions and other adjustments required under the equity method of accounting. These investments are evaluated for impairment when necessary.

Control is determined using an evaluation based on accounting standards related to the consolidation of joint ventures and variable interest entities. For joint ventures that are defined as variable interest entities, the primary beneficiary consolidates the entity.


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3. Development of Rental Properties

New Development

During the second quarter of 2010, construction continued on our development site in Mebane, North Carolina. Currently, we have signed leases or leases out for signature for approximately 91% of the total square feet. We currently expect the center to open on November 5th, in time for the 2010 holiday season.

Redevelopment at Existing Outlet Centers

During the second quarter of 2010, we completed the demolition of our Hilton Head I center in Bluffton, South Carolina. The redevelopment of the outlet center is currently underway and we have leases signed or out for signature on 54% of the leasable square feet. When completed, the new 176,000 square foot center, with an additional four outparcel pads, will be the first LEED certified green shopping center in Beaufort County. Our $50.0 million redevelopment is projected to open during the second half of 2011. As a result of the demolition and redevelopment plan, a total of $9.2 million in depreciation and amortization was recognized in the first quarter of 2010 to completely depreciate the existing center. The demolition was completed during the second quarter of 2010, at which time the fully depreciated assets were written-off.

Commitments to complete construction of our new developments, redevelopments and other capital expenditure requirements amounted to approximately $30.0 million at June 30, 2010. Commitments for construction represent only those costs contractually required to be paid by us.

Interest costs capitalized during the three months ended June 30, 2010 and 2009 amounted to $313,000 and $48,000, respectively, and for the six months ended June 30, 2010 and 2009 amounted to $513,000 and $84,000, respectively.

Impairment Charges

Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value.

Seymour, Indiana 2010

In 2005 we sold our outlet center located in Seymour, Indiana, but retained various outparcels of land at the development site, some of which we sold in recent years. In February 2010, our Board of Directors approved the sale of the remaining parcels of land. As a result of this Board approval and an approved plan to actively market the land, we accounted for the land as "held for sale" and recorded a non-cash impairment charge of approximately $735,000 in our consolidated statement of operations which equaled the excess of the carrying amount of the land over its fair value. We determined the fair value using a market approach considering offers that we have obtained for all the various parcels less estimated closing costs. See Note 17, Fair Value Measurements, for further discussion.

Commerce I, Georgia 2009

During the second quarter 2009, we determined for our Commerce I, Georgia outlet center that the estimated future undiscounted cash flows of that property did not exceed the property's carrying value based on deteriorating amounts of net operating income and the expectation that the occupancy rate of the property would significantly decrease in future periods. Therefore, we recorded a $5.2 million non-cash impairment charge in our consolidated statement of operations within discontinued operations (Note 5) which equaled the excess of the property's carrying value over its fair value. We determined the fair value using a market approach whereby we considered the prevailing market income capitalization rates and sales data for transactions involving similar assets.

Land Outparcel Sales

Gains on sale of outparcels are included in other income in the consolidated statements of operations. Cost is allocated to the outparcels based on the relative market value method.

In March 2010, we closed on the sale of an outparcel of land at our property in Lincoln City, Oregon. The net proceeds from the sale were approximately $403,000 and a gain on sale of outparcel of approximately $161,000 was recognized. We also sold two of the remaining outparcels in Seymour Indiana for net proceeds of approximately $199,000. As these parcels were recorded at their fair value earlier in the quarter, no gain or loss on sale was recorded. The only remaining land as of June 30, 2010 is currently recorded at its estimated fair value which is approximately $200,000.


13

4. Investments in Unconsolidated Real Estate Joint Ventures

Our investments in unconsolidated joint ventures as of June 30, 2010 and December 31, 2009 aggregated $7.6 million and $9.1 million, respectively. We have evaluated the accounting treatment for each of the joint ventures and have concluded based on the current facts and circumstances that the equity method of accounting should be used to account for the individual joint ventures. At June 30, 2010, we were members of the following unconsolidated real estate joint ventures:

                                         
  Joint Venture     Center Location     Opening Date     Ownership %     Square Feet     Carrying Value of Investment
(in millions) 		    Total Joint Venture Debt
(in millions) 		 
  Deer Park     Deer Park, Long Island, New York     2008     33.3%     683,033     $2.5     $269.3  
                                         
  Wisconsin Dells     Wisconsin Dells, Wisconsin     2006     50%     265,061     $5.1     $24.8  
                                         

These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income (loss), cash contributions, distributions and other adjustments required by the equity method of accounting as discussed below.

The following management, leasing and marketing fees were recognized from services provided to Wisconsin Dells and Deer Park (in thousands):

                                   
              Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
              2010     2009     2010     2009  
  Fee:                                
  Management and leasing   $ 471   $ 494   $ 935   $ 965  
  Marketing     39     40     80     79  
  Total Fees         $ 510   $ 534   $ 1,015   $ 1,044  
                                   

Our investments in real estate joint ventures are reduced by 50% of the profits earned for leasing services provided to Wisconsin Dells and by 33.3% of the profits earned for leasing services provided to Deer Park. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets – Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis are amortized over the various useful lives of the related assets.

On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. As of June 30, 2010, we do not believe that any of our equity investments were impaired.

In accordance with amended guidance related to the consolidation of variable interest entities which became effective January 1, 2010, we performed an analysis of all of our real estate joint ventures to determine whether they would qualify as variable interest entities, or VIE, and whether the joint venture should be consolidated or accounted for as an equity method investment in an unconsolidated joint venture. As a result of our qualitative assessment, we concluded that Deer Park is a VIE and Wisconsin Dells is not a VIE. Deer Park is considered a VIE because it does not meet the criteria of the members having a sufficient equity investment at risk.


14

After making the determination that Deer Park was a VIE, we performed an assessment to determine if we would be considered the primary beneficiary and thus be required to consolidate Deer Park's balance sheets and results of operations. This assessment was based upon whether we had the following:

a. The power to direct the activities of the variable interest entity that most significantly impact the entity's economic performance

b. The obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity

Based on the provisions of the operating and management agreements of Deer Park, we determined that no one member alone has the power to direct the significant activities that affect the economic performance of Deer Park. While we are the Deer Park property manager, we must operate the property within the approved budget or risk being removed by the other two members as the property manager.

We have determined that all three partners share power in the decisions that most significantly impact Deer Park, as well as the financial rights and obligations, and therefore we are not required to consolidate Deer Park. Our equity method investment in Deer Park as of June 30, 2010 was approximately $2.5 million. We are unable to estimate our maximum exposure to loss at this time. Upon completion of the final phase of the project, the debt is expected to be approximately $284.0 million, of which our proportionate share would be approximately $94.7 million. A calculation of the maximum loss would involve variables such as the loan balance amount and any proceeds from the sale of the property.

Condensed combined summary financial information of joint ventures accounted for using the equity method is as follows (in thousands):

                 
  Summary Balance Sheets
- Unconsolidated Joint Ventures		     As of
June 30,
2010 		    As of
December 31,
2009 		 
  Assets              
  Investment properties at cost, net   $ 289,587   $ 294,857  
  Cash and cash equivalents     9,020     8,070  
  Deferred charges, net     4,799     5,450  
  Other assets     6,697     5,610  
  Total assets   $ 310,103   $ 313,987  
  Liabilities and Owners' Equity              
  Mortgages payable   $ 294,034   $ 292,468  
  Construction trade payables     878     3,647  
  Accounts payable and other liabilities     3,991     3,826  
  Total liabilities     298,903     299,941  
  Owners' equity     11,200     14,046  
  Total liabilities and owners' equity   $ 310,103   $ 313,987  
                 


15

                             
  Summary Statements of Operations—     Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
  Unconsolidated Joint Ventures     2010     2009     2010     2009  
                             
  Revenues   $ 9,261   $ 8,431   $ 18,535   $ 16,955  
                             
  Expenses                          
  Property operating     4,200     3,611     8,410     7,858  
  General and administrative     72     117     359     306  
  Depreciation and amortization     3,546     3,358     7,043     6,532  
  Total expenses     7,818     7,086     15,812     14,696  
  Operating income     1,443     1,345     2,723     2,259  
  Interest expense     1,717     3,079     3,391     6,810  
  Net loss   $ (274 ) $ (1,734 ) $ (668 ) $ (4,551 )
                             
  Tanger's share of:                          
  Net loss   $ (51 ) $ (517 ) $ (119 ) $ (1,414 )
  Depreciation (real estate related)     1,280     1,223     2,545     2,389  
                             

5. Rental Property Held for Sale

In May 2010, our Board of Directors approved the sale of our Commerce I, Georgia center. As of June 30, 2010, this property qualified as a rental property held for sale under applicable accounting guidance. In June 2009, we recorded an impairment charge for this property of $5.2 million which equaled the excess of the property's carrying value over its estimated fair value at that time.

Summary of results of operations for the property whose results of operations are considered discontinued operations for the three and six months ended June 30, 2010 and 2009, respectively (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Revenues:                          
  Base rentals   $ 138   $ 206   $ 289   $ 458  
  Expense reimbursements     27     53     45     102  
  Other income     10     7     18     14  
  Total revenues     175     266     352     574  
                             
  Expenses:                          
  Property operating     138     133     261     272  
  General and administrative     4     3     4     3  
  Depreciation and amortization     34     230     87     461  
  Impairment charge     ---     5,200     ---     5,200  
  Total expenses     176     5,566     352     5,936  
  Discontinued operations   $ (1 ) $ (5,300 ) $ ---   $ (5,362 )
                             


16

6. Debt of the Company

In this Note 6, the “Company” refers only to Tanger Factory Outlet Centers, Inc. and not to any of its subsidiaries.

The Company itself does not hold any indebtedness. All debt is held directly by the Operating Partnership.

The Company guarantees the Operating Partnership's obligations with respect to its five unsecured lines of credit which have a total borrowing capacity of $325.0 million. As of June 30, 2010, the Operating Partnership had approximately $50.8 million outstanding in total on these lines. The Company also guarantees the Operating Partnership's obligations with respect to its $7.2 million of outstanding senior exchangeable notes due in 2026. However, August 18, 2011 is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.

7. Debt of the Operating Partnership

As of June 30, 2010 and December 31, 2009, the debt of the Operating Partnership consisted of the following (in thousands):

                 
        June 30,
2010 		    December 31,
2009 		 
  Senior, unsecured notes:              
  6.15% Senior notes, maturing November 2015, net of discount of $555 and $598, respectively   $ 249,445   $ 249,402  
  3.75% Senior exchangeable notes, maturing August 2026, net of discount of $183 and $260, respectively     7,027     6,950  
  6.125% Senior notes, maturing in May 2020, net of discount of $2,057 and $0, respectively     297,943     ---  
  Unsecured term loan facility:              
  LIBOR + 1.60% unsecured term loan facility (1)     ---     235,000  
  Unsecured lines of credit with a weighted average interest rates of 1.01% and 0.98%, respectively (2)     50,800     57,700  
  Mortgage note:              
  LIBOR + 1.40 maturing April 2010, including net premium of $0 and $241, respectively (3)     ---     35,559  
      $ 605,215   $ 584,611  
                 

(1) The effective rate on this facility due to interest rate swap agreements was 5.25%.

(2) For our lines of credit being utilized at June 30, 2010 and depending on our investment grade rating, the interest rates can vary from either prime or from LIBOR +.45% to LIBOR + 1.55% and expire in June 2011 or later. At June 30, 2010, our interest rates on outstanding balances were LIBOR + .60%.

(3) Because this mortgage debt was assumed as part of an acquisition, the debt was recorded at its fair value and carried an effective interest rate of 5.34%.

Transactions in 2010

In June 2010, we closed on $300.0 million of senior unsecured notes. The ten year notes were issued by the Operating Partnership and were priced at 99.31% of par value to yield 6.219% to maturity. The notes will pay interest semi-annually at a rate of 6.125% per annum and mature on June 1, 2020.

The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $295.5 million. We used the net proceeds from the sale of the notes to (i) repay our $235.0 million unsecured term loan due in June 2011, (ii) pay approximately $6.1 million to terminate two interest rate swap agreements associated with the term loan and (iii) repay borrowings under our unsecured lines of credit and for general working capital purposes.

No prepayment or early termination penalty was paid as a result of the repayment of the term loan; however, unamortized loan origination costs of approximately $563,000 were written-off during the second quarter of 2010.


17

Debt Maturities

Maturities of the existing long-term debt as of June 30, 2010 are as follows (in thousands):

           
  Year     Amount  
  2010   $ ---  
  2011 (1)     58,010  
  2012     ---  
  2013     ---  
  2014     ---  
  Thereafter     550,000  
  Subtotal     608,010  
  Discount     (2,795 )
  Total   $ 605,215  
           

(1) Includes expiration of $7.2 million of senior exchangeable notes shown in 2011 because that is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.

8. Shareholders' Equity of the Company

In May 2009, the senior exchangeable notes of the Operating Partnership in the principal amount of $142.3 million were exchanged for Company common shares, representing approximately 95.2% of the total senior exchangeable notes outstanding prior to the exchange offer.  In the aggregate, the exchange offer resulted in the issuance of approximately 4.9 million Company common shares and the payment of approximately $1.2 million in cash for accrued and unpaid interest and in lieu of fractional shares.  Following settlement of the exchange offer, senior exchangeable notes in the principal amount of approximately $7.2 million remained outstanding.  In connection with the exchange offering, we recognized in income from continuing operations and net income a gain on early extinguishment of debt in the amount of $10.5 million.  A portion of the debt discount recorded upon adoption of new accounting guidance for convertible debt amounting to approximately $7.0 million was written-off as part of the transaction.

9. Partners' Equity of the Operating Partnership

When the Company issues common shares pursuant to a public offering or upon exercise of options or issuance of restricted share awards, the Operating Partnership issues a corresponding unit to the Company on a two shares for one unit basis. At June 30, 2010 and December 31, 2009, the ownership interests of the Operating Partnership consisted of the following:

                 
        June 30,
2010 		    December 31,
2009 		 
  Preferred units:              
  Limited partner     3,000,000     3,000,000  
                 
  Common units:              
  General partner     237,000     237,000  
  Limited partners     23,031,736     22,934,867  
  Total common units     23,268,736     23,171,867  
                 


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10. Other Comprehensive Income of the Company

Total comprehensive income for the three and six months ended June 30, 2010 and 2009 is as follows (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Net income   $ 5,392   $ 13,587   $ 8,395   $ 50,055  
  Other comprehensive income:                          
  Reclassification adjustment for amortization of gain on 2005 settlement of US treasury rate lock included in net income     (78 )   (73 )   (154 )   (145 )
                             
  Reclassification adjustment for settlement of interest rate swap agreements     6,142     ---     6,142     ---  
                             
  Change in fair value of cash flow hedges     2,053     1,331     2,905     1,261  
                             
  Change in fair value of our portion of our unconsolidated joint ventures' cash flow hedges     3     696     (36 )   2,136  
  Other comprehensive income     8,120     1,954     8,857     3,252  
  Total comprehensive income     13,512     15,541     17,252     53,307  
  Comprehensive income attributable to the noncontrolling interest     (1,591 )   (2,136 )   (1,898 )   (8,045 )
  Total comprehensive income attributable to the Company   $ 11,921   $ 13,405   $ 15,354   $ 45,262  
                             

11. Other Comprehensive Income of the Operating Partnership

Total comprehensive income for the three and six months ended June 30, 2010 and 2009 is as follows (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Net income   $ 5,392   $ 13,587   $ 8,395   $ 50,055  
  Other comprehensive income:                          
  Reclassification adjustment for amortization of gain on 2005 settlement of US treasury rate lock included in net income     (78 )   (73 )   (154 )   (145 )
                             
  Reclassification adjustment for settlement of interest rate swap agreements     6,142     ---     6,142     ---  
                             
  Change in fair value of cash flow hedges     2,053     1,331     2,905     1,261  
                             
  Change in fair value of our portion of our unconsolidated joint ventures' cash flow hedges     3     696     (36 )   2,136  
  Other comprehensive income     8,120     1,954     8,857     3,252  
  Total comprehensive income   $ 13,512   $ 15,541   $ 17,252   $ 53,307  
                             


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12. Noncontrolling Interest in the Operating Partnership

Noncontrolling interest in the Operating Partnership in the consolidated financial statements relates to the ownership of units by the Tanger Family Limited Partnership. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average percentage of units owned by the Tanger Family Limited Partnership during the period, as a percentage of the total number of outstanding units, to the Operating Partnership's net income for the period after deducting distributions for preferred units.

