| 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 September 30, 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                    | 56-1822484               |
|----------------------------------------|--------------------------|
| (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 September 30, 2008 and December 31, 2007 | 3 |
|                                                                                    |                                            |   |
|                                                                                    | Consolidated      Statements of Operations -    |   |
|                                                                                    |                                            | for      the three and nine months ended September 30, 2008 and2007 | 4 |
|                                                                                    |                                            |   |
|                                                                                    | Consolidated      Statements of Cash Flows -    |   |
|                                                                                    |                                            | for      the nine months ended September 30, 2008 and 2007 | 5 |
|                                                                                    |                                            |   |
|                                                                                    | Notes      to Consolidated Financial Statements | 6 |
|                                                                                    |                                            |
| Item      2.  Management's Discussion and Analysis of      Financial          |                                            |
|                                                                                    | Condition      and Results of Operations        | 17 |
|                                                                                    |                                            |
| Item      3.  Quantitative and Qualitative Disclosures about Market      Risk | 30                                              |
|                                                                                    |                                            |
| Item      4.  Controls and Procedures                                         | 31                                              |
|                                                                                    |                                            |
| Part      II. Other Information                                                         |
|                                                                                    |                                            |
| Item      1.    Legal Proceedings                                        | 31                                              |
|                                                                                    |                                            |
| Item      1A. Risk Factors                                                              | 31                                              |
|                                                                                    |                                            |
| Item      6.    Exhibits                                                 | 32                                              |
|                                                                                    |                                            |
| Signatures                                                                              | 32                                              |

----

|                                        |                                                      |                       September 30,     |                                    |                            December 31, |
|---------------------------------------------|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                      |                          2008 |                                    |                            2007              |
| ASSETS:                                     |                                                      |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |
|                                        | Rental      property                                      |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |   |
|                                        | Land                                                      |                                                                                                                    | $                                       | 135,688                                                                                                                                               |   |   | $ | 130,075 |   |
|                                        | Buildings,      improvements and fixtures                 |                                                                                                                    |                                    | 1,233,680                                                                                                                                             |   |   |   | 1,104,459 |   |
|                                        | Construction      in progress                             |                                                                                                                    |                                    | 16,377                                                                                                                                                |   |   |   | 52,603 |   |
|                                        |                                                      |                                                                                                                    | 1,385,745                               |                                                                                                                                                  |   |   | 1,287,137 |   |
|                                        | Accumulated      depreciation                             |                                                                                                                    |                                    | (345,577                                                                                                                                              | ) |   |   | (312,638 | ) |
|                                        | Rental      property, net                                 |                                                                                                                    |                                    | 1,040,168                                                                                                                                             |   |   |   | 974,499 |   |
|                                        | Cash      and cash equivalents                            |                                                                                                                    |                                    | 3,707                                                                                                                                                 |   |   |   | 2,393 |   |
|                                        | Investments      in unconsolidated joint ventures         |                                                                                                                    |                                    | 12,145                                                                                                                                                |   |   |   | 10,695 |   |
|                                        | Deferred      charges, net                                |                                                                                                                    |                                    | 39,854                                                                                                                                                |   |   |   | 44,804 |   |
|                                        | Other      assets                                         |                                                                                                                    |                                    | 28,383                                                                                                                                                |   |   |   | 27,587 |   |
|                                        | Total      assets                                         |                                                                                                                    | $                                       | 1,124,257                                                                                                                                             |   |   | $ | 1,059,978 |   |
| LIABILITIES      AND PARTNERS’ EQUITY |
| Liabilities                                 |                                                      |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |
|                                        |                                                      | Debt                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |   |   |
|                                        | Senior,      unsecured notes (net of discount of $701 and |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |   |
|                                        |                                                      | $759,      respectively)                                                                                                |                                    | $                                                                                                                                                     | 398,799 |   |   | $ | 498,741 |   |
|                                        | Unsecured      term loan                                  |                                                                                                                    |                                    | 235,000                                                                                                                                               |   |   |   | --- |   |
|                                        | Mortgages      payable (including a debt premium of       |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |   |
|                                        |                                                      |  $0      and $1,046, respectively)                                                                                 |                                    |                                                                                                                                                  | --- |   |   |   | 173,724 |   |
|                                        | Unsecured      lines of credit                            |                                                                                                                    |                                    | 149,500                                                                                                                                               |   |   |   | 33,880 |   |
|                                        |                                                      |                                                                                                                    |                                    | 783,299                                                                                                                                               |   |   |   | 706,345 |   |
|                                        | Construction      trade payables                          |                                                                                                                    |                                    | 22,840                                                                                                                                                |   |   |   | 23,813 |   |
|                                        | Accounts      payable and accrued expenses                |                                                                                                                    |                                    | 46,100                                                                                                                                                |   |   |   | 46,883 |   |
|                                        |                                                      |                                                                                                                    | Total      liabilities                  |                                                                                                                                                  |   | 852,239 |   |   |   | 777,041 |   |
| Commitments                                 |                                                      |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |
| Partners’      equity                 |                                                      |                                                                                                                    |                                    |                                                                                                                                                  |   |   |   |   |
|                                        | General      partner                                      |                                                                                                                    |                                    | (173                                                                                                                                                  | ) |   |   | 24 |   |
|                                        | Limited      partners                                     |                                                                                                                    |                                    | 272,265                                                                                                                                               |   |   |   | 290,430 |   |
|                                        | Accumulated      other comprehensive loss                 |                                                                                                                    |                                    | (74                                                                                                                                                   | ) |   |   | (7,517 | ) |
|                                        |                                                      |                                                                                                                    |  Total partners’      equity |                                                                                                                                                  |   | 272,018 |   |   |   | 282,937 |   |
|                                        |                                                      |                                                                                                                    |                                    | Total      liabilities and partners’ equity                                                                                                     |   | $ | 1,124,257 |   |   | $ | 1,059,978 |   |

