FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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

                For the quarterly period ended September 30, 2000

                                       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 Numbers:
                                   33-99736-01
                                   333-3526-01
                                  333-39365-01

                      TANGER PROPERTIES LIMITED PARTNERSHIP
             (Exact name of Registrant as specified in its Charter)

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

       3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408
                    (Address of principal executive offices)
                                   (Zip code)

                                 (336) 292-3010
              (Registrant's telephone number, including area code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No



                                       1
<PAGE>

                      TANGER PROPERTIES LIMITED PARTNERSHIP

                                      Index

                          Part I. Financial Information

                                                                     Page Number

Item 1. Financial Statements (Unaudited)

        Statements of Operations
        For the three and nine months ended September 30, 2000 and 1999     3

  Balance Sheets
        As of September 30, 2000 and December 31, 1999                      4

  Statements of Cash Flows
        For the nine months ended September 30, 2000 and 1999               5

  Notes to Financial Statements                                             6

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                                 9



                           Part II. Other Information

Item 1. Legal proceedings                                                  17

Item 6. Exhibits and Reports on Form 8-K                                   17

Signatures                                                                 17


                                       2
<PAGE>

<TABLE>
<CAPTION>
                                        TANGER PROPERTIES LIMITED PARTNERSHIP
                                              STATEMENTS OF OPERATIONS
                                        (In thousands, except per unit data)

                                                                          Three Months Ended        Nine Months Ended
                                                                        September 30,                 September 30,
                                                                       2000        1999             2000         1999
----------------------------------------------------------------------------------------------------------------------
                                                                        (unaudited)                  (unaudited)
REVENUES
<S>                                                                <C>         <C>              <C>          <C>
  Base rentals                                                     $ 17,492    $ 17,151         $ 52,912     $ 51,314
  Percentage rentals                                                    898         888            1,902        1,774
  Expense reimbursements                                              7,791       7,107           22,138       20,316
  Other income                                                        1,165       1,759            3,501        2,803
----------------------------------------------------------------------------------------------------------------------
       Total revenues                                                27,346      26,905           80,453       76,207
----------------------------------------------------------------------------------------------------------------------
EXPENSES
  Property operating                                                  8,751       7,993           24,458       22,221
  General and administrative                                          1,862       1,880            5,489        5,409
  Interest                                                            6,852       5,957           20,451       17,968
  Depreciation and amortization                                       6,537       6,200           19,512       18,525
----------------------------------------------------------------------------------------------------------------------
       Total expenses                                                24,002      22,030           69,910       64,123
----------------------------------------------------------------------------------------------------------------------
Income before gain or loss on sale of real estate
   and extraordinary item                                             3,344       4,875           10,543       12,084
Gain (loss) on sale of real estate                                      ---       1,313           (5,935)       1,313
----------------------------------------------------------------------------------------------------------------------
Income before extraordinary item                                      3,344       6,188            4,608       13,397
Extraordinary item - Loss on early extinguishment of debt               ---         ---              ---         (345)
----------------------------------------------------------------------------------------------------------------------
Net income                                                            3,344       6,188            4,608       13,052
Less applicable preferred unit distributions                           (449)       (481)          (1,382)      (1,441)
----------------------------------------------------------------------------------------------------------------------
Income available to common unitholders                                2,895       5,707            3,226       11,611
Income allocated to limited partners                                 (2,855)     (1,591)          (3,181)      (3,234)
----------------------------------------------------------------------------------------------------------------------
Income allocated to general partner                                    $ 40     $ 4,116             $ 45      $ 8,377
======================================================================================================================

Basic earnings per common unit:
  Income before extraordinary item                                    $ .26       $ .52            $ .30       $ 1.10
  Extraordinary item                                                    ---         ---              ---         (.03)
----------------------------------------------------------------------------------------------------------------------
  Net income                                                          $ .26       $ .52            $ .30       $ 1.07
======================================================================================================================

Diluted earnings per common unit:
  Income before extraordinary item                                    $ .26       $ .52            $ .29       $ 1.10
  Extraordinary item                                                    ---         ---              ---         (.03)
----------------------------------------------------------------------------------------------------------------------
  Net income                                                          $ .26       $ .52            $ .29       $ 1.07
======================================================================================================================

Distributions paid per common unit                                    $ .61       $ .61           $ 1.82       $ 1.81
======================================================================================================================

The accompanying notes are an integral part of these financial statements.
</TABLE>


                                       3
<PAGE>

<TABLE>
<CAPTION>
                                     TANGER PROPERTIES LIMITED PARTNERSHIP
                                                 BALANCE SHEETS
                                                 (In thousands)

                                                                                 September 30,      December 31,
                                                                                    2000               1999
-----------------------------------------------------------------------------------------------------------------
                                                                                (unaudited)
ASSETS
   Rental Property
<S>                                                                                  <C>                <C>
     Land                                                                            $ 60,303           $ 63,045
     Buildings, improvements and fixtures                                             498,830            484,277
     Developments under construction                                                   21,778             18,894
-----------------------------------------------------------------------------------------------------------------
                                                                                      580,911            566,216
     Accumulated depreciation                                                        (117,367)          (104,511)
-----------------------------------------------------------------------------------------------------------------
     Rental property, net                                                             463,544            461,705
     Cash and cash equivalents                                                            200                501
     Deferred charges, net                                                              8,872              8,176
     Other assets                                                                      15,422             19,469
-----------------------------------------------------------------------------------------------------------------
          Total assets                                                              $ 488,038          $ 489,851
=================================================================================================================

