| UNITED      STATES                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SECURITIES      AND EXCHANGE COMMISSION                                                                                                                                              |
| Washington,      D.C. 20549                                                                                                                                                          |
|                                                                                                                                                                                 |
| FORM      10-Q                                                                                                                                                                       |
|                                                                                                                                                                                 |
| [ X      ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF                                                                                                                       |
| THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                             |
|                                                                                                                                                                                 |
| For      the quarterly period ended March 31, 2008                                                                                                                                   |
| OR                                                                                                                                                                                   |
| [   ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of                                                                                                       |
| THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                             |
|                                                                                                                                                                                 |
| For      the transition period      from                       to |
|                                                                                                                                                                                 |
| Commission      File No.                                                                                                                                                             |
| 333-136448                                                                                                                                                                           |
| 333-128160-01                                                                                                                                                                        |
| 33-99736-01                                                                                                                                                                          |
| 333-3526-01                                                                                                                                                                          |
| 333-39365-01                                                                                                                                                                         |
| 333-61394-01                                                                                                                                                                         |
|                                                                                                                                                                                 |
| TANGER      PROPERTIES LIMITED PARTNERSHIP                                                                                                                                           |
| (Exact      name of Registrant as specified in itsCharter)                                                                                                                           |

| 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 |
|----------------------------------------------------------------------------|
| (Address      of principal executive offices)                              |
| (Zip      code)                                                            |

| (336)      292-3010                                      |
|----------------------------------------------------------|
| (Registrant's      telephone number, including areacode) |

| Large      accelerated filer  ̈ | Accelerated      filer  ̈ | Non-accelerated      filer ý | Smaller      reporting company  ̈ |
|-------------------------------------|-------------------------------|-----------------------------------|---------------------------------------|

----

|                                                                                    | Page      Number                                        |
|-----------------------------------------------------------------------------------------|---------------------------------------------------------|
| Part      I. Financial Information                                                 |
| Item      1.  Financial Statements (Unaudited)                                |                                                    |
| Consolidated      Balance Sheets -                                                      |                                                    |
|                                                                                    | as      of March 31, 2008 and December 31, 2007         | 3 |
| Consolidated      Statements of Operations -                                            |                                                    |
|                                                                                    | for      the three months ended March 31, 2008 and 2007 | 4 |
| Consolidated      Statements of Cash Flows -                                            |                                                    |
|                                                                                    | for      the three months ended March 31, 2008 and 2007 | 5 |
| Notes      to Consolidated Financial Statements                                         | 6                                                       |
|                                                                                    |                                                    |
| Item      2.  Management's Discussion and Analysis of      Financial          |                                                    |
|                                                                                    | Condition      and Results of Operations                | 16 |
|                                                                                    |                                                    |
| Item      3.  Quantitative and Qualitative Disclosures about Market      Risk | 27                                                      |
|                                                                                    |                                                    |
| Item      4.  Controls and Procedures                                         | 27                                                      |
|                                                                                    |                                                    |
| Part      II. Other Information                                                         |
|                                                                                    |                                                    |
| Item      1.  Legal Proceedings                                               | 27                                                      |
|                                                                                    |                                                    |
| Item      1A. Risk Factors                                                              | 27                                                      |
|                                                                                    |                                                    |
| Item      6. Exhibits                                                                   | 28                                                      |
|                                                                                    |                                                    |
| Signatures                                                                              | 28                                                      |

----

| PART      I. FINANCIAL INFORMATION                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                    |
|                  Item 1. Financial      Statements |