----

|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |
|---------------------------------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                              |                                   |                        Three months ended       |   |                         Nine months ended                    |
|                                              |                                   |                              September 30, |   |                                 September 30, |
|                                              |                                   |                        2008                     |   |                       2007                                             |   |                       2008 |   |                    2007 |
| Revenues                                          |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Base      rentals                      | $                                                                                                                                    | 40,519 |                                                                                                                                                   |   | $ | 37,207 |   |   | $ | 116,374 |   |   | $ | 108,614 |   |   |
|                                              | Percentage      rentals                |                                                                                                                                 |   | 1,811                                                                                                                                                  |   |   |   | 2,305 |   |   |   | 4,109 |   |   |   | 5,434 |   |   |
|                                              | Expense      reimbursements            |                                                                                                                                 |   | 18,277                                                                                                                                                 |   |   |   | 16,719 |   |   |   | 51,447 |   |   |   | 47,496 |   |   |
|                                              | Other      income                      |                                                                                                                                 |   | 2,166                                                                                                                                                  |   |   |   | 2,155 |   |   |   | 5,124 |   |   |   | 5,243 |   |   |
|                                              | Total      revenues                    |                                                                                                                                 |   | 62,773                                                                                                                                                 |   |   |   | 58,386 |   |   |   | 177,054 |   |   |   | 166,787 |   |   |
|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                          |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Property      operating                |                                                                                                                                 |   | 20,678                                                                                                                                                 |   |   |   | 19,158 |   |   |   | 57,422 |   |   |   | 53,893 |   |   |
|                                              | General      and administrative        |                                                                                                                                 |   | 6,217                                                                                                                                                  |   |   |   | 4,916 |   |   |   | 17,165 |   |   |   | 14,096 |   |   |
|                                              | Depreciation      and amortization     |                                                                                                                                 |   | 15,320                                                                                                                                                 |   |   |   | 14,941 |   |   |   | 45,593 |   |   |   | 48,870 |   |   |
|                                              | Total      expenses                    |                                                                                                                                 |   | 42,215                                                                                                                                                 |   |   |   | 39,015 |   |   |   | 120,180 |   |   |   | 116,859 |   |   |
| Operating      income                             |                                   |                                                                                                                                 | 20,558 |                                                                                                                                                   |   |   | 19,371 |   |   |   | 56,874 |   |   |   | 49,928 |   |   |
| Interest      expense                             |                                   |                                                                                                                                 | 9,147  |                                                                                                                                                   |   |   | 10,087 |   |   |   | 28,191 |   |   |   | 30,215 |   |   |
| Loss      on settlement of US treasury rate locks |                                   |                                                                                                                                 | ---    |                                                                                                                                                   |   |   | --- |   |   |   | 8,910 |   |   |   | --- |   |   |
| Income      before equity in earnings of          |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | unconsolidated      joint ventures     |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | and      discontinued operations       |                                                                                                                                 |   | 11,411                                                                                                                                                 |   |   |   | 9,284 |   |   |   | 19,773 |   |   |   | 19,713 |   |   |
| Equity      in earnings of unconsolidated         |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | joint      ventures                    |                                                                                                                                 |   | 596                                                                                                                                                    |   |   |   | 461 |   |   |   | 1,548 |   |   |   | 1,030 |   |   |
| Income      from continuing operations            |                                   |                                                                                                                                 | 12,007 |                                                                                                                                                   |   |   | 9,745 |   |   |   | 21,321 |   |   |   | 20,743 |   |   |
| Discontinued      operations                      |                                   |                                                                                                                                 | ---    |                                                                                                                                                   |   |   | 26 |   |   |   | --- |   |   |   | 91 |   |   |
| Net      income                                   |                                   | 12,007                                                                                                                               |   |                                                                                                                                                   |   | 9,771 |   |   |   | 21,321 |   |   |   | 20,834 |   |   |
| Preferred      unit distributions                 |                                   |                                                                                                                                 | (1,406 | )                                                                                                                                                      |   |   | (1,406 | ) |   |   | (4,219 | ) |   |   | (4,219 | ) |   |
| Net      income available to common               |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | unitholders                            | $                                                                                                                                    |   | 10,601                                                                                                                                                 |   |   | $ | 8,365 |   |   | $ | 17,102 |   |   | $ | 16,615 |   |   |
| Income      available to limited partners         |                                   |                                                                                                                                 | 10,515 |                                                                                                                                                   |   |   | 8,297 |   |   |   | 16,963 |   |   |   | 16,480 |   |   |
| Income      available to general partner          |                                   |                                                                                                                                 | 86     |                                                                                                                                                   |   |   | 68 |   |   |   | 139 |   |   |   | 135 |   |   |
|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per common unit               |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Income      from continuing operations | $                                                                                                                                    | .57    |                                                                                                                                                   |   | $ | .45 |   |   | $ | .92 |   |   | $ | .90 |   |   |
|                                              | Net      income                        | $                                                                                                                                    | .57    |                                                                                                                                                   |   | $ | .45 |   |   | $ | .92 |   |   | $ | .90 |   |   |
|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings per common unit             |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Income      from continuing operations | $                                                                                                                                    | .56    |                                                                                                                                                   |   | $ | .45 |   |   | $ | .90 |   |   | $ | .88 |   |   |
|                                              | Net      income                        | $                                                                                                                                    | .56    |                                                                                                                                                   |   | $ | .45 |   |   | $ | .90 |   |   | $ | .89 |   |   |
|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions      paid per common unit           | $                                      | .76                                                                                                                                  |   |                                                                                                                                                   | $ | .72 |   |   | $ | 2.24 |   |   | $ | 2.12 |   |   |
|                                              |                                   |                                                                                                                                 |   |                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                      |                                                           |                                                                                                                                                          |                                                     |     |   |     |   |    |   |    |   |   |