The following table sets forth noncontrolling interests in the Operating Partnership (in thousands):

                 
        Six months ended
June 30, 		 
        2010     2009  
  Beginning noncontrolling interest in the Operating Partnership   $ 58,392   $ 30,692  
  Net income attributable to noncontrolling interest in the Operating Partnership     734     7,531  
  Distributions to noncontrolling interest in the Operating Partnership     (4,671 )   (4,623 )
  Other comprehensive income attributable to noncontrolling interest in the Operating Partnership     1,164     514  
  Reallocation of noncontrolling interest in the Operating Partnership due to changes in ownership     183     13,687  
  Total noncontrolling interest in the Operating Partnership   $ 55,802   $ 47,801  
                 

13. Equity-Based Compensation

During the first quarter of 2010, the Company's Board of Directors approved the grant of 150,288 restricted common shares to the Company's independent directors and the Company's senior executive officers. The Company receives one common unit from the Operating Partnership for every two restricted shares issued by the Company. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares vest ratably over a five year period. The grant date fair value of the awards was $39.24 per share, which was determined based upon the closing market price of our common shares on the day prior to the grant date in accordance with the terms of the Company's Incentive Award Plan, or Plan. Compensation expense related to the amortization of the deferred compensation amount is being recognized in accordance with the vesting schedule of the restricted shares.

Also during the first quarter of 2010, the Company's Compensation Committee approved the general terms of the Tanger Factory Outlet Centers, Inc. 2010 Multi-Year Performance Plan, or the 2010 Multi-Year Performance Plan. The 2010 Multi-Year Performance Plan is a long-term incentive compensation plan pursuant to which award recipients, as a group, may earn up to approximately 615,000 restricted common shares of the Company based on our share price appreciation over four years beginning on January 1, 2010. The maximum number of shares will be earned under this plan if we achieve 60% or higher share price appreciation over the four-year performance period. We expect that the value of the awards, if we achieve 60% share price appreciation, will equal between approximately $35 million and $39 million. After the awards are earned, they will remain subject to a one-year vesting period. For notional amounts granted in 2010, any shares earned on December 31, 2013 will vest on December 31, 2014 contingent on continued employment through the vesting date.

Under the 2010 Multi-Year Performance Plan, we will grant 205,000 notional units to award recipients as a group. If our aggregate share price appreciation during this period equals or exceeds the minimum threshold of 40%, then the notional units will convert into the Company's common shares on a one-for-one basis. The notional units will convert into common shares on a one-for-two basis if the share price appreciation exceeds the target threshold of 50% and on a one-for-three basis if the share price appreciation exceeds the maximum threshold of 60%. The notional amounts will convert on a pro rata basis between share price appreciation thresholds. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period, subject to a minimum level price target.

The notional units, prior to the date they are converted into restricted common shares, will not entitle award recipients to receive any dividends or other distributions. If the notional units are earned, and thereby converted into restricted common shares, then award recipients will be entitled to receive a payment of all dividends and other distributions that would have been paid had the number of earned common shares been issued at the beginning of the performance period. Thereafter, dividends and other distributions will be paid currently with respect to all restricted common shares that were earned.


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At the end of the four-year performance period, if the minimum share price threshold is not achieved but the Company's share performance exceeds the 50th percentile of the share performance of its peer group, the notional units will convert into restricted common shares on a one-for-one basis. All determinations, interpretations and assumptions relating to the vesting and calculation of the performance awards will be made by our Compensation Committee.

We recorded equity-based compensation expense in our statements of operations as follows (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Restricted shares   $ 1,006   $ 1,567   $ 1,965   $ 2,811  
  Notional unit performance awards     450     ---     717     ---  
  Options     ---     25     ---     78  
  Total equity-based compensation   $ 1,456   $ 1,592   $ 2,682   $ 2,889  
                             

As of June 30, 2010, there was $20.9 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements granted under the Plan.

14. Earnings Per Share of the Company

The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Numerator                          
  Income from continuing operations attributable to the Company   $ 4,869   $ 16,256   $ 7,661   $ 47,078  
  Less applicable preferred share dividends     (1,407 )   (1,407 )   (2,813 )   (2,813 )
  Less allocation of earnings to participating securities     (143 )   (250 )   (312 )   (687 )
  Income from continuing operations available to common shareholders of the Company     3,319     14,599     4,536     43,578  
  Discontinued operations attributable to participating securities     ---     71     ---     71  
  Discontinued operations attributable to the Company     (1 )   (4,502 )   ---     (4,554 )
  Net income available to common shareholders of the Company   $ 3,318   $ 10,168   $ 4,536   $ 39,095  
  Denominator                          
  Basic weighted average common shares     40,103     34,249     40,067     32,767  
  Effect of senior exchangeable notes     25     ---     25     ---  
  Effect of outstanding options     43     78     49     80  
  Diluted weighted average common shares     40,171     34,327     40,141     32,847  
  Basic earnings per common share:                          
  Income from continuing operations   $ .08   $ .43   $ .11   $ 1.33  
  Discontinued operations     ---     (.13 )   ---     (.14 )
  Net income   $ .08   $ .30   $ .11   $ 1.19  
  Diluted earnings per common share:                          
  Income from continuing operations   $ .08   $ .43   $ .11   $ 1.33  
  Discontinued operations     ---     (.13 )   ---     (.14 )
  Net income   $ .08   $ .30   $ .11   $ 1.19  
                             

The senior exchangeable notes are included in the diluted earnings per share computation, if the effect is dilutive, using the treasury stock method.  In applying the treasury stock method, the effect will be dilutive if the average market price of our common shares for at least 20 trading days in the 30 consecutive trading days at the end of each quarter is higher than the exchange rate of $35.83 per share.


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The computation of diluted earnings per share excludes options to purchase common shares when the exercise price is greater than the average market price of the common shares for the period.  No options were excluded from the computations for the three months ended June 30, 2010 and 2009, respectively.  The assumed conversion of the partnership units held by the noncontrolling interest limited partner as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a partnership unit, as if converted, is equivalent to earnings allocated to a common share.

The Company's unvested restricted share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method. The notional units were issued in January 2010 and all have been excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2010 as none of the contingent conditions were satisfied as of the end of the reporting period.

15. Earnings Per Unit of the Operating Partnership

The following table sets forth a reconciliation of the numerators and denominators in computing the Operating Partnership's earnings per unit (in thousands, except per unit amounts):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Numerator                          
  Income from continuing operations   $ 5,393   $ 18,887   $ 8,395   $ 55,417  
  Less applicable preferred unit distributions     (1,407 )   (1,407 )   (2,813 )   (2,813 )
  Less allocation of earnings to participating securities     (143 )   (247 )   (312 )   (689 )
  Income from continuing operations available to common unitholders of the Operating Partnership     3,843     17,233     5,270     51,915  
  Discontinued operations     (1 )   (5,300 )   ---     (5,362 )
  Net income available to common unitholders of the Operating Partnership   $ 3,842   $ 11,933   $ 5,270   $ 46,553  
  Denominator                          
  Basic weighted average common units     23,085     20,158     23,067     19,417  
  Effect of senior exchangeable notes     13     ---     13     ---  
  Effect of outstanding options     21     39     24     40  
  Diluted weighted average common units     23,119     20,197     23,104     19,457  
  Basic earnings per common unit:                          
  Income from continuing operations   $ .17   $ .85   $ .23   $ 2.67  
  Discontinued operations     ---     (.26 )   ---     (.27 )
  Net income   $ .17   $ .59   $ .23   $ 2.40  
  Diluted earnings per common unit:                          
  Income from continuing operations   $ .17   $ .85   $ .23   $ 2.67  
  Discontinued operations     ---     (.26 )   ---     (.27 )
  Net income   $ .17   $ .59   $ .23   $ 2.40  
                             

When the Company issues common shares pursuant to a public offering or upon exercise of options or issuance of restricted share awards, the Operating Partnership issues a corresponding unit to the Company on a two shares for one unit basis. The senior exchangeable notes are included in the diluted earnings per unit computation, if the effect is dilutive, using the treasury stock method.  In applying the treasury stock method, the effect will be dilutive if the average market price of the Company's common shares for at least 20 trading days in the 30 consecutive trading days at the end of each quarter is higher than the exchange rate of $35.83 per Company common share.


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The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period.  The market price of a common unit is considered to be equivalent to twice the market price of a Company common share. No options were excluded from the computations for the three and six months ended June 30, 2010 and 2009, respectively.  

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on distributions declared and the unvested restricted shares' participation rights in undistributed earnings.

The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method. The notional units were issued in January 2010 and all have been excluded from the computation of diluted earnings per unit for the three and six months ended June 30, 2010 as none of the contingent conditions were satisfied as of the end of the reporting period.

16. Derivatives

We are exposed to various market risks, including changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. We may periodically enter into certain interest rate protection and interest rate swap agreements to effectively convert floating rate debt to a fixed rate basis. We do not enter into derivatives or other financial instruments for trading or speculative purposes.

In accordance with our derivatives policy, all derivatives are assessed for effectiveness at the time the contracts are entered into and are assessed for effectiveness on an on-going basis at each quarter end. All of our derivatives have been designated as cash flow hedges. Unrealized gains and losses related to the effective portion of our derivatives are recognized in other comprehensive income and gains or losses related to ineffective portions are recognized in the income statement.

In June 2010, we terminated with a combined cash payment of $6.1 million our two LIBOR based interest rate swap agreements with Wells Fargo Bank, N.A. and BB&T with notional amounts of $118.0 million and $117.0 million, respectively. The purpose of these swaps was to fix the interest rate on 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. The term loan was repaid with proceeds from our $300.0 million 6.125% unsecured bond offering. Since the debt underlying the interest rate swaps was retired, we terminated the related interest rate swap agreements. As of June 30, 2010, we were not a party to any interest rate protection agreements.

Prior to when they were terminated, the swaps were designated as cash flow hedges. Unrealized gains and losses related to the effective portion of the swaps were recognized in other comprehensive income. Because the swaps were highly effective, the amount included in accumulated other comprehensive income when the swaps were terminated was equal to the amount recorded as a liability on the balance sheet of $6.1 million. The contemporaneous termination of the swaps and the related debt caused the amounts in accumulated other comprehensive income to be reclassified to earnings. Additionally, a payment of $6.1 million, which was considered to be an investing activity in the statement of cash flows, was made to relieve the obligation that was recorded as a liability.

The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2010 and December 31, 2009, respectively (in millions).

                                   
        Liability Derivatives  
              As of     As of  
              June 30, 2010     December 31, 2009  
        Notional
amounts		     Balance
sheet location		     Fair
value (1)		     Balance
sheet location		     Fair
Value		  
  Derivatives designated as hedging instruments                                
  Interest rate swap agreements   $ 235.0     N/A     N/A     Other
liabilities 		  $ 9.1  
                                   
  Derivatives not designated as hedging instruments (2)                                
  Interest rate swap agreement     35.0     N/A     N/A     Other
liabilities 		    0.4  
  Total derivatives   $ 270.0           N/A         $ 9.5  

(1) Note that no derivatives were outstanding as of June 30, 2010.

(2) The derivative not designated as a hedging instrument was the interest rate swap agreement assumed when we purchased the remaining 50% interest in the joint venture that owned the outlet center in Myrtle Beach, SC on Hwy 17. We could not qualify for hedge accounting for this assumed derivative which had a fair value of $1.7 million upon acquisition and was recorded in other liabilities in the balance sheet. Changes in fair value of this derivative were recorded through the statement of operations until its expiration in March 2010.


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We recorded the following amounts as a reduction of interest expense related to the change in fair value of derivatives not designated as hedging instruments for the three and six months ended June 30, 2010 and 2009, respectively (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Change in fair value recorded through statement of operations for non-designated hedging derivatives   $ ---   $ 279   $ 439   $ 520  
                             

The remaining net benefit from a derivative settled during 2005 in accumulated other comprehensive income was an unamortized balance as of June 30, 2010 of $2.0 million which will amortize into the statement of operations through October 2015.

17. Fair Value Measurements

Accounting guidance on fair value measurements includes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:

           
  Tier     Description  
  Level 1     Defined as observable inputs such as quoted prices in active markets  
           
  Level 2     Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable  
           
  Level 3     Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions  

The valuation of our financial instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. We have determined that our derivative valuations are classified in Level 2 of the fair value hierarchy.

For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below as of June 30, 2010 and December 31, 2009:

                       
           
  RECURRING BASIS     Fair Value Measurements at Reporting Date Using (in millions)  
        Quoted prices              
        in active markets     Significant other     Significant  
        for identical assets     observable inputs     unobservable inputs  
        Level 1     Level 2     Level 3  
  Liabilities as of June 30, 2010:                    
  Derivative financial instruments (1)     ---     ---     ---  
                       
  Liabilities as of December 31, 2009:                    
  Derivative financial instruments (1)     ---   $ (9.5 )   ---  
                       

(1) Included in "Other liabilities" in the accompanying consolidated balance sheet.


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For assets and liabilities measured at fair value on a non-recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:

                       
           
  NON-RECURRING BASIS     Fair Value Measurements at Reporting Date Using (in millions)  
        Quoted prices              
        in active markets     Significant other     Significant  
        for identical assets     observable inputs     unobservable inputs  
        Level 1     Level 2     Level 3  
  Assets as of June 30, 2010:                    
  Land (1)     ---   $ 0.2     ---  
                       
  (1) Land with a carrying amount of $1.1 million was written down to its fair value of $399,000 in February 2010. In March 2010, a portion of the land was sold for $199,000. The remaining $200,000 is included in "Land" in the accompanying consolidated balance sheet.  

The estimated fair value of our debt, consisting of senior notes, senior exchangeable notes, unsecured term credit facilities and unsecured lines of credit, at June 30, 2010 and December 31, 2009 was $646.5 million and $567.0 million, respectively, and its recorded value was $605.2 million and $584.6 million, respectively. Fair values were determined, based on level 2 inputs, using discounted cash flow analyses with an interest rate or credit spread similar to that of current market borrowing arrangements.

18. Non-Cash Activities

Non-cash financing activities that occurred during the 2009 period included the assumption of mortgage debt in the amount of $35.8 million, including a debt discount of $1.5 million related to the acquisition of the remaining 50% interest in the Myrtle Beach Hwy 17 joint venture.  In addition, rental property increased by $32.0 million related to the fair market valuation of our previously held interest in excess of carrying amount.

We also completed a non-cash exchange offering, as described in Note 8, which resulted in the retirement of $142.3 million in principal amount of senior exchangeable notes which had a carrying value of $135.3 million. These notes were retired with the issuance of approximately 4.9 million Company common shares.

We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in construction trade payables as of June 30, 2010 and 2009 amounted to $30.8 million and $6.3 million, respectively.

19. Subsequent Events

In July 2010, we sold a major portion of our Commerce I, Georgia property for net proceeds of approximately $1.4 million. We still retain one building on the property which we are actively marketing that is still classified as held for sale.

