| **UNITED                STATES**                                                        |
|-----------------------------------------------------------------------------------------|
| **SECURITIES                AND EXCHANGE COMMISSION**                                   |
| **Washington,                D.C. 20549**                                               |
|                                                                                    |
| FORM                10-Q                                                                |
|                                                                                    |
| [                X                ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
| THE                SECURITIES EXCHANGE ACT OF 1934                                      |
|                                                                                    |
| **For                the quarterly period ended June 30, 2006**                         |
| 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. 1-11986**                                          |
| **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 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) |

| Large                accelerated filer  ̈ | Accelerated                filer  ̈ | Non-accelerated                filer ý |
|-----------------------------------------------|-----------------------------------------|---------------------------------------------|

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP**

|                                                                                             | Page                Number                                |
|--------------------------------------------------------------------------------------------------|-----------------------------------------------------------|
| Part                I. Financial Information                                                     |
| Item                1. Financial Statements (Unaudited)                                          |                                                      |
|                                                                                             | Consolidated                Balance Sheets -              |   |
|                                                                                             |                                                      | as                of June 30, 2006 and December 31, 2005 | 3 |
|                                                                                             |                                                      |   |
|                                                                                             | Consolidated                Statements of Operations -    |   |
|                                                                                             |                                                      | for                the three and six months ended June 30, 2006 and 2005 | 4 |
|                                                                                             |                                                      |   |
|                                                                                             | Consolidated                Statements of Cash Flows -    |   |
|                                                                                             |                                                      | for                the six months ended June 30, 2006 and 2005 | 5 |
|                                                                                             |                                                      |   |
|                                                                                             | Notes                to Consolidated Financial Statements | 6 |
|                                                                                             |                                                      |
| Item                2. Management's Discussion and Analysis of Financial                         |                                                      |
|                                                                                             | Condition                and Results of Operations        | 16 |
|                                                                                             |                                                      |
| Item                3. Quantitative and Qualitative Disclosures about Market                Risk | 28                                                        |
|                                                                                             |                                                      |
| Item                4. Controls and Procedures                                                   | 29                                                        |
|                                                                                             |                                                      |
| Part                II. Other Information                                                        |
|                                                                                             |                                                      |
| Item                1. Legal                Proceedings                                     | 30                                                        |
|                                                                                             |                                                      |
| Item                1A. Risk Factors                                                             | 30                                                        |
|                                                                                             |                                                      |
| Item                5. Other                Information                                     | 30                                                        |
|                                                                                             |                                                      |
| Item                6. Exhibits                                                             | 30                                                        |
|                                                                                             |                                                      |
| Signatures                                                                                       | 31                                                        |

