**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**For      the quarterly period ended March 31, 2006**

**Commission      File No.**

**333-128160-01**

**33-99736-01**

**333-3526-01**

**333-39365-01**

**333-61394-01**

**                   TANGER PROPERTIES LIMITED PARTNERSHIP**

| **NORTH                CAROLINA**                | **56-1822494**                     |
|--------------------------------------------------|------------------------------------|
| (State                or other jurisdiction      | (I.R.S.                Employer    |
| of                incorporation or organization) | Identification                No.) |

**3200      Northline Avenue, Suite 360, Greensboro, North Carolina      27408**

**                                     (336) 292-3010**

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP**

|                                                                                             | Page                Number                                        |
|--------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| Part                I. Financial Information                                                     |
| Item                1. Financial Statements (Unaudited)                                          |                                                              |
| Consolidated                Balance Sheets -                                                     |                                                              |
|                                                                                             | as                of March 31, 2006 and December 31, 2005         | 3 |
| Consolidated                Statements of Operations -                                           |                                                              |
|                                                                                             | for                the three months ended March 31, 2006 and 2005 | 4 |
| Consolidated                Statements of Cash Flows -                                           |                                                              |
|                                                                                             | for                the three months ended March 31, 2006 and 2005 | 5 |
| Notes                to Consolidated Financial Statements                                        | 6                                                                 |
|                                                                                             |                                                              |
| Item                2. Management's Discussion and Analysis of Financial                         |                                                              |
|                                                                                             | Condition                and Results of Operations                | 15 |
|                                                                                             |                                                              |
| Item                3. Quantitative and Qualitative Disclosures about Market                Risk | 26                                                                |
|                                                                                             |                                                              |
| Item                4. Controls and Procedures                                                   | 27                                                                |
|                                                                                             |                                                              |
| Part                II. Other Information                                                        |
|                                                                                             |                                                              |
| Item                1. Legal Proceedings                                                         | 28                                                                |
|                                                                                             |                                                              |
| Item                1A. Risk Factors                                                             | 28                                                                |
|                                                                                             |                                                              |
| Item              5. Other Information                                                           |  28                                                          |
|                                                                                             |                                                              |
| Item                6. Exhibits                                                                  | 28                                                                |
|                                                                                             |                                                              |
| Signatures                                                                                       | 28                                                                |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