|                                        |                                                      | March 31,                         |                                    | December 31,                                 |
|---------------------------------------------|-----------------------------------------------------------|----------------------------------------|-----------------------------------------|---------------------------------------------------|
|                                        |                                                      | 2008                                   |                                    | 2007                                              |
| ASSETS:                                     |                                                      |                                   |                                    |                                              |   |   |   |   |
|                                        | Rental      property                                      |                                   |                                    |                                              |   |   |   |   |   |
|                                        | Land                                                      |                                   | $                                       | 130,077                                           |   |   | $ | 130,075 |   |
|                                        | Buildings,      improvements and fixtures                 |                                   |                                    | 1,127,956                                         |   |   |   | 1,104,459 |   |
|                                        | Construction      in progress                             |                                   |                                    | 53,036                                            |   |   |   | 52,603 |   |
|                                        |                                                      |                                   | 1,311,069                               |                                              |   |   | 1,287,137 |   |
|                                        | Accumulated      depreciation                             |                                   |                                    | (323,520                                          | ) |   |   | (312,638 | ) |
|                                        | Rental      property, net                                 |                                   |                                    | 987,549                                           |   |   |   | 974,499 |   |
|                                        | Cash      and cash equivalents                            |                                   |                                    | 2,251                                             |   |   |   | 2,393 |   |
|                                        | Investments      in unconsolidated joint ventures         |                                   |                                    | 9,193                                             |   |   |   | 10,695 |   |
|                                        | Deferred      charges, net                                |                                   |                                    | 42,302                                            |   |   |   | 44,804 |   |
|                                        | Other      assets                                         |                                   |                                    | 31,489                                            |   |   |   | 27,587 |   |
|                                        |                                                      | Total      assets                      |                                    | $                                                 | 1,072,784 |   |   | $ | 1,059,978 |   |
| LIABILITIES      AND PARTNERS’ EQUITY |
| Liabilities                                 |                                                      |                                   |                                    |                                              |   |   |   |   |
|                                        |                                                      | Debt                                   |                                    |                                              |   |   |   |   |   |   |
|                                        | Senior,      unsecured notes (net of discount of $740 and |                                   |                                    |                                              |   |   |   |   |   |
|                                        |                                                      | $759,      respectively)               |                                    | $                                                 | 398,760 |   |   | $ | 498,741 |   |
|                                        | Mortgages      payable (including a debt premium          |                                   |                                    |                                              |   |   |   |   |   |
|                                        |                                                      | of      $438 and $1,046, respectively) |                                    |                                              | 172,121 |   |   |   | 173,724 |   |
|                                        | Unsecured      lines of credit                            |                                   |                                    | 156,900                                           |   |   |   | 33,880 |   |
|                                        |                                                      |                                   |                                    | 727,781                                           |   |   |   | 706,345 |   |
|                                        | Construction      trade payables                          |                                   |                                    | 23,780                                            |   |   |   | 23,813 |   |
|                                        | Accounts      payable and accrued expenses                |                                   |                                    | 53,944                                            |   |   |   | 46,883 |   |
|                                        |                                                      |                                   | Total      liabilities                  |                                              |   | 805,505 |   |   |   | 777,041 |   |
|                                        |                                                      |                                   |                                    |                                              |   |   |   |   |
| Commitments                                 |                                                      |                                   |                                    |                                              |   |   |   |   |
|                                        |                                                      |                                   |                                    |                                              |   |   |   |   |
| Partners’      equity                 |                                                      |                                   |                                    |                                              |   |   |   |   |
|                                        | General      partner                                      |                                   |                                    | (30                                               | ) |   |   | 24 |   |
|                                        | Limited      partners                                     |                                   |                                    | 285,106                                           |   |   |   | 290,430 |   |
|                                        | Accumulated      other comprehensive loss                 |                                   |                                    | (17,797                                           | ) |   |   | (7,517 | ) |
|                                        |                                                      |                                   |  Total partners’      equity |                                              |   | 267,279 |   |   |   | 282,937 |   |
|                                        |                                                      |                                   |                                    | Total      liabilities and partners’ equity |   | $ | 1,072,784 |   |   | $ | 1,059,978 |   |