Also in July 2010, Liz Claiborne, Inc. announced a plan to exit the Liz Claiborne branded outlet store concept in the United States and Puerto Rico over the next six to twelve months. Over the past five years we have reduced the Liz Claiborne branded outlet stores footprint in our centers by approximately one-third (from 316,000 to 233,000 square feet). We currently have in our portfolio twenty-two Liz Claiborne branded outlet stores totaling 233,000 square feet, which represents 2.6% of our total portfolio. The combined annualized base and percentage rental revenue to us from these Liz Claiborne branded outlet stores currently represents less than 1.5% of our total base and percentage rental revenues.


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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The discussion of our results of operations reported in the unaudited, consolidated statements of operations compares the three and six months ended June 30, 2010 with the three and six months ended June 30, 2009. The results of operations discussion is combined for Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership because the results are virtually identical for both entities. The following discussion should be read in conjunction with the unaudited consolidated financial statements appearing elsewhere in this report. Historical results and percentage relationships set forth in the unaudited, consolidated statements of operations, including trends which might appear, are not necessarily indicative of future operations. Unless the context indicates otherwise, the term, Company, refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, Operating Partnership, refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

Cautionary Statements

Certain statements made below are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and included this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project", or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect our actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, those set forth under Item 1A - "Risk Factors" in the Company's and the Operating Partnership's Annual Reports on Form 10-K for the year ended December 31, 2009. There have been no material changes to the risk factors listed there through June 30, 2010.

General Overview

At June 30, 2010, our consolidated portfolio included 31 wholly owned outlet centers in 21 states totaling 9.1 million square feet compared to 31 wholly owned outlet centers in 21 states totaling 9.2 million square feet at June 30, 2009. The changes in the number of outlet centers, square feet and number of states are due to the following events:

                       
        No. of Centers     Square Feet
(000's) 		    States  
  As of June 30, 2009     31     9,241     21  
  Center redevelopment:                    
  Hilton Head I, South Carolina     ---     (182 )   ---  
  Other     ---     (3 )   ---  
  As of June 30, 2010     31     9,056     21  
                       


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The following table summarizes certain information for our existing outlet centers in which we have an ownership interest as of June 30, 2010. Except as noted, all properties are fee owned.

                       
  Location     Square           %  
  Wholly Owned Properties     Feet           Occupied  
  Riverhead, New York (2)     729,475           99  
  Rehoboth Beach, Delaware (2)     568,868           98  
  Foley, Alabama     557,235           97  
  San Marcos, Texas     441,929           97  
  Myrtle Beach Hwy 501, South Carolina     426,417           92  
  Sevierville, Tennessee (2)     419,038           99  
  Myrtle Beach Hwy 17, South Carolina (2)     402,466           100  
  Washington, Pennsylvania     372,926           95  
  Commerce II, Georgia     370,512           97  
  Charleston, South Carolina     352,315           97  
  Howell, Michigan     324,631           95  
  Branson, Missouri     302,992           100  
  Park City, Utah     298,379           99  
  Locust Grove, Georgia     293,868           99  
  Westbrook, Connecticut     291,051           95  
  Gonzales, Louisiana     282,403           99  
  Williamsburg, Iowa     277,230           89  
  Lincoln City, Oregon     270,204           99  
  Lancaster, Pennsylvania     255,152           98  
  Tuscola, Illinois     250,439           83  
  Tilton, New Hampshire     245,698           100  
  Hilton Head, South Carolina     206,586           100  
  Fort Myers, Florida     198,950           88  
  Commerce I, Georgia     185,750           46  
  Terrell, Texas     177,800           94  
  Barstow, California     171,300           100  
  West Branch, Michigan     112,120           98  
  Blowing Rock, North Carolina     104,235           100  
  Nags Head, North Carolina     82,178           100  
  Kittery I, Maine     59,694           100  
  Kittery II, Maine     24,619           100  
  Totals     9,056,460           97 (1)
                       
  Unconsolidated Joint Ventures                    
  Deer Park, New York (3)     683,033           84  
  Wisconsin Dells, Wisconsin     265,061           99  
                       

(1) Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010.

(2) These properties or a portion thereof are subject to a ground lease.

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


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RESULTS OF OPERATIONS

Comparison of the three months ended June 30, 2010 to the three months ended June 30, 2009

BASE RENTALS

Base rentals increased $750,000, or 2%, in the 2010 period compared to the 2009 period. The following table sets forth the changes in various components of base rentals from the 2010 and 2009 periods (in thousands):

                       
        2010     2009     Change  
  Existing property base rentals   $ 43,417   $ 42,268   $ 1,149  
  Incremental base rentals from Commerce II, GA expansion     127     29     98  
  Base rentals from Hilton Head I, SC center currently under redevelopment     42     388     (346 )
  Termination fees     167     258     (91 )
  Amortization of net above and below market rent adjustments     215     275     (60 )
      $ 43,968   $ 43,218   $ 750  
                       

Base rental income generated from existing properties in our portfolio increased due to higher rental rates on lease renewals and incremental rents from re-tenanting vacant spaces. In addition, the 2010 period included base rentals from the tenants that occupy space in the 23,000 square foot expansion which was first occupied late in the second quarter of 2009 at our Commerce II, Georgia property.

During the second quarter of 2010, we completed the demolition of approximately 162,000 square feet at our center in Hilton Head, South Carolina. The redevelopment of this site began during the second quarter with the opening of a new 176,000 square foot outlet center expected in the second half of 2011.

Also, included in base rentals are termination fees which represent payments received from the early termination of leases and are recognized as revenue from the time the payment is receivable until the tenant vacates the space.

Finally, included in base rentals is the amortization from the value of above and below market leases recorded as a result of our property acquisitions as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The net amortization of above and below market leases decreased for the 2010 period compared to the 2009 period due to the aging of the portfolio of leases that is accounted for under the business combination accounting guidance.

At June 30, 2010, the net liability representing the amount of unrecognized combined above and below market lease values totaled approximately $2.0 million. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off and could materially impact our net income positively or negatively.

PERCENTAGE RENTALS

Percentage rentals, which represent revenues based on a percentage of tenants' sales volume above predetermined levels, the breakpoint, increased $108,000 or 11% from the 2009 period to the 2010 period. Reported tenant comparable sales for our wholly owned properties for the rolling twelve months ended June 30, 2009 increased 4.6% to $345 per square foot. Reported tenant comparable sales is defined as the weighted average sales per square foot reported in space open for the full duration of each comparison period.

PROPERTY OPERATING

Property operating expenses increased $1.5 million, or 7%, in the 2010 period as compared to the 2009 period. The increase is due primarily to the following items from the 2010 period: (1) write-off of approximately $365,000 of predevelopment and due diligence costs associated with a project in Irving, Texas; (2) approximately $641,000 in demolition costs related to our center redevelopment in Hilton Head, South Carolina and (3) an increase in various common area maintenance projects throughout our portfolio. These increases were partially offset by a decrease in our property insurance costs due to lower premiums upon renewal of our policies during the third quarter of 2009 and the savings in property operating expenses as a result of the demolition of our center in Hilton Head.


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DEPRECIATION AND AMORTIZATION

Depreciation and amortization decreased $2.3 million, or 12%, in the 2010 period compared to the 2009 period.  As of March 31, 2010, approximately 162,000 square feet of our center in Hilton Head, South Carolina was vacant of all tenants in preparation for the demolition and redevelopment of the center. At that point the depreciable assets of the center had been fully depreciated. Therefore, depreciation and amortization for the 2010 period decreased approximately $1.5 million related to the redevelopment activities in Hilton Head. The remainder of the decrease relates to lower levels of intangible lease cost amortization from acquired outlet centers in 2003 and 2005.

INTEREST EXPENSE

Interest expense decreased $1.6 million, or 17%, in the 2010 period compared to the 2009 period. This decrease was due to the significant reduction in the average amount of debt outstanding which was accomplished through an exchange offering in May 2009 and a common share offering in August 2009. These two equity transactions in essence retired approximately $259.1 million of outstanding debt.

GAIN (LOSS) ON EARLY EXTINGUISHMENT OF DEBT

The 2010 period includes the write-off of approximately $563,000 of unamortized loan origination costs. These assets were written-off due to the repayment of the $235.0 million term loan facility in the 2010 period with a portion of the proceeds from the $300.0 million unsecured bond offering in June 2010. In May 2009, senior exchangeable notes of the Operating Partnership in the principal amount of $142.3 million and a carrying amount of $135.3 million were exchanged for Company common shares, representing approximately 95.2% of the total senior exchangeable notes outstanding prior to the exchange offer. In the aggregate, the exchange offer resulted in the issuance of approximately 4.9 million Company common shares and the payment of approximately $1.2 million in cash for accrued and unpaid interest and in lieu of fractional shares. Following settlement of the exchange offer, senior exchangeable notes in the principal amount of approximately $7.2 million remained outstanding. In connection with the exchange offering, we recognized in income from continuing operations and net income a gain on the early extinguishment of debt in the amount of $10.5 million.

LOSS ON TERMINATION OF INTEREST RATE SWAPS

During the second quarter of 2010, we terminated two interest rate swap agreements with a total notional amount of $235.0 million originally entered into in 2008 for the purpose of fixing the LIBOR based interest rate on the $235.0 million term loan facility originally completed in June 2008. We paid approximately $6.1 million to terminate the two interest rate swap agreements. The agreements were terminated because the underlying debt for the derivative transaction was repaid with a portion of the proceeds from the $300.0 million bond offering mentioned above.

Prior to when they were terminated, the swaps were designated as cash flow hedges. Unrealized gains and losses related to the effective portion of the swaps were recognized in other comprehensive income. Because the swaps were highly effective, the amount included in accumulated other comprehensive income when the swaps were terminated was equal to the amount recorded as a liability on the balance sheet of $6.1 million. The contemporaneous termination of the swaps and the related debt caused the amounts in accumulated other comprehensive income to be reclassified to earnings. Additionally, a payment of $6.1 million, which was considered to be an investing activity in the statement of cash flows, was made to relieve the obligation that was recorded as a liability.

EQUITY IN EARNINGS (LOSSES) OF UNCONSOLIDATED JOINT VENTURES

Our equity in the earnings and losses of unconsolidated joint ventures improved by $466,000, or 90%, in the 2010 period compared to the 2009 period. The improvement is due to the natural expiration of $170.0 million of interest rate swaps at the Deer Park joint venture in June 2009. The expiration of these swaps enabled the construction loan for the joint venture to incur interest at a variable rate based on a LIBOR index that is currently at historically low levels.

DISCONTINUED OPERATIONS

In May 2010, the Company's Board of Directors approved the plan for our management to sell our Commerce I, Georgia center. The facts and circumstances of the plan met the accounting requirements to classify the results of operations of the center as discontinued operations for the 2010 and 2009 periods. The 2009 period included an impairment charge for this property of $5.2 million which equaled the excess of the property's carrying value over its estimated fair value at that time.


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Comparison of the six months ended June 30, 2010 to the six months ended June 30, 2009

BASE RENTALS

Base rentals increased $1.6 million, or 2%, in the 2010 period compared to the 2009 period. The following table sets forth the changes in various components of base rentals from the 2010 and 2009 periods (in thousands):

                       
        2010     2009     Change  
  Existing property base rentals   $ 85,714   $ 83,776   $ 1,938  
  Incremental base rentals from Commerce II, GA expansion     273     29     244  
  Base rentals from Hilton Head I, SC center currently under redevelopment     302     925     (623 )
  Termination fees     788     945     (157 )
  Amortization of net above and below market rent adjustments     388     219     169  
      $ 87,465   $ 85,894   $ 1,571  
                       

Base rental income generated from existing properties in our portfolio increased due to higher rental rates on lease renewals and incremental rents from re-tenanting vacant spaces. In addition, the 2010 period included base rentals from the tenants that occupy space in the 23,000 square foot expansion which was first occupied late in the second quarter of 2009 at our Commerce II, Georgia property.

During the second quarter of 2010, we completed the demolition of approximately 162,000 square feet at our center in Hilton Head, South Carolina. The redevelopment of this site began during the second quarter with the opening of a new 176,000 square foot outlet center expected in the second half of 2011.

Also, included in base rentals are termination fees which represent payments received from the early termination of leases and are recognized as revenue from the time the payment is receivable until the tenant vacates the space.

Finally, included in base rentals is the amortization from the value of above and below market leases recorded as a result of our property acquisitions as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The net amortization of above and below market leases increased for the 2010 period due to the 2009 period including the recognition of a large above market lease amount from the early termination of a single tenant.

At June 30, 2010, the net liability representing the amount of unrecognized combined above and below market lease values totaled approximately $2.0 million. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off and could materially impact our net income positively or negatively.

PERCENTAGE RENTALS

Percentage rentals, which represent revenues based on a percentage of tenants' sales volume above predetermined levels, the breakpoint, increased $105,000 or 5% from the 2010 period to the 2009 period. Reported tenant comparable sales for our wholly owned properties for the rolling twelve months ended June 30, 2009 increased 4.6% to $345 per square foot. Reported tenant comparable sales is defined as the weighted average sales per square foot reported in space open for the full duration of each comparison period.

PROPERTY OPERATING

Property operating expenses increased $2.2 million, or 5%, in the 2010 period as compared to the 2009 period. The increase is due primarily to the following items from the 2010 period: (1) write-off of approximately $365,000 of predevelopment and due diligence costs associated with a project in Irving, Texas; (2) approximately $699,000 in demolition costs related to our center redevelopment in Hilton Head, South Carolina; (3) increases in snow removal costs of approximately $367,000 and (4) an increase in various common area maintenance projects throughout our portfolio. These increases were partially offset by a decrease in our property insurance costs due to lower premiums upon renewal of our policies during the third quarter of 2009 and the savings in property operating expenses as a result of the demolition of our center in Hilton Head.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization increased $4.0 million, or 10%, in the 2010 period compared to the 2009 period.  During the first quarter of 2010, we accelerated the depreciation and amortization of our Hilton Head I, South Carolina center in order to fully depreciate its assets by the time demolition and redevelopment began in April 2010. As a result of this acceleration, we incurred


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approximately $6.2 million more depreciation and amortization in the 2010 period compared to the 2009 period related to our Hilton Head I center. This increase was partially offset by lower levels of intangible lease cost amortization from acquired outlet centers in 2003 and 2005.

IMPAIRMENT CHARGE

In 2005 we sold our outlet center located in Seymour, Indiana, but retained various outparcels of land at the development site, some of which we had sold in recent years. In February 2010, our Board of Directors approved the sale of the remaining parcels of land in Seymour. As a result of this Board approval and an approved plan to actively market the land, we accounted for the land as "held for sale" and recorded a non-cash impairment charge of approximately $735,000 in our consolidated statement of operations which equaled the excess of the carrying amount of the land over its current fair value. We determined the estimated fair value using a market approach considering offers that we have obtained for all the various parcels less estimated closing costs.

INTEREST EXPENSE

Interest expense decreased $4.9 million, or 23%, in the 2010 period compared to the 2009 period. This decrease was due to the significant reduction in the average amount of debt outstanding which was accomplished through an exchange offering in May 2009 and a common share offering in August 2009. These two equity transactions in essence retired approximately $259.1 million of outstanding debt.