|                                                      |                                                                | March 31,                                        |                                                  | December 31,                                               |
|-----------------------------------------------------------|---------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------|-----------------------------------------------------------------|
|                                                      |                                                                | 2006                                                  |                                                  | 2005                                                            |
|                                                      |                                                                |                                                  |                                                  |                                                            |
| **ASSETS:**                                               |                                                                |                                                  |                                                  |                                                            |   |   |   |   |
|                                                      | Rental                property                                      |                                                  |                                                  |                                                            |   |   |   |   |   |
|                                                      | Land                                                                |                                                  | $                                                     | 119,969                                                         |   |   | $ | 120,715 |   |
|                                                      | Building,                improvement and fixtures                   |                                                  |                                                  | 1,005,300                                                       |   |   |   | 1,004,545 |   |
|                                                      | Construction                in progress                             |                                                  |                                                  | 32,459                                                          |   |   |   | 27,606 |   |
|                                                      |                                                                |                                                  | 1,157,728                                             |                                                            |   |   | 1,152,866 |   |
|                                                      | Accumulated                depreciation                             |                                                  |                                                  | (257,256                                                        | ) |   |   | (253,765 | ) |
|                                                      | Rental                property, net                                 |                                                  |                                                  | 900,472                                                         |   |   |   | 899,101 |   |
|                                                      | Cash                and cash equivalents                            |                                                  |                                                  | 2,134                                                           |   |   |   | 2,926 |   |
|                                                      | Assets                held for sale                                 |                                                  |                                                  | ---                                                             |   |   |   | 2,637 |   |
|                                                      | Investments                in unconsolidated joint ventures         |                                                  |                                                  | 14,960                                                          |   |   |   | 13,020 |   |
|                                                      | Deferred                charges, net                                |                                                  |                                                  | 59,497                                                          |   |   |   | 64,555 |   |
|                                                      | Other                assets                                         |                                                  |                                                  | 37,906                                                          |   |   |   | 18,124 |   |
|                                                      | **Total                assets**                                     |                                                  | $                                                     | 1,014,969                                                       |   |   | $ | 1,000,363 |   |
| **LIABILITIES                AND PARTNERS’ EQUITY** |
| **Liabilities**                                           |                                                                |                                                  |                                                  |                                                            |   |   |   |   |
|                                                      |                                                                | Debt                                                  |                                                  |                                                            |   |   |   |   |   |   |
|                                                      | Senior,                unsecured notes (net of discount of $885 and |                                                  |                                                  |                                                            |   |   |   |   |   |
|                                                      |                                                                     |                    $901, respectively) |                                                  | $                                                               | 349,115 |   |   | $ | 349,099 |   |
|                                                      | Mortgages                payable (including a debt premium          |                                                  |                                                  |                                                            |   |   |   |   |   |
|                                                      |                                                                | of                $5,203 and $5,771, respectively)    |                                                  |                                                            | 199,662 |   |   |   | 201,233 |   |
|                                                      | Unsecured                note                                       |                                                  |                                                  | 53,500                                                          |   |   |   | 53,500 |   |
|                                                      | Unsecured                lines of credit                            |                                                  |                                                  | 47,100                                                          |   |   |   | 59,775 |   |
|                                                      |                                                                |                                                  |                                                  | 649,377                                                         |   |   |   | 663,607 |   |
|                                                      | Construction                trade payables                          |                                                  |                                                  | 14,247                                                          |   |   |   | 13,464 |   |
|                                                      | Accounts                payable and accrued expenses                |                                                  |                                                  | 21,172                                                          |   |   |   | 23,711 |   |
|                                                      |                                                                |                                                  | **Total                liabilities**                  |                                                            |   | 684,796 |   |   |   | 700,782 |   |
| Commitments                                               |                                                                |                                                  |                                                  |                                                            |   |   |   |   |
| **Partners’                equity**                 |                                                                |                                                  |                                                  |                                                            |   |   |   |   |
|                                                      | General                Partner                                      |                                                  |                                                  | 354                                                             |   |   |   | 317 |   |
|                                                      | Limited                partner                                      |                                                  |                                                  | 321,356                                                         |   |   |   | 301,803 |   |
|                                                      | Deferred                compensation                                |                                                  |                                                  | ---                                                             |   |   |   | (5,501 | ) |
|                                                      | Accumulated                other comprehensive income               |                                                  |                                                  | 8,463                                                           |   |   |   | 2,962 |   |
|                                                      |                                                                |                                                  |  **Total                partners’ equity** |                                                            |   | 330,173 |   |   |   | 299,581 |   |
|                                                      |                                                                |                                                  |                                                  | **Total                liabilities and partners’ equity** |   | $ | 1,014,969 |   |   | $ | 1,000,363 |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                                  |                                                                      |                                                   Three Months Ended   |                                                                                                                                        |
|-----------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                  |                                                                      |                                                    March 31, |                                                                                                                                        |
|                                                                  |                                                                      | 2006                                                                                                                                                                                                                                             |                                                                                                                                        |   | 2005 |   |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |
| Revenues                                                              |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | Base                rentals                                               |                                                                                                                                                                                                                                             | $                                                                                                                                           | 32,965 |   |   |   | $                   31,216 |   |
|                                                                  | Percentage                rentals                                         |                                                                                                                                                                                                                                             |                                                                                                                                        | 1,158 |   |   |   | 880 |   |
|                                                                  | Expense                reimbursements                                     |                                                                                                                                                                                                                                             |                                                                                                                                        | 12,720 |   |   |   | 13,939 |   |
|                                                                  | Other                income                                               |                                                                                                                                                                                                                                             |                                                                                                                                        | 1,355 |   |   |   | 930 |   |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             | Total                revenues                                                                                                               |   |   | 48,198 |   |   |   | 46,965 |   |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |
| Expenses                                                              |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | Property                operating                                         |                                                                                                                                                                                                                                             |                                                                                                                                        | 14,765 |   |   |   | 15,700 |   |
|                                                                  | General                and administrative                                 |                                                                                                                                                                                                                                             |                                                                                                                                        | 4,081 |   |   |   | 3,043 |   |
|                                                                  | Depreciation                and amortization                              |                                                                                                                                                                                                                                             |                                                                                                                                        | 15,950 |   |   |   | 12,753 |   |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             | Total                expenses                                                                                                               |   |   | 34,796 |   |   |   | 31,496 |   |
| Operating                income                                       |                                                                      |                                                                                                                                                                                                                                             | 13,402                                                                                                                                      |   |   |   | 15,469 |   |
|                                                                  | Interest                expense                                           |                                                                                                                                                                                                                                             |                                                                                                                                        | 10,034 |   |   |   | 8,228 |   |
| Income                before equity in earnings of unconsolidated     |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | joint                ventures, minority interest, discontinued operations |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |   |
|                                                                  | and                loss on sale of real estate                            |                                                                                                                                                                                                                                             |                                                                                                                                        | 3,368 |   |   |   | 7,241 |   |
| Equity                in earnings of unconsolidated joint ventures    |                                                                      |                                                                                                                                                                                                                                             | 147                                                                                                                                         |   |   |   | 191 |   |
| Minority                interest in consolidated joint venture        |                                                                      |                                                                                                                                                                                                                                             | ---                                                                                                                                         |   |   |   | (6,624 | ) |
| Income                from continuing operations                      |                                                                      |                                                                                                                                                                                                                                             | 3,515                                                                                                                                       |   |   |   | 808 |   |
| Discontinued                operations                                |                                                                      |                                                                                                                                                                                                                                             | 14,041                                                                                                                                      |   |   |   | 308 |   |
| Income                before loss on sale of real estate              |                                                                      |                                                                                                                                                                                                                                             | 17,556                                                                                                                                      |   |   |   | 1,116 |   |
| Loss                on sale of real estate excluded from discontinued |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | operations                                                                |                                                                                                                                                                                                                                             | ---                                                                                                                                         |   |   | (4,690 | ) |
| Net                income (loss)                                      |                                                                      |                                                                                                                                                                                                                                             | 17,556                                                                                                                                      |   |   |   | (3,574 | ) |