----

|                                                                |                                         |                   Three      Months Ended |                      |
|---------------------------------------------------------------------|----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                |                                         |                   March 31,          |                      |
|                                                                |                                         | 2008                                                                                                                                |                      |   | 2007 |   |
|                                                                |                                         |                                                                                                                                |                      |   |   |   |
|  Revenues                                                      |                                         |                                                                                                                                |                      |   |   |   |   |   |
|                                                                |  Base      rentals                      |                                                                                                                                | $                         | 37,232 |   |   | $ | 35,089 |   |
|                                                                |  Percentage      rentals                |                                                                                                                                |                      | 1,178 |   |   |   | 1,467 |   |
|                                                                |  Expense      reimbursements            |                                                                                                                                |                      | 17,478 |   |   |   | 15,013 |   |
|                                                                |  Other      income                      |                                                                                                                                |                      | 1,388 |   |   |   | 1,498 |   |
|                                                                |                                         |                                                                                                                                |  Total      revenues |   |   | 57,276 |   |   |   | 53,067 |   |
|                                                                |                                         |                                                                                                                                |                      |   |   |   |
|  Expenses                                                      |                                         |                                                                                                                                |                      |   |   |   |   |   |
|                                                                |  Property      operating                |                                                                                                                                |                      | 19,219 |   |   |   | 16,913 |   |
|                                                                |  General      and administrative        |                                                                                                                                |                      | 5,271 |   |   |   | 4,277 |   |
|                                                                |  Depreciation      and amortization     |                                                                                                                                |                      | 15,583 |   |   |   | 18,439 |   |
|                                                                |                                         |                                                                                                                                |  Total      expenses |   |   | 40,073 |   |   |   | 39,629 |   |
|  Operating      income                                         |                                         |                                                                                                                                | 17,203                    |   |   |   | 13,438 |   |
|                                                                |  Interest      expense                  |                                                                                                                                |                      | 9,548 |   |   |   | 10,056 |   |
|  Income      before equity in earnings of unconsolidated joint |                                         |                                                                                                                                |                      |   |   |   |   |   |
|                                                                | ventures      and discontinued operations    |                                                                                                                                |                      | 7,655 |   |   |   | 3,382 |   |
|  Equity      in earnings of unconsolidated joint ventures      |                                         |                                                                                                                                | 394                       |   |   |   | 235 |   |
|  Income from continuing      operations                        |                                         |                                                                                                                                | 8,049                     |   |   |   | 3,617 |   |
|  Discontinued      operations                                  |                                         |                                                                                                                                | ---                       |   |   |   | 34 |   |
|  Net    income                                                 |                                         |                                                                                                                                | 8,049                     |   |   |   | 3,651 |   |
|  Preferred      unit distributions                             |                                         |                                                                                                                                | (1,406                    | ) |   |   | (1,406 | ) |
|  Net income available to common      unitholders               |                                         |                                                                                                                                | 6,643                     |   |   |   | 2,245 |   |
|  Income      allocated to limited partners                     |                                         |                                                                                                                                | 6,589                     |   |   |   | 2,227 |   |
|  Income      allocated to general partner                      |                                         | $                                                                                                                                   | 54                        |   |   | $ | 18 |   |
|                                                                |                                         |                                                                                                                                |                      |   |   |   |
|  Basic earnings per common      unit:                          |                                         |                                                                                                                                |                      |   |   |   |   |   |
|                                                                |  Income      from continuing operations |                                                                                                                                | $                         | .36 |   |   | $ | .12 |   |
|                                                                |  Net      income                        |                                                                                                                                | $                         | .36 |   |   | $ | .12 |   |
|                                                                |                                         |                                                                                                                                |                      |   |   |   |   |   |
|  Diluted      earnings per common unit:                        |                                         |                                                                                                                                |                      |   |   |   |   |   |
|                                                                |  Income      from continuing operations |                                                                                                                                | $                         | .36 |   |   | $ | .12 |   |
|                                                                |  Net      income                        |                                                                                                                                | $                         | .36 |   |   | $ | .12 |   |
|                                                                |                                         |                                                                                                                                |                      |   |   |   |   |   |
|  Distributions      paid per common unit                       |                                         | $                                                                                                                                   | .72                       |   |   | $ | .68 |   |

----

|                            |                                                       |                                                                      |                                                           |     |   |    |   |    |   |    |   |   |
|---------------------------------|------------------------------------------------------------|---------------------------------------------------------------------------|----------------------------------------------------------------|----------|--------|---------|--------|---------|--------|---------|--------|--------|
|                            |                                                       | Three MonthsEnded                                                         |                                                           |
|                            |                                                       | March 31,                                                                 |                                                           |
|                            |                                                       | 2008                                                                      |                                                           |     | 2007   |    |
|                            |                                                       |                                                                 |                                                           |
|  OPERATING      ACTIVITIES |                                                       |                                                                      |                                                           |     |   |    |   |    |
|                            |  Net      income                                      |                                                                      | $                                                              | 8,049    |   |    | $      | 3,651   |   |
|                            |  Adjustments      to reconcile net income to net cash |                                                                      |                                                           |     |   |    |   |    |   |
|                            |                                                       | provided      by operating activities:                                    |                                                           |     |   |    |   |    |   |    |
|                            |                                                       |  Depreciation      and amortization (including discontinued          |                                                           |     |   |    |   |    |   |    |
|                            |                                                       |                                                                      | operations)                                                    |     |   | 15,583  |   |    |   | 18,487  |   |
|                            |                                                       |  Amortization      of deferred financing costs                       |                                                           |     | 379    |    |   |    | 418    |    |
|                            |                                                       |  Equity      in earnings of unconsolidated joint ventures            |                                                           |     | (394   | )       |   |    | (235   | )       |
|                            |                                                       |  Compensation      expense related to restricted shares              |                                                           |     |   |    |   |    |   |    |
|                            |                                                       |                                                                      |  and      options granted                                 |     |   | 1,224   |   |    |   | 831     |   |
|                            |                                                       |  Amortization      of debt premiums and discount, net                |                                                           |     | (657   | )       |   |    | (630   | )       |
|                            |                                                       |  Distributions      received from unconsolidated joint ventures      |                                                           |     | 885    |    |   |    | 525    |    |
|                            |                                                       |  Amortization      of above/(below) market rent rate adjustment, net |                                                           |     | 105    |    |   |    | (364   | )       |
|                            |                                                       |  Straight-line      base rent adjustment                             |                                                           |     | (789   | )       |   |    | (714   | )       |
|                            |        Increase (decrease) due to changes in:         |                                                                      |                                                           |     |   |    |   |    |   |
|                            |                                                       |  Other      assets                                                   |                                                           |     | (3,385 | )       |   |    | 2,952  |    |
|                            |                                                       |  Accounts      payable and accrued expenses                          |                                                           |     | (3,394 | )       |   |    | (2,224 | )       |
|                            |                                                       |                                                                      |  Net      cash provided by operating activities           |     |   | 17,606  |   |    |   | 22,697  |   |
|  INVESTING      ACTIVITIES |                                                       |                                                                      |                                                           |     |   |    |   |    |
|                            |  Additions      to rental property                    |                                                                      |                                                           | (24,897  | )      |    |   | (14,855 | )      |
|                            |  Additions      to deferred lease costs               |                                                                      |                                                           | (1,104   | )      |    |   | (647    | )      |
|                            |                                                       |                                                                      |  Net      cash used in investing activities               |     |   | (26,001 | )      |    |   | (15,502 | )      |
|  FINANCING      ACTIVITIES |                                                       |                                                                      |                                                           |     |   |    |   |    |
|                            |  Cash      distributions                              |                                                                      |                                                           | (14,872  | )      |    |   | (14,023 | )      |
|                            |  Net      proceeds from debt issuances                |                                                                      |                                                           | 180,820  |   |    |   | 4,850   |   |
|                            |  Repayments      of debt                              |                                                                      |                                                           | (158,795 | )      |    |   | (5,814  | )      |
|                            |  Proceeds      from tax incentive financing           |                                                                      |                                                           | 1,449    |   |    |   | 1,851   |   |
|                            |  Additions      to deferred financing costs           |                                                                      |                                                           | (571     | )      |    |   | ---     |   |
|                            |  Proceeds      from exercise of options               |                                                                      |                                                           | 222      |   |    |   | 788     |   |
|                            |                                                       |                                                                      |  Net      cash provided by (used in) financing activities |     |   | 8,253   |   |    |   | (12,348 | )      |
|                            |  Net      decrease in cash and cash equivalents       |                                                                      |                                                           | (142     | )      |    |   | (5,153  | )      |
|                            |  Cash      and cash equivalents, beginning of period  |                                                                      |                                                           | 2,393    |   |    |   | 8,413   |   |
|                            |  Cash      and cash equivalents, end of period        |                                                                      | $                                                              | 2,251    |   |    | $      | 3,260   |   |