LIABILITIES AND PARTNERS' EQUITY
Liabilites
   Long-term debt
     Senior, unsecured notes                                                        $ 150,000          $ 150,000
     Mortgages payable                                                                135,759             90,652
     Unsecured term note                                                               20,000                ---
     Unsecured lines of credit                                                         31,289             88,995
-----------------------------------------------------------------------------------------------------------------
                                                                                      337,048            329,647
   Construction trade payables                                                         13,110              6,287
   Accounts payable and accrued expenses                                               13,472             12,863
-----------------------------------------------------------------------------------------------------------------
          Total liabilities                                                           363,630            348,797
-----------------------------------------------------------------------------------------------------------------
Commitments
Partners' equity
   General partner                                                                      1,699              1,927
   Limited partners                                                                   122,709            139,127
-----------------------------------------------------------------------------------------------------------------
          Total partners' equity                                                      124,408            141,054
-----------------------------------------------------------------------------------------------------------------
          Total liabilities and partners' equity                                    $ 488,038          $ 489,851
=================================================================================================================

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

</TABLE>

                                       4
<PAGE>

<TABLE>
<CAPTION>
                                         TANGER PROPERTIES LIMITED PARTNERSHIP
                                                STATEMENTS OF CASH FLOWS
                                                     (In thousands)
                                                                                                      Nine Months Ended
                                                                                                      September 30,
                                                                                                  2000              1999
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
                                                                                                       (Unaudited)
OPERATING ACTIVITIES
<S>                                                                                            <C>              <C>
  Net income                                                                                   $ 4,608          $ 13,052
  Adjustments to reconcile net income to net cash provided by
   operating activities:
     Depreciation and amortization                                                              19,512            18,525
     Amortization of deferred financing costs                                                      928               758
     Loss on early extinguishment of debt                                                          ---               345
     Loss (gain) on disposal or sale of real estate                                              5,935            (1,313)
     Gain on sale of outparcels of land                                                           (908)             (687)
     Straight-line base rent adjustment                                                            170              (211)
 Increase (decrease) due to changes in:
     Other assets                                                                                 (614)              (95)
     Accounts payable and accrued expenses                                                         609             3,427
-------------------------------------------------------------------------------------------------------------------------
          Net cash provided by operating activites                                              30,240            33,801
-------------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
  Additions to rental properties                                                               (25,896)          (26,613)
  Additions to deferred lease costs                                                             (1,894)           (1,709)
  Net proceeds from sale of real estate                                                          8,598             1,987
  Insurance proceeds from casualty losses                                                        4,046             7,853
  Advances to officer, net of repayments                                                          (358)           (2,436)
-------------------------------------------------------------------------------------------------------------------------
          Net cash used in investing activities                                                (15,504)          (20,918)
-------------------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
  Repurchase of partnership units                                                                  ---              (958)
  Cash distributions paid                                                                      (21,254)          (21,164)
  Proceeds from mortgages payable                                                               46,160            66,500
  Repayments on mortgages payable                                                               (1,053)          (48,192)
  Proceeds from revolving lines of credit                                                       93,924            74,448
  Repayments on revolving lines of credit                                                     (131,630)          (88,650)
  Additions to deferred financing costs                                                         (1,184)           (1,015)
  Proceeds from exercise of unit options                                                           ---                12
-------------------------------------------------------------------------------------------------------------------------
          Net cash used in financing activities                                                (15,037)          (19,019)
-------------------------------------------------------------------------------------------------------------------------
Net decrease in cash and cash equivalents                                                         (301)           (6,136)
Cash and cash equivalents, beginning of period                                                     501             6,334
-------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                                         $ 200             $ 198
=========================================================================================================================

Supplemental schedule of non-cash investing activities:
The Operating Parntership purchases capital equipment and incurs costs relating to construction of new
facilities, including tenant finishing allowances.  Expenditures included in construction trade payables as of
September 30, 2000 and 1999 amounted to $13,110 and $6,692, respectively.

The accompanying notes are an integral part of these financial statements.
</TABLE>

                                       5
<PAGE>
                           NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000
                                   (Unaudited)

1.       Interim Financial Statements

The unaudited Financial Statements of Tanger Properties Limited  Partnership,  a
North Carolina  limited  partnership  (the "Operating  Partnership"),  have been
prepared pursuant to generally accepted accounting principles and should be read
in conjunction with the Financial  Statements and Notes thereto of the Operating
Partnership's  Annual Report on Form 10-K for the year ended  December 31, 1999.
Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
have  been  condensed  or  omitted  pursuant  to  the  Securities  and  Exchange
Commission's  ("SEC") rules and regulations,  although  management believes that
the disclosures are adequate to make the information presented not misleading.

The accompanying Financial Statements reflect, in the opinion of management, all
adjustments   necessary  for  a  fair  presentation  of  the  interim  financial
statements. All such adjustments are of a normal and recurring nature.

2.       Development and Disposition of Rental Properties

During the first nine months of 2000,  the  Operating  Partnership  added 70,100
square feet to the portfolio in Commerce,  GA,  Sevierville,  TN and San Marcos,
TX. In addition, the Operating Partnership has approximately 244,300 square feet
of expansion space under construction in four centers located in Riverhead,  NY,
Lancaster, PA, Sevierville, TN and San Marcos, TX.

In June 2000,  the Operating  Partnership  sold its centers in Lawrence,  KS and
McMinnville,  OR. Net proceeds received from the sale totaled $7.1 million. As a
result of the sale, the Operating Partnership  recognized a loss on sale of real
estate of $5.9 million.  The combined net operating  income of these two centers
represented  approximately 1% of the total portfolio's  operating income. During
the third quarter,  the Operating  Partnership  also sold two land outparcels at
its San Marcos  center for net  proceeds of $752,000  and has  included in other
income a gain on sale of  $482,000.  During the first nine  months of 2000,  the
Operating Partnership in total has sold four land outparcels for net proceeds of
$1.5 million and has included in other income a gain on sale of $908,000.

Commitments  to  complete   construction  of  the  expansions  to  the  existing
properties and other capital expenditure  requirements amounted to approximately
$5.7 million at September 30, 2000.  Commitments for construction represent only
those costs contractually required to be paid by the Operating Partnership.