GAIN (LOSS) ON EARLY EXTINGUISHMENT OF DEBT

The 2010 period includes the write-off of approximately $563,000 of unamortized loan origination costs. These assets were written-off due to the repayment of the $235.0 million term loan facility in the 2010 period with a portion of the proceeds from the June 2010 $300.0 million unsecured bond offering. In May 2009, senior exchangeable notes of the Operating Partnership in the principal amount of $142.3 million and a carrying amount of $135.3 million were exchanged for Company common shares, representing approximately 95.2% of the total senior exchangeable notes outstanding prior to the exchange offer. In the aggregate, the exchange offer resulted in the issuance of approximately 4.9 million Company common shares and the payment of approximately $1.2 million in cash for accrued and unpaid interest and in lieu of fractional shares. Following settlement of the exchange offer, senior exchangeable notes in the principal amount of approximately $7.2 million remained outstanding. In connection with the exchange offering, we recognized in income from continuing operations and net income a gain on early extinguishment of debt in the amount of $10.5 million.

LOSS ON TERMINATION OF INTEREST RATE SWAPS

During the second quarter of 2010, we terminated two interest rate swap agreements with a total notional amount of $235.0 million originally entered into in 2008 for the purpose of fixing the LIBOR based interest rate on the $235.0 million term loan facility originally completed in June 2008. We paid approximately $6.1 million to terminate the two interest rate swap agreements. The agreements were terminated because the underlying debt for the derivative transaction was repaid with a portion of the proceeds from the $300.0 million bond offering mentioned above.

Prior to when they were terminated, the swaps were designated as cash flow hedges. Unrealized gains and losses related to the effective portion of the swaps were recognized in other comprehensive income. Because the swaps were highly effective, the amount included in accumulated other comprehensive income when the swaps were terminated was equal to the amount recorded as a liability on the balance sheet of $6.1 million. The contemporaneous termination of the swaps and the related debt caused the amounts in accumulated other comprehensive income to be reclassified to earnings. Additionally, a payment of $6.1 million, which was considered to be an investing activity in the statement of cash flows, was made to relieve the obligation that was recorded as a liability.

GAIN ON FAIR VALUE MEASUREMENT OF PREVIOUSLY HELD INTEREST IN ACQUIRED JOINT VENTURE

On January 5, 2009, we purchased the remaining 50% interest in the Myrtle Beach Hwy 17 joint venture for a cash price of $32.0 million which was net of the assumption of the existing mortgage loan of $35.8 million.  The acquisition was funded by amounts available under our unsecured lines of credit.  We had owned a 50% interest in the Myrtle Beach Hwy 17 joint venture since its formation in 2001 and accounted for it under the equity method.  The joint venture is now 100% owned by us and consolidated.  The acquisition was accounted for under the new guidance for acquisitions that was effective January 1, 2009.  Under this guidance, we recorded a gain of $31.5 million which represented the difference between the fair market value of our previously owned interest and its cost basis.

EQUITY IN EARNINGS (LOSSES) OF UNCONSOLIDATED JOINT VENTURES

Our equity in the earnings and losses of unconsolidated joint ventures improved by $1.3 million, or 92%, in the 2010 period compared to the 2009 period. The improvement is due to the natural expiration of $170.0 million of interest rate swaps at the Deer Park joint venture in June 2009. The expiration of these swaps enabled the construction loan for the joint venture to incur interest at a variable rate based on a LIBOR index that is currently at historically low levels.


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DISCONTINUED OPERATIONS

In May 2010, the Company's Board of Directors approved the plan for our management to sell our Commerce I, Georgia center. The facts and circumstances of the plan met the accounting requirements to classify the results of operations of the center as discontinued operations for the 2010 and 2009 periods. The 2009 period included an impairment charge for this property of $5.2 million which equaled the excess of the property's carrying value over its estimated fair value at that time.

LIQUIDITY AND CAPITAL RESOURCES OF THE COMPANY

In this "Liquidity and Capital Resources of the Company" section, the term, the Company, refers only to Tanger Factory Outlet Centers, Inc. on an unconsolidated basis, excluding the Operating Partnership.

The Company's business is operated primarily through the Operating Partnership. The Company issues public equity from time to time, but does not otherwise generate any capital itself or conduct any business itself, other than incurring certain expenses in operating as a public company which are fully reimbursed by the Operating Partnership. The Company itself does not hold any indebtedness, and its only material asset is its ownership of partnership interests of the Operating Partnership. The Company's principal funding requirement is the payment of dividends on its common and preferred shares. The Company's principal source of funding for its dividend payments is distributions it receives from the Operating Partnership.

Through its ownership of the sole general partner of the Operating Partnership, the Company has the full, exclusive and complete responsibility for the Operating Partnership's day-to-day management and control. The Company causes the Operating Partnership to distribute all, or such portion as the Company may in its discretion determine, of its available cash in the manner provided in the Operating Partnership's partnership agreement. The Company receives proceeds from equity issuances from time to time, but is required by the Operating Partnership's partnership agreement to contribute the proceeds from its equity issuances to the Operating Partnership in exchange for partnership units of the Operating Partnership.

The Company is a well-known seasoned issuer with an effective shelf registration statement which was updated in July 2009 that allows the Company to register unspecified various classes of equity securities and the Operating Partnership to register unspecified and various classes of debt securities. As circumstances warrant, the Company may issue equity from time to time on an opportunistic basis, dependent upon market conditions and available pricing. The Operating Partnership may use the proceeds to repay debt, including borrowings under its lines of credit, develop new or existing properties, to make acquisitions of properties, portfolios of properties, to invest in existing or newly created joint ventures or for general corporate purposes.

The liquidity of the Company is dependent on the Operating Partnership's ability to make sufficient distributions to the Company. The primary cash requirement of the Company is its payment of dividends to its shareholders. The Company also guarantees some of the Operating Partnership's debt. If the Operating Partnership fails to fulfill its debt requirements, which trigger Company guarantee obligations, then the Company will be required to fulfill its cash payment commitments under such guarantees. However, the Company's only asset is its investment in the Operating Partnership.

The Company believes the Operating Partnership's sources of working capital, specifically its cash flow from operations, and borrowings available under its unsecured credit facilities, are adequate for it to make its distribution payments to the Company and, in turn, for the Company to make its dividend payments to its shareholders. However, there can be no assurance that the Operating Partnership's sources of capital will continue to be available at all or in amounts sufficient to meet its needs, including its ability to make distribution payments to the Company. The unavailability of capital could adversely affect the Operating Partnership's ability to pay its distributions to the Company, which would in turn, adversely affect the Company's ability to pay cash dividends to its shareholders.

For the Company to maintain its qualification as a real estate investment trust, it must pay dividends to its shareholders aggregating annually at least 90% of its REIT taxable income. While historically the Company has satisfied this distribution requirement by making cash distributions to its shareholders, it may choose to satisfy this requirement by making distributions of cash or other property, including, in limited circumstances, the Company's own shares. As a result of this distribution requirement, the Operating Partnership cannot rely on retained earnings to fund its on-going operations to the same extent that other companies whose parent companies are not real estate investment trusts can. The Company may need to continue to raise capital in the equity markets to fund the Operating Partnership's working capital needs, as well as potential developments at new or existing properties, acquisitions or investments in existing or newly created joint ventures.

As the sole owner of the general partner with control of the Operating Partnership, the Company consolidates the Operating Partnership for financial reporting purposes, and the Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the REIT. However, all debt is held directly or indirectly


32

at the Operating Partnership level, and the Company has guaranteed some of the Operating Partnership's unsecured debt as discussed below. Because the Company consolidates the Operating Partnership, the section entitled "Liquidity and Capital Resources of the Operating Partnership" should be read in conjunction with this section to understand the liquidity and capital resources of the Company on a consolidated basis and how the Company is operated as a whole.

On July 8, 2010, the Company's Board of Directors declared a $.3875 cash dividend per common share payable on August 13, 2010 to each shareholder of record on July 30, 2010, and caused a $.7750 per Operating Partnership unit cash distribution to be paid to the Operating Partnership's noncontrolling interest. The Board of Directors also declared a $.46875 cash dividend per 7.5% Class C Cumulative Preferred Share payable on August 16, 2010 to holders of record on July 30, 2010.

LIQUIDITY AND CAPITAL RESOURCES OF THE OPERATING PARTNERSHIP

General Overview

In this "Liquidity and Capital Resources of the Operating Partnership" section, the terms "we", "our" and "us" refer to the Operating Partnership or the Operating Partnership and the Company together, as the text requires.

Property rental income represents our primary source to pay property operating expenses, debt service, capital expenditures and dividends, excluding non-recurring capital expenditures and acquisitions. To the extent that our cash flow from operating activities is insufficient to cover such non-recurring capital expenditures and acquisitions, we finance such activities from borrowings under our unsecured lines of credit or from the proceeds from the Operating Partnership's debt and the Company's equity offerings.

We believe we achieve a strong and flexible financial position by attempting to: (1) maintain a conservative leverage position relative to our portfolio when pursuing new development and expansion opportunities, (2) extend and sequence debt maturities, (3) manage our interest rate risk through a proper mix of fixed and variable rate debt, (4) maintain access to liquidity by using our lines of credit in a conservative manner and (5) preserve internally generated sources of capital by strategically divesting of underperforming assets and maintaining a conservative distribution payout ratio. We manage our capital structure to reflect a long term investment approach and utilize multiple sources of capital to meet our requirements.

The following table sets forth our changes in cash flows for the six months ended June 30, 2010 and 2009, respectively (in thousands):

                       
        2010     2009     Change  
  Net cash provided by operating activities   $ 54,088   $ 57,782   $ (3,694 )
  Net cash used in investing activities     (33,665 )   (54,417 )   20,752  
  Net cash used in provided by financing activities     (20,190 )   (3,205 )   (16,985 )
  Net cash increase in cash and cash equivalents   $ 233   $ 160   $ 73  
                       

Operating Activities

The decrease in cash provided by operating activities due to the change in accounts payable and accrued expenses in the 2010 period. This decrease in cash was partially offset by increases in net operating income at existing centers in the 2010 period versus the 2009 period.

Investing Activities

Cash flow used in investing activities was lower in the 2010 period by approximately $20.8 million due to the 2009 period including the acquisition of the remaining 50% interest in the joint venture that held the Myrtle Beach Hwy 17, South Carolina outlet center. We acquired our partners' interest for a cash purchase price of $32.0 million. The 2010 period did have higher additions to rental property due to the on-going construction at our Mebane, North Carolina development which we plan on opening in the fourth quarter of 2010. Finally, the 2010 period included a cash payment of $6.1 million for the termination of two interest rate swap agreements associated with the underlying debt obligation which was repaid during the 2010 period.


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Financing Activities

Dividends and distributions paid in the 2010 period were higher by $7.0 million compared to the 2009 period due to a higher number of outstanding common shares from the May 2009 exchange offering and August 2009 common share offering and an increase in the dividend rate paid on our common shares. In addition during the 2010 period we issued $300 million of senior, unsecured notes which included a cash outflow of $2.5 million for debt origination fees.

Current Developments and Dispositions

We intend to continue to grow our portfolio by developing, expanding or acquiring additional outlet centers. In the section below, we describe the new developments that are either currently planned, underway or recently completed. However, you should note that any developments or expansions that we, or a joint venture that we are involved in, have planned or anticipated may not be started or completed as scheduled, or may not result in accretive net income or funds from operations. In addition, we regularly evaluate acquisition or disposition proposals and engage from time to time in negotiations for acquisitions or dispositions of properties. We may also enter into letters of intent for the purchase or sale of properties. Any prospective acquisition or disposition that is being evaluated or which is subject to a letter of intent may not be consummated, or if consummated, may not result in an increase in liquidity, net income or funds from operations.

WHOLLY OWNED CURRENT DEVELOPMENTS

New Development

During the second quarter of 2010, construction continued on our development site in Mebane, North Carolina. We have signed leases or leases out for signature for approximately 91% of the total square feet. Currently, we expect the 317,000 square foot outlet center will be funded by operating cash flows and amounts available under our unsecured lines of credit. We also expect the center to open in early November 2010.

Commitments to complete construction of our renovations and other capital expenditure requirements amounted to approximately $30.0 million at June 30, 2010. Commitments for construction represent only those costs contractually required to be paid by us.

Redevelopment at Existing Outlet Centers

During the second quarter of 2010, we completed the demolition of our Hilton Head I center in Bluffton, South Carolina. The redevelopment of the outlet center is currently underway and we have leases signed or out for signature on 54.6% of the leasable square feet. When completed, the new 176,000 square foot center, with an additional four outparcel pads, will be the first LEED certified green shopping center in Beaufort County. Our $50.0 million redevelopment is projected to open during the second half of 2011. Currently, we expect the outlet center will be funded by operating cash flows and amounts available under our unsecured lines of credit.

Potential Future Developments

In April 2010, we decided to terminate our option contract for a new development site located in Irving, Texas. As the development was deemed no longer probable, we wrote-off approximately $365,000 of predevelopment and due diligence costs associated with the project in the second quarter of 2010.

At this time, we are in the initial study period on several potential new locations. There can be no assurance that any potential sites will ultimately be developed. These projects, if realized, would be primarily funded by amounts available under our unsecured lines of credit but could also be funded by other sources of capital such as collateralized construction loans, public debt or equity offerings as necessary or available. We may also consider the use of additional operational or developmental joint ventures.

Financing Arrangements

At June 30, 2010, 100% of our outstanding debt represented unsecured borrowings and approximately 100% of the gross book value of our real estate portfolio was unencumbered. We maintain unsecured, revolving lines of credit that provide for unsecured borrowings of up to $325.0 million.

We intend to retain the ability to raise additional capital, including public debt or equity, to pursue attractive investment opportunities that may arise and to otherwise act in a manner that we believe to be in our shareholders' best interests. We have no significant debt maturities until June 2011 when our unsecured lines of credit expire. We are actively working on extending these lines of credit but there can be no assurance that we will be able to do so on favorable terms or at all. The Company is a well-known seasoned issuer with an effective joint shelf registration statement with the Operating Partnership that allows us to register unspecified amounts of different classes of securities on Form S-3. To generate capital to reinvest into other attractive investment opportunities, we may also consider the use of additional operational and developmental joint ventures, the sale or lease of outparcels on our existing properties and the sale of certain properties that do not meet our long-term investment criteria. Based on cash provided by operations, existing credit facilities, ongoing negotiations with certain financial institutions and our ability to sell debt or issue equity subject to market conditions, we believe that we have access to the necessary financing to fund the planned capital expenditures during 2010.


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We anticipate that adequate cash will be available to fund our operating and administrative expenses, regular debt service obligations, and the payment of dividends in accordance with Real Estate Investment Trust, or REIT, requirements in both the short and long-term. Although we receive most of our rental payments on a monthly basis, distributions to shareholders are made quarterly and interest payments on the senior, unsecured notes are made semi-annually. Amounts accumulated for such payments will be used in the interim to reduce the outstanding borrowings under our existing lines of credit or invested in short-term money market or other suitable instruments.

We believe our current balance sheet position is financially sound; however, due to the current weakness in and unpredictability of the capital and credit markets, we can give no assurance that affordable access to capital will exist between now and 2015 when our next significant debt maturities occur. As a result, our current primary focus is to strengthen our capital and liquidity position by controlling and reducing construction and overhead costs, generating positive cash flows from operations to cover our dividend and reducing outstanding debt.

The Operating Partnership's debt agreements require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% on a cumulative basis. We have historically been and currently are in compliance with all of our debt covenants. We expect to remain in compliance with all of our existing debt covenants; however, should circumstances arise that would cause us to be in default, the various lenders would have the ability to accelerate the maturity on our outstanding debt.

