| **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, 2007**                                                                                                                                          |
| 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**                                                                                                                                                           |
| **333-136448**                                                                                                                                                                                           |
| **333-128160-01**                                                                                                                                                                                        |
| **33-99736-01**                                                                                                                                                                                          |
| **333-3526-01**                                                                                                                                                                                          |
| **333-39365-01**                                                                                                                                                                                         |
| **333-61394-01**                                                                                                                                                                                         |
|                                                                                                                                                                                                     |
| **TANGER                PROPERTIES LIMITED PARTNERSHIP**                                                                                                                                                 |
| (Exact                name of Registrant as specified in 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, 2007 and December 31, 2006 | 3 |
|                                                                                                        |                                                      |   |
|                                                                                                        | Consolidated                Statements of Operations -    |   |
|                                                                                                        |                                                      | for                the three and six months ended June 30, 2007 and 2006 | 4 |
|                                                                                                        |                                                      |   |
|                                                                                                        | Consolidated                Statements of Cash Flows -    |   |
|                                                                                                        |                                                      | for                the six months ended June 30, 2007 and 2006 | 5 |
|                                                                                                        |                                                      |   |
|                                                                                                        | Notes                to Consolidated Financial Statements | 6 |
|                                                                                                        |                                                      |
| Item                2.  Management's Discussion and Analysis of                Financial          |                                                      |
|                                                                                                        | Condition                and Results of Operations        | 15 |
|                                                                                                        |                                                      |
| Item                3.  Quantitative and Qualitative Disclosures about Market                Risk | 26                                                        |
|                                                                                                        |                                                      |
| Item                4.  Controls and Procedures                                                   | 28                                                        |
|                                                                                                        |                                                      |
| Part                II. Other Information                                                                   |
|                                                                                                        |                                                      |
| Item                1.Legal Proceedings                                                                     | 29                                                        |
|                                                                                                        |                                                      |
| Item                1A. Risk Factors                                                                        | 29                                                        |
|                                                                                                        |                                                      |
| Item                6.Exhibits                                                                              | 29                                                        |
|                                                                                                        |                                                      |
| Signatures                                                                                                  | 30                                                        |