|---------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|----------|--------|----------|--------|---------|--------|---------|--------|--------|
|                      |                                                           |                              Nine Months Ended  |                                                     |
|                      |                                                           |                                   September 30, |                                                     |
|                      |                                                           | 2008                                                                                                                                                          |                                                     |     | 2007   |     |
|                      |                                                           |                                                                                                                                                     |                                                     |
| OPERATING      ACTIVITIES |                                                           |                                                                                                                                                          |                                                     |     |   |     |   |    |
|                      | Net      income                                                |                                                                                                                                                          | $                                                        | 21,321   |   |     | $      | 20,834  |   |
|                      | Adjustments      to reconcile net income to net cash           |                                                                                                                                                          |                                                     |     |   |     |   |    |   |
|                      |                                                           | provided      by operating activities:                                                                                                                        |                                                     |     |   |     |   |    |   |    |
|                      |                                                           | Loss      on settlement of US treasury rate locks                                                                                                             |                                                     |     | 8,910  |     |   |    | ---    |    |
|                      |                                                           | Depreciation      and amortization (including discontinued                                                                                                    |                                                     |     |   |     |   |    |   |    |
|                      |                                                           |                                                                                                                                                          | operations)                                              |     |   | 45,620   |   |    |   | 49,015  |   |
|                      |                                                           | Amortization      of deferred financing costs                                                                                                                 |                                                     |     | 1,212  |     |   |    | 1,308  |    |
|                      |                                                           | Equity      in earnings of unconsolidated joint ventures                                                                                                      |                                                     |     | (1,548 | )        |   |    | (1,030 | )       |
|                      |                                                           | Compensation      expense related to restricted units                                                                                                         |                                                     |     |   |     |   |    |   |    |
|                      |                                                           |                                                                                                                                                          | and      options granted                                 |     |   | 4,024    |   |    |   | 2,956   |   |
|                      |                                                           | Amortization      of debt premiums and discount, net                                                                                                          |                                                     |     | (1,194 | )        |   |    | (1,927 | )       |
|                      |                                                           | Distributions      received from unconsolidated joint ventures                                                                                                |                                                     |     | 2,655  |     |   |    | 2,135  |    |
|                      |                                                           | Net      accretion of market rent rate adjustment                                                                                                             |                                                     |     | (228   | )        |   |    | (877   | )       |
|                      |                                                           | Straight-line      base rent adjustment                                                                                                                       |                                                     |     | (2,697 | )        |   |    | (2,306 | )       |
|                      | Increase      (decrease) due to changes in:                    |                                                                                                                                                          |                                                     |     |   |     |   |    |   |
|                      |                                                           | Other      assets                                                                                                                                             |                                                     |     | (121   | )        |   |    | (3,781 | )       |
|                      |                                                           | Accounts      payable and accrued expenses                                                                                                                    |                                                     |     | (5,912 | )        |   |    | 2,635  |    |
|                      |                                                           |                                                                                                                                                          | Net      cash provided by operating activities           |     |   | 72,042   |   |    |   | 68,962  |   |
| INVESTING      ACTIVITIES |                                                           |                                                                                                                                                          |                                                     |     |   |     |   |    |
|                      | Additions      to rental property                              |                                                                                                                                                          |                                                     | (102,587 | )      |     |   | (58,432 | )      |
|                      | Additions      to investments in unconsolidated joint ventures |                                                                                                                                                          |                                                     | (1,577   | )      |     |   | ---     |   |
|                      | Return      of equity from unconsolidated joint ventures       |                                                                                                                                                          |                                                     | ---      |   |     |   | 1,281   |   |
|                      | Additions      to deferred lease costs                         |                                                                                                                                                          |                                                     | (3,295   | )      |     |   | (2,254  | )      |
|                      |                                                           |                                                                                                                                                          | Net      cash used in investing activities               |     |   | (107,459 | )      |    |   | (59,405 | )      |
| FINANCING      ACTIVITIES |                                                           |                                                                                                                                                          |                                                     |     |   |     |   |    |
|                      | Cash      distributions paid                                   |                                                                                                                                                          |                                                     | (46,294  | )      |     |   | (43,731 | )      |
|                      | Proceeds      from debt issuances                              |                                                                                                                                                          |                                                     | 687,170  |   |     |   | 92,400  |   |
|                      | Repayments      of debt                                        |                                                                                                                                                          |                                                     | (609,228 | )      |     |   | (71,912 | )      |
|                      | Proceeds      from tax incremental financing                   |                                                                                                                                                          |                                                     | 4,646    |   |     |   | 5,813   |   |
|                      | Additions      to deferred financing costs                     |                                                                                                                                                          |                                                     | (2,151   | )      |     |   | ---     |   |
|                      | Proceeds      from exercise of options                         |                                                                                                                                                          |                                                     | 2,588    |   |     |   | 1,872   |   |
|                      |                                                           |                                                                                                                                                          | Net      cash provided by (used in) financing activities |     |   | 36,731   |   |    |   | (15,558 | )      |
|                      | Net      increase (decrease) in cash and cash equivalents      |                                                                                                                                                          |                                                     | 1,314    |   |     |   | (6,001  | )      |
|                      | Cash      and cash equivalents, beginning of period            |                                                                                                                                                          |                                                     | 2,393    |   |     |   | 8,413   |   |
|                      | Cash      and cash equivalents, end of period                  |                                                                                                                                                          | $                                                        | 3,707    |   |     | $      | 2,412   |   |