The Operating Partnership's senior unsecured notes contain covenants and restrictions requiring us to meet certain financial ratios and reporting requirements. Key financial covenants and their covenant levels include:

                 
           
  Senior unsecured notes financial covenants     Required     Actual  
  Total consolidated debt to adjusted total assets     <60 %   37 %
  Total secured debt to adjusted total assets     <40 %   0 %
  Total unencumbered assets to unsecured debt     >135 %   271 %
                 

OFF-BALANCE SHEET ARRANGEMENTS

The following table details certain information as of June 30, 2010 about various unconsolidated real estate joint ventures in which we have an ownership interest:

                                         
  Joint Venture     Center Location     Opening Date     Ownership %     Square Feet     Carrying Value of Investment
(in millions) 		    Total Joint Venture Debt
(in millions) 		 
  Deer Park     Deer Park, Long Island, New York     2008     33.3%     683,033     $2.5     $269.3  
                                         
  Wisconsin Dells     Wisconsin Dells, Wisconsin     2006     50%     265,061     $5.1     $24.8  
                                         

We may issue guarantees for the debt of a joint venture in order for the joint venture to obtain funding or to obtain funding at a lower cost than could be obtained otherwise. We are party to a limited joint and several guarantee with respect to Wisconsin Dells joint venture loan, which currently has a balance of $24.8 million. We are also party to limited joint and several guarantees with respect to the loans obtained by the Deer Park joint venture which currently have a balance of $269.3 million.

Each of the above ventures contains provisions where a venture partner can trigger certain provisions and force the other partners to either buy or sell their investment in the joint venture. Should this occur, we may be required to sell the property to the venture partner or incur a significant cash outflow in order to maintain ownership of these outlet centers.


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The following table details our share of the debt maturities of the unconsolidated joint ventures as of June 30, 2010 (in thousands):

                       
  Joint Venture     Our Portion of
Joint Venture Debt 		    Maturity
Date 		    Interest
Rate 		 
  Deer Park     $89,761     5/17/2011(1)     Libor + 1.375-3.50%  
  Wisconsin Dells     $12,375     12/18/2012     Libor + 3.00%  
                       

(1) The Deer Park mortgage has a one-year extension option which is exercisable at the May 17, 2011 initial maturity date, subject to certain qualifications.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Refer to our 2009 Annual Reports on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies which include principles of consolidation, acquisition of real estate, cost capitalization, impairment of long-lived assets and revenue recognition. There have been no material changes to these policies in 2010.

RELATED PARTY TRANSACTIONS

As noted above in "Off-Balance Sheet Arrangements", we are 50% owners of the Wisconsin Dells joint venture and a 33.3% owner in the Deer Park joint venture. These joint ventures pay us management, leasing, marketing and development fees, which we believe approximate current market rates, for services provided to the joint ventures. During the three and six months ended June 30, 2010 and 2009, respectively, we recognized the following fees (in thousands):

                             
        Three Months Ended
June 30, 		    Six Months Ended
June 30, 		 
        2010     2009     2010     2009  
  Fee:                          
  Management and leasing   $ 471   $ 494   $ 935   $ 965  
  Marketing     39     40     80     79  
  Total Fees   $ 510   $ 534   $ 1,015   $ 1,044  
                             

Tanger Family Limited Partnership is a related party which holds a limited partnership interest in and is the noncontrolling interest of the Operating Partnership. Stanley K. Tanger, a member of the Company's Board of Directors, is the sole general partner of the Tanger Family Limited Partnership. The only material related party transaction with the Tanger Family Limited Partnership is the payment of quarterly distributions of earnings which were $4.7 million and $4.6 million for the six months ended June 30, 2010 and 2009, respectively.


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SUPPLEMENTAL EARNINGS MEASURES

Funds From Operations

Funds from Operations, or FFO, represents income 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.

FFO is intended to exclude historical cost depreciation of real estate as required by Generally Accepted Accounting Principles, or GAAP, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is widely used by us and others in our industry to evaluate and price potential acquisition candidates. The National Association of Real Estate Investment Trusts, Inc., of which we are a member, has encouraged its member companies to report their FFO as a supplemental, industry-wide standard measure of REIT operating performance. In addition, a percentage of bonus compensation to certain members of management is based on our FFO performance.

FFO has significant limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • FFO does not reflect changes in, or cash requirements for, our working capital needs;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements;
  • FFO, which includes discontinued operations, may not be indicative of our ongoing operations; and
  • Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, FFO should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or our dividend or distribution paying capacity. We compensate for these limitations by relying primarily on our GAAP results and using FFO only supplementally.


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Below is a reconciliation of net income to FFO for the three and six months ended June 30, 2010 and 2009 as well as other data for those respective periods (in thousands):

                                                                                         
            Three months ended
June 30, 		    Six months ended
June 30, 		 
            2010           2009     2010           2009  
  FUNDS FROM OPERATIONS                                                                                      
  Net income (1)         $ 5,392                     $ 13,587               $ 8,395                     $ 50,055        
  Adjusted for:                                                                                      
  Depreciation and amortization uniquely significant to real estate - discontinued operations          
34		                      
230		                
87		                      
461		        
                                                                                   
  Depreciation and amortization uniquely significant to real estate - wholly-owned                                                                                      
        16,984                       19,300                 43,343                       39,347        
  Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures                                                                                      
        1,280                       1,223                 2,545                       2,389        
  Gain on fair value measurement of previously held interest in acquired joint venture           ---                       ---                 ---                       (31,497 )      
  Funds from operations (FFO)           23,690                       34,340                 54,370                       60,755        
  Preferred share dividends           (1,407 )                     (1,407 )               (2,813 )                     (2,813 )      
  Allocation of FFO to participating securities           (177 )                     (452 )               (442 )                     (758 )      
  Funds from operations available to common shareholders and noncontrolling interest in Operating Partnership         $ 22,106                     $ 32,481               $ 51,115                     $ 57,184        
  Weighted average Company shares outstanding (2)           46,238                       40,394                 46,208                       38,914        
  Funds from operations per share         $ .48                     $ 0.80               $ 1.11                     $ 1.47        
  Weighted average Operating Partnership units outstanding           23,119                       20,197                 23,104                       19,457        
  Funds from operations per unit         $ .96                     $ 1.60               $ 2.21                     $ 2.94        
                                                                                         

(1) Includes gain on sale of outparcel of land of $161 for the six months ended June 30, 2010.

(2) Includes the dilutive effect of options and senior exchangeable notes and assumes the partnership units of the Operating Partnership held by the noncontrolling interest are converted to common shares of the Company.

Adjusted Funds From Operations

We present Adjusted Funds From Operations, or AFFO, as a supplemental measure of our performance. We define AFFO as FFO further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating AFFO you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of AFFO should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We present AFFO because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use AFFO as a factor in evaluating management's performance when determining incentive compensation and to evaluate the effectiveness of our business strategies.

AFFO has limitations as an analytical tool. Some of these limitations are:

  • AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • AFFO does not reflect changes in, or cash requirements for, our working capital needs;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements;


    38

    • AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and
    • other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure.

    Because of these limitations, AFFO should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using AFFO only supplementally.

    Below is a reconciliation of FFO to AFFO for the three and six months ended June 30, 2010 and 2009 as well as other data for those respective periods (in thousands):

                                                                                                                           
                                 
                  Three months ended           Six months ended  
                  June 30,           June 30,  
                  2010           2009           2010           2009  
      ADJUSTED FUNDS FROM OPERATIONS                                                                                                        
            Funds from operations               $ 23,690                     $ 34,340                     $ 54,370                     $ 60,755              
            Adjusted for non-core items:                                                                                                        
            Termination of interest rate swap agreements                 6,142                       ---                       6,142                       ---              
            Impairment charges                 ---                       5,200                       735                       5,200              
            (Gain) loss on early extinguishment of debt                 563                       (10,467 )                     563                       (10,467 )            
            Gain on sale of outparcel                 ---                                               (161 )                     ---              
            Demolition costs of Hilton Head I, South Carolina                 641                       ---                       699                       ---              
            Abandoned due diligence costs                 365                       ---                       365                       ---              
      Adjusted funds from operations (AFFO)                 31,401                       29,073                       62,713                       55,488              
      Preferred share dividends                 (1,407 )                     (1,407 )                     (2,813 )                     (2,813 )            
      Allocation of AFFO to participating securities                 (237 )                     (382 )                     (511 )                     (688 )            
      Adjusted funds from operations available to common shareholders                                                                                                        
            and noncontrolling interest in Operating Partnership               $ 29,757                     $ 27,284                     $ 59,389                     $ 51,987              
      Weighted average Company shares outstanding (1)                 46,238                       40,394                       46,208                       38,914              
      Adjusted funds from operations per share               $ .64                     $ 0.68                     $ 1.29                     $ 1.34              
      Weighted average Operating Partnership units outstanding                 23,119                       20,197                       23,104                       19,457              
      Adjusted funds from operations per unit               $ 1.29                     $ 1.35                     $ 2.57                     $ 2.67              

    (1) Includes the dilutive effect of options and senior exchangeable notes and assumes the partnership units of the Operating Partnership held by the noncontrolling interest are converted to common shares of the Company.

    ECONOMIC CONDITIONS AND OUTLOOK

    The majority of our leases contain provisions designed to mitigate the impact of inflation. Such provisions include clauses for the escalation of base rent and clauses enabling us to receive percentage rentals based on tenants' gross sales (above predetermined levels, which we believe often are lower than traditional retail industry standards) which generally increase as prices rise. Most of the leases require the tenant to pay their share of property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in costs and operating expenses resulting from inflation.

    While we believe outlet stores will continue to be a profitable and fundamental distribution channel for many brand name manufacturers, some retail formats are more successful than others. As typical in the retail industry, certain tenants have closed, or will close, certain stores by terminating their lease prior to its natural expiration or as a result of filing for protection under bankruptcy laws.

    In July 2010, Liz Claiborne, Inc. announced a plan to exit the Liz Claiborne branded outlet store concept in the United States and Puerto Rico over the next six to twelve months. Over the past five years we have reduced the Liz Claiborne branded outlet stores footprint in our centers by approximately one-third (from 316,000 to 233,000 square feet). We currently have in our portfolio


    39

    twenty-two Liz Claiborne branded outlet stores totaling 233,000 square feet, which represents 2.6% of our total portfolio. The combined annualized base and percentage rental revenue to us from these Liz Claiborne branded outlet stores currently represents less than 1.5% of our total base and percentage rental revenues.

    During 2010, we have approximately 1.5 million square feet, or 16%, of our wholly-owned portfolio coming up for renewal. During the first six months of 2010, we renewed approximately 60% of the 1.5 million square feet that came up for renewal with the existing tenants at a 9% increase in the average base rental rate compared to the expiring rate. We also re-tenanted 323,000 square feet at a 22% increase in the average base rental rate. In addition, we continue to attract and retain additional tenants. If we were unable to successfully renew or release a significant amount of this space on favorable economic terms, the loss in rent could have a material adverse effect on our results of operations.

    Given current economic conditions it may take longer to re-lease the remaining space and more difficult to achieve similar increases in base rental rates. Also, there may be additional tenants that have not informed us of their intentions and which may close stores in the coming year. There can be no assurances that we will be able to re-lease such space. While the timing of an economic recovery is unclear and these conditions may not improve quickly, we believe in our business and our long-term strategy.

    Our outlet centers typically include well-known, national, brand name companies. By maintaining a broad base of well-known tenants and a geographically diverse portfolio of properties located across the United States, we reduce our operating and leasing risks. No one tenant (including affiliates) accounts for more than 9% of our square feet or 7% of our combined base and percentage rental revenues. Accordingly, we do not expect any material adverse impact on our results of operations and financial condition as a result of leases to be renewed or stores to be released. As of June 30, 2010 and 2009, respectively, occupancy at our wholly-owned centers was 97% and 95%.

    Item 3. Quantitative and Qualitative Disclosures about Market Risk

    Market Risk

    We are exposed to various market risks, including changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. We may periodically enter into certain interest rate protection and interest rate swap agreements to effectively convert floating rate debt to a fixed rate basis. We do not enter into derivatives or other financial instruments for trading or speculative purposes. In June 2010, we terminated our two LIBOR based interest rate swap agreements with Wells Fargo Bank, N.A. and BB&T for notional amounts of $118.0 million and $117.0 million, respectively. The purpose of these swaps was to fix the interest rate on 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. The term loan was repaid with proceeds from our $300.0 million 6.125% unsecured bond offering. Because the debt underlying the interest rate swaps was retired, we terminated the related interest rate swap agreements. As of June 30, 2010, we were not a party to any interest rate protection agreements.

    As of June 30, 2010, approximately 8% of our outstanding debt had a variable interest rate and was therefore subject to market fluctuations. An increase in the LIBOR rate of 100 basis points would result in an increase of approximately $508,000 in interest expense on an annual basis. The information presented herein is merely an estimate and has limited predictive value.  As a result, the ultimate effect upon our operating results of interest rate fluctuations will depend on the interest rate exposures that arise during the period, our hedging strategies at that time and future changes in the level of interest rates.

    The estimated fair value of our debt, consisting of senior notes, senior exchangeable notes, unsecured term credit facilities and unsecured lines of credit, at June 30, 2010 and December 31, 2009 was $646.5 million and $567.0 million, respectively, and its recorded value was $605.2 million and $584.6 million, respectively. A 1% increase from prevailing interest rates at June 30, 2010 and December 31, 2009 would result in a decrease in fair value of total debt of approximately $36.8 million and $17.1 million, respectively. Fair values were determined, based on level 2 inputs, using discounted cash flow analyses with an interest rate or credit spread similar to that of current market borrowing arrangements.


    40

    Item 4. Controls and Procedures

    Tanger Factory Outlet Centers, Inc. Controls and Procedures

    Based on the most recent evaluation, the Company's Chief Executive Officer and Chief Financial Officer, have concluded the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of June 30, 2010. There were no changes to the Company's internal controls over financial reporting during the quarter ended June 30, 2010, that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

    Tanger Properties Limited Partnership Controls and Procedures

    Based on the most recent evaluation, the Chief Executive Officer of the Operating Partnership's general partner, and the Vice-President, Treasurer and Assistant Secretary (Principal Financial and Accounting Officer) of the Operating Partnership's general partner, have concluded the Operating Partnership's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of June 30, 2010. There were no changes to the Operating Partnership's internal controls over financial reporting during the quarter ended June 30, 2010, that materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

    PART II. OTHER INFORMATION

    Item 1. Legal Proceedings

    Neither the Company nor the Operating Partnership is presently involved in any material litigation nor, to their knowledge, is any material litigation threatened against the Company or the Operating Partnership or its properties, other than routine litigation arising in the ordinary course of business and which is expected to be covered by liability insurance.

    Item 1A. Risk Factors

    There have been no material changes from the risk factors disclosed in the "Risk Factors" section of our Annual Reports on Form 10-K for the year ended December 31, 2009.

    Item 6. Exhibits

               
      4.1     Form of Seventh Supplemental Indenture (to Senior Indenture) dated June 7, 2010. (Incorporated by reference to the exhibits to the Company's and Operating Partnership's Current Report on Form 8-K dated June 7, 2010.)  
               
      12.1     Company's and Operating Partnership's Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends and Preferred Distributions.  
               
      31.1     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      31.2     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      31.3     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      31.4     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      32.1     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      32.2     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  


    41

               
               
      32.3     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      32.4     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      101    

    Interactive Data File
    The following financial statements from Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership's dual Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Cash Flows (unaudited), and (iv) Notes to Consolidated Financial Statements (unaudited), tagged as blocks of text.

    In accordance with Rule 406T of Regulation S-T, this interactive file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


    		  

    SIGNATURES

    Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrants has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

                     
     

    DATE: August 6, 2010


    		        
     


     

    		     TANGER FACTORY OUTLET CENTERS, INC.  
            By:        /s/ Frank C. Marchisello, Jr.                                         
                 

    Frank C. Marchisello, Jr.