----

**PART      I. – FINANCIAL INFORMATION**

**Item      1 – Financial Statements**

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

|                                                      |                                                                |                           June 30, |                                                  |                           December 31, |
|-----------------------------------------------------------|---------------------------------------------------------------------|--------------------------------------------------------------------------------------|-------------------------------------------------------|-----------------------------------------------------------------------------------------------|
|                                                      |                                                                |                        2007                       |                                                  |                         2006                          |
| **ASSETS:**                                               |                                                                |                                                                                 |                                                  |                                                                                          |   |   |   |   |
|                                                      | Rental                property                                      |                                                                                 |                                                  |                                                                                          |   |   |   |   |   |
|                                                      | Land                                                                |                                                                                 | $                                                     | 130,138                                                                                       |   |   | $ | 130,137 |   |
|                                                      | Building,                improvement and fixtures                   |                                                                                 |                                                  | 1,074,260                                                                                     |   |   |   | 1,068,070 |   |
|                                                      | Construction                in progress                             |                                                                                 |                                                  | 39,728                                                                                        |   |   |   | 18,640 |   |
|                                                      |                                                                |                                                                                 | 1,244,126                                             |                                                                                          |   |   | 1,216,847 |   |
|                                                      | Accumulated                depreciation                             |                                                                                 |                                                  | (296,319                                                                                      | ) |   |   | (275,372 | ) |
|                                                      | Rental                property, net                                 |                                                                                 |                                                  | 947,807                                                                                       |   |   |   | 941,475 |   |
|                                                      | Cash                and cash equivalents                            |                                                                                 |                                                  | 1,222                                                                                         |   |   |   | 8,413 |   |
|                                                      | Investments                in unconsolidated joint ventures         |                                                                                 |                                                  | 14,324                                                                                        |   |   |   | 14,451 |   |
|                                                      | Deferred                charges, net                                |                                                                                 |                                                  | 49,795                                                                                        |   |   |   | 55,089 |   |
|                                                      | Other                assets                                         |                                                                                 |                                                  | 28,651                                                                                        |   |   |   | 21,207 |   |
|                                                      | **Total                assets**                                     |                                                                                 | $                                                     | 1,041,799                                                                                     |   |   | $ | 1,040,635 |   |
| **LIABILITIES                AND PARTNERS’ EQUITY** |
| **Liabilities**                                           |                                                                |                                                                                 |                                                  |                                                                                          |   |   |   |   |
|                                                      |                                                                | Debt                                                                                 |                                                  |                                                                                          |   |   |   |   |   |   |
|                                                      | Senior,                unsecured notes (net of discount of $796 and |                                                                                 |                                                  |                                                                                          |   |   |   |   |   |
|                                                      |                                                                | $832,                respectively)                                                   |                                                  | $                                                                                             | 498,704 |   |   | $ | 498,668 |   |
|                                                      | Mortgages                payable (including a debt premium          |                                                                                 |                                                  |                                                                                          |   |   |   |   |   |
|                                                      |                                                                |  of                $2,260 and $3,441, respectively)                             |                                                  |                                                                                          | 176,850 |   |   |   | 179,911 |   |
|                                                      | Unsecured                lines of credit                            |                                                                                 |                                                  | 7,900                                                                                         |   |   |   | --- |   |
|                                                      |                                                                |                                                                                 |                                                  | 683,454                                                                                       |   |   |   | 678,579 |   |
|                                                      | Construction                trade payables                          |                                                                                 |                                                  | 27,840                                                                                        |   |   |   | 23,504 |   |
|                                                      | Accounts                payable and accrued expenses                |                                                                                 |                                                  | 26,403                                                                                        |   |   |   | 24,852 |   |
|                                                      |                                                                |                                                                                 | **Total                liabilities**                  |                                                                                          |   | 737,697 |   |   |   | 726,935 |   |
| Commitments                                               |                                                                |                                                                                 |                                                  |                                                                                          |   |   |   |   |
|                                                      |                                                                |                                                                                 |                                                  |                                                                                          |   |   |   |   |