| Preferred                unit distributions                           |                                                                      |                                                                                                                                                                                                                                             | (1,215                                                                                                                                      | ) |   |   | --- |   |
| Net                income (loss) available to common unitholders      |                                                                      |                                                                                                                                                                                                                                             | 16,341                                                                                                                                      |   |   |   | (3,574 | ) |
| Income                allocated to limited partners                   |                                                                      | 16,207                                                                                                                                                                                                                                           |                                                                                                                                        |   | (3,542 | ) |
| Income                allocated to general partner                    |                                                                      |                                                                                                                                                                                                                                             | $                                    34 |   |   |   | $                          (32 | ) |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |
| Basic                earnings per common unit:                        |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | Income                (loss) from continuing operations                   |                                                                                                                                                                                                                                             | $                                                                                                                                           | .13 |   |   |   | $                         (.23 | ) |
|                                                                  | Net                income (loss)                                          |                                                                                                                                                                                                                                             | $                                                                                                                                           | .89 |   |   |   | $                         (.21 | ) |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
| Diluted                earnings per common unit:                      |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
|                                                                  | Income                (loss) from continuing operations                   |                                                                                                                                                                                                                                             | $                                                                                                                                           | .12 |   |   |   | $                        (.23 | ) |
|                                                                  | Net                income (loss)                                          |                                                                                                                                                                                                                                             | $                                                                                                                                           | .89 |   |   |   | $                        (.21 | ) |
|                                                                  |                                                                      |                                                                                                                                                                                                                                             |                                                                                                                                        |   |   |   |   |   |
| Distributions                paid per common unit                     |                                                                      | $                                                                                                                                                                                                                                                | .6450                                                                                                                                       |   |   |   | $                     .6250 |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                          |                                                                                                                  |                                                                                                                                                                   |                                                     |    |    |    |   |    |   |   |   |   |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|---------|---------|---------|--------|---------|--------|--------|--------|--------|
|                                          |                                                                                                                  |                                       Three Months Ended |                                                     |
|                                          |                                                                                                                  |                                        March 31     |                                                     |
|                                          |                                                                                                                  | 2006                                                                                                                                                                   |                                                     |    | 2005    |    |
|                                          |                                                                                                                  |                                                                                                                                                              |                                                     |
|  **OPERATING                ACTIVITIES** |                                                                                                                  |                                                                                                                                                                   |                                                     |    |    |    |   |    |
|                                          | Net                income (loss)                                                                                      |                                                                                                                                                                   | $                                                        | 17,556  |    |    | $      | (3,574  | )      |
|                                          | Adjustments                to reconcile net income (loss) to net cash provided by operating                activities |                                                                                                                                                                   |                                                     |    |    |    |   |    |   |
|                                          |                                                                                                                  | Depreciation                and amortization (including discontinued                                                                                                   |                                                     |    |    |    |   |    |   |   |
|                                          |                                                                                                                  |                                                                                                                                                                   | operations)                                              |    |    | 16,066  |   |    |   | 12,930 |   |
|                                          |                                                                                                                  | Amortization                of deferred financing costs                                                                                                                |                                                     |    | 298     |    |   |    | 353    |   |
|                                          |                                                                                                                  | Equity                in earnings of unconsolidated joint ventures                                                                                                     |                                                     |    | (147    | )       |   |    | (191   | )      |
|                                          |                                                                                                                  | Consolidated                joint venture minority interest                                                                                                            |                                                     |    | ---     |    |   |    | 6,624  |   |
|                                          |                                                                                                                  | Compensation                expense related to restricted shares                                                                                                       |                                                     |    |    |    |   |    |   |   |
|                                          |                                                                                                                  |                                                                                                                                                                   | and                unit options granted                  |    |    | 481     |   |    |   | 242    |   |
|                                          |                                                                                                                  | Amortization                of debt premiums and discount, net                                                                                                         |                                                     |    | (612    | )       |   |    | (787   | )      |
|                                          |                                                                                                                  | Gain                on sale of outparcels                                                                                                                              |                                                     |    | (110    | )       |   |    | ---    |   |
|                                          |                                                                                                                  | (Gain)                loss on sale of real estate                                                                                                                      |                                                     |    | (13,833 | )       |   |    | 4,690  |   |
|                                          |                                                                                                                  | Distributions                received from unconsolidated joint ventures                                                                                               |                                                     |    | 525     |    |   |    | 450    |   |
|                                          |                                                                                                                  | Net                accretion of market rent rate adjustment                                                                                                            |                                                     |    | (458    | )       |   |    | (46    | )      |
|                                          |                                                                                                                  | Straight-line                base rent adjustment                                                                                                                      |                                                     |    | (464    | )       |   |    | (112   | )      |
|                                          |                  Increase (decrease) due to changes in:                                                          |                                                                                                                                                                   |                                                     |    |    |    |   |    |   |
|                                          |                                                                                                                  | Other                assets                                                                                                                                            |                                                     |    | (891    | )       |   |    | (582   | )      |
|                                          |                                                                                                                  | Accounts                payable and accrued expenses                                                                                                                   |                                                     |    | (2,226  | )       |   |    | (2,179 | )      |
|                                          |                                                                                                                  |                                                                                                                                                                   | Net                cash provided by operating activities |    |    | 16,185  |   |    |   | 17,818 |   |
|  **INVESTING                ACTIVITIES** |                                                                                                                  |                                                                                                                                                                   |                                                     |    |    |    |   |    |
|                                          | Additions                to rental property                                                                           |                                                                                                                                                                   |                                                     | (14,619 | )       |    |   | (6,353  | )      |
|                                          | Additions                to investments in unconsolidated joint ventures                                              |                                                                                                                                                                   |                                                     | (2,020  | )       |    |   | (600    | )      |
|                                          | Additions                to deferred lease costs                                                                      |                                                                                                                                                                   |                                                     | (873    | )       |    |   | (573    | )      |
|                                          | Net                proceeds from sale of real estate                                                                  |                                                                                                                                                                   |                                                     | 7,236   |    |    |   | 1,959   |   |
|                                          |                                                                                                                  |                                                                                                                                                                   | Net                cash used in investing activities     |    |    | (10,276 | )      |    |   | (5,567 | )      |
|  **FINANCING                ACTIVITIES** |                                                                                                                  |                                                                                                                                                                   |                                                     |    |    |    |   |    |
|                                          | Cash                distributions paid                                                                                |                                                                                                                                                                   |                                                     | (12,918 | )       |    |   | (10,473 | )      |
|                                          | Distributions                to consolidated joint venture minority interest                                          |                                                                                                                                                                   |                                                     | ---     |    |    |   | (5,402  | )      |
|                                          | Contributions                from sole shareholder of general partner                                                 |                                                                                                                                                                   |                                                     | 19,499  |    |    |   | ---     |   |
|                                          | Net                proceeds from debt issuances                                                                       |                                                                                                                                                                   |                                                     | 51,050  |    |    |   | 41,440  |   |
|                                          | Repayments                of debt                                                                                     |                                                                                                                                                                   |                                                     | (64,728 | )       |    |   | (35,722 | )      |
|                                          | Additions                to deferred financing costs                                                                  |                                                                                                                                                                   |                                                     | (77     | )       |    |   | ---     |   |
|                                          | Proceeds                from exercise of unit options                                                                 |                                                                                                                                                                   |                                                     | 473     |    |    |   | 345     |   |
|                                          |                                                                                                                  |                                                                                                                                                                   | Net                cash used in financing activities     |    |    | (6,701  | )      |    |   | (9,812 | )      |
|                                          | Net                increase (decrease) in cash and cash equivalents                                                   |                                                                                                                                                                   |                                                     | (792    | )       |    |   | 2,439   |   |
|                                          | Cash                and cash equivalents, beginning of period                                                         |                                                                                                                                                                   |                                                     | 2,926   |    |    |   | 4,089   |   |
|                                          | Cash                and cash equivalents, end of period                                                               |                                                                                                                                                                   | $                                                        | 2,134   |    |    | $      | 6,528   |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