----

**PART      I. - FINANCIAL INFORMATION**

**Item      1 - Financial Statements**

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

|                                                      |                                                                |                    June 30,         |                                                  |                    December 31,             |
|-----------------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------------|-------------------------------------------------------|-----------------------------------------------------------------|
|                                                      |                                                                |                    2006             |                                                  |                    2005                          |
| **ASSETS:**                                               |                                                                |                                               |                                                  |                                                            |   |   |   |   |
|                                                      | Rental                property                                      |                                               |                                                  |                                                            |   |   |   |   |   |
|                                                      | Land                                                                |                                               | $                                                     | 119,876                                                         |   |   | $ | 120,715 |   |
|                                                      | Building,                improvement and fixtures                   |                                               |                                                  | 1,017,245                                                       |   |   |   | 1,004,545 |   |
|                                                      | Construction                in progress                             |                                               |                                                  | 51,260                                                          |   |   |   | 27,606 |   |
|                                                      |                                                                |                                               | 1,188,381                                             |                                                            |   |   | 1,152,866 |   |
|                                                      | Accumulated                depreciation                             |                                               |                                                  | (266,958                                                        | ) |   |   | (253,765 | ) |
|                                                      | Rental                property, net                                 |                                               |                                                  | 921,423                                                         |   |   |   | 899,101 |   |
|                                                      | Cash                and cash equivalents                            |                                               |                                                  | 1,767                                                           |   |   |   | 2,926 |   |
|                                                      | Assets                held for sale                                 |                                               |                                                  | ---                                                             |   |   |   | 2,637 |   |
|                                                      | Investments                in unconsolidated joint ventures         |                                               |                                                  | 15,130                                                          |   |   |   | 13,020 |   |
|                                                      | Deferred                charges, net                                |                                               |                                                  | 56,867                                                          |   |   |   | 64,555 |   |
|                                                      | Other                assets                                         |                                               |                                                  | 26,804                                                          |   |   |   | 18,124 |   |
|                                                      | **Total                assets**                                     |                                               | $                                                     | 1,021,991                                                       |   |   | $ | 1,000,363 |   |
| **LIABILITIES                AND PARTNERS’ EQUITY** |
| **Liabilities**                                           |                                                                |                                               |                                                  |                                                            |   |   |   |   |
|                                                      |                                                                | Debt                                               |                                                  |                                                            |   |   |   |   |   |   |
|                                                      | Senior,                unsecured notes (net of discount of $867 and |                                               |                                                  |                                                            |   |   |   |   |   |
|                                                      |                                                                | $901,                respectively)                 |                                                  | $                                                               | 349,132 |   |   | $ | 349,099 |   |
|                                                      | Mortgages                payable (including a debt premium          |                                               |                                                  |                                                            |   |   |   |   |   |
|                                                      |                                                                | of                $4,623 and $5,771, respectively) |                                                  |                                                            | 198,177 |   |   |   | 201,233 |   |
|                                                      | Unsecured                note                                       |                                               |                                                  | 53,500                                                          |   |   |   | 53,500 |   |
|                                                      | Unsecured                lines of credit                            |                                               |                                                  | 49,800                                                          |   |   |   | 59,775 |   |
|                                                      |                                                                |                                               |                                                  | 650,609                                                         |   |   |   | 663,607 |   |
|                                                      | Construction                trade payables                          |                                               |                                                  | 22,372                                                          |   |   |   | 13,464 |   |
|                                                      | Accounts                payable and accrued expenses                |                                               |                                                  | 21,873                                                          |   |   |   | 23,711 |   |
|                                                      |                                                                |                                               | **Total                liabilities**                  |                                                            |   | 694,854 |   |   |   | 700,782 |   |
| Commitments                                               |                                                                |                                               |                                                  |                                                            |   |   |   |   |
|                                                      |                                                                |                                               |                                                  |                                                            |   |   |   |   |
| **Partners’                equity**                 |                                                                |                                               |                                                  |                                                            |   |   |   |   |
|                                                      | General                partner                                      |                                               |                                                  | 300                                                             |   |   |   | 317 |   |
|                                                      | Limited                partners                                     |                                               |                                                  | 316,419                                                         |   |   |   | 301,803 |   |
|                                                      | Deferred                compensation                                |                                               |                                                  | ---                                                             |   |   |   | (5,501 | ) |
|                                                      | Accumulated                other comprehensive income               |                                               |                                                  | 10,418                                                          |   |   |   | 2,962 |   |
|                                                      |                                                                |                                               |  **Total                partners’ equity** |                                                            |   | 327,137 |   |   |   | 299,581 |   |
|                                                      |                                                                |                                               |                                                  | **Total                liabilities and partners’ equity** |   | $ | 1,021,991 |   |   | $ | 1,000,363 |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                           |                                                       |                              |   |                            |
|----------------------------------------------------------------|------------------------------------------------------------|-----------------------------------|--------|---------------------------------|
|                                                           |                                                       | Three                months ended |   | Six                months ended |
|                                                           |                                                       | June 30,                     |   | June 30,                   |
|                                                           |                                                       | 2006                              |   | 2005                            |   | 2006 |   | 2005 |
| **Revenues**                                                   |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Base                rentals                                | $                                 | 33,879 |                            |   | $ | 32,845 |   |   | $ | 66,844 |   |   | $ | 64,061 |   |
|                                                           | Percentage                rentals                          |                              |   | 1,398                           |   |   |   | 1,254 |   |   |   | 2,556 |   |   |   | 2,134 |   |
|                                                           | Expense                reimbursements                      |                              |   | 13,747                          |   |   |   | 12,296 |   |   |   | 26,467 |   |   |   | 26,235 |   |
|                                                           | Other                income                                |                              |   | 1,504                           |   |   |   | 1,182 |   |   |   | 2,859 |   |   |   | 2,112 |   |
|                                                           | Total                revenues                              |                              |   | 50,528                          |   |   |   | 47,577 |   |   |   | 98,726 |   |   |   | 94,542 |   |
|                                                           |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| **Expenses**                                                   |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Property                operating                          |                              |   | 15,995                          |   |   |   | 14,143 |   |   |   | 30,760 |   |   |   | 29,843 |   |
|                                                           | General                and administrative                  |                              |   | 4,077                           |   |   |   | 3,711 |   |   |   | 8,158 |   |   |   | 6,754 |   |
|                                                           | Depreciation                and amortization               |                              |   | 13,593                          |   |   |   | 11,243 |   |   |   | 29,543 |   |   |   | 23,996 |   |
|                                                           | Total                expenses                              |                              |   | 33,665                          |   |   |   | 29,097 |   |   |   | 68,461 |   |   |   | 60,593 |   |
| Operating                income                                |                                                       |                              | 16,863 |                            |   |   | 18,480 |   |   |   | 30,265 |   |   |   | 33,949 |   |
| Interest                expense                                |                                                       |                              | 9,890  |                            |   |   | 8,167 |   |   |   | 19,924 |   |   |   | 16,395 |   |
| **Income                before equity in earnings of**         |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | **unconsolidated                joint ventures, minority** |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | **interest,                discontinued operations and**   |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | **loss                on sale of real estate**             |                              |   | 6,973                           |   |   |   | 10,313 |   |   |   | 10,341 |   |   |   | 17,554 |   |
| Equity                in earnings of unconsolidated            |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | joint                ventures                              |                              |   | 285                             |   |   |   | 268 |   |   |   | 432 |   |   |   | 459 |   |
| Minority                interest in consolidated joint venture |                                                       |                              | ---    |                            |   |   | (6,727 | ) |   |   | --- |   |   |   | (13,351 | ) |