----

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

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

----

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

| 4.   | Investments      in Unconsolidated Real Estate JointVentures |
|----------------|--------------------------------------------------------------|

|     Joint      Venture |    Our      Ownership      % |   Carrying      Value      as of March      31, 2008 (in      millions) |   Carrying      Value      as ofDecember      31, 2007 (in      millions) |     Project      Location |
|--------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------|
| Myrtle      Beach Hwy 17                   | 50%                                         | $0.3                                                                                   | $0.9                                                                                     | Myrtle      Beach, South Carolina             |
| Wisconsin      Dells                       | 50%                                         | $5.7                                                                                   | $6.0                                                                                     | Wisconsin      Dells, Wisconsin               |
| Deer      Park                             | 33%                                         | $3.2                                                                                   | $3.8                                                                                     | Deer      Park, New York                      |

----

|            |                        |                                                                 Three months ended |
|-----------------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                                                March 31,                |
|            |                        | 2008                                                                                                                                                                                                                                                                                                                                                   | 2007 |
| Fee:            |                        |                                                                                                                                                                                                                                                                                                                                                   |   |
|            | Management      and leasing |                                                                                                                                                                                                                                                                                                                                                   | $      227 | $  246 |
|            | Marketing                   |                                                                                                                                                                                                                                                                                                                                                   | 34 | 29 |
| Total      Fees |                        | $      261                                                                                                                                                                                                                                                                                                                                             | $  275 |

----

|                                                                              |                                                              |                                                                                         |
|-----------------------------------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
|  Summary      Balance Sheets –      Unconsolidated Joint Ventures | As      of   March      31, 2008    | As      of     December      31, 2007      |
| Assets:                                                                           |                                                              |                                                                                         |
|                                                                              | Investment      properties at cost, net                           | $  70,541                                                                          | $  71,022 |
|                                                                              | Construction      in progress                                     | 134,756                                                                                      | 103,568 |
|                                                                              | Cash      and cash equivalents                                    | 2,708                                                                                        | 2,282 |
|                                                                              | Deferred      charges, net                                        | 2,157                                                                                        | 2,092 |
|                                                                              | Other      assets                                                 | 8,613                                                                                        | 8,425 |
|                                                                              |                                                              | Total      assets                                                                            | $218,775 | $  187,389 |
| Liabilities      and Owners’ Equity:                                        |                                                              |                                                                                         |
|                                                                              | Mortgages      payable                                            | $  173,249                                                                         | $  148,321 |
|                                                                              | Construction      trade payables                                  | 20,736                                                                                       | 13,052 |
|                                                                              | Accounts      payable and other liabilities (1)                   | 9,281                                                                                        | 6,377 |
|                                                                              |                                                              | Total      liabilities                                                                       | 203,266 | 167,750 |
| Owners’      equity (1)                                                     | 15,509                                                            | 19,639                                                                                       |
| Total      liabilities and owners’ equity                                   | $218,775                                                          | $  187,389                                                                         |