| **1.  ** | **Business** |
|--------------------|--------------|

| **2.  ** | **Basis                of Presentation** |
|--------------------|------------------------------------------|

----

| **3.  ** | **Development                of Rental Properties** |
|--------------------|-----------------------------------------------------|

***Charleston,      South Carolina***

| **4.  ** | **Investments                in Unconsolidated Real Estate Joint                Ventures** |
|--------------------|--------------------------------------------------------------------------------------------|

| **Joint                Venture**           | **Our                Ownership %** | **Project                Location**         |
|--------------------------------------------|------------------------------------|---------------------------------------------|
| TWMB                Associates, LLC        | 50%                                | Myrtle                Beach, South Carolina |
| Tanger                Wisconsin Dells, LLC | 50%                                | Wisconsin                Dells, Wisconsin   |
| Deer                Park Enterprise, LLC   | 33%                                | Deer                Park, New York          |

|                      |        |                                                                            Three months      |
|---------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |        |                                                               Ended March 31, |
|                      |        | 2006                                                                                                                                                                                                                                                                                                                | 2005 |
| Fee:                      |        |                                                                                                                                                                                                                                                                                                                |   |
|                      | Management  |                                                                                                                                                                                                                                                                                                                | $                78 | $                78 |
|                      | Leasing     |                                                                                                                                                                                                                                                                                                                | 3 | 5 |
|                      | Development |                                                                                                                                                                                                                                                                                                                | 97 | --- |
| Total                Fees |        | $                178                                                                                                                                                                                                                                                                                                | $                83 |

----

***Tanger      Wisconsin Dells, LLC***

***Deer      Park Enterprise, LLC***

----

|                                                                                                                                                                                                                        |                                                  |                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------|
|  **Summary                Balance Sheets****-                Unconsolidated Joint Ventures**                                                                                                                           | As                of March                31, 2006    | As                of December                31, 2005 |
| **Assets:**                                                                                                                                                                                                                 |                                                  |                                                  |
|                                                                                                                                                                                                                        | Investment                properties at cost, net     | $                64,463                               | $                64,915 |
|                                                                                                                                                                                                                        | Construction                in progress               | 26,562                                                | 15,734 |
|                                                                                                                                                                                                                        | Cash                and cash equivalents              | 5,284                                                 | 6,355 |
|                                                                                                                                                                                                                        | Deferred                charges, net                  | 1,729                                                 | 1,548 |
|                                                                                                                                                                                                                        | Other                assets                           | 10,647                                                | 6,690 |
|                                                                                                                                                                                                                        |                                                  | Total                assets                           | $108,685 | $                95,242 |
| **Liabilities                and Owners’ Equity:**                                                                                                                                                                    |                                                  |                                                  |
|                                                                                                                                                                                                                        | Mortgages                payable                      | $                69,323                               | $                61,081 |
|                                                                                                                                                                                                                        | Construction                trade payables            | 6,646                                                 | 6,588 |
|                                                                                                                                                                                                                        | Accounts                payable and other liabilities | 1,035                                                 | 1,177 |
|                                                                                                                                                                                                                        |                                                  | Total                liabilities                      | 77,004 | 68,846 |
| Owners’                equity                                                                                                                                                                                         | 31,681                                                | 26,396                                                |
|                            Total                liabilities and owners’ equity | $108,685                                              | $                95,242                               |