| **Income                from continuing operations**           |                                                       |                              | 7,258  |                            |   |   | 3,854 |   |   |   | 10,773 |   |   |   | 4,662 |   |
| Discontinued                operations                         |                                                       |                              | ---    |                            |   |   | 398 |   |   |   | 14,041 |   |   |   | 706 |   |
| **Income                before loss on sale of real estate**   |                                                       |                              | 7,258  |                            |   |   | 4,252 |   |   |   | 24,814 |   |   |   | 5,368 |   |
| Loss                on sale of real estate excluded from       |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | discontinued                operations                     |                              |   | ---                             |   |   |   | --- |   |   |   | --- |   |   |   | (4,690 | ) |
| **Net                income**                                  |                                                       | 7,258                             |   |                            |   | 4,252 |   |   |   | 24,814 |   |   |   | 678 |   |
| Preferred                unit distributions                    |                                                       |                              | (1,406 | )                               |   |   | --- |   |   |   | (2,621 | ) |   |   | --- |   |
| **Net                income available to common**              |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | **unitholders**                                            |                              |   | 5,852                           |   |   |   | 4,252 |   |   |   | 22,193 |   |   |   | 678 |   |
| **Income                allocated to limited partners**        |                                                       |                              | 5,804  |                            |   |   | 4,214 |   |   |   | 22,011 |   |   |   | 672 |   |
| **Income                allocated to general partner**         | $                                                          |                              | 48     |                            |   | $ | 38 |   |   | $ | 182 |   |   | $ | 6 |   |
|                                                           |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**              |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Income                from continuing operations           | $                                 | .32    |                            |   | $ | .23 |   |   | $ | .45 |   |   | $ | --- |   |
|                                                           | Net                income                                  | $                                 | .32    |                            |   | $ | .25 |   |   | $ | 1.21 |   |   | $ | .04 |   |
|                                                           |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**            |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           | Income                from continuing operations           | $                                 | .32    |                            |   | $ | .23 |   |   | $ | .44 |   |   | $ | --- |   |
|                                                           | Net                income                                  | $                                 | .32    |                            |   | $ | .25 |   |   | $ | 1.20 |   |   | $ | .04 |   |
|                                                           |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends                paid per common unit                  | $                                                          | .6800                             |   |                            | $ | .6450 |   |   | $ | 1.3250 |   |   | $ | 1.2700 |   |
|                                                           |                                                       |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                          |                                                                         |                                                                        |                                                     |     |    |    |   |    |   |    |   |   |
|-----------------------------------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------|----------------------------------------------------------|----------|---------|---------|--------|---------|--------|---------|--------|--------|
|                                          |                                                                         |                         Six Months Ended |                                                     |
|                                          |                                                                         |                        June 30           |                                                     |
|                                          |                                                                         | 2006                                                                        |                                                     |     | 2005    |    |
|                                          |                                                                         |                                                                   |                                                     |
|  **OPERATING                ACTIVITIES** |                                                                         |                                                                        |                                                     |     |    |    |   |    |
|                                          | Net                income                                                    |                                                                        | $                                                        | 24,814   |    |    | $      | 678     |   |
|                                          | Adjustments                to reconcile net income to net cash               |                                                                        |                                                     |     |    |    |   |    |   |
|                                          |                                                                         | provided                by operating activities:                            |                                                     |     |    |    |   |    |   |    |
|                                          |                                                                         | Depreciation                and amortization (including discontinued        |                                                     |     |    |    |   |    |   |    |
|                                          |                                                                         |                                                                        | operations)                                              |     |    | 29,659  |   |    |   | 24,350  |   |
|                                          |                                                                         | Amortization                of deferred financing costs                     |                                                     |     | 596     |    |   |    | 689    |    |
|                                          |                                                                         | Equity                in earnings of unconsolidated joint ventures          |                                                     |     | (432    | )       |   |    | (459   | )       |
|                                          |                                                                         | Consolidated                joint venture minority interest                 |                                                     |     | ---     |    |   |    | 13,351 |    |
|                                          |                                                                         | Compensation                expense related to restricted shares            |                                                     |     |    |    |   |    |   |    |
|                                          |                                                                         |                                                                        | and                share options granted                 |     |    | 1,141   |   |    |   | 709     |   |
|                                          |                                                                         | Amortization                of debt premiums and discount, net              |                                                     |     | (1,236  | )       |   |    | (1,430 | )       |
|                                          |                                                                         | Gain                on sale of outparcels                                   |                                                     |     | (225    | )       |   |    | (127   | )       |
|                                          |                                                                         | (Gain)                loss on sale of real estate                           |                                                     |     | (13,833 | )       |   |    | 4,690  |    |
|                                          |                                                                         | Distributions                received from unconsolidated joint ventures    |                                                     |     | 1,250   |    |   |    | 950    |    |
|                                          |                                                                         | Net                accretion of market rent rate adjustment                 |                                                     |     | (806    | )       |   |    | (659   | )       |
|                                          |                                                                         | Straight-line                base rent adjustment                           |                                                     |     | (1,065  | )       |   |    | (651   | )       |
|                                          |                  Decrease due to changes in:                            |                                                                        |                                                     |     |    |    |   |    |   |
|                                          |                                                                         | Other                assets                                                 |                                                     |     | (1,698  | )       |   |    | (242   | )       |
|                                          |                                                                         | Accounts                payable and accrued expenses                        |                                                     |     | (1,525  | )       |   |    | (504   | )       |
|                                          |                                                                         |                                                                        | Net                cash provided by operating activities |     |    | 36,640  |   |    |   | 41,345  |   |
|  **INVESTING                ACTIVITIES** |                                                                         |                                                                        |                                                     |     |    |    |   |    |
|                                          | Additions                to rental property                                  |                                                                        |                                                     | (37,361  | )       |    |   | (13,451 | )      |
|                                          | Additions                to investments in unconsolidated joint ventures     |                                                                        |                                                     | (2,020   | )       |    |   | (950    | )      |
|                                          | Additions                to deferred lease costs                             |                                                                        |                                                     | (1,678   | )       |    |   | (1,418  | )      |
|                                          | Net                proceeds from sale of real estate                         |                                                                        |                                                     | 21,091   |    |    |   | 2,211   |   |
|                                          |                                                                         |                                                                        | Net                cash used in investing activities     |     |    | (19,968 | )      |    |   | (13,608 | )      |
|  **FINANCING                ACTIVITIES** |                                                                         |                                                                        |                                                     |     |    |    |   |    |
|                                          | Cash                distributions paid                                       |                                                                        |                                                     | (26,914  | )       |    |   | (21,333 | )      |
|                                          | Distributions                to consolidated joint venture minority interest |                                                                        |                                                     | ---      |    |    |   | (10,921 | )      |
|                                          | Contributions                from sole shareholder of general partner        |                                                                        |                                                     | 19,445   |    |    |   | ---     |   |
|                                          | Proceeds                from debt issuances                                  |                                                                        |                                                     | 106,550  |    |    |   | 74,990  |   |
|                                          | Repayments                of debt                                            |                                                                        |                                                     | (118,433 | )       |    |   | (72,540 | )      |
|                                          | Additions                to deferred financing costs                         |                                                                        |                                                     | (94      | )       |    |   | (1      | )      |
|                                          | Proceeds                from exercise of share and unit options              |                                                                        |                                                     | 1,615    |    |    |   | 1,515   |   |
|                                          |                                                                         |                                                                        | Net                cash used in financing activities     |     |    | (17,831 | )      |    |   | (28,290 | )      |
|                                          | Net                decrease in cash and cash equivalents                     |                                                                        |                                                     | (1,159   | )       |    |   | (553    | )      |
|                                          | Cash                and cash equivalents, beginning of period                |                                                                        |                                                     | 2,926    |    |    |   | 4,089   |   |
|                                          | Cash                and cash equivalents, end of period                      |                                                                        | $                                                        | 1,767    |    |    | $      | 3,536   |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