----

| 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 September      30, 2008 (in      millions) |  Carrying      Valueas      ofDecember      31,2007 (in      millions) |     Project      Location |
|--------------------------------------------|---------------------------------------------|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------------------------------------------|
| Myrtle      Beach Hwy 17                   | 50%                                         | $0.3                                                                                 | $0.9                                                                             | Myrtle      Beach, South Carolina             |
| Wisconsin      Dells                       | 50%                                         | $5.4                                                                                 | $6.0                                                                             | Wisconsin      Dells, Wisconsin               |
| Deer      Park                             | 33%                                         | $6.4                                                                                 | $3.8                                                                             | Deer      Park, New York                      |

----

|            |                        |                                 Three Months Ended |                                    Nine Months Ended         |
|-----------------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                 September 30,      |                                      September 30, |
|            |                        | 2008                                                                                                                                                                                 | 2007                                                                                                                                                                                                          | 2008 | 2007 |
| Fee:            |                        |                                                                                                                                                                                 |                                                                                                                                                                                                          |   |   |
|            | Management      and leasing | $   405                                                                                                                                                               |  $   137                                                                                                                                                                                  | $   898 | $   416 |
|            | Marketing                   |                                                                                                                                                                                 | 28                                                                                                                                                                                                            | 25 | 93 | 82 |
| Total      Fees |                        | $   433                                                                                                                                                               | $   162                                                                                                                                                                                        | $   991 | $   498 |

----

|                                                                              |                                                                                                                              |                                                                                                                      |
|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
|  Summary      Balance Sheets –      Unconsolidated Joint Ventures | As      of         September      30, 2008        | As      of       December      31, 2007        |
| Assets                                                                            |                                                                                                                              |                                                                                                                      |
|                                                                              | Investment      properties at cost, net                                                                                           | $  72,118                                                                                                       | $  71,022 |
|                                                                              | Construction      in progress                                                                                                     | 226,031                                                                                                                   | 103,568 |
|                                                                              | Cash      and cash equivalents                                                                                                    | 4,104                                                                                                                     | 2,282 |
|                                                                              | Deferred      charges, net                                                                                                        | 6,041                                                                                                                     | 2,092 |
|                                                                              | Other      assets                                                                                                                 | 7,853                                                                                                                     | 8,425 |
|                                                                              |                                                                                                                              | Total      assets                                                                                                         | $316,147 | $  187,389 |
| Liabilities      and Owners’ Equity                                         |                                                                                                                              |                                                                                                                      |
|                                                                              | Mortgages      payable                                                                                                            | $  259,789                                                                                                      | $  148,321 |
|                                                                              | Construction      trade payables                                                                                                  | 26,750                                                                                                                    | 13,052 |
|                                                                              | Accounts      payable and other liabilities (1)                                                                                   | 6,845                                                                                                                     | 6,377 |
|                                                                              |                                                                                                                              | Total      liabilities                                                                                                    | 293,384 | 167,750 |
| Owners’      equity (1)                                                     | 22,763                                                                                                                            | 19,639                                                                                                                    |
| Total      liabilities and owners’ equity                                   | $316,147                                                                                                                          | $  187,389                                                                                                      |