| (1)   | Includes      the fair value of interest rate swap agreements at Deer Park and Myrtle      Beach Hwy 17 totaling $7.2 million and $4.0 million as of March 31, 2008      and December 31, 2007, respectively, recorded as an increase in accounts      payable and other liabilities and a reduction of owners’ equity in other      comprehensive income. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Summary      Statement of Operations                         |                                  Three months ended |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                         |                                   March 31,    |
| –      Unconsolidated Joint Ventures                   | 2008                                                                                                                                                                                       | 2007 |
|                                                         |                                                                                                                                                                                       |   |
| Revenues                                                     | $  4,757                                                                                                                                                                         | $  4,636 |
|                                                         |                                                                                                                                                                                       |   |
| Expenses:                                                    |                                                                                                                                                                                       |   |
|                                                         | Property      operating                                                                                                                                                                    | 1,802 | 1,764 |
|                                                         | General      and administrative                                                                                                                                                            | 19 | 42 |
|                                                         | Depreciation      and amortization                                                                                                                                                         | 1,345 | 1,357 |
|                                                         |                                                                                                                                                                                       | Total      expenses | 3,166 | 3,163 |
| Operating      income                                        | 1,591                                                                                                                                                                                      | 1,473 |
| Interest      expense                                        | 840                                                                                                                                                                                        | 1,056 |
| Net      income                                              | $     751                                                                                                                                                         | $     417 |
|                                                         |                                                                                                                                                                                       |   |
| Tanger      Properties Limited Partnership’s share of: |                                                                                                                                                                                       |   |
| Net      income                                              | $     394                                                                                                                                                         | $     235 |
| Depreciation      (real estate related)                      | $     652                                                                                                                                                         | $     654 |
|                                                         |                                                                                                                                                                                       |   |

----

|                         |                                                         |                |         Three      Months Ended |                                                                                                                                     |
|------------------------------|--------------------------------------------------------------|---------------------|-------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
|                         |  Summary      Statements of Operations – Disposed |                |                                                                    | March 31,                                                                                                                           |   |
|                         |  Properties      Included in Discontinued Operations    |                | 2008                                                                    |                            2007 |
| Revenues:                    |                                                         |                |                                                                    |                                                                                                                                     |   |   |   |   |
|                         | Base      rentals                                            |                | $                                                                       | ---                                                                                                                                      |   | $ | 138 |   |   |
|                         | Percentage      rentals                                      |                |                                                                    | ---                                                                                                                                      |   |   | 1 |   |   |
|                         | Expense      reimbursements                                  |                |                                                                    | ---                                                                                                                                      |   |   | 32 |   |   |
|                         | Other      income                                            |                |                                                                    | ---                                                                                                                                      |   |   | 3 |   |   |
|                         |                                                         | Total      revenues |                                                                    |                                                                                                                                     | --- |   |   | 174 |   |   |
| Expenses:                    |                                                         |                |                                                                    |                                                                                                                                     |   |   |   |   |
|                         | Property      operating                                      |                |                                                                    | ---                                                                                                                                      |   |   | 92 |   |   |
|                         | Depreciation      and amortization                           |                |                                                                    | ---                                                                                                                                      |   |   | 48 |   |   |
|                         |                                                         | Total      expenses |                                                                    |                                                                                                                                     | --- |   |   | 140 |   |   |
| Discontinued      operations |                                                         | $                   | ---                                                                     |                                                                                                                                     | $ | 34 |   |   |

| 6.   | Debt |
|----------------|------|

----

| 7.   | Other      Comprehensive Income |
|----------------|---------------------------------|

|                                                                         |   |                  Three months ended |    |
|------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|---------|
|                                                                         |   |                   March 31,    |    |
|                                                                         |   | 2008                                                                                       |    |   | 2007 |   |
| Net      income                                                              |   | $                                                                                          | 8,049   |   |   | $ | 3,651 |   |
| Other      comprehensive loss:                                               |   |                                                                                       |    |   |   |   |   |   |
| Reclassification      adjustment for amortization of gain on                 |   |                                                                                       |    |   |   |   |   |   |
| settlement      of US treasury rate lock included in net income              |   |                                                                                       | (68     | ) |   |   | (64 | ) |
| Change      in fair value of treasury rate locks                             |   |                                                                                       | (9,006  | ) |   |   | (955 | ) |
| Change      in fair value of our portion of unconsolidated joint    ventures |   |                                                                                       | (1,206  | ) |   |   | (84 | ) |
| Other      comprehensive loss                                                |   |                                                                                       | (10,280 | ) |   |   | (1,103 | ) |
| Total      comprehensive income (loss)                                       |   | $                                                                                          | (2,231  | ) |   | $ | 2,548 |   |