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

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

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

***Charleston,      South Carolina***

----

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

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

|                      |        |                                                  Three Months Ended |                                                  Six Months Ended               |
|---------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |        |                                                June                30,             |                                                                   June 30, |
|                      |        | 2006                                                                                                                                                                                                                                     | 2005                                                                                                                                                                 | 2006 | 2005 |
| Fee:                      |        |                                                                                                                                                                                                                                     |                                                                                                                                                                 |   |   |
|                      | Management  |                                                                                                                                                                                                                                     | $                78                                                                                                                                                  | $                78 | $                156 | $                156 |
|                      | Leasing     |                                                                                                                                                                                                                                     | 25                                                                                                                                                                   | --- | 29 | 5 |
|                      | Marketing   |                                                                                                                                                                                                                                     | 9                                                                                                                                                                    | --- | 9 | --- |
|                      | Development |                                                                                                                                                                                                                                     | 65                                                                                                                                                                   | --- | 162 | --- |
| Total                Fees |        | $                177                                                                                                                                                                                                                     | $                78                                                                                                                                                  | $                356 | $                161 |

***Tanger      Wisconsin Dells, LLC***

----

***Deer      Park Enterprise, LLC***

----

|                                                                                              |                                                                                        |                                   |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|----------------------------------------|
|  **Summary                Balance Sheets****-                Unconsolidated Joint Ventures** | As                of        June                30, 2006 | As                of December 31, 2005 |
| **Assets**                                                                                        |                                                                                        |                                   |
|                                                                                              | Investment                properties at cost, net                                           | $                37,474                | $                64,915 |
|                                                                                              | Construction                in progress                                                     | 65,298                                 | 15,734 |
|                                                                                              | Cash                and cash equivalents                                                    | 2,926                                  | 6,355 |
|                                                                                              | Deferred                charges, net                                                        | 1,805                                  | 1,548 |
|                                                                                              | Other                assets                                                                 | 13,220                                 | 6,690 |
|                                                                                              |                                                                                        | Total                assets            | $120,723 | $                95,242 |
| **Liabilities                and Owners’ Equity**                                           |                                                                                        |                                   |
|                                                                                              | Mortgages                payable                                                            | $                77,380                | $                61,081 |
|                                                                                              | Construction                trade payables                                                  | 9,665                                  | 6,588 |
|                                                                                              | Accounts                payable and other liabilities                                       | 858                                    | 1,177 |
|                                                                                              |                                                                                        | Total                liabilities       | 87,903 | 68,846 |
| Owners’                equity                                                               | 32,820                                                                                      | 26,396                                 |
| Total                liabilities and owners’ equity                                         | $120,723                                                                                    | $                95,242                |

|                                                       |                                              Three Months                        |                                    Six Months                       |
|------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                       |                                                               Ended    |                                     Ended                      |
| **Consolidated                Statements of Operations -** |                                                               June 30, |                                        June 30, |
| **Unconsolidated                Joint Ventures**           | 2006                                                                                                                                                                                                                         | 2005                                                                                                                                                               | 2006 | 2005 |
|                                                       |                                                                                                                                                                                                                         |                                                                                                                                                               |   |   |
| **Revenues**                                               | $                3,171                                                                                                                                                                                                       | $                2,933                                                                                                                                             | $                5,828 | $                5,444 |
|                                                       |                                                                                                                                                                                                                         |                                                                                                                                                               |   |   |
| **Expenses**                                               |                                                                                                                                                                                                                         |                                                                                                                                                               |   |   |
|                                                       | Property                operating                                                                                                                                                                                            | 1,202                                                                                                                                                              | 1,067 | 2,232 | 2,041 |
|                                                       | General                and administrative                                                                                                                                                                                    | 66                                                                                                                                                                 | 15 | 73 | 15 |
|                                                       | Depreciation                and amortization                                                                                                                                                                                 | 788                                                                                                                                                                | 769 | 1,574 | 1,536 |
| Total                expenses                              | 2,056                                                                                                                                                                                                                        | 1,851                                                                                                                                                              | 3,879 | 3,592 |
| **Operating                income**                        | 1,115                                                                                                                                                                                                                        | 1,082                                                                                                                                                              | 1,949 | 1,852 |
| Interest                expense                            | 578                                                                                                                                                                                                                          | 574                                                                                                                                                                | 1,147 | 991 |
| **Net                income**                              | $                537                                                                                                                                                                                                         | $                508                                                                                                                                               | $                802 | $                861 |
|                                                       |                                                                                                                                                                                                                         |                                                                                                                                                               |   |   |
| **Tanger’s                share of:**                |                                                                                                                                                                                                                         |                                                                                                                                                               |   |   |
| Net                income                                  | $                285                                                                                                                                                                                                         | $                268                                                                                                                                               | $                432 | $                459 |
| Depreciation                (real estate related)          | 379                                                                                                                                                                                                                          | 370                                                                                                                                                                | 758 | 739 |

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

***2006      Transactions***

----

|                                                                                |                                           |                                                                                                        |   |                                                                                                                                                                             |
|-------------------------------------------------------------------------------------|------------------------------------------------|-------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                |                                           |                                                                                                        |   |                                                                                                                                                                             |
|                                                                                |                                           |                             Three months ended  |   |                                         Six months ended |
| **Summary                    Statements of**Operations - Disposed                   |                                           |                              June 30, |   |                                        June 30,          |
| **Properties                  Included in**Discontinued                  Operations |                                           | 2006                                                                                                        |   | 2005                                                                                                                                                                             |   | 2006 |   | 2005 |
|                                                                                |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |
| **Revenues:**                                                                       |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Base                rentals                    |                                                                                                        | $      | ---                                                                                                                                                                              |   |   | $ | 683 |   |   | $ | 448 |   |   | $ | 1,328 |   |
|                                                                                | Percentage                rentals              |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 14 |   |   |   | 6 |   |   |   | 19 |   |
|                                                                                | Expense                reimbursements          |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 323 |   |   |   | 219 |   |   |   | 682 |   |
|                                                                                | Other                income                    |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 23 |   |   |   | 14 |   |   |   | 40 |   |
|                                                                                | **Total                revenues**              |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 1,043 |   |   |   | 687 |   |   |   | 2,069 |   |
|                                                                                |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| **Expenses:**                                                                       |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Property                operating              |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 468 |   |   |   | 360 |   |   |   | 1,008 |   |
|                                                                                | General                and administrative      |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | --- |   |   |   | 3 |   |   |   | 1 |   |
|                                                                                | Depreciation                and amortization   |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 177 |   |   |   | 116 |   |   |   | 354 |   |
|                                                                                | **Total                expenses**              |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 645 |   |   |   | 479 |   |   |   | 1,363 |   |
| **Discontinued                operations before**                                   |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | **gain                on sale of real estate** |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | 398 |   |   |   | 208 |   |   |   | 706 |   |
| Gain                on sale of real estate included                                 |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | in                discontinued operations      |                                                                                                        |   | ---                                                                                                                                                                              |   |   |   | --- |   |   |   | 13,833 |   |   |   | --- |   |
| **Discontinued                operations**                                          | $                                              |                                                                                                        | ---    |                                                                                                                                                                             |   | $ | 398 |   |   | $ | 14,041 |   |   | $ | 706 |   |
|                                                                                |                                           |                                                                                                        |   |                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |

***2005      Transactions***

***Outparcel      Sales***

|                                                   |   |                                   Three Months Ended                    |                                          Six Months Ended                 |
|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                   |   |                                       June 30, |                                              June 30, |
|                                                   |   | 2006                                                                                                                                                         | 2005                                                                                                                                                                                                   | 2006 | 2005 |
| Number                of outparcels                    |   | 1                                                                                                                                                            | 1                                                                                                                                                                                                      | 3 | 1 |
| Net                proceeds                            |   | $238                                                                                                                                                         | $252                                                                                                                                                                                                   | $863 | $252 |
| Gains                on sales included in other income |   | $115                                                                                                                                                         | $127                                                                                                                                                                                                   | $225 | $127 |