Interest costs capitalized  during the three months ended September 30, 2000 and
1999  amounted to $328,000 and $293,000,  respectively,  and for the nine months
ended   September   30,  2000  and  1999  amounted  to  $687,000  and  $903,000,
respectively.

3.       Other Assets

In May 2000, the demand notes  receivable  totaling $3.4 million from Stanley K.
Tanger,  Chairman  of the Board  and  Chief  Executive  Officer  of the  general
partner,  were  converted  into two separate term notes of which $2.5 million is
due from Mr. Tanger and $845,000 is due from Steven B. Tanger,  President of the
general  partner.  The notes amortize  evenly over five years with principal and
interest at a rate of 8% per annum due quarterly. The balances of these notes at
September 30, 2000 were $2.4 million and $810,000, respectively.

                                       6
<PAGE>

4.       Long-Term Debt

On September 8, 2000,  the Operating  Partnership  refinanced its five year $9.2
million  secured loan with New York Life  Insurance  Company at a fixed interest
rate of 9.125%.

On August 29, 2000,  the Operating  Partnership  entered into a ten year secured
term loan with  Woodmen of the World Life  Insurance  Society for $16.7  million
with interest payable at a fixed rate of 8.86%. The proceeds were used to reduce
amounts outstanding under the existing lines of credit.

On July 28, 2000,  the  Operating  Partnership  entered into a five year secured
term loan with Wells Fargo Bank for $29.5 million with interest payable at LIBOR
plus 1.75%.  The  proceeds  were used to reduce  amounts  outstanding  under the
existing lines of credit.

In January 2000, the Operating Partnership entered into a $20.0 million two year
unsecured term loan with interest payable at LIBOR plus 2.25%. The proceeds were
used to reduce amounts  outstanding under the existing lines of credit.  Also in
January  2000,  the  Operating  Partnership  entered  into  interest  rate  swap
agreements on notional amounts totaling $20.0 million at a cost of $162,000. The
agreements mature in January 2002. The swap agreements have the effect of fixing
the interest rate on the new $20.0 million loan at 8.75%.

At September 30, 2000, the Operating  Partnership  had revolving lines of credit
with an unsecured borrowing capacity of $100 million, of which $68.7 million was
available for additional borrowings.

5.   Earnings Per Unit

The  following  table  sets  forth  a  reconciliation   of  the  numerators  and
denominators  in computing  earnings per unit in  accordance  with  Statement of
Financial Accounting Standards No. 128, Earnings Per Share (in thousands, except
per unit amounts):
<TABLE>
<CAPTION>

                                                                             Three Months Ended                 Nine Months Ended
                                                                                September 30,                      September 30,
                                                                             2000          1999                 2000          1999
-----------------------------------------------------------------------------------------------------------------------------------
Numerator:
<S>                                                                       <C>           <C>                  <C>          <C>
  Income before extraordinary item                                        $ 3,344       $ 6,188              $ 4,608      $ 13,397
  Less applicable preferred unit distributions                               (449)         (481)              (1,382)       (1,441)
-----------------------------------------------------------------------------------------------------------------------------------
  Income available to common unitholders -
    numerator for basic and diluted earnings per unit                     $ 2,895       $ 5,707              $ 3,226      $ 11,956
-----------------------------------------------------------------------------------------------------------------------------------
Denominator:
  Basic weighted average common units                                      10,938        10,883               10,919        10,895
  Effect of outstanding unit options                                           49            68                   25            21
-----------------------------------------------------------------------------------------------------------------------------------
  Diluted weighted average common units                                    10,987        10,951               10,944        10,916
-----------------------------------------------------------------------------------------------------------------------------------
Basic earnings per unit before extraordinary item                           $ .26         $ .52                $ .30        $ 1.10
===================================================================================================================================
Diluted earnings per unit before extaordinary item                          $ .26         $ .52                $ .29        $ 1.10
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

The computation of diluted earnings per unit excludes options to purchase common
units when the exercise  price is greater  than the average  market price of the
common units for the period.  The market price of the common units is considered
to be  equivalent  to the market  price of the common  shares of Tanger  Factory
Outlet  Centers,  Inc.,  the sole owner of the Operating  Partnership's  general
partner. Options excluded totaled 631,000 and 341,000 for the three months ended
September  30, 2000 and 1999,  respectively,  and  1,226,000 and 652,000 for the
nine  months  ended  September  30,  2000 and 1999,  respectively.  The  assumed
conversion  of preferred  units to common units as of the  beginning of the year
would have been anti-dilutive.

                                       7
<PAGE>

At September  30, 2000 and December 31,  1999,  the  ownership  interests of the
Operating Partnership consisted of the following:
<TABLE>
<CAPTION>
                                                                   2000           1999
---------------------------------------------------------- ------------- --------------
<S>                                                              <C>            <C>
Preferred units                                                  80,600         85,270
---------------------------------------------------------- ------------- --------------
Common units:
   General partner                                              150,000        150,000
   Limited partners                                          10,802,216     10,760,140
---------------------------------------------------------- ------------- --------------
      Total                                                  10,952,216     10,910,140
---------------------------------------------------------- ------------- --------------
</TABLE>

6.  Subsequent Events

On  November 9, 2000,  the  Operating  Partnership  terminated  its  contract to
purchase twelve acres of land in Dania Beach/Ft.  Lauderdale,  Florida from Bass
Pro Outdoor World, L.P. ("Bass Pro"). Conditions that were required to have been
satisfied prior to consummation of the Operating  Partnership's  purchase of the
property, including the ability to obtain a building permit and the satisfaction
by the seller of various title and other matters,  had not been satisfied by the
scheduled  closing date of November 3, 2000. In accordance with, and as a result
of the termination of the purchase  contract,  Bass Pro has thirty business days
in which to exercise an option to reacquire the existing  Outdoor World building
owned by the Operating  Partnership at the site. The Operating Partnership is in
the process of determining the final cost associated with the termination of the
contract,  which will be written off in the fourth  quarter,  or should Bass Pro
exercise its option to repurchase, at the time of close.