| **Partners’                equity**                 |                                                                |                                                                                 |                                                  |                                                                                          |   |   |   |   |
|                                                      | General                partner                                      |                                                                                 |                                                  | 84                                                                                            |   |   |   | 227 |   |
|                                                      | Limited                partners                                     |                                                                                 |                                                  | 295,451                                                                                       |   |   |   | 309,587 |   |
|                                                      | Accumulated                other comprehensive income               |                                                                                 |                                                  | 8,567                                                                                         |   |   |   | 3,886 |   |
|                                                      |                                                                |                                                                                 |  **Total                partners’ equity** |                                                                                          |   | 304,102 |   |   |   | 313,700 |   |
|                                                      |                                                                |                                                                                 |                                                  | **Total                liabilities and partners’ equity**                               |   | $ | 1,041,799 |   |   | $ | 1,040,635 |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                   |                                                 |                                         |   |                                         |
|--------------------------------------------------------|------------------------------------------------------|----------------------------------------------|--------|----------------------------------------------|
|                                                   |                                                 | Three                months ended            |   | Six                months ended              |
|                                                   |                                                 | June 30,                                |   | June 30,                                |
|                                                   |                                                 |                     2007 |   |                     2006 |   |                      2007 |   |                     2006 |
| **Revenues**                                           |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | Base                rentals                          | $                                            | 36,456 |                                         |   | $ | 33,879 |   |   | $ | 71,683 |   |   | $ | 66,844 |   |   |
|                                                   | Percentage                rentals                    |                                         |   | 1,662                                        |   |   |   | 1,398 |   |   |   | 3,130 |   |   |   | 2,556 |   |   |
|                                                   | Expense                reimbursements                |                                         |   | 15,798                                       |   |   |   | 13,747 |   |   |   | 30,843 |   |   |   | 26,467 |   |   |
|                                                   | Other                income                          |                                         |   | 1,596                                        |   |   |   | 1,504 |   |   |   | 3,097 |   |   |   | 2,859 |   |   |
|                                                   | Total                revenues                        |                                         |   | 55,512                                       |   |   |   | 50,528 |   |   |   | 108,753 |   |   |   | 98,726 |   |   |
|                                                   |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Expenses**                                           |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | Property                operating                    |                                         |   | 17,916                                       |   |   |   | 15,995 |   |   |   | 34,921 |   |   |   | 30,760 |   |   |
|                                                   | General                and administrative            |                                         |   | 4,907                                        |   |   |   | 4,077 |   |   |   | 9,184 |   |   |   | 8,158 |   |   |
|                                                   | Depreciation                and amortization         |                                         |   | 15,539                                       |   |   |   | 13,593 |   |   |   | 34,026 |   |   |   | 29,543 |   |   |
|                                                   | Total                expenses                        |                                         |   | 38,362                                       |   |   |   | 33,665 |   |   |   | 78,131 |   |   |   | 68,461 |   |   |
| Operating                income                        |                                                 |                                         | 17,150 |                                         |   |   | 16,863 |   |   |   | 30,622 |   |   |   | 30,265 |   |   |
| Interest                expense                        |                                                 |                                         | 10,072 |                                         |   |   | 9,890 |   |   |   | 20,128 |   |   |   | 19,924 |   |   |
| **Income                before equity in earnings of** |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | **unconsolidated                joint ventures and** |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | **discontinued                operations**           |                                         |   | 7,078                                        |   |   |   | 6,973 |   |   |   | 10,494 |   |   |   | 10,341 |   |   |
| Equity                in earnings of unconsolidated    |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | joint                ventures                        |                                         |   | 334                                          |   |   |   | 285 |   |   |   | 569 |   |   |   | 432 |   |   |
| **Income                from continuing operations**   |                                                 |                                         | 7,412  |                                         |   |   | 7,258 |   |   |   | 11,063 |   |   |   | 10,773 |   |   |
| Discontinued                operations                 |                                                 |                                         | ---    |                                         |   |   | --- |   |   |   | --- |   |   |   | 14,041 |   |   |
| **Net                income**                          |                                                 | 7,412                                        |   |                                         |   | 7,258 |   |   |   | 11,063 |   |   |   | 24,814 |   |   |
| Preferred                unit distributions            |                                                 |                                         | (1,407 | )                                            |   |   | (1,406 | ) |   |   | (2,813 | ) |   |   | (2,621 | ) |   |
| **Net                income available to common**      |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | **Unitholders**                                      |                                         |   | 6,005                                        |   |   |   | 5,852 |   |   |   | 8,250 |   |   |   | 22,193 |   |   |
| Income                allocated to limited partners    |                                                 |                                         | 5,956  |                                         |   |   | 5,804 |   |   |   | 8,183 |   |   |   | 22,011 |   |   |
| Income                allocated to general partner     | $                                                    |                                         | 49     |                                         |   | $ | 48 |   |   | $ | 67 |   |   | $ | 182 |   |   |
|                                                   |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**      |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | Income                from continuing operations     | $                                            | .33    |                                         |   | $ | .32 |   |   | $ | .45 |   |   | $ | .45 |   |   |
|                                                   | Net                income                            | $                                            | .33    |                                         |   | $ | .32 |   |   | $ | .45 |   |   | $ | 1.21 |   |   |
|                                                   |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**    |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | Income                from continuing operations     | $                                            | .32    |                                         |   | $ | .32 |   |   | $ | .44 |   |   | $ | .44 |   |   |
|                                                   | Net                income                            | $                                            | .32    |                                         |   | $ | .32 |   |   | $ | .44 |   |   | $ | 1.20 |   |   |
|                                                   |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                paid per common unit      | $                                                    | .7200                                        |   |                                         | $ | .6800 |   |   | $ | 1.4000 |   |   | $ | 1.3250 |   |   |