    Executive Vice President, Chief Financial

    Officer & Secretary


    		  
                     
            TANGER PROPERTIES LIMITED PARTNERSHIP  
               
            By: TANGER GP TRUST, its sole general partner  
            By:     /s/ Frank C. Marchisello, Jr.                                    
                  Frank C. Marchisello, Jr.
    Vice President, Treasurer &
    Assistant Secretary
    (Duly Authorized Officer and
    Principal Financial and
    Accounting Officer)     		 


    42

    Exhibit Index

      

               
      Exhibit No.     Description  
               
               
      4.1     Form of Seventh Supplemental Indenture (to Senior Indenture) dated June 7, 2010. (Incorporated by reference to the exhibits to the Company's and Operating Partnership's Current Report on Form 8-K dated June 7, 2010.)  
               
      12.1     Company's and Operating Partnership's Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends and Preferred Distributions.  
               
      31.1     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      31.2     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      31.3     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      31.4     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      32.1     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      32.2     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.  
               
      32.3     Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      32.4     Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.  
               
      101    

    The following financial statements from Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership's dual Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Cash Flows (unaudited), and (iv) Notes to Consolidated Financial Statements (unaudited), tagged as blocks of text.

    In accordance with Rule 406T of Regulation S-T, this interactive file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


    		  


    43

    EX-12.1 2 d27002_ex12-1.htm HTML


    TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

    Exhibit 12.1

    Ratios of Earnings to Fixed Charges
    (in thousands, except ratios)

                                       
                  Six Months Ended
    Ended June 30,     		 
                  2010           2009  
                                 
      Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                                 
      Add:                          
      Distributed income of unconsolidated joint ventures           414           360  
      Amortization of previously capitalized interest           245           234  
      Interest expense           22,041           20,774  
      Interest portion of rent expense           813           756  
                                 
      Earnings available for fixed charges         $ 32,027         $ 78,955  
                                 
      Fixed charges:                          
      Interest expense         $ 22,041         $ 20,774  
      Capitalized interest and capitalized amortization of debt issue costs           535           87  
      Interest portion of rent expense           813           756  
      Total fixed charges         $ 23,389         $ 21,617  
                                 
      Ratio of earnings to fixed charges           1.4           3.7  
                                       
                                       
                                       
      (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  

    TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

      

    Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
    (in thousands, except ratios)

                                 
                  Six Months Ended
    Ended June 30,     		 
                  2010           2009  
                                 
      Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                                 
      Add:                          
      Distributed income of unconsolidated joint ventures           414           360  
      Amortization of previously capitalized interest           245           234  
      Interest expense           22,041           20,774  
      Interest portion of rent expense           813           756  
                                 
      Earnings available for fixed charges and preferred dividends         $ 32,027         $ 78,955  
                                 
      Fixed charges:                          
      Interest expense         $ 22,041         $ 20,774  
      Capitalized interest and capitalized amortization of debt issue costs           535           87  
      Interest portion of rent expense           813           756  
      Total fixed charges         $ 23,389         $ 21,617  
                                 
      Preferred dividends           2,813           2,813  
                                 
      Total fixed charges and preferred dividends         $ 26,202         $ 24,430  
                                 
      Ratio of earnings to fixed charges and preferred dividends           1.2           3.2  
                                 
         
         
      (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  

    TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

      

    Ratios of Earnings to Fixed Charges
    (in thousands, except ratios)

                                       
                  Six Months Ended
    Ended June 30,     		 
                  2010           2009  
                                 
      Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                                 
      Add:                          
      Distributed income of unconsolidated joint ventures           414           360  
      Amortization of previously capitalized interest           245           234  
      Interest expense           22,041           20,774  
      Interest portion of rent expense           813           756  
                                 
      Earnings available for fixed charges         $ 32,027         $ 78,955  
                                 
      Fixed charges:                          
      Interest expense         $ 22,041         $ 20,774  
      Capitalized interest and capitalized amortization of debt issue costs           535           87  
      Interest portion of rent expense           813           756  
      Total fixed charges         $ 23,389         $ 21,617  
                                 
      Ratio of earnings to fixed charges           1.4           3.7  
                                       
                                       
                                       
      (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  

    TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

      

    Ratios of Earnings to Combined Fixed Charges and Preferred Distributions
    (in thousands, except ratios)

                                       
                        Six Months Ended  
                        Ended June 30,  
                        2010           2009  
                                       
      Income from continuing operations before income from equity investees (1)         $ 8,514         $ 56,831  
                                       
      Add:                          
      Distributed income of unconsolidated joint ventures           414           360  
      Amortization of previously capitalized interest           245           234  
      Interest expense           22,041           20,774  
      Interest portion of rent expense           813           756  
                                       
      Earnings available for fixed charges and preferred dividends         $ 32,027         $ 78,955  
                                       
      Fixed charges:                          
      Interest expense         $ 22,041         $ 20,774  
      Capitalized interest and capitalized amortization of debt issue costs           535           87  
      Interest portion of rent expense           813           756  
      Total fixed charges         $ 23,389         $ 21,617  
                                       
      Preferred distributions           2,813           2,813  
                                       
      Total fixed charges and preferred distributions         $ 26,202         $ 24,430  
                                       
      Ratio of earnings to fixed charges and preferred distributions           1.2           3.2  
                                       
                                       
                                       
      (1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.  
    EX-31.1 3 d27002_ex31-1.htm HTML


    EXHIBIT 31.1

      

    I, Steven B. Tanger, certify that:

      

                           
      1.     I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended June 30, 2010;  
               
      2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
               
      3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
               
      4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
               
            (a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
                     
            (b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
               
            (c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
                     
            (d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  
                     
      5.     The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):  
                     
            (a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and  
                     
            (b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.  
         
      Date: August 6, 2010  
         
                                             /s/ Steven B. Tanger          
      Steven B. Tanger  
      President and Chief Executive Officer  
      Tanger Factory Outlet Centers, Inc.  
    EX-31.2 4 d27002_ex31-2.htm HTML


    EXHIBIT 31.2

      

    I, Frank C. Marchisello, Jr., certify that:

      

                           
      1.     I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended June 30, 2010;  
               
      2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
               
      3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
               
      4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
               
            (a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
                     
            (b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
                     
            (c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
                     
            (d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  
               
      5.     The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):  
               
            (a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and  
                     
            (b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.  
         
      Date: August 6, 2010  
         
                                                     /s/ Frank C. Marchisello, Jr.        
      Frank C. Marchisello, Jr.  
      Executive Vice-President, Chief Financial Officer and Secretary  
      Tanger Factory Outlet Centers, Inc.  
    EX-31.3 5 d27002_ex31-3.htm HTML


    EXHIBIT 31.3

      

    I, Steven B. Tanger, certify that:

      

                           
      1.     I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended June 30, 2010;  
               
      2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
               
      3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
               
      4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
               
            (a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
                     
            (b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
               
            (c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
                     
            (d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  
                     
      5.     The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):  
                     
            (a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and  
                     
            (b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.  
         
      Date: August 6, 2010  
         
         
        /s/ Steven B. Tanger            
      Steven B. Tanger  
      President and Chief Executive Officer  
      Tanger GP Trust, sole general partner of the Operating Partnership  
    EX-31.4 6 d27002_ex31-4.htm HTML


    EXHIBIT 31.4

      

    I, Frank C. Marchisello, Jr., certify that:

      

                           
      1.     I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended June 30, 2010;  
               
      2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
               
      3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
               
      4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
               
            (a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
                     
            (b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
                     
            (c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
                     
            (d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and  
               
      5.     The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):  
               
            (a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and  
                     
            (b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.  
         
      Date: August 6, 2010  
         
         
      /s/ Frank C. Marchisello, Jr.            
      Frank C. Marchisello, Jr.  
      Vice-President, Treasurer and Assistant Secretary  
      Tanger GP Trust, sole general partner of the Operating Partnership  
    (Principal Financial Officer)  

    EX-32.1 7 d27002_ex32-1.htm HTML


    Exhibit 32.1

      

    Certification of Chief Executive Officer

      

    Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Factory Outlet Centers, Inc. (the " Company") hereby certifies, to such officer's knowledge, that:

                     
            (i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2010 (the " Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and  
               
            (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.  
         
      Date: August 6, 2010  
         
             /s/ Steven B. Tanger                                            
            Steven B. Tanger  
            President and Chief Executive Officer  
            Tanger Factory Outlet Centers, Inc.  
    EX-32.2 8 d27002_ex32-2.htm HTML


    Exhibit 32.2

      

    Certification of Chief Financial Officer

      

    Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Factory Outlet Centers, Inc. (the " Company") hereby certifies, to such officer's knowledge, that:

                     
            (i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2010 (the " Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and  
               
            (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.  
         
      Date: August 6, 2010  
         
             /s/ Frank C. Marchisello, Jr.  
            Frank C. Marchisello, Jr.  
            Executive Vice President, Chief Financial Officer & Secretary  
    EX-32.3 9 d27002_ex32-3.htm HTML


    Exhibit 32.3

      

    Certification of Chief Executive Officer

      

    Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Properties Limited Partnership (the "Operating Partnership") hereby certifies, to such officer's knowledge, that:

                     
            (i)      the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the quarter ended June 30, 2010 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and  
               
            (ii)      the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.  
         
      Date: August 6, 2010  
         
             /s/ Steven B. Tanger                                                      
            Steven B. Tanger  
            President and Chief Executive Officer  
            Tanger GP Trust, sole general partner of the  
            Operating Partnership  
    EX-32.4 10 d27002_ex32-4.htm HTML


    Exhibit 32.4

      

    Certification of Principal Financial Officer

      

    Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Properties Limited Partnership (the "Operating Partnership") hereby certifies, to such officer's knowledge, that:

                     
            (i)      the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the quarter ended June 30, 2010 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and  
               
            (ii)      the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.  
         