----

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

|              |   |     Three                Months                Ended  |                      Six Months Ended            |
|---------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                             |   |                         June 30,  |                          June 30, |
|                                                                |   |                                                                           | 2006                                                                      |   |   | 2005 |   |   | 2006 |   |   | 2005 |   |
| Net                income                                           |   | $                                                                              | 7,258                                                                     |   | $ | 4,252 |   | $ | 24,814 |   | $ | 678 |   |
| Other                comprehensive income (loss):                   |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Reclassification                adjustment for amortization of gain |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| on                settlement of US treasury rate lock included      |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| in                net income,                                       |   |                                                                           | (61                                                                       | ) |   | --- |   |   | (121 | ) |   | --- |   |
|                                                                |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Change                in fair value of treasury rate locks          |   |                                                                           | 1,838                                                                     |   |   | --- |   |   | 7,141 |   |   | --- |   |
|                                                                |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Change                in fair value of our portion of TWMB cash     |   |                                                                           |                                                                      |   |   |   |   |   |   |   |   |   |   |
| flow                hedge,                                          |   |                                                                           | 178                                                                       |   |   | (354 | ) |   | 436 |   |   | (442 | ) |
| Other                comprehensive income (loss)                    |   |                                                                           | 1,955                                                                     |   |   | (354 | ) |   | 7,456 |   |   | (442 | ) |
| Total                comprehensive income                           |   | $                                                                              | 9,213                                                                     |   | $ | 3,898 |   | $ | 32,270 |   | $ | 236 |   |

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

|                                          |   | Three                Months Ended |                    | Six                Months Ended |   |
|-----------------------------------------------|--------|-----------------------------------|-------------------------|---------------------------------|--------|
|                                          |   | June                30,      | June                30, |
|                                          |   |                              | 2006                    |                            |   | 2005 |   |   | 2006 |   |   | 2005 |   |
| Restricted                shares              |   | $                                 | 603                     |                            | $      | 365 |   | $ | 1,027 |   | $ | 537 |   |
| Share                options                  |   |                              | 58                      |                            |   | 103 |   |   | 114 |   |   | 172 |   |
| Total                share based compensation |   | $                                 | 661                     |                            | $      | 468 |   | $ | 1,141 |   | $ | 709 |   |

----

|                              | Options                Outstanding | Options                Exercisable |
|-----------------------------------|------------------------------------|------------------------------------|
|                              |                               |                               | Weighted                average |   |   |
|                              |                               | Weighted                           | remaining |   | Weighted |
| Range                of           | Unit                               | average                            | contractual | Unit | average |
| exercise                prices    | options                            | exercise                price      | life                in years | options | exercise                price |
| $18.625                to $22.125 | 29,060                             | $                19.68             | 3.34 | 29,060 | $                19.68 |
| $30.125                to $38.76  | 31,000                             | 34.30                              | 4.57 | 22,000 | 32.48 |
| $38.83                to $47.92   | 209,590                            | 39.00                              | 7.83 | 57,390 | 38.96 |
|                              | 269,650                            | $36.38                             | 7.43 | 108,450 | $32.48 |

|                                               |   |   |                                                                                                                                            |                                                                                                                                                                      |   | Weighted-                                                                                                                                                                            |   |   |                         |
|----------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------|
|                                               |   |   |                                                                                                                                            |                                         Weighted- |   | average                                                                                                                                                                              |   |   |                         |
|                                                    |   |   |                                                                                                                                            |                                                                                                                                                                      |   | average                                                                                                                                                                         |   |   | remaining                    |   |   | Aggregate |   |
|                                                    |   |   | Unit                                                                                                                                       |                                                                                                                                                                      |   |                                           exercise |   |   | contractual                  |   |   | Intrinsic |   |
| **Unit                Options**                    |   |   |                                     options |                                                                                                                                                                      |   |                                          price          |   |   | life                in years |   |   | Value |   |
| Outstanding                as of December 31, 2005 |   |   | 316,120                                                                                                                                         |                                                                                                                                                                      | $      | 36.16                                                                                                                                                                                |   |   |                         |   |   |   |   |
| Granted                                            |   |   | ---                                                                                                                                             |                                                                                                                                                                      |   | ---                                                                                                                                                                                  |   |   |                         |   | $ | --- |   |
| Exercised                                          |   |   | (43,910                                                                                                                                         | )                                                                                                                                                                         |   | 34.67                                                                                                                                                                                |   |   |                         |   |   | 1,364 |   |
| Forfeited                                          |   |   | (2,560                                                                                                                                          | )                                                                                                                                                                         |   | 38.83                                                                                                                                                                                |   |   |                         |   |   | --- |   |
| Outstanding                as of June 30, 2006     |   |   | 269,650                                                                                                                                         |                                                                                                                                                                      | $      | 36.38                                                                                                                                                                                |   |   | 6.97                         |   | $ | 7,302 |   |
|                                               |   |   |                                                                                                                                            |                                                                                                                                                                      |   |                                                                                                                                                                                 |   |   |                         |   |   |   |   |
| Vested                and Expected to Vest as of   |   |   |                                                                                                                                            |                                                                                                                                                                      |   |                                                                                                                                                                                 |   |   |                         |   |   |   |   |
| June                30, 2006                       |   |   | 260,987                                                                                                                                         |                                                                                                                                                                      | $      | 36.29                                                                                                                                                                                |   |   | 6.97                         |   | $ | 7,090 |   |
|                                               |   |   |                                                                                                                                            |                                                                                                                                                                      |   |                                                                                                                                                                                 |   |   |                         |   |   |   |   |
| Exercisable                as of June 30, 2006     |   |   | 108,450                                                                                                                                         |                                                                                                                                                                      | $      | 32.48                                                                                                                                                                                |   |   | 5.70                         |   | $ | 3,360 |   |
|                                               |   |   |                                                                                                                                            |                                                                                                                                                                      |   |                                                                                                                                                                                 |   |   |                         |   |   |   |   |

|                                         |      |                      |                     |                      |   | Weighted-                average |
|----------------------------------------------|-----------|---------------------------|--------------------------|---------------------------|--------|----------------------------------|
|                                         |      |                      |                     | Number                of  |   | grant                date        |
| **Unvested                Restricted Units** |      | units                     |                     | fair                value |
| Unvested                at December 31, 2005 |      | 112,793    |                     | $41.90                    |
|                                         | Granted   |                      | 82,000    |                      | 63.83  |
|                                         | Vested    |                      | (375      | )                         | 38.76  |
|                                         | Forfeited |                      | ---       |                      | ---    |
| Unvested                at June 30, 2006     |      | 194,418    |                     | $51.16                    |
|                                         |      |                      |                     |                      |   |                             |