|   | (1) Includes the fair      value of interest rate swap agreements at Deer Park and Myrtle Beach Hwy      17 totaling $3.3 million and $4.0 million as of September 30, 2008 and      December 31, 2007, respectively, recorded as an increase in accounts      payable and other liabilities and a reduction of owners’      equity. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |                                             Three Months Ended                          |                                   Nine Months      Ended                    |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Summary      Statements of Operations - |                                                  September 30, |                                                September 30, |
| Unconsolidated      Joint Ventures      | 2008                                                                                                                                                                                                                                                    | 2007                                                                                                                                                                                                          | 2008 | 2007 |
|                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |   |   |
| Revenues                                | $    5,582                                                                                                                                                                                                                          | $      4,949                                                                                                                                                                                                  | $  15,370 | $  14,365 |
|                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |   |   |
| Expenses                                |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |   |   |
|                                    | Property      operating                                                                                                                                                                                                                                 | 2,128                                                                                                                                                                                                         | 1,643 | 5,650 | 5,003 |
|                                    | General      and administrative                                                                                                                                                                                                                         | 90                                                                                                                                                                                                            | 60 | 188 | 219 |
|                                    | Depreciation      and amortization                                                                                                                                                                                                                      | 1,302                                                                                                                                                                                                         | 1,353 | 3,991 | 4,119 |
| Total      expenses                     | 3,520                                                                                                                                                                                                                                                   | 3,056                                                                                                                                                                                                         | 9,829 | 9,341 |
| Operating      income                   | 2,062                                                                                                                                                                                                                                                   | 1,893                                                                                                                                                                                                         | 5,541 | 5,024 |
| Interest      expense                   | 932                                                                                                                                                                                                                                                     | 1,025                                                                                                                                                                                                         | 2,592 | 3,142 |
| Net      income                         | $   1,130                                                                                                                                                                                                                                | $    868                                                                                                                                                                                  | $  2,949 | $      1,882 |
|                                    |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |   |   |
| Tanger’s      share of:           |                                                                                                                                                                                                                                                    |                                                                                                                                                                                                          |   |   |
| Net      income                         | $      596                                                                                                                                                                                                                | $    461                                                                                                                                                                                  | $     1,548 | $    1,030 |
| Depreciation      (real estate related) | 635                                                                                                                                                                                                                                                     | 651                                                                                                                                                                                                           | 1,938 | 1,985 |

----

|                                    |                                                                                                                                                                                                                |                                                                                                                                                                                                                                        |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Summary      Statements of Operations - |                                          Three Months Ended        |                                        Nine Months      Ended               |
| Disposed      Properties Included in    |                                            September 30, |                                                September 30, |
| Discontinued      Operations            | 2008                                                                                                                                                                                                                | 2007                                                                                                                                                                                                                                        | 2008 | 2007 |
| Revenues:                               |                                                                                                                                                                                                                |                                                                                                                                                                                                                                        |   |   |
|                                    | Base      rentals                                                                                                                                                                                                   | $      ---                                                                                                                                                                                                                                  | $      141 | $      --- | $     417 |
|                                    | Percentage      rentals                                                                                                                                                                                             | ---                                                                                                                                                                                                                                         | --- | --- | 1 |
|                                    | Expense      reimbursements                                                                                                                                                                                         | ---                                                                                                                                                                                                                                         | 37 | --- | 103 |
|                                    | Other      income                                                                                                                                                                                                   | ---                                                                                                                                                                                                                                         | 6 | --- | 15 |
|                                    |                                                                                                                                                                                                                | Total      revenues                                                                                                                                                                                                                         | --- | 184 | --- | 536 |
| Expenses:                               |                                                                                                                                                                                                                |                                                                                                                                                                                                                                        |   |   |
|                                    | Property      operating                                                                                                                                                                                             | ---                                                                                                                                                                                                                                         | 105 | --- | 291 |
|                                    | General      and administrative                                                                                                                                                                                     | ---                                                                                                                                                                                                                                         | 5 | --- | 9 |
|                                    | Depreciation      and amortization                                                                                                                                                                                  | ---                                                                                                                                                                                                                                         | 48 | --- | 145 |
|                                    |                                                                                                                                                                                                                | Total      expenses                                                                                                                                                                                                                         | --- | 158 | --- | 445 |
| Discontinued      operations            | $      ---                                                                                                                                                                                                          | $      26                                                                                                                                                                                                                                   | $      --- | $      91 |

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

----

| 7.   | Derivatives |
|----------------|-------------|

|  Financial      Instrument Type | Notional      Amount | AverageRate |  Maturity  |  Fair      Value |   |
|--------------------------------------|----------------------|-------------|-----------------|-----------------------|--------|
| LIBOR      based interest rate swaps | $235,000             | 3.65%       | April      2011 | $(1,327     | )      |

----

| 8.   | Other      Comprehensive Income |
|----------------|---------------------------------|

|                                                       |   | Three      Months Ended |   | Nine      Months Ended |   |
|------------------------------------------------------------|--------|-------------------------|--------|------------------------|--------|
|                                                       |   | September      30,      |   | September      30,     |   |
|                                                       |   | 2008                    |   | 2007                   |   | 2008 |   | 2007 |   |
| Net      income                                            |   | $                       | 12,007 |                   | $      | 9,771 |   | $ | 21,321 |   | $ | 20,834 |   |
| Other      comprehensive income:                           |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| Reclassification      adjustment for amortization of gain  |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| on      2005 settlement of US treasury rate lock included  |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| in      net income                                         |   |                    | (69    | )                      |   | (66 | ) |   | (206 | ) |   | (194 | ) |
|                                                       |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| Reclassification      adjustment for termination of US     |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| treasury      rate locks                                   |   |                    | ---    |                   |   | --- |   |   | 17,760 |   |   | --- |   |
|                                                       |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| Change      in fair value of treasury rate locks           |   |                    | ---    |                   |   | (6,498 | ) |   | (9,006 | ) |   | (1,645 | ) |
|                                                       |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| Change      in fair value of cash flow hedges              |   |                    | (1,327 | )                      |   | --- |   |   | (1,327 | ) |   | --- |   |
|                                                       |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| Change      in fair value of our portion of our            |   |                    |   |                   |   |   |   |   |   |   |   |   |   |
| unconsolidated      joint ventures’ cash flow hedges |   |                    | 442    |                   |   | (815 | ) |   | 222 |   |   | (859 | ) |
| Other      comprehensive income (loss)                     |   |                    | (954   | )                      |   | (7,379 | ) |   | 7,443 |   |   | (2,698 | ) |
| Total      comprehensive income                            |   | $                       | 11,053 |                   | $      | 2,392 |   | $ | 28,764 |   | $ | 18,136 |   |