|                                                   |                                                 |                                         |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                    |                                                                     |                                                                     |                                                     |    |   |    |   |     |    |    |   |   |
|-----------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------|---------|--------|---------|--------|----------|---------|---------|--------|--------|
|                                    |                                                                     | Six                Months Ended                                          |                                                     |
|                                    |                                                                     | June                30                                                   |                                                     |
|                                    |                                                                     | 2007                                                                     |                                                     |    | 2006   |    |
|                                    |                                                                     |                                                                |                                                     |
| **OPERATING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Net                income                                                |                                                                     | $                                                        | 11,063  |   |    | $      | 24,814   |    |
|                                    | Adjustments                to reconcile net income to net cash           |                                                                     |                                                     |    |   |    |   |     |    |
|                                    |                                                                     | provided                by operating activities:                         |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     | Depreciation                and amortization (including discontinued     |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     |                                                                     | operations)                                              |    |   | 34,026  |   |     |    | 29,659  |   |
|                                    |                                                                     | Amortization                of deferred financing costs                  |                                                     |    | 835    |    |   |     | 596     |    |
|                                    |                                                                     | Equity                in earnings of unconsolidated joint ventures       |                                                     |    | (569   | )       |   |     | (432    | )       |
|                                    |                                                                     | Compensation                expense related to restricted shares         |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     |                                                                     | and                options granted                       |    |   | 1,889   |   |     |    | 1,141   |   |
|                                    |                                                                     | Amortization                of debt premiums and discount, net           |                                                     |    | (1,274 | )       |   |     | (1,236  | )       |
|                                    |                                                                     | Gain                on sales of outparcels                               |                                                     |    | ---    |    |   |     | (225    | )       |
|                                    |                                                                     | Gain                on sales of real estate                              |                                                     |    | ---    |    |   |     | (13,833 | )       |
|                                    |                                                                     | Distributions                received from unconsolidated joint ventures |                                                     |    | 1,250  |    |   |     | 1,250   |    |
|                                    |                                                                     | Net                accretion of market rent rate adjustment              |                                                     |    | (600   | )       |   |     | (806    | )       |
|                                    |                                                                     | Straight-line                base rent adjustment                        |                                                     |    | (1,553 | )       |   |     | (1,065  | )       |
|                                    | Increase                (decrease) due to changes in:                    |                                                                     |                                                     |    |   |    |   |     |    |
|                                    |                                                                     | Other                assets                                              |                                                     |    | (6,647 | )       |   |     | (1,698  | )       |
|                                    |                                                                     | Accounts                payable and accrued expenses                     |                                                     |    | 4,480  |    |   |     | (1,525  | )       |
|                                    |                                                                     |                                                                     | Net                cash provided by operating activities |    |   | 42,900  |   |     |    | 36,640  |   |
| **INVESTING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Additions                to rental property                              |                                                                     |                                                     | (29,316 | )      |    |   | (37,361  | )       |
|                                    | Additions                to investments in unconsolidated joint ventures |                                                                     |                                                     | ---     |   |    |   | (2,020   | )       |
|                                    | Additions                to deferred lease costs                         |                                                                     |                                                     | (1,490  | )      |    |   | (1,678   | )       |
|                                    | Net                proceeds from sale of real estate                     |                                                                     |                                                     | ---     |   |    |   | 21,091   |    |
|                                    |                                                                     |                                                                     | Net                cash used in investing activities     |    |   | (30,806 | )      |     |    | (19,968 | )      |
| **FINANCING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Cash                distributions paid                                   |                                                                     |                                                     | (28,867 | )      |    |   | (26,914  | )       |
|                                    | Contributions                from sole general partner                   |                                                                     |                                                     | ---     |   |    |   | 19,445   |    |
|                                    | Proceeds                from debt issuances                              |                                                                     |                                                     | 23,900  |   |    |   | 106,550  |    |
|                                    | Repayments                of debt                                        |                                                                     |                                                     | (17,880 | )      |    |   | (118,433 | )       |
|                                    | Proceeds                from tax incentive financing                     |                                                                     |                                                     | 1,926   |   |    |   | ---      |    |
|                                    | Additions                to deferred financing costs                     |                                                                     |                                                     | (1      | )      |    |   | (94      | )       |
|                                    | Proceeds                from exercise of options                         |                                                                     |                                                     | 1,637   |   |    |   | 1,615    |    |
|                                    |                                                                     |                                                                     | Net                cash used in financing activities     |    |   | (19,285 | )      |     |    | (17,831 | )      |
|                                    | Net                decrease in cash and cash equivalents                 |                                                                     |                                                     | (7,191  | )      |    |   | (1,159   | )       |
|                                    | Cash                and cash equivalents, beginning of period            |                                                                     |                                                     | 8,413   |   |    |   | 2,926    |    |
|                                    | Cash                and cash equivalents, end of period                  |                                                                     | $                                                        | 1,222   |   |    | $      | 1,767    |    |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