| **Summary                Statement of Operations** |                                            For                the three months ended |
|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **-                Unconsolidated Joint Ventures** | March                31, 2006                                                                                                                                                                                                                                                                               | March                31, 2005 |
|                                               |                                                                                                                                                                                                                                                                                                        |   |
| **Revenues**                                       | $                2,657                                                                                                                                                                                                                                                                                      | $                2,511 |
|                                               |                                                                                                                                                                                                                                                                                                        |   |
| **Expenses:**                                      |                                                                                                                                                                                                                                                                                                        |   |
| Property                operating                  | 1,030                                                                                                                                                                                                                                                                                                       | 974 |
| General                and administrative          | 7                                                                                                                                                                                                                                                                                                           | -- |
| Depreciation                and amortization       | 786                                                                                                                                                                                                                                                                                                         | 767 |
| Total                expenses                      | 1,823                                                                                                                                                                                                                                                                                                       | 1,741 |
| Operating                income                    | 834                                                                                                                                                                                                                                                                                                         | 770 |
| Interest                expense                    | 569                                                                                                                                                                                                                                                                                                         | 417 |
| **Net                income**                      | $                265                                                                                                                                                                                                                                                                                        | $                353 |
|                                               |                                                                                                                                                                                                                                                                                                        |   |
| Tanger’s                share of:            |                                                                                                                                                                                                                                                                                                        |   |
| Net                income                          | $                147                                                                                                                                                                                                                                                                                        | $                191 |
| Depreciation                (real estate related)  | $                379                                                                                                                                                                                                                                                                                        | $                369 |
|                                               |                                                                                                                                                                                                                                                                                                        |   |

**5.**
**Disposition      of Properties**

***2006      Transactions***

----

|                                                                      |                                         | Three                Months Ended |           |
|---------------------------------------------------------------------------|----------------------------------------------|-----------------------------------|----------------|
| ** Summary                Statements of Operations - Disposed**      |                                         |                              | March 31, |   |
| ** Properties                Included in Discontinued Operations**   |                                         | 2006                              |           |   | 2005 |   |
| **Revenues:**                                                             |                                         |                              |           |   |   |   |   |   |
|                                                                      | Base                rentals                  |                              | $              | 448 |   |   | $ | 645 |   |
|                                                                      | Percentage                rentals            |                              |           | 6 |   |   |   | 6 |   |
|                                                                      | Expense                reimbursements        |                              |           | 219 |   |   |   | 358 |   |
|                                                                      | Other                income                  |                              |           | 14 |   |   |   | 17 |   |
|                                                                      |                                         | Total                revenues     |           |   | 687 |   |   |   | 1,026 |   |
| **Expenses:**                                                             |                                         |                              |           |   |   |   |   |   |
|                                                                      | Property                operating            |                              |           | 360 |   |   |   | 540 |   |
|                                                                      | General                and administrative    |                              |           | 3 |   |   |   | 1 |   |
|                                                                      | Depreciation                and amortization |                              |           | 116 |   |   |   | 177 |   |
|                                                                      |                                         | Total                expenses     |           |   | 479 |   |   |   | 718 |   |
| Discontinued                operations before gain on sale of real estate |                                         | 208                               |           |   |   | 308 |   |
| Gain                on sale of real estate included in                    |                                         |                              |           |   |   |   |   |   |
|                                                                      | discontinued                operations       |                              |           | 13,833 |   |   |   | --- |   |
| Discontinued                operations                                    |                                         |  $                           | 14,041         |   |   |  $ | 308 |   |

***2005      Transactions***

***2006      Outparcel Sales***

|                                                   | 2006 |
|--------------------------------------------------------|------|
| Number                of outparcels                    | 2    |
| Net                proceeds                            | $626 |
| Gains                on sales included in other income | $110 |

----

| **6.  ** | **Other                Comprehensive Income** |
|--------------------|-----------------------------------------------|

|                                                                       |   |   | 2006   |   |   | 2005   |   |
|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Net                income (loss)                                           |   | $      | 17,556 |   | $      | (3,574 | )      |
| Other                comprehensive income (loss):                          |   |   |   |   |   |   |   |
| Reclassification                adjustment for amortization of gain on     |   |   |   |   |   |   |   |
| settlement                of US treasury rate lock included in net income, |   |   | (60    | )      |   | ---    |   |
| Change                in fair value of treasury rate locks,                |   |   | 5,303  |   |   | ---    |   |
| Change                in fair value of our portion of TWMB cash            |   |   |   |   |   |   |   |
| flow                hedge                                                  |   |   | 258    |   |   | (88    | )      |
|  Other                comprehensive income (loss)                     |   |   | 5,501  |   |   | (88    | )      |
| Total                comprehensive income (loss)                           |   | $      | 23,057 |   | $      | (3,662 | )      |

| **7.  ** | **Share-Based                Compensation** |
|--------------------|---------------------------------------------|

|                              | Unit                Options Outstanding                                                                                          | Unit                Options Exercisable |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
|                              |                                                                                                                             |                                    | Weighted                average |   |    |
|                              |                                                                                                                             |  Weighted                     | remaining                        |   | Weighted    |
| Range                of           |                                   Unit | average                  | contractual        | Unit    | average      |
| exercise                prices    |                                  options    | exercise                price           | life                in years       | options | exercise                price |
| $18.625                to $22.125 | 29,260                                                                                                                           | $                19.68                  | 3.59 | 29,260 | $                19.68 |
| $30.125                to $38.76  | 31,000                                                                                                                           | 34.30                                   | 4.82 | 19,000 | 31.48 |
| $38.76                to $47.92   | 239,220                                                                                                                          | 38.98                                   | 8.09 | 37,170 | 38.96 |
|                              | 299,480                                                                                                                          | $                36.60                  | 7.31 | 85,430 | $                30.70 |