|                               |   | Three      months ended |   |
|------------------------------------|--------|-------------------------|--------|
|                               |   | March      31,          |   |
|                               |   | 2008                    |   |   | 2007 |   |
| Restricted      units              |   | $                       | 1,172  |   |   | $ | 784 |   |
| Options                            |   |                    | 52     |   |   |   | 47 |   |
| Total      unit-based compensation |   | $                       | 1,224  |   |   | $ | 831 |   |

----

| 9.   | Earnings      Per Unit |
|----------------|------------------------|

|                                   |                        Three months ended |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
|                                   |                         March 31,    |
|                                   |                                                                                                                           | 2008 |   |   |   | 2007   |   |
| NUMERATOR:                             |                                                                                                                           |   |   |   |   |   |
|                                   | Income      from continuing operations                                                                                         | $ | 8,049   |   |   | $ | 3,617   |   |
|                                   | Less      applicable preferred unit distributions                                                                              |   | (1,406   | ) |   |   | (1,406   | ) |
|                                   | Income      from continuing operations available                                                                               |   |   |   |   |   |   |   |
|                                   |                                                                                                                           | to      common unitholders |   | 6,643   |   |   |   | 2,211   |   |
|                                   | Discontinued      operations                                                                                                   |   | ---   |   |   |   | 34   |   |
|                                   | Net      income available to common unitholders                                                                                | $ | 6,643   |   |   | $ | 2,245   |   |
| DENOMINATOR:                           |                                                                                                                           |   |   |   |   |   |   |
|                                   | Basic      weighted average common units                                                                                       |   | 18,523   |   |   |   | 18,405   |   |
|                                   | Effect      of exchangeable notes                                                                                              |   | 46   |   |   |   | 211   |   |
|                                   | Effect      of outstanding options                                                                                             |   | 85   |    |   |   | 124   |   |
|                                   | Effect      of unvested restricted unit awards                                                                                 |   | 48   |   |   |   | 68   |   |
|                                   | Diluted      weighted average common units                                                                                     |   | 18,702   |   |   |   | 18,808   |   |
|                                   |                                                                                                                           |   |   |   |   |   |   |
| Basic      earnings per common unit:   |                                                                                                                           |   |   |   |   |   |   |
|                                   | Income      from continuing operations                                                                                         | $ | .36   |   |   | $$ | .12   |   |
|                                   | Discontinued      operations                                                                                                   |   | ---   |   |   |   | ---   |   |
|                                   | Net      income                                                                                                                | $ | .36   |   |   | $$ | .12   |   |
|                                   |                                                                                                                           |   |   |   |   |   |   |
| Diluted      earnings per common unit: |                                                                                                                           |   |   |   |   |   |   |
|                                   | Income      from continuing operations                                                                                         | $ | .36   |   |   | $$ | .12   |   |
|                                   | Discontinued      operations                                                                                                   |   | ---   |   |   |   | ---   |   |
|                                   | Net      income                                                                                                                | $ | .36   |   |   | $$ | .12   |   |

----

|                    | 2008                  |       | 2007       |
|-------------------------|-----------------------|------------|------------|
| Preferred      units:   |                  |       |       |
|                    | Limited      partner  | 3,000,000  |       | 3,000,000 |
|                    |                  |       |       |   |
| Common      units:      |                  |       |       |
|                    | General      partner  | 150,000    |       | 150,000 |
|                    | Limited      partners | 18,652,826 |       | 18,547,926 |
| Total      common units | 18,802,826            |       | 18,697,926 |
|                    |                  |       |       |   |

| 10.     Derivatives                                                                          |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|  Financial      Instrument Type | Notional      Amount |  Rate |  Maturity |  Fair      Value |   |
|--------------------------------------|----------------------|------------|----------------|-----------------------|--------|
| US      Treasury Lock                | $100,000,000         | 4.526%     | July      2008 | $(8,105,000           | )      |
| US      Treasury Lock                | $100,000,000         | 4.715%     | July      2008 | $(9,655,000           | )      |