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

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

----

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

**Pittsburgh,      Pennsylvania**

**Expansions      at Existing Centers**

**Change      in Accounting Estimate**

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

|  **Joint                Venture** |  **Our                Ownership %** |  **Project                Location**   |
|----------------------------------------|------------------------------------------|---------------------------------------------|
| Myrtle                Beach Hwy 17     | 50%                                      | Myrtle                Beach, South Carolina |
| Wisconsin                Dells         | 50%                                      | Wisconsin                Dells, Wisconsin   |
| Deer                Park               | 33%                                      | Deer                Park, New York          |

----

|                      |   |                            Three Months Ended |   |   |                           Six Months Ended |   |
|---------------------------|--------|------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------|--------|
|                      |   |                           June 30,                 |   |   |                          June 30,               |   |
|                      |   | 2007                                                                                                 |   |   | 2006                                                                                         |   |   | 2007 |   |   | 2006 |   |
| Fee:                      |   |                                                                                                 |   |   |                                                                                         |   |   |   |   |   |   |   |
| Management                |   | $                                                                                                    | 136    |   |                                                                                         | $      | 78 |   |   | $ | 256 |   |   | $ | 156 |   |
| Leasing                   |   |                                                                                                 | (2     | )      |                                                                                         |   | 25 |   |   |   | 23 |   |   |   | 29 |   |
| Marketing                 |   |                                                                                                 | 28     |   |                                                                                         |   | 9 |   |   |   | 57 |   |   |   | 9 |   |
| Development               |   |                                                                                                 | ---    |   |                                                                                         |   | 65 |   |   |   | --- |   |   |   | 162 |   |
| Total                Fees |   | $                                                                                                    | 162    |   |                                                                                         | $      | 177 |   |   | $ | 336 |   |   | $ | 356 |   |

***Wisconsin      Dells***

***Deer      Park***

----

|                                                                                                          |                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  **Summary                Balance Sheets**** –                Unconsolidated Joint Ventures** |                               As of                              June 30, 2007 |                                   As of December 31,                                2006 |
| **Assets**                                                                                                    |                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                               |
|                                                                                                          | Investment                properties at cost, net                                                                                                                                                                          | $  73,272                                                                                                                                                                                                                                                | $  74,253 |
|                                                                                                          | Construction                in progress                                                                                                                                                                                    | 55,487                                                                                                                                                                                                                                                             | 38,449 |
|                                                                                                          | Cash                and cash equivalents                                                                                                                                                                                   | 4,899                                                                                                                                                                                                                                                              | 6,539 |
|                                                                                                          | Deferred                charges, net                                                                                                                                                                                       | 2,733                                                                                                                                                                                                                                                              | 2,824 |
|                                                                                                          | Other                assets                                                                                                                                                                                                | 8,843                                                                                                                                                                                                                                                              | 15,239 |
|                                                                                                          |                                                                                                                                                                                                                       | Total                assets                                                                                                                                                                                                                                        | $145,234 | $  137,304 |
| **Liabilities                and Owners’ Equity**                                                       |                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                               |
|                                                                                                          | Mortgages                payable                                                                                                                                                                                           | $  112,292                                                                                                                                                                                                                                               | $  100,138 |
|                                                                                                          | Construction                trade payables                                                                                                                                                                                 | 1,423                                                                                                                                                                                                                                                              | 2,734 |
|                                                                                                          | Accounts                payable and other liabilities                                                                                                                                                                      | 1,571                                                                                                                                                                                                                                                              | 2,767 |
|                                                                                                          |                                                                                                                                                                                                                       | Total                liabilities                                                                                                                                                                                                                                   | 115,286 | 105,639 |
| Owners’                equity                                                                           | 29,948                                                                                                                                                                                                                     | 31,665                                                                                                                                                                                                                                                             |
| Total                liabilities and owners’ equity                                                     | $145,234                                                                                                                                                                                                                   | $  137,304                                                                                                                                                                                                                                               |

|                                                                       |                                Three Months |                                   Six Months |
|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                       |                              Ended               |                                 Ended                  |
| **Summary                Statements of Operations -**                      |                               June 30,      |                                  June 30,         |
| **Unconsolidated                Joint Ventures**                           | 2007                                                                                                              | 2006                                                                                                                                   | 2007 | 2006 |
|                                                                       |                                                                                                              |                                                                                                                                   |   |   |
| **Revenues**                                                               | $   4,780                                                                                          | $                3,171                                                                                                                 | $  9,416 | $   5,828 |
|                                                                       |                                                                                                              |                                                                                                                                   |   |   |
| **Expenses**                                                               |                                                                                                              |                                                                                                                                   |   |   |
|                                                                       | Property                operating                                                                                 | 1,596                                                                                                                                  | 1,202 | 3,360 | 2,232 |
|                                                                       | General                and administrative                                                                         | 117                                                                                                                                    | 66 | 159 | 73 |
|                                                                       | Depreciation                and amortization                                                                      | 1,409                                                                                                                                  | 788 | 2,766 | 1,574 |
| Total                expenses                                              | 3,122                                                                                                             | 2,056                                                                                                                                  | 6,825 | 3,879 |
| **Operating                income**                                        | 1,658                                                                                                             | 1,115                                                                                                                                  | 3,131 | 1,949 |
| Interest                expense                                            | 1,061                                                                                                             | 578                                                                                                                                    | 2,117 | 1,147 |
| **Net                income**                                              | $      597                                                                          | $    537                                                                                                           | $     1,014 | $    802 |
|                                                                       |                                                                                                              |                                                                                                                                   |   |   |
| **Tanger                Properties Limited Partnership’s share of:** |                                                                                                              |                                                                                                                                   |
| Net                income                                                  | $      334                                                                          | $    285                                                                                                           | $     569 | $       432 |
| Depreciation                (real estate related)                          | 679                                                                                                               | 379                                                                                                                                    | 1,334 | 758 |