----

|                                               |   |   |    |      |   | Weighted-   |   |      |                         |
|----------------------------------------------------|--------|--------|---------|-----------|--------|-------------|--------|-----------|------------------------------|
|                                               |   |   |    | Weighted- |   | average     |   |      |                         |
|                                               |   |   |    | average   |   | remaining   |   | Aggregate |                         |
|                                               |   |   |    | exercise  |   | contractual |   | intrinsic |                         |
| **Unit                Options**                    |   |   | Units   |      |   | price       |   |      | life                in years |   |   | value |   |
| Outstanding                as of December 31, 2005 |   |   | 316,120 |      | $      | 36.16       |   |      |                         |   |   |   |   |
| Granted                                            |   |   | ---     |      |   | ---         |   |      |                         |   | $ | --- |   |
| Exercised                                          |   |   | (14,400 | )         |   | 26.42       |   |      |                         |   |   | 560 |   |
| Forfeited                                          |   |   | (2,240  | )         |   | 38.83       |   |      |                         |   |   | --- |   |
| Outstanding                as of March 31, 2006    |   |   | 299,480 |      | $      | 36.61       |   |      | 7.31                         |   | $ | 9,646 |   |
|                                               |   |   |    |      |   |        |   |      |                         |   |   |   |   |
| Exercisable                as of March 31, 2006    |   |   | 85,430  |      | $      | 30.70       |   |      | 5.82                         |   | $ | 3,257 |   |
|                                               |   |   |    |      |   |        |   |      |                         |   |   |   |   |

|                                         |      |                                |   |                                                                |   | Weighted                average                          |
|----------------------------------------------|-----------|-------------------------------------|--------|---------------------------------------------------------------------|--------|----------------------------------------------------------|
|                                         |      |                                |   | Number                of                                            |   | grant                date       |
| **Unvested                Restricted Units** |      | units      |   | fair                value        |
| Unvested                at December 31, 2005 |      | 112,793                             |   | $41.90                                                              |
|                                         | Granted   |                                | 82,000 |                                                                | 63.84  |
|                                         | Vested    |                                | ---    |                                                                | ---    |
|                                         | Forfeited |                                | ---    |                                                                | ---    |
| Unvested                at March 31, 2006    |      | 194,793                             |   | $51.14                                                              |
|                                         |      |                                |   |                                                                |   |                                                     |

----

| **8.  ** | **Earnings                Per Unit** |
|--------------------|--------------------------------------|

|                                                             |   |                                  Three months ended March 31  |
|------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                             |   |                                                                                                                                                    | 2006 |   | 2005 |
| **NUMERATOR:**                                                   |   |                                                                                                                                                    |   |   |   |
| Income                from continuing operations                 |   | $                                                                                                                                                       | 3,515 |   |   |   |   | $ | 808 |   |
| Loss                on sale of real estate                       |   |                                                                                                                                                    | --- |   |   |   |   |   | (4,690 | ) |
| Less                applicable preferred unit distributions |   |                                                                                                                                                    | (1,215 | ) |   |   |   |   | --- |   |
| Income                from continuing operations available       |   |                                                                                                                                                    |   |   |   |   |   |   |   |   |
|  to                common unitholders                       |   |                                                                                                                                                    | 2,300 |   |   |   |   |   | (3,882 | ) |
| Discontinued                operations                           |   |                                                                                                                                                    | 14,041 |   |   |   |   |   | 308 |   |
| Net                income available to common unitholders        |   | $                                                                                                                                                       | 16,341 |   |   |   |   | $ | (3,574 | ) |
| **DENOMINATOR:**                                                 |   |                                                                                                                                                    |   |   |   |
| Basic                weighted average common units               |   |                                                                                                                                                    | 18,299 |   |   |   |   |   | 16,685 |   |
| Effect                of outstanding unit options                |   |                                                                                                                                                    | 123 |   |   |   |   |   | 77 |   |
| Effect                of unvested restricted unit awards         |   |                                                                                                                                                    | 42 |   |   |   |   |   | 16 |   |
| Diluted                weighted average common units             |   |                                                                                                                                                    | 18,464 |   |   |   |   |   | 16,778 |   |
|                                                             |   |                                                                                                                                                    |   |   |   |
| Basic                earnings per common unit:                   |   |                                                                                                                                                    |   |   |   |
| Income                (loss) from continuing operations          |   | $                                                                                                                                                       | .13 |   | $                                               (.23) |
| Discontinued                operations                           |   |                                                                                                                                                    | .76 |   | .02 |
| Net                income (loss)                                 |   | $                                                                                                                                                       | .89 |   | $                                               (.21) |
|                                                             |   |                                                                                                                                                    |   |   |   |
| Diluted                earnings per common unit:                 |   |                                                                                                                                                    |   |   |   |
| Income                (loss) from continuing operations          |   | $                                                                                                                                                       | .12 |   | $                                               (.23) |
| Discontinued                operations                           |   |                                                                                                                                                    | .77 |   | .02 |
| Net                income (loss)                                 |   | $                                                                                                                                                       | .89 |   | $                                               (.21) |

|                                                  |   | 2006   |       | 2005   |   |
|-------------------------------------------------------|--------|--------|------------|--------|--------|
| Preferred                units:                       |   |   |       |   |   |   |   |
| Limited                partner                        |   |   | 3,000,000  |   |   | 2,200,000 |   |
| Common                units:                          |   |   |       |   |   |   |   |
| General                partner                        |   |   | 150,000    |   |   | 150,000 |   |
| Limited                partners                       |   |   | 18,354,063 |   |   | 18,257,663 |   |
|         Total |   |   | 18,504,063 |   |   | 18,407,663 |   |