----

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

|                                                                                                                          |   |                                                              |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
|                                                                                                                          |   | Fair      Value Measurements at Reporting Date Using (inmillions) |
|                                                                                                                          |   | Quoted      prices                                                |   |   |
|                                                                                                                          |   | in      active markets                                            | Significant      other | Significant |
|                                                                                                                          |   | for      identical assets                                         | observable      inputs | unobservable      inputs |
|                                                                                                                          |   | Level      1                                                      | Level      2 | Level      3 |
| Liabilities:                                                                                                                  |   |                                                              |   |   |
| Derivative      financial instruments (1)                                                                                     |   | ---                                                               | $(17.8) | --- |
|                                                                                                                          |   |                                                              |   |   |
| (1)      Included in “Accounts payable and accrued expenses” in the      accompanying consolidated balance sheet. |
|                                                                                                                          |

----

----

|                      |                    |  No.      of    Centers | Square      Feet(000’s) |   States |
|---------------------------|-------------------------|--------------------------------------------------|-------------------------------|--------------------|
| As      of March 31, 2007 |                    | 30                                               | 8,372                         | 21                 |
|                      | Center      expansions: |                                             |                          |               |   |
|                      |                    | Barstow,      California                         |                          | ---                | 43 | --- |
|                      |                    | Branson,      Missouri                           |                          | ---                | 25 | --- |
|                      |                    | Gonzales,      Louisiana                         |                          | ---                | 39 | --- |
|                      |                    | Tilton,      New Hampshire                       |                          | ---                | 18 | --- |
|                      |                    | Foley,      Alabama                              |                          | ---                | 17 | --- |
|                      | Dispositions:           |                                             |                          |               |   |
|                      |                    | Boaz,      Alabama                               |                          | (1)                | (80) | --- |
| As      of March 31, 2008 |                    | 29                                               | 8,434                         | 21                 |

----

| Location                                  | Square    |   | %              |
|-------------------------------------------|-----------|--------|----------------|
| Wholly      Owned Properties              | Feet      |   | Occupied       |
| Riverhead,      New York (1)              | 729,315   |   | 94             |   |
| Rehoboth      Beach, Delaware (1)         | 568,926   |   | 97             |   |
| Foley,      Alabama                       | 557,215   |   | 94             |   |
| San      Marcos, Texas                    | 442,510   |   | 96             |   |
| Myrtle      Beach Hwy 501, South Carolina | 426,417   |   | 94             |   |
| Sevierville,      Tennessee (1)           | 419,038   |   | 99             |   |
| Hilton      Head, South Carolina          | 393,094   |   | 87             |   |
| Charleston,      South Carolina           | 352,315   |   | 94             |   |
| Commerce      II, Georgia                 | 347,025   |   | 98             |   |
| Howell,      Michigan                     | 324,631   |   | 93             |   |
| Branson,      Missouri                    | 302,992   |   | 93             |   |
| Park      City, Utah                      | 300,891   |   | 93             |   |
| Locust      Grove, Georgia                | 293,868   |   | 96             |   |
| Westbrook,      Connecticut               | 291,051   |   | 98             |   |
| Gonzales,      Louisiana                  | 282,326   |   | 99             |   |
| Williamsburg,      Iowa                   | 277,230   |   | 99             |   |
| Lincoln      City, Oregon                 | 270,280   |   | 98             |   |
| Tuscola,      Illinois                    | 256,514   |   | 84             |   |
| Lancaster,      Pennsylvania              | 255,152   |   | 100            |   |
| Tilton,      New Hampshire                | 245,563   |   | 100            |   |
| Fort      Myers, Florida                  | 198,950   |   | 98             |   |
| Commerce      I, Georgia                  | 185,750   |   | 76             |   |
| Terrell,      Texas                       | 177,800   |   | 100            |   |
| Barstow,      California                  | 152,800   |   | 100            |   |
| West      Branch, Michigan                | 112,120   |   | 100            |   |
| Blowing      Rock, North Carolina         | 104,235   |   | 98             |   |
| Nags      Head, North Carolina            | 82,178    |   | 100            |   |
| Kittery      I, Maine                     | 59,694    |   | 100            |   |
| Kittery      II, Maine                    | 24,619    |   | 94             |   |
| Totals                                    | 8,434,499 |   |   95 |   |
|                                      |      |   |           |   |

| Unconsolidated      Joint Ventures           |    |   |   |
|----------------------------------------------|---------|--------|--------|
| Myrtle      Beach Hwy 17, South Carolina (1) | 402,013 |   | 100    |
| Wisconsin      Dells, Wisconsin              | 264,929 |   | 100    |