                                       8
<PAGE>
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.

The  following  discussion  should  be read in  conjunction  with the  financial
statements appearing elsewhere in this report. Historical results and percentage
relationships  set forth in the statements of operations,  including trends that
might appear, are not necessarily indicative of future operations.

The  discussion  of our  results of  operations  reported in the  statements  of
operations  compares the three and nine months ended September 30, 2000 with the
three and nine months ended September 30, 1999. Certain  comparisons between the
periods are made on a percentage  basis as well as on a weighted  average  gross
leasable area ("GLA") basis, a technique which adjusts for certain  increases or
decreases in the number of centers and corresponding  square feet related to the
development,  acquisition,  expansion or disposition of rental  properties.  The
computation of weighted average GLA,  however,  does not adjust for fluctuations
in occupancy that may occur subsequent to the original opening date.

Cautionary Statements

Certain statements made below are forward-looking  statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend for such  forward-looking
statements  to be  covered by the safe  harbor  provisions  for  forward-looking
statements  contained in the Private  Securities Reform Act of 1995 and included
this  statement  for  purposes of complying  with these safe harbor  provisions.
Forward-looking statements,  which are based on certain assumptions and describe
our future plans, strategies and expectations, are generally identifiable by use
of the words "believe", "expect", "intend", "anticipate", "estimate", "project",
or similar expressions.  You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other factors which are,
in some cases,  beyond our control and which could materially  affect our actual
results, performance or achievements.  Factors which may cause actual results to
differ materially from current expectations include, but are not limited to, the
following:

-    general  economic  and local  real  estate  conditions  could  change  (for
     example,  our tenant's  business may change if the economy  changes,  which
     might  effect  (1) the  amount of rent they pay us or their  ability to pay
     rent to us, (2) their demand for new space,  or (3) our ability to renew or
     re-lease a significant amount of available space on favorable terms);

-    the laws and  regulations  that apply to us could change (for  instance,  a
     change in the tax laws that apply to REITs could result in unfavorable  tax
     treatment for us);

-    availability and cost of capital (for instance, financing opportunities may
     not be available to us, or may not be available to us on favorable terms);

-    our  operating  costs may increase or our costs to construct or acquire new
     properties  or expand our  existing  properties  may increase or exceed our
     original expectations.

General Overview

At  September  30, 2000,  we owned 29 centers in 20 states  totaling 5.0 million
square  feet of GLA  compared  to 30 centers in 22 states  totaling  4.9 million
square feet of GLA at September  30, 1999.  Since  September  30, 1999,  we have
acquired one center and expanded four existing centers,  increasing GLA by a net
of approximately  244,000 square feet. In addition, we sold two centers totaling
186,000 square feet in June 2000.



                                       9
<PAGE>


During  the  first  nine  months of 2000,  we added  70,100  square  feet to the
portfolio in Commerce,  GA, San Marcos, TX and Sevierville,  TN. In addition, we
have approximately  244,300 square feet of expansion space under construction in
four  centers  located in  Lancaster,  PA,  Riverhead,  NY, San  Marcos,  TX and
Sevierville,  TN.  In June  2000,  we  sold  our  centers  in  Lawrence,  KS and
McMinnville,  OR. Net proceeds received from the sale totaled $7.1 million. As a
result of the two sales,  we  recognized  a loss on sale of real  estate of $5.9
million.  The combined  net  operating  income of these two centers  represented
approximately 1% of the total  portfolio's  operating  income.  During the first
nine months of 2000, we also sold four land  outparcels for net proceeds of $1.5
million and have included in other income a gain on sale of $908,000.

A summary of the operating results for the three and nine months ended September
30, 2000 and 1999 is  presented  in the  following  table,  expressed in amounts
calculated on a weighted average GLA basis.
<TABLE>
<CAPTION>

                                                                       Three Months Ended           Nine Months Ended
                                                                           September 30,               September 30,
                                                                         2000        1999            2000        1999
----------------------------------------------------------------------------------------------------------------------
<S>                       <C>                                           <C>         <C>             <C>         <C>
GLA open at end of period (000's)                                       5,004       4,946           5,004       4,946
Weighted average GLA (000's) (1)                                        5,010       4,939           5,117       4,976
Outlet centers in operation                                                29          30              29          30
New centers acquired                                                      ---         ---             ---         ---
Centers sold                                                              ---           1               2           1
Centers expanded                                                          ---           2             ---           4
States operated in at end of period                                        20          22              20          22
Occupancy percentage at end of period                                      95          95              95          95

Per square foot
Revenues
  Base rentals                                                         $ 3.49      $ 3.47         $ 10.34     $ 10.31
  Percentage rentals                                                      .18         .18             .37         .36
  Expense reimbursements                                                 1.56        1.44            4.33        4.08
  Other income                                                            .23         .36             .68         .56
----------------------------------------------------------------------------------------------------------------------
     Total revenues                                                      5.46        5.45           15.72       15.31
----------------------------------------------------------------------------------------------------------------------
Expenses
  Property operating                                                     1.75        1.62            4.78        4.47
  General and administrative                                              .37         .38            1.07        1.09
  Interest                                                               1.37        1.21            4.00        3.61
  Depreciation and amortization                                          1.30        1.26            3.81        3.72
----------------------------------------------------------------------------------------------------------------------
Total expenses                                                           4.79        4.47           13.66       12.89
----------------------------------------------------------------------------------------------------------------------
Income before gain or loss on sale of real estate
and extraordinary item                                                  $ .67       $ .98          $ 2.06      $ 2.42
======================================================================================================================

(1) GLA weighted by months of operations.  GLA is not adjusted for  fluctuations
in occupancy which may occur subsequent to the original opening date.