----

| **9.  ** | **Derivatives** |
|--------------------|-----------------|

|  **Financial                Instrument Type**       |   |   | Notional                Value |   |   | Rate   |   |   | Maturity                  |   |   | Fair                Value |   |
|----------------------------------------------------------|--------|--------|-------------------------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|---------------------------|--------|
| **TANGER                PROPERTIES LIMITED PARTNERSHIP** |   |   |                          |   |   |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.526  | %      |   | July                2008  |   | $      | 3,007,000                 |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.715  | %      |   | July                2008  |   | $      | 1,983,000                 |   |
|                                                     |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| **TWMB,                ASSOCIATES, LLC**                 |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| LIBOR                Interest Rate Swap                  |   | $      | 35,000,000                    |   |   | 4.59   | %      |   | March                2010 |   | $      | 697,000                   |   |

**10.      Preferred Share Offering**

**11.      Non-Cash Investing Activities**

----

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

**General      Overview**

----

|                                         |   |   | No.                of Centers  |   |   | GLA(000’s) |   |   | States |   |
|----------------------------------------------|--------|--------|-------------------------------------|--------|--------|------------------|--------|--------|--------|--------|
| As                of March 31, 2005          |   |   | 31                                  |   |   | 8,196            |   |   | 22     |   |
| New                development expansion:    |   |   |                                |   |   |             |   |   |   |   |
|  Locust                Grove, Georgia   |   |   | ---                                 |   |   | 46               |   |   | ---    |   |
|  Foley,                Alabama          |   |   | ---                                 |   |   | 21               |   |   | ---    |   |
| Dispositions:                                |   |   |                                |   |   |             |   |   |   |   |
|  Pigeon                Forge, Tennessee |   |   | (1                                  | )      |   | (95              | )      |   | ---    |   |
|  North                Branch, Minnesota |   |   | (1                                  | )      |   | (134             | )      |   | (1     | )      |
|  Other                                  |   |   | ---                                 |   |   | (4               | )      |   | ---    |   |
| As                of March 31, 2006          |   |   | 29                                  |   |   | 8,030            |   |   | 21     |   |

| **Location**                                     | **GLA**                      |   | **%**        |
|--------------------------------------------------|------------------------------|--------|--------------|
| ** Wholly                Owned Properties** | **(sq.                ft.)** |   | **Occupied** |
| Riverhead,                NY (1)                 | 729,315                      |   | 98           |
| Rehoboth                Beach, DE (1)            | 568,873                      |   | 98           |
| Foley,                AL                         | 557,093                      |   | 94           |
| San                Marcos, TX                    | 442,510                      |   | 97           |
| Myrtle                Beach Hwy 501, SC          | 427,417                      |   | 91           |
| Sevierville,                TN (1)               | 419,038                      |   | 100          |
| Hilton                Head, SC                   | 393,094                      |   | 81           |
| Commerce                II, GA                   | 340,656                      |   | 98           |
| Howell,                MI                        | 324,631                      |   | 95           |
| Park                City, UT                     | 300,602                      |   | 100          |
| Locust                Grove, GA                  | 293,868                      |   | 95           |
| Westbrook,                CT                     | 291,051                      |   | 90           |
| Branson,                MO                       | 277,883                      |   | 99           |
| Williamsburg,                IA                  | 277,230                      |   | 99           |
| Lincoln                City, OR                  | 270,280                      |   | 99           |
| Tuscola,                IL                       | 256,514                      |   | 70           |
| Lancaster,                PA                     | 255,152                      |   | 99           |
| Gonzales,                LA                      | 243,499                      |   | 100          |
| Tilton,                NH                        | 227,998                      |   | 97           |
| Fort                Meyers, FL                   | 198,924                      |   | 91           |
| Commerce                I, GA                    | 185,750                      |   | 87           |
| Terrell,                TX                       | 177,490                      |   | 99           |
| West                Branch, MI                   | 112,120                      |   | 98           |
| Barstow,                CA                       | 108,950                      |   | 95           |
| Blowing                Rock, NC                  | 104,280                      |   | 100          |
| Nags                Head, NC                     | 82,178                       |   | 97           |
| Boaz,                AL                          | 79,575                       |   | 92           |
| Kittery                I, ME                     | 59,694                       |   | 100          |
| Kittery                II, ME                    | 24,619                       |   | 100          |
| Totals                                           | 8,030,284                    |   | 95           |
|                                             |                         |   |         |

----

| **Unconsolidated                Joint Ventures** |    |   |   |
|--------------------------------------------------|---------|--------|--------|
| Myrtle                Beach Hwy 17, SC (1)       | 401,992 |   |   |

| **Managed                Properties** |    |   |   |
|---------------------------------------|---------|--------|--------|
| North                Branch, MN       | 134,480 |   |   |
| Pigeon                Forge, TN       | 94,694  |   |   |
| Burlington,                NC         | 64,288  |   |   |

| (1)   | These                properties or a portion thereof are subject to a ground                lease. |
|-----------------|----------------------------------------------------------------------------------------------------|