----

**8.**
**Earnings      Per Unit**

|                                                          |   |                           Three Months Ended |                                                                     |                            Six Months Ended |   |
|---------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|--------|
|                                                               |   | June                30,                                                                   |                         June 30, |
|                                                          |   |                                                                                           | 2006                                                                     |                                                                                               |   | 2005 |   |   | 2006 |   |   | 2005 |   |
| **Numerator**                                                 |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                                                                              | 7,258                                                                    |                                                                                               | $      | 3,854 |   | $ | 10,773 |   | $ | 4,662 |   |
| Loss                on sale of real estate                    |   |                                                                                           | ---                                                                      |                                                                                               |   | --- |   |   | --- |   |   | (4,690 | ) |
| Less                applicable preferred unit distributions   |   |                                                                                           | (1,406                                                                   | )                                                                                                  |   | --- |   |   | (2,621 | ) |   | --- |   |
| Income                from continuing operations available to |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
|  common                unitholders                       |   |                                                                                           | 5,852                                                                    |                                                                                               |   | 3,854 |   |   | 8,152 |   |   | (28 | ) |
| Discontinued                operations                        |   |                                                                                           | ---                                                                      |                                                                                               |   | 398 |   |   | 14,041 |   |   | 706 |   |
| Net                income available to common unitholders     |   | $                                                                                              | 5,852                                                                    |                                                                                               | $      | 4,252 |   | $ | 22,193 |   | $ | 678 |   |
| **Denominator**                                               |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| Basic                weighted average common units            |   |                                                                                           | 18,330                                                                   |                                                                                               |   | 16,712 |   |   | 18,314 |   |   | 16,698 |   |
| Effect                of outstanding unit options             |   |                                                                                           | 110                                                                      |                                                                                               |   | 69 |   |   | 117 |   |   | 73 |   |
| Effect                of unvested restricted unit awards      |   |                                                                                           | 51                                                                       |                                                                                               |   | 27 |   |   | 47 |   |   | 22 |   |
| Diluted                weighted average common units          |   |                                                                                           | 18,491                                                                   |                                                                                               |   | 16,808 |   |   | 18,478 |   |   | 16,793 |   |
|                                                          |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**             |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                                                                              | .32                                                                      |                                                                                               | $      | .23 |   | $ | .45 |   | $ | --- |   |
| Discontinued                operations                        |   |                                                                                           | ---                                                                      |                                                                                               |   | .02 |   |   | .76 |   |   | .04 |   |
| Net                income                                     |   | $                                                                                              | .32                                                                      |                                                                                               | $      | .25 |   | $ | 1.21 |   | $ | .04 |   |
|                                                          |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**           |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                                                                              | .32                                                                      |                                                                                               | $      | .23 |   | $ | .44 |   | $ | --- |   |
| Discontinued                operations                        |   |                                                                                           | ---                                                                      |                                                                                               |   | .02 |   |   | .76 |   |   | .04 |   |
| Net                income                                     |   | $                                                                                              | .32                                                                      |                                                                                               | $      | .25 |   | $ | 1.20 |   | $ | .04 |   |
|                                                          |   |                                                                                           |                                                                     |                                                                                               |   |   |   |   |   |   |   |   |   |

|                            |   | 2006   |       | 2005   |   |
|---------------------------------|--------|--------|------------|--------|--------|
| Preferred                units: |   |   |       |   |   |   |   |
| Limited                partners |   |   | 3,000,000  |   |   | 2,200,000 |   |
| Common                units:    |   |   |       |   |   |   |   |
| General                partner  |   |   | 150,000    |   |   | 150,000 |   |
| Limited                partners |   |   | 18,383,573 |   |   | 18,257,663 |   |
| Total                           |   |   | 18,533,573 |   |   | 18,407,663 |   |

----

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

|  **Financial                Instrument Type**       | Notional                Value |  Rate |  Maturity            |   |  Fair                Value |   |
|----------------------------------------------------------|-------------------------------|------------|---------------------------|--------|---------------------------------|--------|
| **TANGER                PROPERTIES LIMITED PARTNERSHIP** |                          |       |                      |   |
| US                Treasury Lock                          | $100,000,000                  | 4.526%     | July                2008  |   | $3,949,000       |   |
| US                Treasury Lock                          | $100,000,000                  | 4.715%     | July                2008  |   | $2,879,000       |   |
|                                                     |                          |       |                      |   |                            |   |
| **TWMB,                ASSOCIATES, LLC**                 |                          |       |                      |   |                            |   |
| LIBOR                Interest Rate Swap                  | $35,000,000                   | 4.59%      | March                2010 |   | $1,054,000       |   |

**10.      Preferred Share Offering**

**11.      Non-Cash Investing Activities**

| **12.  ** | **New                Accounting Pronouncements** |
|---------------------|--------------------------------------------------|

----

**13.      Subsequent Events**

----

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

**Cautionary      Statements**

**General      Overview**

|                                    |   |   | No.                of Centers  |   |   | GLA(000’s | )      |   | States |   |
|----------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------|--------|--------|--------|--------|
| As                of June 30, 2005           |   |   | 31                                  |   |   | 8,194           |   |   | 22     |   |
| New                development expansion:    |   |   |                                |   |   |            |   |   |   |   |
|  Locust                Grove, Georgia   |   |   | ---                                 |   |   | 46              |   |   | ---    |   |
|  Foley,                Alabama          |   |   | ---                                 |   |   | 21              |   |   | ---    |   |
| Dispositions:                                |   |   |                                |   |   |            |   |   |   |   |
|  Pigeon                Forge, Tennessee |   |   | (1                                  | )      |   | (95             | )      |   | ---    |   |
|  North                Branch, Minnesota |   |   | (1                                  | )      |   | (134            | )      |   | (1     | )      |
|  Other                                  |   |   | ---                                 |   |   | (3              | )      |   | ---    |   |
| As                of June 30, 2006           |   |   | 29                                  |   |   | 8,029           |   |   | 21     |   |