</TABLE>

RESULTS OF OPERATIONS

Comparison  of the three  months  ended  September  30, 2000 to the three months
ended September 30, 1999

Base rentals increased $341,000,  or 2%, in the 2000 period when compared to the
same  period  in 1999.  The  increase  is  primarily  due to the  effect  of the
expansions  during the fourth quarter of 1999 and the first nine months of 2000,
as mentioned in the General Overview above,  offset by the loss of rent from the
sales of the centers in Lawrence, Kansas and McMinnville,  Oregon. Base rent per
weighted  average  GLA  increased  by $.02 per square foot from $3.47 per square
foot in the three  months ended  September  30, 1999 to $3.49 per square foot in
the three months ended  September 30, 2000. The increase is mainly  attributable
to the expansions.

                                       10
<PAGE>

Percentage  rentals,  which represent revenues based on a percentage of tenants'
sales volume above predetermined  levels (the "breakpoint"),  increased $10,000,
and on a weighted  average GLA basis,  remained  flat in comparison to the prior
year.

Expense reimbursements, which represent the contractual recovery from tenants of
certain  common  area  maintenance,   insurance,   property  tax,   promotional,
advertising and management expenses generally  fluctuates  consistently with the
reimbursable   property  operating   expenses  to  which  it  relates.   Expense
reimbursements,  expressed  as a  percentage  of  property  operating  expenses,
remained constant at 89% in 2000 compared to the same period in 1999.

Other income decreased  $594,000 due to the recognition of $318,000 in 1999 from
the Stroud insurance  reimbursement and higher gain on sale from outparcel sales
in 1999 of $687,000  versus  $482,000 in 2000.  We received  approximately  $1.9
million in business  interruption  insurance  proceeds when our outlet center in
Stroud,  Oklahoma  was  destroyed by a tornado in May 1999.  The  proceeds  were
amortized into income over a fourteen month period from May 1999 to June 2000.

Property operating expenses increased by $758,000,  or 9%, in the 2000 period as
compared to the 1999 period and, on a weighted average GLA basis, increased $.13
per square  foot from $1.62 to $1.75.  The  increases  are the result of certain
increases  in real estate tax  assessments  and higher  common area  maintenance
expenses.

General and administrative expenses decreased slightly by $18,000, or 1%, in the
2000  period as  compared  to the 1999  period  and,  as a  percentage  of total
revenues,  were  approximately  7% of total  revenues  in both the 2000 and 1999
periods.

Interest  expense  increased  $895,000 during the 2000 period as compared to the
1999  period  due to the  incremental  financing  needed to fund the  expansions
described in the General Overview section above and higher interest rates on our
variable rate and new fixed rate debt obtained during the quarter.  Depreciation
and  amortization  per weighted average GLA increased from $1.26 per square foot
in the 1999  period to $1.30 per square  foot in the 2000 period due to a higher
mix of tenant finishing  allowances included in buildings and improvements which
are depreciated over shorter lives than other construction costs.

Comparison of the nine months ended  September 30, 2000 to the nine months ended
September 30, 1999

Base rentals increased $1.6 million,  or 3%, in the 2000 period when compared to
the same  period in 1999.  The  increase is  primarily  due to the effect of the
expansions and the acquisition  completed since September 30, 1999, as mentioned
in the General Overview above,  offset by the loss of rent from the sales of the
centers in Lawrence, KS and McMinnville,  OR. Base rent per weighted average GLA
increased by $.03 per square foot from $10.31 per square foot in the nine months
ended  September  30, 1999 to $10.34 per square  foot in the nine  months  ended
September 30, 2000. The increase is the result of the expansions and acquisition
since September 30, 1999.

Percentage  rentals  increased  $128,000,  and on a weighted  average GLA basis,
increased  $.01 per square  foot in 2000  compared  to 1999.  For the first nine
months of 2000, reported same-store sales, defined as the weighted average sales
per square  foot  reported  by tenants  for stores  open since  January 1, 1999,
increased  by 1% when  compared  to the  first  nine  months  of 1999.  Reported
same-space sales for the rolling twelve months ended September 30, 2000, defined
as the  weighted  average  sales per square foot  reported in space open for the
full duration of each comparison  period,  increased 7% to $278,  reflecting the
continued  success of the our  strategy to  re-merchandise  selected  centers by
replacing low volume tenants with high volume tenants.



                                       11
<PAGE>


Expense reimbursements, which represent the contractual recovery from tenants of
certain  common  area  maintenance,   insurance,   property  tax,   promotional,
advertising and management expenses generally  fluctuates  consistently with the
reimbursable   property  operating   expenses  to  which  it  relates.   Expense
reimbursements,  expressed  as a  percentage  of  property  operating  expenses,
decreased  from  91% in 1999 to 90% in 2000  primarily  as a  result  of  higher
operating  costs and other  non-reimbursable  expenses  during  the 2000  period
compared to the 1999 period.

Other income  increased  $698,000 in 2000 compared to 1999  primarily due to the
increased gains on sale of land outparcels  totaling $221,000 in the 2000 period
compared to the 1999 period.  Also,  business  interruption  insurance  proceeds
relating to the Stroud  center  totaling  $1.0 million were  recognized  in 2000
compared to $524,000 in 1999.

Property  operating  expenses  increased  by $2.2  million,  or 10%, in the 2000
period as compared  to the 1999  period  and,  on a weighted  average GLA basis,
increased $.31 per square foot from $4.47 to $4.78. The increases are the result
of certain  increases  in real  estate tax  assessments  and higher  common area
maintenance expenses.

General and administrative expenses increased $80,000, or 1%, in the 2000 period
as compared to the 1999 period and, as a percentage of total  revenues,  general
and administrative  expenses were approximately 7% of total revenues in both the
2000 and 1999 periods.