**5.Disposition      of Properties**

***2006      Transactions***

----

|                                                          |                                Three                Months |                                Six                Months |
|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| **Summary                Statements of Operations -**         |                               Ended                        |                              Ended                            |
| **Disposed                Properties Included in**            |                                June 30,               |                               June 30,                   |
| **Discontinued                Operations**                    | 2007                                                                                                                             | 2006                                                                                                                           | 2007 | 2006 |
| **Revenues:**                                                 |                                                                                                                             |                                                                                                                           |   |   |
|                                                          | Base                rentals                                                                                                      | $                ---                                                                                                           | $                --- | $                --- | $     448 |
|                                                          | Percentage                rentals                                                                                                | ---                                                                                                                            | --- | --- | 6 |
|                                                          | Expense                reimbursements                                                                                            | ---                                                                                                                            | --- | --- | 219 |
|                                                          | Other                income                                                                                                      | ---                                                                                                                            | --- | --- | 14 |
|                                                          |                                                                                                                             | Total                revenues                                                                                                  | --- | --- | --- | 687 |
| **Expenses:**                                                 | ---                                                                                                                              | ---                                                                                                                            | --- |   |
|                                                          | Property                operating                                                                                                | ---                                                                                                                            | --- | --- | 360 |
|                                                          | General                and administrative                                                                                        | ---                                                                                                                            | --- | --- | 3 |
|                                                          | Depreciation                and amortization                                                                                     | ---                                                                                                                            | --- | --- | 116 |
|                                                          |                                                                                                                             | Total                expenses                                                                                                  | --- | --- | --- | 479 |
| Discontinued                operations before gain on sale of |                                                                                                                             |                                                                                                                           |   |   |
|                                                          | real                estate                                                                                                       | ---                                                                                                                            | --- | --- | 208 |
| Gain                on sale of real estate included in        |                                                                                                                             |                                                                                                                           |   |   |
|                                                          | discontinued                operations                                                                                           | ---                                                                                                                            | --- | --- | 13,833 |
| **Discontinued                operations**                    | $                ---                                                                                                             | $                ---                                                                                                           | $                --- | $                14,041 |

***Outparcel      Sales***

|                                                   |   | Three                Months Ended                     |       Six                Months Ended           |
|--------------------------------------------------------|--------|-------------------------------------------------------|-------------------------------------------------------------------------------|
|                                                   |   |      June                30, |          June                30, |
|                                                   |   |        2007        |       2006                                      | 2007 | 2006 |
| Number                of outparcels                    |   | ---                                                   | 1                                                                             | --- | 3 |
| Net                proceeds                            |   | ---                                                   | $238                                                                          | --- | $863 |
| Gains                on sales included in other income |   | ---                                                   | $115                                                                          | --- | $225 |

----

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

|                                                                 |   | Three                Months Ended |   |   |  Six                Months Ended |   |
|----------------------------------------------------------------------|--------|-----------------------------------|--------|--------|---------------------------------------|--------|
|                                                                 |   |  June                30,     |   |   |  June                30,         |   |
|                                                                 |   | 2007                              |   |   | 2006                                  |   |   | 2007 |   |   | 2006 |   |
| Net                income                                            |   | $                                 | 7,412  |   |                                  | $      | 7,258 |   |   | $ | 11,063 |   |   | $ | 24,814 |   |
| Other                comprehensive income:                           |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification                adjustment for amortization of gain  |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| on                settlement of US treasury rate lock included       |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| in                net income                                         |   |                              | (64    | )      |                                  |   | (61 | ) |   |   | (128 | ) |   |   | (121 | ) |
|                                                                 |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| Change                in fair value of treasury rate locks, net of   |   |                              | 5,808  |   |                                  |   | 1,838 |   |   |   | 4,853 |   |   |   | 7,141 |   |
|                                                                 |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| Change                in fair value of our portion of our            |   |                              |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |
| unconsolidated                joint ventures’ cash flow hedges |   |                              | 40     |   |                                  |   | 178 |   |   |   | (44 | ) |   |   | 436 |   |
| Other                comprehensive income                            |   |                              | 5,784  |   |                                  |   | 1,955 |   |   |   | 4,681 |   |   |   | 7,456 |   |
| Total                comprehensive income                            |   | $                                 | 13,196 |   |                                  | $      | 9,213 |   |   | $ | 15,744 |   |   | $ | 32,270 |   |