|                               |   |                               Three Months Ended        |                           Nine      Months Ended         |
|------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |   |                            September 30, |                                  September 30, |
|                               |   | 2008                                                                                                                                              | 2007                                                                                                                                                    | 2008 | 2007 |
| Restricted      units              |   | $     1,354                                                                                                         | $   1,014                                                                                                                                | $  3,866 | $  2,801   |
| Options                            |   | 50                                                                                                                                           | 53                                                                                                                                                      | 158 | 155   |
| Total      unit-based compensation |   | $     1,404                                                                                                         | $   1,067                                                                                                                                | $  4,024 | $  2,956   |

----

| 10.   | Earnings      Per Unit |
|-----------------|------------------------|

|                                                |   | Three      Months Ended |   | Nine      Months Ended |   |
|-----------------------------------------------------|--------|-------------------------|--------|------------------------|--------|
|                                                |   | September      30,      |   | September      30,     |   |
|                                                |   | 2008                    |   | 2007                   |   | 2008 |   |   | 2007 |   |
| Numerator                                           |   |                    |   |                   |   |   |   |   |   |   |
| Income      from continuing operations              |   | $                       | 12,007 |                   | $      | 9,745 |   | $ | 21,321 |   |   | $ | 20,743 |   |
| Less      applicable preferred unit distributions   |   |                    | (1,406 | )                      |   | (1,406 | ) |   | (4,219 | ) |   |   | (4,219 | ) |
| Income      from continuing operations available to |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| common      unitholders                             |   |                    | 10,601 |                   |   | 8,339 |   |   | 17,102 |   |   |   | 16,524 |   |
| Discontinued      operations                        |   |                    | ---    |                   |   | 26 |   |   | --- |   |   |   | 91 |   |
| Net      income available to common unitholders     |   | $                       | 10,601 |                   | $      | 8,365 |   | $ | 17,102 |   |   | $ | 16,615 |   |
| Denominator                                         |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Basic      weighted average common units            |   |                    | 18,598 |                   |   | 18,457 |   |   | 18,563 |   |   |   | 18,436 |   |
| Effect      of exchangeable notes                   |   |                    | 243    |                   |   | 117 |   |   | 243 |   |   |   | 117 |   |
| Effect      of outstanding options                  |   |                    | 62     |                   |   | 94 |   |   | 75 |   |   |   | 109 |   |
| Effect      of unvested restricted unit awards      |   |                    | 66     |                   |   | 65 |   |   | 69 |   |   |   | 72 |   |
| Diluted      weighted average common units          |   |                    | 18,969 |                   |   | 18,733 |   |   | 18,950 |   |   |   | 18,734 |   |
|                                                |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per common unit                 |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations              |   | $                       | .57    |                   | $      | .45 |   | $ | .92 |   |   | $ | .90 |   |
| Net      income                                     |   | $                       | .57    |                   | $      | .45 |   | $ | .92 |   |   | $ | .90 |   |
|                                                |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings per common unit               |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations              |   | $                       | .56    |                   | $      | .45 |   | $ | .90 |   |   | $ | .88 |   |
| Discontinued      operations                        |   |                    | ---    |                   |   | --- |   |   | --- |   |   |   | .01 |   |
| Net      income                                     |   | $                       | .56    |                   | $      | .45 |   | $ | .90 |   |   | $ | .89 |   |
|                                                |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |

----

|                    | 2008                  |       | 2007       |
|-------------------------|-----------------------|------------|------------|
| Preferred      units:   |                  |       |       |
|                    | Limited      partner  | 3,000,000  |       | 3,000,000 |
|                    |                  |       |       |   |
| Common      units:      |                  |       |       |
|                    | General      partner  | 150,000    |       | 150,000 |
|                    | Limited      partners | 18,715,506 |       | 18,547,926 |
| Total      common units | 18,865,506            |       | 18,697,926 |
|                    |                  |       |       |   |

| 11.   | Fair      Value Measurements |
|-----------------|------------------------------|

| 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 (in  thousands) |
|                                                                                                                          |   | 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)                                                                                     |   | ---                                                                  | $(1,327) | --- |
|                                                                                                                          |   |                                                                 |   |   |
| (1)      Included in “Accounts payable and accrued expenses” in the      accompanying consolidated balance sheet. |
|                                                                                                                          |

----

| 12.   | Non-Cash      Activities |
|-----------------|--------------------------|

| 13.   | New      Accounting Pronouncements |
|-----------------|------------------------------------|