|     **Location**    |   |   | GLA(sq.                ft.) |   |   | Mortgage                Debt (000’s) as of March                31,2006 |   |   | Interest                Rate |   |   | Maturity                Date |   |
|-----------------------------------------|--------|--------|-----------------------------|--------|--------|-------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| **Woodman                of the World** |   |   |                        |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Blowing                Rock, NC         |   |   | 104,280                     |   | $      | 9,143                                                                         |   |   | 8.860                        | %      |   | 9/01/2010                    |   |
| Nags                Head, NC            |   |   | 82,178                      |   |   | 6,205                                                                         |   |   | 8.860                        | %      |   | 9/01/2010                    |   |
|  Subtotal                          |   |   | 186,458                     |   |   | 15,348                                                                        |   |   |                         |   |   |                         |   |
| **GMAC**                                |   |   |                        |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Rehoboth                Beach, DE       |   |   | 568,873                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Foley,                AL                |   |   | 557,093                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Myrtle                Beach Hwy 501, SC |   |   | 427,417                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Hilton                Head, SC          |   |   | 393,094                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Park                City, UT            |   |   | 300,602                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Westbrook,                CT            |   |   | 291,051                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Lincoln                City, OR         |   |   | 270,280                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Tuscola,                IL              |   |   | 256,514                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
| Tilton,                NH               |   |   | 227,998                     |   |   |                                                                          |   |   |                         |   |   |                         |   |
|                                    |   |   | 3,292,922                   |   |   | 179,111                                                                       |   |   | 6.590                        | %      |   | 7/10/2008                    |   |
| Net                debt premium         |   |   |                        |   |   | 5,203                                                                         |   |   |                         |   |   |                         |   |
|  Subtotal                          |   |   |                        |   |   | 184,314                                                                       |   |   |                         |   |   |                         |   |
| **Totals**                              |   |   | 3,479,380                   |   | $      | 199,662                                                                       |   |   |                         |   |   |                         |   |
|                                    |   |   |                        |   |   |                                                                          |   |   |                         |   |   |                         |   |

----

**RESULTS      OF OPERATIONS**

**Comparison      of the three months ended March 31, 2006 to the three months ended March 31,      2005**

----

| **Summary                of discontinued operations**        |   |    | 2006   |   |    | 2005 |   |
|--------------------------------------------------------------|--------|---------|--------|--------|---------|------|--------|
| Operating                income from discontinued operations |   | $       | 208    |   | $       | 308  |   |
| Gain                on sale of real estate                   |   |    | 13,833 |   |    | ---  |   |
| Income                from discontinued operations           |   |  $ | 14,041 |   |  $ | 308  |   |

----

**LIQUIDITY      AND CAPITAL RESOURCES**

***Current      Developments and Dispositions***

*WHOLLY      OWNED CURRENT DEVELOPMENTS*

*WHOLLY      OWNED DISPOSITIONS*

----

*UNCONSOLIDATED      JOINT VENTURES*

***Tanger      Wisconsin Dells, LLC***

***Deer      Park Enterprise, LLC***

----

**Financing      Arrangements**

----

**Off-Balance      Sheet Arrangements**

**Critical      Accounting Policies and Estimates**

**Related      Party Transactions**

**Funds      From Operations**

----

| §   | 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                does not reflect the impact of earnings or charges resulting from                matters                which 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Funds                From Operations Reconciliation**                  |   |   | 2006    |   |   | 2005   |    |   |   |   |
|--------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|
| Net                income (loss)                                         |   | $      | 17,556  |   | $      | (3,574 | )  |   |   |   |
| Adjusted                for:                                             |   |   |    |   |   |   |    |   |   |   |
| Minority                interest adjustment - consolidated joint venture |   |   | ---     |   |   | 169    |    |   |   |   |
| Depreciation                and amortization                             |   |   |    |   |   |   |    |   |   |   |
| attributable                to discontinued operations                   |   |   | 116     |   |   | 177    |    |   |   |   |
| Depreciation                and amortization uniquely significant to     |   |   |    |   |   |   |    |   |   |   |
| real                estate - consolidated                                |   |   | 15,885  |   |   | 12,699 |    |   |   |   |
| Depreciation                and amortization uniquely significant to     |   |   |    |   |   |   |    |   |   |   |
| real                estate - unconsolidated joint ventures               |   |   | 379     |   |   | 369    |    |   |   |   |
| (Gain)                loss on sale of real estate                        |   |   | (13,833 | )      |   | 4,690  |    |   |   |   |
| **Funds                from operations (FFO) (1)**                       |   |   | 20,103  |   |   | 14,530 |    |   |   |   |
| Preferred                unit distributions                              |   |   | (1,215  | )      |   | ---    |    |   |   |   |
| **Funds                from operations available to common unitholders** |   | $      | 18,888  |   | $      | 14,530 |    |   |   |   |
| Weighted                average units outstanding (2)                    |   |   | 18,464  |   |   | 16,778 |    |   |   |   |

| (1)   | The                three months ended March 31, 2006 includes gains on sales of outparcels                of                land of $110, respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Assumes                unit options are converted to common units. |
|-----------------|--------------------------------------------------------------------|

----

**Economic      Conditions and Outlook**

----

**Item      3. Quantitative and Qualitative Disclosures about Market      Risk**

**Market      Risk**

----

|  **Financial                Instrument Type**       |   |   | Notional                Value |   |   | Rate   |   |   | Maturity                  |   |   | Fair                Value |   |
|----------------------------------------------------------|--------|--------|-------------------------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|---------------------------|--------|
| **TANGER                PROPERTIES LIMITED PARTNERSHIP** |   |   |                          |   |   |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.526  | %      |   | July                2008  |   | $      | 3,007,000                 |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.715  | %      |   | July                2008  |   | $      | 1,983,000                 |   |
|                                                     |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| **TWMB,                ASSOCIATES, LLC**                 |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| LIBOR                Interest Rate Swap                  |   | $      | 35,000,000                    |   |   | 4.59   | %      |   | March                2010 |   | $      | 697,000                   |   |

**Item      4. Controls and Procedures**

----

**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      1A. Risk Factors**

**Item      5. Other Information**

**Item      6. Exhibits **

| 10.9        | Amended                and Restated Employment Agreement for Lisa J. Morrison dated May                9,                2006.                                                                                    |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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.  |
| 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.  |
| 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.  |
| 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.       |

----

| 10.9   | Amended                and Restated Employment Agreement for Lisa J. Morrison dated May                9,                2006. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----