Interest  expense  increased  $2.5 million during the 2000 period as compared to
the 1999 period due to the incremental  financing  needed to fund the expansions
since September 1999 and the November 1999  acquisition in Fort  Lauderdale,  FL
and  higher  interest  rates  on  our  variable  rate  debt.   Depreciation  and
amortization per weighted average GLA increased 2% from $3.72 per square foot in
the 1999  period to $3.81 per square foot in the 2000 period due to a higher mix
of tenant finishing  allowances included in buildings and improvements which are
depreciated over shorter lives than other construction costs.

The extraordinary loss recognized in the 1999 period represents the write-off of
unamortized  deferred  financing  costs  related  to debt that was  extinguished
during the period prior to its scheduled maturity.

LIQUIDITY AND CAPITAL RESOURCES

Net cash  provided by operating  activities  was $30.2 million and $33.8 million
for the nine  months  ended  September  30,  2000 and  1999,  respectively.  The
decrease in cash provided by operating activities is due primarily to a decrease
in accounts payable and accrued expenses.  Net cash used in investing activities
was $15.5 million and $20.9 million during 2000 and 1999, respectively. Net cash
used in  investing  was  lower in 2000  primarily  due to the  increase  in cash
received from the sale of real estate, a decrease in insurance proceeds received
from  casualty  losses and a decrease in advances to officers.  Net cash used in
financing  activities decreased to $15.0 million during the first nine months of
2000 from $19.0  million  in 1999 due to the  reduction  of amounts  outstanding
under the lines of credit from the proceeds from insurance and property sales.

During  the  first  nine  months of 2000,  we added  70,100  square  feet to our
portfolio in Commerce,  GA, San Marcos, TX and Sevierville,  TN. In addition, we
have approximately  244,300 square feet of expansion space under construction in
four  centers  located in  Lancaster,  PA,  Riverhead,  NY, San  Marcos,  TX and
Sevierville,  TN. Commitments to complete  construction of the expansions to the
existing  properties  and other  capital  expenditure  requirements  amounted to
approximately  $5.7 million at September 30, 2000.  Commitments for construction
represent only those costs contractually required to be paid by us.



                                       12
<PAGE>

We have an option to purchase the retail  portion of a site at the Bourne Bridge
Rotary in Cape Cod, MA. Based on tenant demand, we plan to develop a new 250,000
square foot outlet center. The entire site will contain more than 750,000 square
feet of mixed-use entertainment,  retail, office and residential community built
in the style of a Cape Cod Village. The local and state planning authorities are
currently  reviewing  the project and they  anticipate  final  approvals by next
year. Due to the extensive amount of site work and road construction, stores are
not expected to be open until mid 2003.

On  November 9, 2000,  the  Operating  Partnership  terminated  its  contract to
purchase twelve acres of land in Dania Beach/Ft.  Lauderdale,  Florida from Bass
Pro Outdoor World, L.P. ("Bass Pro"). Conditions that were required to have been
satisfied prior to consummation of the Operating  Partnership's  purchase of the
property, including the ability to obtain a building permit and the satisfaction
by the seller of various title and other matters,  had not been satisfied by the
scheduled  closing date of November 3, 2000. In accordance with, and as a result
of the termination of the purchase  contract,  Bass Pro has thirty business days
in which to exercise an option to reacquire the existing  Outdoor World building
owned by the Operating  Partnership at the site. The Operating Partnership is in
the process of determining the final cost associated with the termination of the
contract,  which will be written off in the fourth  quarter,  or should Bass Pro
exercise its option to repurchase, at the time of close.

The  developments  or expansions  that we have planned or anticipated may not be
started or completed  as  scheduled,  or may not result in accretive  funds from
operations.  In  addition,  we regularly  evaluate  acquisition  or  disposition
proposals  and engage  from time to time in  negotiations  for  acquisitions  or
dispositions  of  properties.  We may also enter into  letters of intent for the
purchase or sale of properties.  Any prospective acquisition or disposition that
is being  evaluated  or which  is  subject  to a  letter  of  intent  may not be
consummated,  or  if  consummated,  may  not  result  in  accretive  funds  from
operations.

During the first nine months of the year, to complete our  development  pipeline
and to put us in a position to handle the debt maturities that will be occurring
over the next twelve months, we have taken the following steps:

<TABLE>
<CAPTION>
                                                                                                           Interest
Lender                                      Loan                       Amount           Status               Rate

<S>                                     <C>                       <C>                      <C>          <C>
Fleet National Bank/Bank of America       2 yr unsecured            $20.0 million     Closed 01/00        8.75% fixed
Wells Fargo Bank                          5 yr secured              $29.5 million     Closed 07/00        Libor+1.75%
Woodmen of the World Life Ins. Society   10 yr secured              $16.7 million     Closed 08/00        8.86% fixed
New York Life Insurance Company           5 yr secured (renewal)    $ 9.2 million     Closed 09/00        9.125% fixed
</TABLE>

We have  extended  the  maturities  for our four  lines of  credit  with Bank of
America,  Bank One, Fleet National Bank and SouthTrust  Bank until at least June
30, 2002. This additional  long-term  financing,  the proceeds from the property
sales,  and  internally  generated  cash  flow  will be used to fund  profitable
expansions to many of our  successful,  high volume centers over the next twelve
months.

The financing transactions and the approximate 150 basis point increase in LIBOR
rates  over the last  twelve  months  have  effectively  increased  the  average
interest rate (including  amortization  of loan costs) on our  outstanding  debt
from 8.2% in 1999 to an estimated 8.7% in 2000.  Because of the long-term nature
of the leases  with  tenants,  we cannot  immediately  pass  through  the higher
interest  expense  caused by this increase in market  rates,  which has begun to
have an impact on earnings.  At September 30, 2000, our total  outstanding  debt
was  $337.0  million,  approximately  60%  of  the  outstanding  long-term  debt
represented  unsecured  borrowings  and  approximately  70% of our  real  estate
portfolio was unencumbered.