----

| 14.   | Subsequent      Events |
|-----------------|------------------------|

----

|                          | No.      of  Centers |   | Square      Feet(000’s) |   | States |   |
|-------------------------------|--------------------------------|--------|-------------------------------|--------|--------|--------|
| As      of September 30, 2007 |                           | 30     |                          |   | 8,363  |   |   | 21 |   |
| New      development:         |                           |   |                          |   |   |   |   |   |   |
| Washington,      Pennsylvania |                           | 1      |                          |   | 371    |   |   | --- |   |
| Center      expansions:       |                           |   |                          |   |   |   |   |   |   |
| Barstow,      California      |                           | ---    |                          |   | 62     |   |   | --- |   |
| Branson,      Missouri        |                           | ---    |                          |   | 25     |   |   | --- |   |
| Foley,      Alabama           |                           | ---    |                          |   | 25     |   |   | --- |   |
| Gonzales,      Louisiana      |                           | ---    |                          |   | 39     |   |   | --- |   |
| Tilton,      New Hampshire    |                           | ---    |                          |   | 18     |   |   | --- |   |
| Dispositions:                 |                           |   |                          |   |   |   |   |   |   |
| Boaz,      Alabama            |                           | (1     | )                             |   | (80    | )      |   | --- |   |
| As      of September 30, 2008 |                           | 30     |                          |   | 8,823  |   |   | 21 |   |

----

| Location                                  | Square           |   |             %                          |
|-------------------------------------------|------------------|--------|----------------------------------------------------------------------|
| Wholly      Owned Properties              | Feet   |   |                Occupied |
| Riverhead,      New York (1)              | 729,315          |   | 99                                                                   |   |   |
| Rehoboth      Beach, Delaware (1)         | 568,869          |   | 100                                                                  |   |   |
| Foley,      Alabama                       | 557,185          |   | 94                                                                   |   |   |
| San      Marcos, Texas                    | 442,006          |   | 99                                                                   |   |   |
| Myrtle      Beach Hwy 501, South Carolina | 426,417          |   | 92                                                                   |   |   |
| Sevierville,      Tennessee (1)           | 419,038          |   | 100                                                                  |   |   |
| Hilton      Head, South Carolina          | 393,094          |   | 88                                                                   |   |   |
| Washington,      Pennsylvania(2)          | 370,526          |   | 86                                                                   |   |   |
| Charleston,      South Carolina           | 352,315          |   | 95                                                                   |   |   |
| Commerce      II, Georgia                 | 347,025          |   | 98                                                                   |   |   |
| Howell,      Michigan                     | 324,631          |   | 97                                                                   |   |   |
| Branson,      Missouri                    | 302,992          |   | 100                                                                  |   |   |
| Park      City, Utah                      | 300,891          |   | 98                                                                   |   |   |
| Locust      Grove, Georgia                | 293,868          |   | 100                                                                  |   |   |
| Westbrook,      Connecticut               | 291,051          |   | 99                                                                   |   |   |
| Gonzales,      Louisiana                  | 282,403          |   | 100                                                                  |   |   |
| Williamsburg,      Iowa                   | 277,230          |   | 100                                                                  |   |   |
| Lincoln      City, Oregon                 | 270,280          |   | 100                                                                  |   |   |
| Tuscola,      Illinois                    | 256,514          |   | 80                                                                   |   |   |
| Lancaster,      Pennsylvania              | 255,152          |   | 100                                                                  |   |   |
| Tilton,      New Hampshire                | 245,563          |   | 100                                                                  |   |   |
| Fort      Myers, Florida                  | 198,950          |   | 92                                                                   |   |   |
| Commerce      I, Georgia                  | 185,750          |   | 72                                                                   |   |   |
| Terrell,      Texas                       | 177,800          |   | 100                                                                  |   |   |
| Barstow,      California                  | 171,300          |   | 100                                                                  |   |   |
| West      Branch, Michigan                | 112,120          |   | 100                                                                  |   |   |
| Blowing      Rock, North Carolina         | 104,235          |   | 100                                                                  |   |   |
| Nags      Head, North Carolina            | 82,178           |   | 100                                                                  |   |   |
| Kittery      I, Maine                     | 59,694           |   | 100                                                                  |   |   |
| Kittery      II, Maine                    | 24,619           |   | 100                                                                  |   |   |
| Totals                                    | 8,823,011        |   | 97(2)                                                                |   |
|                                      |             |   |                                                                 |   |   |

| Unconsolidated      Joint Ventures           |    |   |   |
|----------------------------------------------|---------|--------|--------|
| Myrtle      Beach Hwy 17, South Carolina (1) | 402,442 |   | 100    |
| Wisconsin      Dells, Wisconsin              | 264,929 |   | 99     |

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

| (2)   | Excludes      the occupancy rate at our Washington, Pennsylvania outlet center which      opened during the third quarter of 2008 and has not yet      stabilized. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

|   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%                    |  402,442                |  $0.3                                                     |  $35.8                                          |
|                           |                              |                    |                         |                         |                                                           |                                                 |
|  Wisconsin      Dells     | Wisconsin      Dells, Wisconsin   |  2006              |  50%                    |  264,929                |  $5.4                                                     |  $25.3                                          |
|                           |                              |                    |                         |                         |                                                           |                                                 |
|  Deer      Park           | Deer      Park, Long Island NY    | 2008                    |  33%                    | 682,000                      |  $6.4                                                     |  $198.7                                         |
|                           |                              |                    |                         |                         |                                                           |                                                 |