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

----

|    Location |   Square      Feet                  | Mortgage      Debt (000’s) as      of March      31, 2008 |   Interest      Rate |   Maturity      Date |
|----------------------------|-----------------------------------------------|-----------------------------------------------------------------|--------------------------------|--------------------------------|
| Capmark      Finance Inc.  |                                          |                                                            |                           |                           |
|                       | Rehoboth  Beach,      Delaware      | 568,926                                                         |                           |                           |   |
|                       | Foley,      Alabama                           | 557,215                                                         |                           |                           |   |
|                       | Myrtle      Beach Hwy 501,South      Carolina |  426,417                                                   |                           |                           |   |
|                       | Hilton      Head, South Carolina              | 393,094                                                         |                           |                           |   |
|                       | Park      City, Utah                          | 300,891                                                         |                           |                           |   |
|                       | Westbrook,      Connecticut                   | 291,051                                                         |                           |                           |   |
|                       | Lincoln      City, Oregon                     | 270,280                                                         |                           |                           |   |
|                       | Tuscola,      Illinois                        | 256,514                                                         |                           |                           |   |
|                       | Tilton,      New Hampshire                    | 245,563                                                         |                           |                           |   |
|                       |                                          | $171,683                                                        | 6.59%      (1)                 | 7/10/2008      (2)             |
|                       | Net      debt premium                         | 438                                                             |                           |                           |
| Totals                     | 3,309,951                                     | $172,121                                                        |                           |                           |
|                       |                                          |                                                            |                           |                           |

| (1)   | Because      the Capmark mortgage debt was assumed as part of an acquisition of a      portfolio of outlet centers, the debt was recorded at its fair value and      carries an effective interest rate of5.18%. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | On      July 10, 2008, we can repay the loan in full, or we can continue to make      monthly payments on the loan at a revised interest rate of      8.59%.  We can then repay the loan in full on any monthly      payment date without penalty.  The final maturity date on the      loan is July 10, 2028. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   Joint      Venture |   Center      Location    |  Opening Date |  Ownership      % |  Square      Feet | Carrying      Value of      Investment      (in      millions) | Total      Joint Venture      Debt(in      millions) |
|--------------------------------|-------------------------------------|-------------------------|------------------------|------------------------|---------------------------------------------------------------------|------------------------------------------------------|
|  Myrtle      Beach Hwy 17 | Myrtle      Beach, South Carolina   |  2002              |  50%              |  402,013          |  $0.3                                                          |  $35.8                                          |
|                           |                                |                    |                   |                   |                                                                |                                                 |
|  Wisconsin      Dells     | Wisconsin      Dells, Wisconsin     |  2006              |  50%              |  264,929          |  $5.7                                                          |  $25.3                                          |
|                           |                                |                    |                   |                   |                                                                |                                                 |
|  Deer      Park           | Deer      Park, Long Island NY | Under      construction |  33%              | 800,000      estimated |  $3.2                                                          |  $112.2                                         |
|                           |                                |                    |                   |                   |                                                                |                                                 |

----

----

|            |                        |                                 Three months ended |
|-----------------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                               March 31,                      |
|            |                        | 2008                                                                                                                                                                                 | 2007 |
| Fee:            |                        |                                                                                                                                                                                 |   |
|            | Management      and leasing | $      227                                                                                                                                                                           | $  246 |
|            | Marketing                   |                                                                                                                                                                                 | 34 | 29 |
| Total      Fees |                        | $      261                                                                                                                                                                           | $  275 |

----

| §   | FFO      does not reflect our cash expenditures, or future requirements, for      capital expenditures or contractualcommitments; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| §   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       |                                                       | Three      months ended                                |
|------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------------------|
|                                                       |                                                       | March      31,                                         |
| Funds      From Operations Reconciliation                  |                                                       | 2008                                                   |   |   | 2007 |   |
| Net      income                                            |                                                       | $                                            | 8,049    |   | $$ | 3,651    |   |
| Adjusted      for:                                         |                                                       |                                                   |   |   |   |   |   |
|                                                       | Depreciation      and amortization                         |                                                   |   |   |   |   |   |
|                                                       |                                                       | attributable      to discontinued operations           |   | ---    |   |   | 48    |   |
|                                                       | Depreciation      and amortization uniquely significant to |                                                   |   |   |   |   |   |
|                                                       |                                                       | real      estate – consolidated                  |   | 15,508    |   |   | 18,364    |   |
|                                                       | Depreciation      and amortization uniquely significant to |                                                   |   |   |   |   |   |
|                                                       |                                                       | real      estate – unconsolidated joint ventures |   | 652    |   |   | 654    |   |
| Funds      from operations (FFO)                           |                                                       | 24,209                                  |   |   | 22,717    |   |
| Preferred      unit distributions                          |                                                       | (1,406                                  | ) |   | (1,406    | ) |
| Funds      from operations available to common unitholders | $                                                | 22,803                                  |   | $$ | 21,311    |   |
| Weighted      average units outstanding (1)                |                                                       | 18,702                                  |   |   | 18,808    |   |

| (1)   | Includes      the dilutive effect of options, restricted unit awards and exchangeable      notes. |
|-----------------|---------------------------------------------------------------------------------------------------|

----

----

| 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. |

----

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