                                       13
<PAGE>

We maintain  revolving  lines of credit with Bank of  America,  Bank One,  Fleet
National Bank and  SouthTrust  Bank that provide for unsecured  borrowings up to
$100 million, of which $68.7 million was available for additional  borrowings at
September 30, 2000. As a general matter,  we plan to utilize our lines of credit
as an interim  source of funds to  acquire,  develop and expand  factory  outlet
centers and to repay the credit  lines with  longer-term  debt or equity when we
determine that market conditions are favorable.  Under joint shelf registration,
Tanger   Factory  Outlet   Centers,   Inc,  the  sole  owner  of  the  Operating
Partnership's  general partner, and the Operating  Partnership could issue up to
$100 million in additional equity securities and $100 million in additional debt
securities.  With the decline in the real estate debt and equity markets, we may
not, in the short term, be able to access these markets on favorable  terms.  We
believe the decline is temporary  and we may utilize  these funds as the markets
improve to continue our external growth.  In the interim,  we may consider other
strategies   to  generate   additional   capital  to   reinvest  in   attractive
opportunities.   These  strategies  may  include  the  use  of  operational  and
developmental  joint ventures,  selling certain  properties that do not meet our
long-term investment criteria, selling land outparcels at existing properties as
well as other related strategies. Based on cash provided by operations, existing
credit facilities,  ongoing negotiations with certain financial institutions and
funds available under the shelf registration,  we believe that we have access to
the necessary financing to fund the planned capital expenditures during 2001.

We  anticipate  that  adequate  cash will be available to fund our operating and
administrative  expenses,  regular debt service obligations,  and the payment of
dividends in accordance with REIT  requirements in both the short and long term.
Although  we  receive  most  of  our  rental   payments  on  a  monthly   basis,
distributions  to shareholders  are made quarterly and interest  payments on the
senior,  unsecured notes are made  semi-annually.  Amounts  accumulated for such
payments will be used in the interim to reduce the outstanding  borrowings under
the  existing  lines of credit or invested in  short-term  money market or other
suitable  instruments.  Certain  of our debt  agreements  limit the  payment  of
dividends such that dividends will not exceed funds from operations  ("FFO"), as
defined in the  agreements,  for the prior fiscal year on an annual basis or 95%
of FFO on a cumulative basis from the date of the agreement.

In May 2000, the demand notes  receivable  totaling $3.4 million from Stanley K.
Tanger,  the Company's  Chairman of the Board and Chief Executive Officer of the
general  partner,  were  converted  into two  separate  term notes of which $2.5
million  is due from Mr.  Tanger  and  $845,000  is due from  Steven B.  Tanger,
President and Chief Operating Officer of the general partner. The notes amortize
evenly over five years with principal and interest at a rate of 8% per annum due
quarterly.  The balances of these notes at September  30, 2000 were $2.4 million
and $810,000, respectively.

On October 12, 2000,  the Board of Directors of the general  partner  declared a
$.6075  cash  dividend  per common  unit  payable on  November  15, 2000 to each
unitholder of record on October 31, 2000.  The Board of Directors of the general
partner also declared a cash  dividend of $.5474 per  preferred  unit payable on
November 15, 2000 to each unitholder of record on October 31, 2000.

Market Risk

We are exposed to various  market risks,  including  changes in interest  rates.
Market risk is the potential  loss arising from adverse  changes in market rates
and prices,  such as interest rates.  We do not enter into  derivatives or other
financial instruments for trading or speculative purposes.

We negotiate  long-term fixed rate debt instruments and enter into interest rate
swap  agreements  to manage our  exposure to interest  rate  changes.  The swaps
involve the exchange of fixed and variable  interest  rate  payments  based on a
contractual  principal  amount and time  period.  Payments  or  receipts  on the
agreements  are recorded as adjustments  to interest  expense.  At September 30,
2000, we had interest rate swap agreements effective through January 2002 with a
notional  amount of $20  million.  Under this  agreement,  we receive a floating
interest  rate based on the 30 day LIBOR index and pay a fixed  interest rate of
6.5%. These swaps  effectively  change our payment of interest on $20 million of
variable rate debt for the contract period to a fixed rate of 8.75%.

                                       14
<PAGE>

The fair value of the interest  rate swap  agreements  represents  the estimated
receipts  or  payments  that  would  be made to  terminate  the  agreements.  At
September 30, 2000, we would have received  $12,000 to terminate the agreements.
A 1% decrease in the 30-day LIBOR index would  decrease this amount  received by
approximately  $238,000.  The fair value is based on dealer quotes,  considering
current interest rates.

The fair market value of long-term fixed interest rate debt is subject to market
risk. Generally, the fair market value of fixed interest rate debt will increase
as interest  rates fall and decrease as interest  rates rise. The estimated fair
value of our total  long-term  debt at September 30, 2000 was $332.0 million and
the recorded value was $337.0 million.  A 1% increase from  prevailing  interest
rates at  September  30, 2000 would  result in a decrease in fair value of total
long-term debt by approximately  $5.2 million.  Fair values were determined from
quoted market prices, where available,  using current interest rates considering
credit ratings and the remaining terms to maturity.

New Accounting Pronouncements

During  1998,  the  FASB  issued  SFAS  No.  133,   "Accounting  for  Derivative
Instruments and Hedging Activities." SFAS No. 133 requires entities to recognize
all  derivatives  as either assets or  liabilities in the statement of financial
position and measure those  instruments  at their fair value.  In June 1999, the
FASB issued SFAS No. 137  "Accounting  for  Derivative  Instruments  and Hedging
Activities-Deferral of the Effective Date of FASB Statement No. 133-an amendment
of the FASB Statement No. 133" that revises SFAS No. 133 to become  effective in
the first  quarter  of 2001.  We  anticipate  that,  due to our  limited  use of
derivative instruments, the adoption of SFAS No. 133 will not have a significant
effect on our results of operations or our financial position.