----

----

|            |                        |                                          Three Months Ended |                                      Nine Months    Ended                |
|-----------------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                         September    30,         |                                             September 30, |
|            |                        | 2008                                                                                                                                                                                                                                  | 2007                                                                                                                                                                                                                      | 2008 | 2007 |
| Fee:            |                        |                                                                                                                                                                                                                                  |                                                                                                                                                                                                                      |   |   |
|            | Management      and leasing | $   405                                                                                                                                                                                                                |  $   137                                                                                                                                                                                              | $   898 | $   416 |
|            | Marketing                   |                                                                                                                                                                                                                                  | 28                                                                                                                                                                                                                        | 25 | 93 | 82 |
| Total      Fees |                        | $   433                                                                                                                                                                                                                | $   162                                                                                                                                                                                                    | $   991 | $   498 |

----

----

| §   | 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,      which includes discontinued operations, may not be indicative of our      ongoing operations; and |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| §   | Other      companies in our industry may calculate FFO differently than we do,      limiting its usefulness as a comparative  measure. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|                                           |                                                       |                                                                                                                                                   |   |                                                                                                                         |
|------------------------------------------------|------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------|
|                                           |                                                       |                         Three months ended                   |   |                  Nine months ended                                    |
|                                           |                                                       |                            September 30, |   |                    September 30,                       |
|                                           |                                                       |                       2008                                             |   |                          2007 |   |                   2008 |   |                         2007 |
| FUNDS      FROM OPERATIONS                     |                                                       |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | Net      income                                            |                                                                                                                                                   | $      | 12,007                                                                                                                       |   |   | $ | 9,771 |   |   | $ | 21,321 |   |   | $ | 20,834 |   |   |
|                                           | Adjusted      for:                                         |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | Depreciation      and amortization                         |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | attributable      to discontinued operations               |                                                                                                                                                   |   | ---                                                                                                                          |   |   |   | 48 |   |   |   | --- |   |   |   | 145 |   |   |
|                                           | Depreciation      and amortization uniquely significant to |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | real      estate – consolidated                      |                                                                                                                                                   |   | 15,219                                                                                                                       |   |   |   | 14,865 |   |   |   | 45,335 |   |   |   | 48,641 |   |   |
|                                           | Depreciation      and amortization uniquely significant to |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | real      estate – unconsolidated joint ventures     |                                                                                                                                                   |   | 635                                                                                                                          |   |   |   | 651 |   |   |   | 1,938 |   |   |   | 1,985 |   |   |
| Funds      from operations (FFO)               |                                                       |                                                                                                                                                   | 27,861 |                                                                                                                         |   |   | 25,335 |   |   |   | 68,594 |   |   |   | 71,605 |   |   |
|                                           | Preferred      unit distributions                          |                                                                                                                                                   |   | (1,406                                                                                                                       | ) |   |   | (1,406 | ) |   |   | (4,219 | ) |   |   | (4,219 | ) |   |
| Funds      from operations available to common |                                                       |                                                                                                                                                   |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | unitholders                                                |                                                                                                                                                   | $      | 26,455                                                                                                                       |   |   | $ | 23,929 |   |   | $ | 64,375 |   |   | $ | 67,386 |   |   |
| Weighted      average units outstanding (1)    |                                                       |                                                                                                                                                   | 18,969 |                                                                                                                         |   |   | 18,733 |   |   |   | 18,950 |   |   |   | 18,734 |   |   |

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

----

----

----

| 10.8   | Amended      and Restated Employment Agreement for Lisa J. Morrison effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Company’s current report on Form 8-K dated May 5,2008).                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.9   | Amended      and Restated Employment Agreement for Joseph H. Nehmen effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Company’s current report on Form 8-K dated May 5,2008).                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.21  | Term      loan credit agreement dated June 10, 2008 between Tanger Properties      Limited Partnership and Banc of America Securities LLC and Wells Fargo      Bank, N.A. with Bank of America, N.A. serving as Administrative Agent and      Wells Fargo Bank, N.A. serving as Syndication Agent (Incorporated by      reference to the exhibits of the Company’s current report on Form 8-K      dated June 11, 2008). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 31.1   | Principal      Executive Officer Certification Pursuant to 18 U.S.C. Section 1350,      as      Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of      2002.                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 31.2   | Principal      Financial Officer Certification Pursuant to 18 U.S.C. Section 1350,      as      Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of      2002.                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 32.1   | Principal      Executive Officer Certification Pursuant to 18 U.S.C. Section 1350,      as      Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of      2002.                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 32.2   | Principal      Financial Officer Certification Pursuant to 18 U.S.C. Section 1350,      as      Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of      2002.                                                                                                                                                                                                                                                      |

----

|        10.8 |  Amended      and Restated Employment Agreement for Lisa J. Morrison effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Company’s Current report on Form 8-K dated May 5,  2008). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        10.9 |  Amended      and Restated Employment Agreement for Joseph H. Nehmen effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Company’s Current report on Form 8-K dated May 5,  2008). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        10.21 |  Term      loan credit agreement dated June 10, 2008 between Tanger Properties      Limited Partnership and Banc of America Securities LLC and Wells Fargo      Bank, N.A. with Bank of America, N.A. serving as Administrative Agent and      Wells Fargo Bank, N.A. serving as Syndication Agent (Incorporated by      reference to the exhibits of the Company’s Current report on Form 8-K      dated June 11, 2008). |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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