----

| **Location**                               | **                               GLA**             |   | **                                                             %** |
|--------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Wholly                Owned Properties** | **                                (sq. ft.)** |   | **Occupied**                                                                                                                                                                                                                                                                                        |
| Riverhead,                NY (1)           | 729,315                                                                                                                       |   | 98.5                                                                                                                                                                                                                                                                                                |
| Rehoboth                Beach, DE (1)      | 568,873                                                                                                                       |   | 98.9                                                                                                                                                                                                                                                                                                |
| Foley,                AL                   | 557,093                                                                                                                       |   | 95.7                                                                                                                                                                                                                                                                                                |
| San                Marcos, TX              | 442,510                                                                                                                       |   | 99.3                                                                                                                                                                                                                                                                                                |
| Myrtle                Beach Hwy 501, SC    | 427,417                                                                                                                       |   | 94.0                                                                                                                                                                                                                                                                                                |
| Sevierville,                TN (1)         | 419,038                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Hilton                Head, SC             | 393,094                                                                                                                       |   | 84.4                                                                                                                                                                                                                                                                                                |
| Commerce                II, GA             | 338,656                                                                                                                       |   | 98.6                                                                                                                                                                                                                                                                                                |
| Howell,                MI                  | 324,631                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Park                City, UT               | 300,602                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Locust                Grove, GA            | 293,868                                                                                                                       |   | 93.9                                                                                                                                                                                                                                                                                                |
| Westbrook,                CT               | 291,051                                                                                                                       |   | 91.9                                                                                                                                                                                                                                                                                                |
| Branson,                MO                 | 277,883                                                                                                                       |   | 99.8                                                                                                                                                                                                                                                                                                |
| Williamsburg,                IA            | 277,230                                                                                                                       |   | 97.5                                                                                                                                                                                                                                                                                                |
| Lincoln                City, OR            | 270,280                                                                                                                       |   | 98.4                                                                                                                                                                                                                                                                                                |
| Tuscola,                IL                 | 256,514                                                                                                                       |   | 70.4                                                                                                                                                                                                                                                                                                |
| Lancaster,                PA               | 255,152                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Gonzales,                LA                | 243,499                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Tilton,                NH                  | 227,998                                                                                                                       |   | 98.7                                                                                                                                                                                                                                                                                                |
| Fort                Meyers, FL             | 198,924                                                                                                                       |   | 93.9                                                                                                                                                                                                                                                                                                |
| Commerce                I, GA              | 185,750                                                                                                                       |   | 92.6                                                                                                                                                                                                                                                                                                |
| Terrell,                TX                 | 177,490                                                                                                                       |   | 98.8                                                                                                                                                                                                                                                                                                |
| West                Branch, MI             | 112,120                                                                                                                       |   | 98.2                                                                                                                                                                                                                                                                                                |
| Barstow,                CA                 | 109,600                                                                                                                       |   | 95.5                                                                                                                                                                                                                                                                                                |
| Blowing                Rock, NC            | 104,280                                                                                                                       |   | 100.0                                                                                                                                                                                                                                                                                               |
| Nags                Head, NC               | 82,178                                                                                                                        |   | 100.0                                                                                                                                                                                                                                                                                               |
| Boaz,                AL                    | 79,575                                                                                                                        |   | 91.5                                                                                                                                                                                                                                                                                                |
| Kittery                I, ME               | 59,694                                                                                                                        |   | 100.0                                                                                                                                                                                                                                                                                               |
| Kittery                II, ME              | 24,619                                                                                                                        |   | 100.0                                                                                                                                                                                                                                                                                               |
| Totals                                     | 8,028,934                                                                                                                     |   | 96.2                                                                                                                                                                                                                                                                                                |
|                                       |                                                                                                                          |   |                                                                                                                                                                                                                                                                                                |

| **Unconsolidated                Joint Ventures** |    |   |   |
|--------------------------------------------------|---------|--------|--------|
| Myrtle                Beach Hwy 17, SC (1)       | 401,992 |   | 100.0  |

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

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

----

|     **Location**    |                                    GLA                                (sq. ft.) |  Mortgage                Debt (000’s) as ofJune                30,2006              |    Interest                Rate |    Maturity                Date |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------------------------|
| **Woodman                of the World** |                                                                                                                                                                                                                                                           |                                                                                                                                                            |                                           |                                           |
|                                    | Blowing                Rock, NC                                                                                                                                                                                                                                | 104,280                                                                                                                                                         | $                9,114                         | 8.860%                                         | 9/01/2010 |
|                                    | Nags                Head, NC                                                                                                                                                                                                                                   | 82,178                                                                                                                                                          | 6,184                                          | 8.860%                                         | 9/01/2010 |
|                                    |                                                                                                                                                                                                                                                           | Subtotal                                                                                                                                                        | 186,458                                        | 15,298                                         |   |   |
| **GMAC**                                |                                                                                                                                                                                                                                                           |                                                                                                                                                            |                                           |                                           |
|                                    | Rehoboth                Beach, DE                                                                                                                                                                                                                              | 568,873                                                                                                                                                         |                                           |                                           |   |
|                                    | Foley,                AL                                                                                                                                                                                                                                       | 557,093                                                                                                                                                         |                                           |                                           |   |
|                                    | Myrtle                Beach Hwy 501, SC                                                                                                                                                                                                                        | 427,417                                                                                                                                                         |                                           |                                           |   |
|                                    | Hilton                Head, SC                                                                                                                                                                                                                                 | 393,094                                                                                                                                                         |                                           |                                           |   |
|                                    | Park                City, UT                                                                                                                                                                                                                                   | 300,602                                                                                                                                                         |                                           |                                           |   |
|                                    | Westbrook,                CT                                                                                                                                                                                                                                   | 291,051                                                                                                                                                         |                                           |                                           |   |
|                                    | Lincoln                City, OR                                                                                                                                                                                                                                | 270,280                                                                                                                                                         |                                           |                                           |   |
|                                    | Tuscola,                IL                                                                                                                                                                                                                                     | 256,514                                                                                                                                                         |                                           |                                           |   |
|                                    | Tilton,                NH                                                                                                                                                                                                                                      | 227,998                                                                                                                                                         |                                           |                                           |   |
|                                    | 3,292,922                                                                                                                                                                                                                                                      | 178,256                                                                                                                                                         | 6.590%                                         | 7/10/2008                                      |
|                                    | Net                debt premium                                                                                                                                                                                                                                | 4,623                                                                                                                                                           |                                           |                                           |
|                                    |                                                                                                                                                                                                                                                           | Subtotal                                                                                                                                                        | 182,879                                        |                                           |   |
| **Totals**                              | 3,479,380                                                                                                                                                                                                                                                      | $198,177                                                                                                                                                        |                                           |                                           |
|                                    |                                                                                                                                                                                                                                                           |                                                                                                                                                            |                                           |                                           |

----

**RESULTS      OF OPERATIONS**

**Comparison      of the three months ended June 30, 2006 to the three months ended June 30,      2005**

----

| **Summary                of discontinued operations**        |   |   | 2006 |   |   | 2005 |   |
|--------------------------------------------------------------|--------|--------|------|--------|--------|------|--------|
| Operating                income from discontinued operations |   | $      | ---  |   | $      | 398  |   |
| Gain                on sale of real estate                   |   |   | ---  |   |   | ---  |   |
| Discontinued                operations                       |   | $      | ---  |   | $      | 398  |   |

**Comparison      of the six months ended June 30, 2006 to the six months ended June 30,      2005**

----

| **Summary                of discontinued operations**        |   |   | 2006   |   |   | 2005 |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|------|--------|
| Operating                income from discontinued operations |   | $      | 208    |   | $      | 706  |   |
| Gain                on sale of real estate                   |   |   | 13,833 |   |   | ---  |   |
| Discontinued                operations                       |   | $      | 14,041 |   | $      | 706  |   |