      Date: August 6, 2010  
         
             /s/ Frank C. Marchisello, Jr.                                                               
            Frank C. Marchisello, Jr.  
            Vice President, Treasurer and Assistant Secretary  
            Tanger GP Trust, sole general partner of the Operating Partnership  
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AND SUBSIDIARIES<br></br>TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIAIRES<br></br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>1. Business</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States. We are a fully-integrated, self-administered and self-managed real estate investment trust, or REIT, which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of June 30, 2010, we owned and operated 31 outlet centers, with a total gross leasable area of approximately 9.1 million square feet. We also operated and had partial ownership interests in two outlet centers totaling approximately 948,000 square feet.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, Company, refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, Operating Partnership, refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, the Tanger GP Trust and the Tanger LP Trust. The Tanger GP Trust controls the Operating Partnership as its sole general partner. The Tanger LP Trust holds a limited partnership interest in the Operating Partnership. The Tanger family, through its ownership of the Tanger Family Limited Partnership holds the remaining units of partnership interest in the Operating Partnership as a limited partner. Stanley K. Tanger, a member of the Company's Board of Directors, is the sole general partner of the Tanger Family Limited Partnership.</p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>2. Basis of Presentation</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's Annual Reports on Form 10-K for the year ended December 31, 2009. The December 31, 2009 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the Securities and Exchange Commission's, or the SEC, rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Investments in real estate joint ventures that we do not control are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income (loss), cash contributions, distributions, and other adjustments required under the equity method of accounting. These investments are evaluated for impairment when necessary. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Control is determined using an evaluation based on accounting standards related to the consolidation of joint ventures and variable interest entities. For joint ventures that are defined as variable interest entities, the primary beneficiary consolidates the entity. </p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>3. Development of Rental Properties</b></p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>New Development</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">During the second quarter of 2010, construction continued on our development site in Mebane, North Carolina. Currently, we have signed leases or leases out for signature for approximately 91% of the total square feet. We currently expect the center to open on November 5th, in time for the 2010 holiday season. </p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>Redevelopment at Existing Outlet Centers</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; "> During the second quarter of 2010, we completed the demolition of our Hilton Head I center in Bluffton, South Carolina. The redevelopment of the outlet center is currently underway and we have leases signed or out for signature on 54% of the leasable square feet. When completed, the new 176,000 square foot center, with an additional four outparcel pads, will be the first LEED certified green shopping center in Beaufort County. Our $50.0 million redevelopment is projected to open during the second half of 2011. As a result of the demolition and redevelopment plan, a total of $9.2 million in depreciation and amortization was recognized in the first quarter of 2010 to completely depreciate the existing center. The demolition was completed during the second quarter of 2010, at which time the fully depreciated assets were written&#8211;off. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Commitments to complete construction of our new developments, redevelopments and other capital expenditure requirements amounted to approximately $30.0 million at June 30, 2010. Commitments for construction represent only those costs contractually required to be paid by us. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Interest costs capitalized during the three months ended June 30, 2010 and 2009 amounted to $313,000 and $48,000, respectively, and for the six months ended June 30, 2010 and 2009 amounted to $513,000 and $84,000, respectively.</p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>Impairment Charges</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; "><i>Seymour, Indiana 2010</i></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">In 2005 we sold our outlet center located in Seymour, Indiana, but retained various outparcels of land at the development site, some of which we sold in recent years. In February 2010, our Board of Directors approved the sale of the remaining parcels of land. 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Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets &#151; Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis are amortized over the various useful lives of the related assets. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. 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The senior exchangeable notes are included in the diluted earnings per unit computation, if the effect is dilutive, using the treasury stock method. In applying the treasury stock method, the effect will be dilutive if the average market price of the Company's common shares for at least 20 trading days in the 30 consecutive trading days at the end of each quarter is higher than the exchange rate of $35.83 per Company common share.</p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; ">The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period. The market price of a common unit is considered to be equivalent to twice the market price of a Company common share. No options were excluded from the computations for the three and six months ended June 30, 2010 and 2009, respectively.</p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; ">The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on distributions declared and the unvested restricted shares' participation rights in undistributed earnings.</p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; ">The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method. 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Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets &#151; Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis are amortized over the various useful lives of the related assets. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph 5 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph a -Article 7 false 22 2 us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 22747000 22747 false false false 2 false true false false 31916000 31916 false false false xbrli:monetaryItemType monetary Carrying value as of the balance sheet date of obligations incurred and payable. pertaining to goods and services received from vendors; and for costs that are statutory in nature, are incurred in connection with contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent, salaries and benefits, and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph 1, 5 -Article 9 false 23 2 us-gaap_OtherLiabilities us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 17286000 17286 false false false 2 false true false false 27077000 27077 false false false xbrli:monetaryItemType monetary Carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Also serves as the sum of liabilities not individually reported in the financial statements, or not separately disclosed in notes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 false 24 2 us-gaap_Liabilities us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 676077000 676077 false false false 2 false true false false 657798000 657798 false false false xbrli:monetaryItemType monetary Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. true 25 2 us-gaap_CommitmentsAndContingencies2009 us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0 &nbsp; false false false 2 false false false false 0 0 false false false xbrli:stringItemType string Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 false 26 2 us-gaap_StockholdersEquityAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 27 2 us-gaap_PreferredStockValue us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 75000000 75000 false false false 2 false true false false 75000000 75000 false false false xbrli:monetaryItemType monetary Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false 28 2 us-gaap_CommonStockValue us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 405000 405 false false false 2 false true false false 403000 403 false false false xbrli:monetaryItemType monetary Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 29 2 us-gaap_AdditionalPaidInCapital us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 599270000 599270 false false false 2 false true false false 596074000 596074 false false false xbrli:monetaryItemType monetary Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 30 2 us-gaap_AccumulatedDistributionsInExcessOfNetIncome us-gaap true debit instant No definition available. false false false false false false false false false false true negated false 1 false true false false -229298000 -229298 false false false 2 false true false false -202997000 -202997 false false false xbrli:monetaryItemType monetary The amount as of the balance sheet date by which cumulative distributions to shareholders (or partners) exceed retained earnings (or accumulated earnings). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-2 -Paragraph 13 -Subparagraph b false 33 2 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1884000 1884 false false false 2 false true false false -5809000 -5809 false false false xbrli:monetaryItemType monetary Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 34 2 us-gaap_StockholdersEquity us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 447261000 447261 false false false 2 false true false false 462671000 462671 false false false xbrli:monetaryItemType monetary Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 true 35 2 us-gaap_MinorityInterest us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 55802000 55802 false false false 2 false true false false 58392000 58392 false false false xbrli:monetaryItemType monetary Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A true 36 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 503063000 503063 false false false 2 false true false false 521063000 521063 false false false xbrli:monetaryItemType monetary Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A true 38 2 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1179140000 1179140 false false false 2 false true false false 1178861000 1178861 false false false xbrli:monetaryItemType monetary Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 true 39 0 na true na na No definition available. false true false false false false false false false false false http://www.tangeroutlet.com/role/consolidatedbalancesheet false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false false 5 USD true false false false us-gaap_SubsidiariesMember dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 6 USD true false false false us-gaap_SubsidiariesMember dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 7 USD true false false false us-gaap_SubsidiariesMember dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 8 USD true false false false us-gaap_SubsidiariesMember dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ na No definition available. No authoritative reference available. false 40 2 us-gaap_AssetsAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 41 2 us-gaap_Land us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 141575000 141575 false false false 2 false true false false 143933000 143933 false false false xbrli:monetaryItemType monetary Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. No authoritative reference available. false 42 2 us-gaap_InvestmentBuildingAndBuildingImprovements us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1343155000 1343155 false false false 2 false true false false 1352568000 1352568 false false false xbrli:monetaryItemType monetary Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. No authoritative reference available. false 43 2 us-gaap_DevelopmentInProcess us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 39883000 39883 false false false 2 false true false false 11369000 11369 false false false xbrli:monetaryItemType monetary The current amount of expenditures for a real estate project that has not yet been completed. No authoritative reference available. false 44 2 us-gaap_RealEstateInvestmentPropertyAtCost us-gaap true debit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1524613000 1524613 false false false 2 false true false false 1507870000 1507870 false false false xbrli:monetaryItemType monetary Represents a total which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. No authoritative reference available. true 45 2 us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation us-gaap true credit instant No definition available. false false false false false false false false false false true negated false 1 false true false false -425168000 -425168 false false false 2 false true false false -412530000 -412530 false false false xbrli:monetaryItemType monetary The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 7 false 46 2 us-gaap_RealEstateInvestmentPropertyNet us-gaap true debit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1099445000 1099445 false false false 2 false true false false 1095340000 1095340 false false false xbrli:monetaryItemType monetary The net book value of real estate property held for investment purposes. No authoritative reference available. true 47 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 3447000 3447 false false false 2 false true false false 3214000 3214 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 48 2 us-gaap_RealEstateHeldforsale us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1921000 1921 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity. No authoritative reference available. false 49 2 us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 7570000 7570 false false false 2 false true false false 9054000 9054 false false false xbrli:monetaryItemType monetary Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable form a party that is affiliated with the reporting entity by means of direct or indirect ownership. No authoritative reference available. false 50 2 us-gaap_DeferredCostsLeasingNet us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 35124000 35124 false false false 2 false true false false 38867000 38867 false false false xbrli:monetaryItemType monetary This element represents costs incurred by the lessor that are (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction. This element is net of accumulated amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 5 -Subparagraph m Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 19 -Subparagraph c false 51 2 us-gaap_OtherAssets us-gaap true debit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 31250000 31250 false false false 2 false true false false 32025000 32025 false false false xbrli:monetaryItemType monetary Carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also serves as the sum of assets not individually reported in the financial statements, or not separately disclosed in notes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Article 7 false 52 2 us-gaap_Assets us-gaap true debit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1178757000 1178757 false false false 2 false true false false 1178500000 1178500 false false false xbrli:monetaryItemType monetary Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 true 53 2 us-gaap_LiabilitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 54 2 us-gaap_SeniorNotes us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 554415000 554415 false false false 2 false true false false 256352000 256352 false false false xbrli:monetaryItemType monetary Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 false 55 2 us-gaap_LongTermDebtComponentsMortgageLoans us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 35559000 35559 false false false xbrli:monetaryItemType monetary Carrying amount of mortgage loans as of the balance-sheet date, including the current portion, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 56 2 us-gaap_UnsecuredDebt us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 235000000 235000 false false false xbrli:monetaryItemType monetary Including the current and noncurrent portions, carrying value as of the balance sheet date of uncollateralized debt obligations (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Article 5 -Subsection 19, 20, 22 false 57 2 us-gaap_LineOfCredit us-gaap true credit instant No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 50800000 50800 false false false 2 false true false false 57700000 57700 false false false xbrli:monetaryItemType monetary The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the a greement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 false 58 2 us-gaap_LongTermDebt us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 605215000 605215 false false false 2 false true false false 584611000 584611 false false false xbrli:monetaryItemType monetary Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. 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See Note 17, Fair Value Measurements, for further discussion. </p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; "><i>Commerce I, Georgia 2009</i></p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; ">During the second quarter 2009, we determined for our Commerce I, Georgia outlet center that the estimated future undiscounted cash flows of that property did not exceed the property's carrying value based on deteriorating amounts of net operating income and the expectation that the occupancy rate of the property would significantly decrease in future periods. Therefore, we recorded a $5.2 million non-cash impairment charge in our consolidated statement of operations within discontinued operations (Note 5) which equaled the excess of the property's carrying value over its fair value. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b false 35 2 skt_ProceedsFromTaxIncrementalFinancingConcept skt false na duration Cash received from the proceeds of tax incremental financing district false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 944000 944 false false false xbrli:monetaryItemType monetary Cash received from the proceeds of tax incremental financing district No authoritative reference available. false 36 2 us-gaap_PaymentsOfFinancingCosts us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -2486000 -2486 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 false 37 2 us-gaap_ProceedsFromStockOptionsExercised us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 699000 699 false false false 2 false true false false 771000 771 false false false xbrli:monetaryItemType monetary The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a false 38 2 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false -20190000 -20190 false false false 2 false true false false -3205000 -3205 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 39 2 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 186000 186 false false false 2 false true false false 173000 173 false false false xbrli:monetaryItemType monetary The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 false 40 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false true false false periodstartlabel false 1 false true false false 3267000 3267 false false false 2 false true false false 4977000 4977 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 41 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false true false periodendlabel false 1 false true false false 3453000 3453 false false false 2 false true false false 5150000 5150 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 42 0 na true na na No definition available. false true false false false false false false false false false http://www.tangeroutlet.com/role/statementofcashflows false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false false 5 USD true false false false Tanger Properties Limited Partnership dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 6 USD true false false false Tanger Properties Limited Partnership dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 7 USD true false false false Tanger Properties Limited Partnership dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ false 8 USD true false false false Tanger Properties Limited Partnership dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_SubsidiariesMember dei_LegalEntityAxis explicitMember USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 $ na No definition available. No authoritative reference available. false 43 2 us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract us-gaap true na duration No definition available. false false false false false true false false false false false label false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string Cash generated by or used in operating activities of continuing operations; excludes cash flows from discontinued operations. false 44 2 us-gaap_ProfitLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 8395000 8395 false false false 2 false true false false 50055000 50055 false false false xbrli:monetaryItemType monetary The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) false 45 2 us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 46 2 us-gaap_DepreciationDepletionAndAmortization us-gaap true debit duration No definition available. false false false false false false false false false false false terselabel false 1 false true false false 43670000 43670 false false false 2 false true false false 40049000 40049 false false false xbrli:monetaryItemType monetary The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. No authoritative reference available. false 47 2 us-gaap_AssetImpairmentCharges us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 735000 735 false false false 2 false true false false 5200000 5200 false false false xbrli:monetaryItemType monetary The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 45, 46, 47 false 48 2 skt_LossOnTerminationofDerivative skt false na duration No definition available. false false false false false false false false false false true negated false 1 false true false false 6142000 6142 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary No definition available. No authoritative reference available. false 49 2 us-gaap_GainLossOnSaleOfProperties us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false -161000 -161 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 50 2 us-gaap_AmortizationOfFinancingCosts us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 657000 657 false false false 2 false true false false 822000 822 false false false xbrli:monetaryItemType monetary The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 8 -Article 9 false 51 2 us-gaap_GainsLossesOnExtinguishmentOfDebt us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 563000 563 false false false 2 false true false false -10467000 -10467 false false false xbrli:monetaryItemType monetary Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 26 -Paragraph 20, 21 false 52 2 us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 0 0 false false false 2 false true false false -31497000 -31497 false false false xbrli:monetaryItemType monetary In a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re measuring to fair value the equity interest in the acquiree it held before the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 48 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph q(2) false 53 2 us-gaap_IncomeLossFromEquityMethodInvestments us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 119000 119 false false false 2 false true false false 1414000 1414 false false false xbrli:monetaryItemType monetary This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 19 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 11 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 6 -Subparagraph b false 54 2 us-gaap_ShareBasedCompensation us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 2682000 2682 false false false 2 false true false false 2889000 2889 false false false xbrli:monetaryItemType monetary The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 55 2 us-gaap_AmortizationOfDebtDiscountPremium us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false -219000 -219 false false false 2 false true false false 994000 994 false false false xbrli:monetaryItemType monetary The component of interest income or expense representing the periodic increase in or charge against earnings to reflect amortization of debt discounts and premiums over the life of the related debt instruments, which are liabilities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 21 -Paragraph 16 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 5 false 56 2 us-gaap_EquityMethodInvestmentDividendsOrDistributions us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 414000 414 false false false 2 false true false false 360000 360 false false false xbrli:monetaryItemType monetary This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 19 false 57 2 us-gaap_RecognitionOfDeferredRevenue us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false -381000 -381 false false false 2 false true false false -43000 -43 false false false xbrli:monetaryItemType monetary The amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by (used in) operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A -Subsection 1 false 58 2 us-gaap_IncreaseDecreaseInDeferredRentReceivables us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false -1402000 -1402 false false false 2 false true false false -1534000 -1534 false false false xbrli:monetaryItemType monetary The net change during the reporting period in the amount due that is the result of the cumulative difference between actual rent due and rental income recognized on a straight-line basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 59 2 us-gaap_IncreaseDecreaseInOperatingCapitalAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 60 2 us-gaap_IncreaseDecreaseInOtherOperatingAssets us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 2319000 2319 false false false 2 false true false false 1913000 1913 false false false xbrli:monetaryItemType monetary The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 61 2 us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities us-gaap true debit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -9445000 -9445 false false false 2 false true false false -2373000 -2373 false false false xbrli:monetaryItemType monetary The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 62 2 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 54088000 54088 false false false 2 false true false false 57782000 57782 false false false xbrli:monetaryItemType monetary The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 63 2 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 64 2 us-gaap_PaymentsForCapitalImprovements us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -26692000 -26692 false false false 2 false true false false -20962000 -20962 false false false xbrli:monetaryItemType monetary The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c false 65 2 us-gaap_PaymentsToAcquireInterestInJointVenture us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 0 0 false false false 2 false true false false -31086000 -31086 false false false xbrli:monetaryItemType monetary The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph b false 66 2 us-gaap_PaymentsForProceedsFromDerivatives us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -6142000 -6142 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary The net cash outflow (inflow) associated with derivative instruments, such as swaps, forwards, options, and so forth, excluding those designated as hedges. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 14 -Subparagraph FN4 false 67 2 skt_EquityMethodInvestmentDividendsorDistribtuionsReturnofInvestment skt false na duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 536000 536 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary No definition available. No authoritative reference available. false 68 2 us-gaap_ProceedsFromSaleOfRealEstate us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 602000 602 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary Cash received for the sale of real estate that is not part of an investing activity during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 24 false 69 2 us-gaap_IncreaseDecreaseInLeaseAcquisitionCosts us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -1969000 -1969 false false false 2 false true false false -2369000 -2369 false false false xbrli:monetaryItemType monetary Net change in the balance of capitalized lease acquisition costs during the period. The cost usually covers a variety of administrative costs, such as the cost of obtaining a credit report, verifying insurance coverage, lease commission charges, checking the accuracy and completeness of the lease documentation, and entering the lease in data processing and accounting systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 22 false 70 2 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false -33665000 -33665 false false false 2 false true false false -54417000 -54417 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 71 2 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 72 2 us-gaap_PaymentsOfDividends us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -38633000 -38633 false false false 2 false true false false -31670000 -31670 false false false xbrli:monetaryItemType monetary The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a false 74 2 us-gaap_ProceedsFromIssuanceOfLongTermDebt us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 485230000 485230 false false false 2 false true false false 109200000 109200 false false false xbrli:monetaryItemType monetary The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a false 79 2 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false -20190000 -20190 false false false 2 false true false false -3205000 -3205 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 80 2 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 233000 233 false false false 2 false true false false 160000 160 false false false xbrli:monetaryItemType monetary The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 false 81 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false true false false periodstartlabel false 1 false true false false 3214000 3214 false false false 2 false true false false 4952000 4952 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. 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It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. 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No authoritative reference available. false 2 2 us-gaap_RevenuesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 2 us-gaap_MinimumRents us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 true true false false 43968000 43968 false false false 2 true true false false 43218000 43218 false false false 3 true true false false 87465000 87465 false false false 4 true true false false 85894000 85894 false false false xbrli:monetaryItemType monetary This element represents the minimum amount of rents earned during the period from lessees based on the terms of contractual arrangements. No authoritative reference available. false 4 2 us-gaap_OperatingLeasesIncomeStatementContingentRevenue us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1048000 1048 false false false 2 false true false false 940000 940 false false false 3 false true false false 2353000 2353 false false false 4 false true false false 2248000 2248 false false false xbrli:monetaryItemType monetary Amount of contingent rental revenue recognized for the period under lease, based on the occurrences of an event or condition. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -Subparagraph b(iii) false 5 2 us-gaap_TenantReimbursements us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 18429000 18429 false false false 2 false true false false 18321000 18321 false false false 3 false true false false 37948000 37948 false false false 4 false true false false 37491000 37491 false false false xbrli:monetaryItemType monetary In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. No authoritative reference available. false 6 2 us-gaap_OtherIncome us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1850000 1850 false false false 2 false true false false 1921000 1921 false false false 3 false true false false 3571000 3571 false false false 4 false true false false 3618000 3618 false false false xbrli:monetaryItemType monetary Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 4 -Article 7 false 7 2 us-gaap_Revenues us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 65295000 65295 false false false 2 false true false false 64400000 64400 false false false 3 false true false false 131337000 131337 false false false 4 false true false false 129251000 129251 false false false xbrli:monetaryItemType monetary Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 true 8 2 us-gaap_OperatingExpensesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 9 2 us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 22123000 22123 false false false 2 false true false false 20660000 20660 false false false 3 false true false false 44472000 44472 false false false 4 false true false false 42270000 42270 false false false xbrli:monetaryItemType monetary Costs incurred and are directly related to generating revenues from leased and rented property or equipment. No authoritative reference available. false 10 2 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 5963000 5963 false false false 2 false true false false 5817000 5817 false false false 3 false true false false 11429000 11429 false false false 4 false true false false 11752000 11752 false false false xbrli:monetaryItemType monetary The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No authoritative reference available. false 11 2 us-gaap_ImpairmentOfRealEstate us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false 3 false true false false 735000 735 false false false 4 false true false false 0 0 false false false xbrli:monetaryItemType monetary The charge against earnings in the period to reduce the carrying amount of real property to fair value. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 false 13 2 us-gaap_OperatingExpenses us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 45195000 45195 false false false 2 false true false false 45899000 45899 false false false 3 false true false false 100219000 100219 false false false 4 false true false false 93610000 93610 false false false xbrli:monetaryItemType monetary Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No authoritative reference available. true 14 2 us-gaap_OperatingIncomeLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 20100000 20100 false false false 2 false true false false 18501000 18501 false false false 3 false true false false 31118000 31118 false false false 4 false true false false 35641000 35641 false false false xbrli:monetaryItemType monetary The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. false 15 2 us-gaap_InterestExpense us-gaap true debit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -7951000 -7951 false false false 2 false true false false -9564000 -9564 false false false 3 false true false false -15899000 -15899 false false false 4 false true false false -20774000 -20774 false false false xbrli:monetaryItemType monetary The cost of borrowed funds accounted for as interest that was charged against earnings during the period. 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No authoritative reference available. false 19 2 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 5444000 5444 false false false 2 false true false false 19404000 19404 false false false 3 false true false false 8514000 8514 false false false 4 false true false false 56831000 56831 false false false xbrli:monetaryItemType monetary Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. 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Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. 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Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) true 26 2 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -524000 -524 false false false 2 false true false false -1833000 -1833 false false false 3 false true false false -734000 -734 false false false 4 false true false false -7531000 -7531 false false false xbrli:monetaryItemType monetary The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. 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If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. 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No authoritative reference available. false 43 2 us-gaap_RevenuesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 44 2 us-gaap_MinimumRents us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 43968000 43968 false false false 2 false true false false 43218000 43218 false false false 3 false true false false 87465000 87465 false false false 4 false true false false 85894000 85894 false false false xbrli:monetaryItemType monetary This element represents the minimum amount of rents earned during the period from lessees based on the terms of contractual arrangements. No authoritative reference available. false 45 2 us-gaap_OperatingLeasesIncomeStatementContingentRevenue us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1048000 1048 false false false 2 false true false false 940000 940 false false false 3 false true false false 2353000 2353 false false false 4 false true false false 2248000 2248 false false false xbrli:monetaryItemType monetary Amount of contingent rental revenue recognized for the period under lease, based on the occurrences of an event or condition. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -Subparagraph b(iii) false 46 2 us-gaap_TenantReimbursements us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 18429000 18429 false false false 2 false true false false 18321000 18321 false false false 3 false true false false 37948000 37948 false false false 4 false true false false 37491000 37491 false false false xbrli:monetaryItemType monetary In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. No authoritative reference available. false 47 2 us-gaap_OtherIncome us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 1850000 1850 false false false 2 false true false false 1921000 1921 false false false 3 false true false false 3571000 3571 false false false 4 false true false false 3618000 3618 false false false xbrli:monetaryItemType monetary Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 4 -Article 7 false 48 2 us-gaap_Revenues us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 65295000 65295 false false false 2 false true false false 64400000 64400 false false false 3 false true false false 131337000 131337 false false false 4 false true false false 129251000 129251 false false false xbrli:monetaryItemType monetary Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 true 49 2 us-gaap_OperatingExpensesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 50 2 us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 22123000 22123 false false false 2 false true false false 20660000 20660 false false false 3 false true false false 44472000 44472 false false false 4 false true false false 42270000 42270 false false false xbrli:monetaryItemType monetary Costs incurred and are directly related to generating revenues from leased and rented property or equipment. No authoritative reference available. false 51 2 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 5963000 5963 false false false 2 false true false false 5817000 5817 false false false 3 false true false false 11429000 11429 false false false 4 false true false false 11752000 11752 false false false xbrli:monetaryItemType monetary The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No authoritative reference available. false 52 2 us-gaap_ImpairmentOfRealEstate us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false 3 false true false false 735000 735 false false false 4 false true false false 0 0 false false false xbrli:monetaryItemType monetary The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 26 -Subparagraph b false 53 2 us-gaap_DepreciationAndAmortization us-gaap true debit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 17109000 17109 false false false 2 false true false false 19422000 19422 false false false 3 false true false false 43583000 43583 false false false 4 false true false false 39588000 39588 false false false xbrli:monetaryItemType monetary The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. 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No authoritative reference available. true 55 2 us-gaap_OperatingIncomeLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 20100000 20100 false false false 2 false true false false 18501000 18501 false false false 3 false true false false 31118000 31118 false false false 4 false true false false 35641000 35641 false false false xbrli:monetaryItemType monetary The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. false 56 2 us-gaap_InterestExpense us-gaap true debit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -7951000 -7951 false false false 2 false true false false -9564000 -9564 false false false 3 false true false false -15899000 -15899 false false false 4 false true false false -20774000 -20774 false false false xbrli:monetaryItemType monetary The cost of borrowed funds accounted for as interest that was charged against earnings during the period. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 26 -Paragraph 20, 21 false 58 2 us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false 3 false true false false 0 0 false false false 4 false true false false 31497000 31497 false false false xbrli:monetaryItemType monetary In a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re measuring to fair value the equity interest in the acquiree it held before the business combination. 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No authoritative reference available. false 60 2 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 5444000 5444 false false false 2 false true false false 19404000 19404 false false false 3 false true false false 8514000 8514 false false false 4 false true false false 56831000 56831 false false false xbrli:monetaryItemType monetary Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. 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Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 true 63 2 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false -1000 -1 false false false 2 false true false false -5300000 -5300 false false false 3 false true false false 0 0 false false false 4 false true false false -5362000 -5362 false false false xbrli:monetaryItemType monetary This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false 7 3 dei_CurrentFiscalYearEndDate dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 --12-31 --12-31 false false false 2 false false false false 0 0 false false false xbrli:gMonthDayItemType monthday End date of current fiscal year in the format --MM-DD. No authoritative reference available. false 8 3 dei_EntityWellKnownSeasonedIssuer dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Yes Yes false false false 2 false false false false 0 0 false false false us-types:yesNoItemType na Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No authoritative reference available. false 9 3 dei_EntityVoluntaryFilers dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 No No false false false 2 false false false false 0 0 false false false us-types:yesNoItemType na Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No authoritative reference available. false 10 3 dei_EntityCurrentReportingStatus dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Yes Yes false false false 2 false false false false 0 0 false false false us-types:yesNoItemType na Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No authoritative reference available. false 11 3 dei_EntityFilerCategory dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Large Accelerated Filer Large Accelerated Filer false false false 2 false false false false 0 0 false false false us-types:filerCategoryItemType na Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No authoritative reference available. false 12 3 dei_EntityCommonStockSharesOutstanding dei false na instant No definition available. false false false false false false false false false false false false 1 false false false false 0 0 false false false 2 false true false false 40475662 40475662 false false false xbrli:sharesItemType shares Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. 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Business Note 1. Business http://www.tangeroutlet.com/role/Business false R7.xml false Sheet 08 - Disclosure - Note 2. Basis Of Presentation Note 2. Basis Of Presentation http://www.tangeroutlet.com/role/BasisOfPresentation false R8.xml false Sheet 09 - Disclosure - Note 3. Development of Rental Properties Note 3. Development of Rental Properties http://www.tangeroutlet.com/role/DevelopmentOfRentalProperties false R9.xml false Sheet 10 - Disclosure - Note 4. Investments in Unconsolidated Real Estate Joint Ventures Note 4. Investments in Unconsolidated Real Estate Joint Ventures http://www.tangeroutlet.com/role/InvestmentsInUnconsolidatedRealEstateJointVentures false R10.xml false Sheet 11 - Disclosure - Note 5. Rental Property Held for Sale Note 5. Rental Property Held for Sale http://www.tangeroutlet.com/role/RentalPropertyHeldForSale false R11.xml false Sheet 12 - Disclosure - Note 6. Debt of the Company and Note 7. Debt of the Operating Partnership Note 6. Debt of the Company and Note 7. Debt of the Operating Partnership http://www.tangeroutlet.com/role/DebtOfTheCompany false R12.xml false Sheet 14 - Disclosure - Note 8. Shareholders' Equity of the Company Note 8. Shareholders' Equity of the Company http://www.tangeroutlet.com/role/ShareholdersEquityOfTheCompany false R13.xml false Sheet 15 - Disclosure - Note 9. Partners' Equity of the Operating Partnership Note 9. Partners' Equity of the Operating Partnership http://www.tangeroutlet.com/role/PartnersEquityOfTheOperatingPartnership false R14.xml false Sheet 16 - Disclosure - Note 10. Other Comprehensive Income of the Company and Note 11. Other Comprehensive Income of the Operating Partnership Note 10. Other Comprehensive Income of the Company and Note 11. Other Comprehensive Income of the Operating Partnership http://www.tangeroutlet.com/role/OtherComprehensiveIncomeOfTheCompany false R15.xml false Sheet 18 - Disclosure - Note 12. Noncontrolling Interest in the Operating Partnership Note 12. Noncontrolling Interest in the Operating Partnership http://www.tangeroutlet.com/role/NoncontrollingInterestInTheOperatingPartnership false R16.xml false Sheet 19 - Disclosure - Note 13. Equity-Based Compensation Note 13. Equity-Based Compensation http://www.tangeroutlet.com/role/EquityBasedCompensation false R17.xml false Sheet 20 - Disclosure - Note 14. Earnings Per Share of the Company Note 14. Earnings Per Share of the Company http://www.tangeroutlet.com/role/EarningsPerShareOfTheCompany false R18.xml false Sheet 21 - Disclosure - Note 15. Earnings Per Unit of the Operating Partnership Note 15. Earnings Per Unit of the Operating Partnership http://www.tangeroutlet.com/role/EarningsPerShareOfTheSubsidiary false R19.xml false Sheet 22 - Disclosure - Note 16. Derivatives Note 16. Derivatives http://www.tangeroutlet.com/role/Derivatives false R20.xml false Sheet 23 - Disclosure - Note 17. Fair Value Measurement Note 17. Fair Value Measurement http://www.tangeroutlet.com/role/FairValueMeasurement false R21.xml false Sheet 24 - Disclosure - Note 18. Non-Cash Activities Note 18. Non-Cash Activities http://www.tangeroutlet.com/role/NonCashActivities false R22.xml false Sheet 25 - Disclosure - Note 19. Subsequent Events Note 19. 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M,S(R,#@V.3,R-&1A+U=O&UL#0I#;VYT96YT M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT M+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U XML 42 R7.xml IDEA: Note 1. Business  2.2.0.7 false Note 1. Business 07 - Disclosure - Note 1. Business true false false false 1 false false 2 0 skt_BusinessAbstract skt false na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 1 us-gaap_NatureOfOperations us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <p style="padding-left: 0pt; text-align: center; padding-top: 1px; line-height: 1.2000000000000002; "><b>TANGER FACTORY OUTLET CENTERS INC. AND SUBSIDIARIES<br></br>TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIAIRES<br></br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p> <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>1. Business</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States. We are a fully-integrated, self-administered and self-managed real estate investment trust, or REIT, which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of June 30, 2010, we owned and operated 31 outlet centers, with a total gross leasable area of approximately 9.1 million square feet. We also operated and had partial ownership interests in two outlet centers totaling approximately 948,000 square feet.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, Company, refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, Operating Partnership, refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, the Tanger GP Trust and the Tanger LP Trust. The Tanger GP Trust controls the Operating Partnership as its sole general partner. The Tanger LP Trust holds a limited partnership interest in the Operating Partnership. The Tanger family, through its ownership of the Tanger Family Limited Partnership holds the remaining units of partnership interest in the Operating Partnership as a limited partner. Stanley K. Tanger, a member of the Company's Board of Directors, is the sole general partner of the Tanger Family Limited Partnership.</p> TANGER FACTORY OUTLET CENTERS INC. AND SUBSIDIARIESTANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIAIRESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS false false false us-types:textBlockItemType textblock Describes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description". 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Equity-Based Compensation true false false false 1 false false 2 0 skt_EquityBasedCompensationAbstract skt false na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 1 us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <p style="padding-left: 0pt; text-align: left; padding-top: 1px; line-height: 1.2000000000000002; "><b>13.&#160;&#160;Equity-Based Compensation</b></p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">During the first quarter of 2010, the Company's Board of Directors approved the grant of 150,288 restricted common shares to the Company's independent directors and the Company's senior executive officers. The Company receives one common unit from the Operating Partnership for every two restricted shares issued by the Company. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares vest ratably over a five year period. The grant date fair value of the awards was $39.24 per share, which was determined based upon the closing market price of our common shares on the day prior to the grant date in accordance with the terms of the Company's Incentive Award Plan, or Plan. Compensation expense related to the amortization of the deferred compensation amount is being recognized in accordance with the ve sting schedule of the restricted shares.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Also during the first quarter of 2010, the Company's Compensation Committee approved the general terms of the Tanger Factory Outlet Centers, Inc. 2010 Multi-Year Performance Plan, or the 2010 Multi-Year Performance Plan. The 2010 Multi-Year Performance Plan is a long-term incentive compensation plan pursuant to which award recipients, as a group, may earn up to approximately 615,000 restricted common shares of the Company based on our share price appreciation over four years beginning on January 1, 2010. The maximum number of shares will be earned under this plan if we achieve 60% or higher share price appreciation over the four-year performance period. We expect that the value of the awards, if we achieve 60% share price appreciation, will equal between approximately $35 million and $39 million. After the awards are earned, they will remain subject to a one-year vesting period. For notional amounts granted in 2010, any shares earned on December 31, 2013 will vest on December 31, 2014 contingent on continued employment through the vesting date.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">Under the 2010 Multi-Year Performance Plan, we will grant 205,000 notional units to award recipients as a group. If our aggregate share price appreciation during this period equals or exceeds the minimum threshold of 40%, then the notional units will convert into the Company's common shares on a one-for-one basis. The notional units will convert into common shares on a one-for-two basis if the share price appreciation exceeds the target threshold of 50% and on a one-for-three basis if the share price appreciation exceeds the maximum threshold of 60%. The notional amounts will convert on a pro rata basis between share price appreciation thresholds. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period, subject to a minimum level price target.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">The notional units, prior to the date they are converted into restricted common shares, will not entitle award recipients to receive any dividends or other distributions. If the notional units are earned, and thereby converted into restricted common shares, then award recipients will be entitled to receive a payment of all dividends and other distributions that would have been paid had the number of earned common shares been issued at the beginning of the performance period. Thereafter, dividends and other distributions will be paid currently with respect to all restricted common shares that were earned.</p> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">At the end of the four-year performance period, if the minimum share price threshold is not achieved but the Company's share performance exceeds the 50th percentile of the share performance of its peer group, the notional units will convert into restricted common shares on a one-for-one basis. 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text-align:right;">450</td> <td style="">&#160;</td> <td style="vertical-align:bottom; text-align:right;">---</td> <td style="">&#160;</td> <td style="vertical-align:bottom; text-align:right;">717</td> <td style="vertical-align:top;">&#160;</td> <td style="vertical-align:top; text-align:right;">---</td> </tr> <tr> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid;">Options</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid;">&#160;</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">---</td> <td bgcolor="#CCEEFF" style="border-bottom: 1pt black solid; vertical-align:top;">&#160;</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">25</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid;">&#160;</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">---</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid;">&#160;</td> <td bgcolor="#CCEEFF" style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">78</td> </tr> <tr> <td style="vertical-align:top; border-bottom: 1pt black solid;">Total equity-based compensation</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right">$</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">1,456</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right">$</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">1,592</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right">$</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">2,682</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right">$</td> <td style="vertical-align:top; border-bottom: 1pt black solid; text-align:right;">2,889</td> </tr> </table> <p style="padding-left: 0pt; text-align: justify; padding-top: 1px; line-height: 1.2000000000000002; ">As of June 30, 2010, there was $20.9 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements granted under the Plan.</p> 13.&#160;&#160;Equity-Based Compensation During the first quarter of 2010, the Company's Board of Directors approved the grant of 150,288 false false false us-types:textBlockItemType textblock Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 false 1 2 false UnKnown UnKnown UnKnown false true -----END PRIVACY-ENHANCED MESSAGE-----