Funds from Operations

We believe that for a clear understanding of the historical operating results of
the Operating  Partnership,  FFO should be  considered  along with net income as
presented  in the  unaudited  financial  statements  included  elsewhere in this
report.  FFO is presented  because it is a widely accepted  financial  indicator
used by certain  investors  and  analysts to analyze and compare one equity real
estate  investment  trust  ("REIT")  with  another  on the  basis  of  operating
performance.  FFO  is  generally  defined  as net  income  (loss),  computed  in
accordance with generally accepted accounting  principles,  before extraordinary
items and gains  (losses)  on sale of  depreciable  operating  properties,  plus
depreciation and amortization  uniquely  significant to real estate.  We caution
that the  calculation  of FFO may vary from  entity  to  entity  and as such our
presentation of FFO may not be comparable to other similarly  titled measures of
other reporting  companies.  FFO does not represent net income or cash flow from
operations as defined by generally accepted accounting principles and should not
be  considered  an  alternative  to net  income as an  indication  of  operating
performance  or to cash from  operations as a measure of  liquidity.  FFO is not
necessarily  indicative  of  cash  flows  available  to  fund  distributions  to
unitholders and other cash needs.

In October  1999,  the National  Association  of Real Estate  Investment  Trusts
("NAREIT")  issued  interpretive  guidance  regarding  the  calculation  of FFO.
NAREIT's  leadership  determined  that FFO should  include  both  recurring  and
non-recurring  operating results,  except those results defined as extraordinary
items under generally accepted  accounting  principles and gains and losses from
sales of depreciable  operating property.  All REITS are encouraged to implement
the  recommendations  of this guidance effective for fiscal periods beginning in
2000 for all periods presented in financial statements or tables. We adopted the
new  NAREIT  clarification  as of January 1, 2000 which had no impact on amounts
previously reported as funds from operations.



                                       15
<PAGE>

Below is a calculation of FFO for the three and nine months ended  September 30,
2000 and 1999 as well as actual  cash flow and other  data for those  respective
periods (in thousands):
<TABLE>
<CAPTION>
                                                                               Three Months Ended              Nine Months Ended
                                                                                  September 30,                    September 30,
                                                                              2000             1999            2000           1999
-----------------------------------------------------------------------------------------------------------------------------------
Funds from Operations:
<S>                                                                        <C>              <C>             <C>           <C>
  Net income                                                               $ 3,344          $ 6,188         $ 4,608       $ 13,052
  Adjusted for:
    Extraordinary item - loss on early extinguishment of debt                  ---              ---             ---            345
    Depreciation and amortization uniquely significant to real estate        6,470            6,149          19,323         18,363
    (Gain) loss on sale of real estate                                         ---           (1,313)          5,935         (1,313)
-----------------------------------------------------------------------------------------------------------------------------------
          Funds from operations (1)                                        $ 9,814         $ 11,024        $ 29,866       $ 30,447
===================================================================================================================================
Weighted average units outstanding (2)                                      11,727           11,746          11,703         11,711
===================================================================================================================================
Cash flows provided by (used in):
  Operating activities                                                                                     $ 30,240       $ 33,801
  Investing activities                                                                                      (15,504)       (20,918)
  Financing activities                                                                                      (15,037)       (19,019)
__________________
(1)   Includes gain on sales of outparcels of land of $482 and $687 for the three months ended, and $908 and 687 for the
      nine months ended September 30, 2000 and 1999.
(2)   Assumes the preferred units and unit options are converted to common units.
</TABLE>


Economic Conditions and Outlook

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

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

As  part  of  our  strategy  of  aggressively   managing  our  assets,   we  are
strengthening  the tenant  base in several of our  centers by adding  strong new
anchor  tenants,  such as Polo,  Nike,  GAP,  Tommy  Hilfiger  and  Nautica.  To
accomplish  this goal,  stores may remain  vacant for a longer period of time in
order to recapture  enough space to meet the size  requirement of these upscale,
high volume tenants. As of September 30, 2000, our centers were 95% occupied.

As of September 30, 2000, we have renewed  approximately 498,000 square feet, or
71% of the square feet  scheduled to expire in 2000.  The existing  tenants have
renewed at an average base rental rate approximately 5% higher than the expiring
rate. An additional  27,400 feet, or 4%, is currently in renewal  negotiation or
will be negotiated  during the fourth quarter with existing  tenants.  We are in
the process of releasing approximately 175,000 square feet of space that was not
renewed this year by the existing tenants. In addition, approximately 12% of our
lease  portfolio  is  scheduled  to  expire  during  2001.  Consistent  with our
long-term  strategy of remerchandising  centers,  we will continue to hold space
off the market until an appropriate tenant is identified.  While we believe this
strategy  will add value to our  centers  in the  long-term,  it may  reduce our
average  occupancy  rate by one to two percent  over the next twelve to eighteen
months. If we are unable to successfully  renew or release a significant  amount
of this  space  on  favorable  economic  terms,  the loss in rent  could  have a
material adverse effect on our results of operations.



                                       16
<PAGE>




                           PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

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

Item 6.       Exhibits and Reports on Form 8-K

              (a)  Exhibits

                   None

              (b)  Reports on Form 8-K

                   None

                                   SIGNATURES

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

                      TANGER PROPERTIES LIMITED PARTNERSHIP

                      By:       Tanger GP Trust, its general partner


                      By:        /s/  FRANK C. MARCHISELLO, JR.
                                   -------------------------------
                                   Frank C. Marchisello, Jr.
                                    Treasurer

DATE:  November 13, 2000

                                       17
<PAGE>