----

**LIQUIDITY      AND CAPITAL RESOURCES**

***Current      Developments and Dispositions***

*WHOLLY      OWNED CURRENT DEVELOPMENTS*

*WHOLLY      OWNED DISPOSITIONS*

*UNCONSOLIDATED      JOINT VENTURES*

***Tanger      Wisconsin Dells, LLC***

----

***Deer      Park Enterprise, LLC***

----

**Financing      Arrangements**

----

**Off-Balance      Sheet Arrangements**

**Critical      Accounting Policies and Estimates**

**Related      Party Transactions**

|                      |        |                                            Three Months Ended |                                         Six Months Ended     |
|---------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |        |                                             June 30,     |                                           June 30, |
|                      |        | 2006                                                                                                                                                                                                 | 2005                                                                                                                                                                                 | 2006 | 2005 |
| Fee:                      |        |                                                                                                                                                                                                 |                                                                                                                                                                                 |   |   |
|                      | Management  |                                                                                                                                                                                                 | $                78                                                                                                                                                                  | $                78 | $                156 | $                156 |
|                      | Leasing     |                                                                                                                                                                                                 | 25                                                                                                                                                                                   | --- | 29 | 5 |
|                      | Marketing   |                                                                                                                                                                                                 | 9                                                                                                                                                                                    | --- | 9 | --- |
|                      | Development |                                                                                                                                                                                                 | 65                                                                                                                                                                                   | --- | 162 | --- |
| Total                Fees |        | $                177                                                                                                                                                                                 | $                78                                                                                                                                                                  | $                356 | $                161 |

**New      Accounting Pronouncements**

----

**Funds      From Operations**

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

| §   | FFO                does not reflect changes in, or cash requirements for, our working                capital                needs; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| §   | Although                depreciation and amortization are non-cash charges, the assets being                depreciated and amortized will often have to be replaced in the future,                and FFO does not reflect any cash requirements for such                replacements; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | FFO                does not reflect the impact of earnings or charges resulting from                matters                which may not be indicative of our ongoing operations;                and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|                                     |                                                                     |                              |   |                            |
|------------------------------------------|--------------------------------------------------------------------------|-----------------------------------|--------|---------------------------------|
|                                     |                                                                     | Three                months ended |   | Six                months ended |
|                                     |                                                                     | June 30,                     |   | June 30,                   |
|                                     |                                                                     | 2006                              |   | 2005                            |   | 2006 |   | 2005 |
| **FUNDS                FROM OPERATIONS** |                                                                     |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | Net                income                                                |                              | $      | 7,258                           |   |   | $ | 4,252 |   |   | $ | 24,814 |   |   | $ | 678 |   |
|                                     | Adjusted                for:                                             |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | Minority                interest adjustment - consolidated joint venture | ---                               |   |                            |   | (277 | ) |   |   | --- |   |   |   | (108 | ) |
|                                     | Depreciation                and amortization attributable                |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | to                discontinued operations                                |                              |   | ---                             |   |   |   | 177 |   |   |   | 116 |   |   |   | 354 |   |
|                                     | Depreciation                and amortization uniquely significant to     |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | real                estate - consolidated                                |                              |   | 13,526                          |   |   |   | 11,181 |   |   |   | 29,411 |   |   |   | 23,880 |   |
|                                     | Depreciation                and amortization uniquely significant to     |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | real                estate - unconsolidated joint ventures               |                              |   | 379                             |   |   |   | 370 |   |   |   | 758 |   |   |   | 739 |   |
|                                     | (Gain)                loss on sale of real estate                        |                              |   | ---                             |   |   |   | --- |   |   |   | (13,833 | ) |   |   | 4,690 |   |
|                                     | **Funds                from operations (FFO)****(1)**                    |                              |   | 21,163                          |   |   |   | 15,703 |   |   |   | 41,266 |   |   |   | 30,233 |   |
|                                     | Preferred                unit distributions                              |                              |   | (1,406                          | ) |   |   | --- |   |   |   | (2,621 | ) |   |   | --- |   |
|                                     | **Funds                from operations available to common**             |                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     | **unitholders**                                                          |                              | $      | 19,757                          |   |   | $ | 15,703 |   |   | $ | 38,645 |   |   | $ | 30,233 |   |
|                                     | **Weighted                average units outstanding****(2)**             |                              |   | 18,491                          |   |   |   | 16,808 |   |   |   | 18,478 |   |   |   | 16,793 |   |

| (1)   | The                three months ended June 30, 2006 and 2005 includes gains on sales                of                outparcels of land of $115 and $127, respectively. The six months                ended                June 30 2006 and 2005 includes gains on sales of outparcels of land                of                $225 and $127, respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

**Economic      Conditions and Outlook**

----

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

**Market      Risk**

----

|  **Financial                Instrument Type**       |   |   | Notional                Value |   |   | Rate   |   |   | Maturity                  |   |   | Fair                Value |   |
|----------------------------------------------------------|--------|--------|-------------------------------|--------|--------|--------|--------|--------|---------------------------|--------|--------|---------------------------|--------|
| **TANGER                PROPERTIES LIMITED PARTNERSHIP** |   |   |                          |   |   |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.526  | %      |   | July                2008  |   | $      | 3,949,000                 |   |
| US                Treasury Lock                          |   | $      | 100,000,000                   |   |   | 4.715  | %      |   | July                2008  |   | $      | 2,879,000                 |   |
|                                                     |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| **TWMB,                ASSOCIATES, LLC**                 |   |   |                          |   |   |   |   |   |                      |   |   |                      |   |
| LIBOR                Interest Rate Swap                  |   | $      | 35,000,000                    |   |   | 4.59   | %      |   | March                2010 |   | $      | 1,054,000                 |   |

**Item      4. Controls and Procedures**

----

**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      1A. Risk Factors**

**Item      5. **
**Other      Information**

**Item      6.**
**Exhibits      **

| 10.9 | Amended                and Restated Employment Agreement for Lisa J. Morrison dated May                9, 2006.                (Incorporated by reference to the exhibits of the Company’s Quarterly                Report on Form 10-Q for the quarter ended March 31,                2006.) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1 | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section                1350,as                Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of                2002.                                                                                    |
| 31.2 | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section                1350,as                Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of                2002.                                                                                    |
| 32.1 | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section                1350,as                Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of                2002.                                                                                    |
| 32.2 | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section                1350,as                Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of                2002.                                                                                    |

----

----

| 10.9   | Amended                and Restated Employment Agreement for Lisa J. Morrison dated May                9, 2006.                (Incorporated by reference to the exhibits of the Company’s Quarterly                Report on Form 10-Q for the quarter ended March 31, 2006) |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1   | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section                1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act                of 2002. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2   | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section                1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act                of 2002. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1   | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section                1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act                of 2002. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2   | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section                1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act                of 2002. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|