| **7.  ** | **Equity-Based                Compensation** |
|--------------------|----------------------------------------------|

|                                          |   |                                    Three Months Ended         |                                    Six Months Ended |
|-----------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                          |   |                                       June 30, |                                    June 30,         |
|                                          |   | 2007                                                                                                                                                         | 2006                                                                                                                                               | 2007 | 2006 |
| Restricted                units               |   | $     1,003                                                                                                                         | $   603                                                                                                                             | $  1,787 | $  1,027 |
| Options                                       |   | 55                                                                                                                                                           | 58                                                                                                                                                 | 102 | 114 |
| Total                share based compensation |   | $     1,058                                                                                                                         | $   661                                                                                                                             | $  1,889 | $  1,141 |

----

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

|                                                          |   | Three                Months Ended |   |   | Six                Months Ended |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|--------|---------------------------------|--------|
|                                                          |   | June                30,           |   |   | June                30,         |   |
|                                                          |   | 2007                              |   |   | 2006                            |   |   | 2007 |   |   | 2006 |   |
| **Numerator**                                                 |   |                              |   |   |                            |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | 7,412  |   |                            | $      | 7,258 |   |   | $ | 11,063 |   |   | $ | 10,773 |   |
| Less                applicable preferred unit distributions   |   |                              | (1,407 | )      |                            |   | (1,406 | ) |   |   | (2,813 | ) |   |   | (2,621 | ) |
| Income                from continuing operations available to |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| common                unitholders                             |   |                              | 6,005  |   |                            |   | 5,852 |   |   |   | 8,250 |   |   |   | 8,152 |   |
| Discontinued                operations                        |   |                              | ---    |   |                            |   | --- |   |   |   | --- |   |   |   | 14,041 |   |
| Net                income available to common unitholders     |   | $                                 | 6,005  |   |                            | $      | 5,852 |   |   | $ | 8,250 |   |   | $ | 22,193 |   |
| **Denominator**                                               |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic                weighted average common units            |   |                              | 18,446 |   |                            |   | 18,330 |   |   |   | 18,425 |   |   |   | 18,314 |   |
| Effect                of exchangeable notes                   |   |                              | 191    |   |                            |   | --- |   |   |   | 191 |   |   |   | --- |   |
| Effect                of outstanding options                  |   |                              | 107    |   |                            |   | 110 |   |   |   | 116 |   |   |   | 117 |   |
| Effect                of unvested restricted unit awards      |   |                              | 63     |   |                            |   | 51 |   |   |   | 70 |   |   |   | 47 |   |
| Diluted                weighted average common units          |   |                              | 18,807 |   |                            |   | 18,491 |   |   |   | 18,802 |   |   |   | 18,478 |   |
|                                                          |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**             |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | .33    |   |                            | $      | .32 |   |   | $ | .45 |   |   | $ | .45 |   |
| Discontinued                operations                        |   |                              | ---    |   |                            |   | --- |   |   |   | --- |   |   |   | .76 |   |
| Net                income                                     |   | $                                 | .33    |   |                            | $      | .32 |   |   | $ | .45 |   |   | $ | 1.21 |   |
|                                                          |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**           |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | .32    |   |                            | $      | .32 |   |   | $ | .44 |   |   | $ | .44 |   |
| Discontinued                operations                        |   |                              | ---    |   |                            |   | --- |   |   |   | --- |   |   |   | .76 |   |
| Net                income                                     |   | $                                 | .32    |   |                            | $      | .32 |   |   | $ | .44 |   |   | $ | 1.20 |   |
|                                                          |   |                              |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |

----

|                              | 2007                            |       | 2006       |
|-----------------------------------|---------------------------------|------------|------------|
| Preferred                units:   |                            |       |       |
|                              | Limited                partner  | 3,000,000  |       | 3,000,000 |
|                              |                            |       |       |   |
| Common                units:      |                            |       |       |
|                              | General                partner  | 150,000    |       | 150,000 |
|                              | Limited                partners | 18,535,656 |       | 18,403,973 |
| Total                common units | 18,685,656                      |       | 18,553,973 |
|                              |                            |       |       |   |

| **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  | $3,415,000                      |   |
| US                Treasury Lock                          | $100,000,000                  | 4.715%     | July                2008  | $2,182,000                      |   |
|                                                     |                          |       |                      |                            |   |
| **DEER                PARK**                             |                          |       |
| LIBOR                Interest Rate Swap (1)              | $49,000,000                   | 5.47%      | June                2009  | $                (230,000       | )      |
| LIBOR                Interest Rate Swap (2)              | ---                           | 5.34%      | June                2009  | $                (186,000       | )      |
|                                                     |                          |       |                      |                            |   |
| **MYRTLE                BEACH HWY 17**                   |                          |       |                      |                            |   |
| LIBOR                Interest Rate Swap (3)              | $35,000,000                   | 4.59%      | March                2010 | $                599,000        |   |

|   | (1)                Amount represents fair value recorded at the Deer Park joint venture,                in                which we have a 33.3% ownership                interest. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)                Derivative is a forward starting interest rate swap agreement with                escalating notional amounts beginning July 1, 2007 that will total                $121.0                million by November 1, 2008.   Amount represents fair value                recorded at the Deer Park joint venture, in which we have a 33.3%                ownership interest. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (3)                Amount represents fair value recorded at the Myrtle Beach Hwy 17                joint                venture, in which we have a 50% ownership                interest. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**10.      Non-Cash Investing Activities**

----

| **11.  ** | **New                Accounting Pronouncements** |
|---------------------|--------------------------------------------------|

----

**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, 2006        |   |                               | 29     |   |             |   | 8,029  |   |   |   | 21 |   |
| New                development:           |   |                               |   |   |             |   |   |   |   |   |   |   |
| Charleston,                South Carolina |   |                               | 1      |   |             |   | 352    |   |   |   | --- |   |
| Demolition:                               |   |                               |   |   |             |   |   |   |   |   |   |   |
| Foley,                Alabama             |   |                               | ---    |   |             |   | (35    | )      |   |   | --- |   |
| Other                                     |   |                               | ---    |   |             |   | 8      |   |   |   | --- |   |
| As                of June 30, 2007        |   |                               | 30     |   |             |   | 8,354  |   |   |   | 21 |   |

----

| **Location**                                        | **GLA  **          |   | **                             %** |
|-----------------------------------------------------|------------------------------|--------|-----------------------------------------------------------------------------------------------------|
| **Wholly                Owned Properties**          | **(sq.                ft.)** |   | **                           Occupied**      |
| Riverhead,                New York (1)              | 729,315                      |   | 99                                                                                                  |   |
| Rehoboth                Beach, Delaware (1)         | 568,926                      |   | 99                                                                                                  |   |
| Foley,                Alabama                       | 522,419                      |   | 98                                                                                                  |   |
| San                Marcos, Texas                    | 442,510                      |   | 99                                                                                                  |   |
| Myrtle                Beach Hwy 501, South Carolina | 426,417                      |   | 97                                                                                                  |   |
| Sevierville,                Tennessee (1)           | 419,038                      |   | 99                                                                                                  |   |
| Hilton                Head, South Carolina          | 393,094                      |   | 88                                                                                                  |   |
| Charleston,                South Carolina           | 352,260                      |   | 93                                                                                                  |   |
| Commerce                II, Georgia                 | 347,025                      |   | 96                                                                                                  |   |
| Howell,                Michigan                     | 324,631                      |   | 99                                                                                                  |   |
| Park                City, Utah                      | 300,602                      |   | 100                                                                                                 |   |
| Locust                Grove, Georgia                | 293,868                      |   | 95                                                                                                  |   |
| Westbrook,                Connecticut               | 291,051                      |   | 94                                                                                                  |   |
| Branson,                Missouri                    | 277,883                      |   | 100                                                                                                 |   |
| Williamsburg,                Iowa                   | 277,230                      |   | 98                                                                                                  |   |
| Lincoln                City, Oregon                 | 270,280                      |   | 96                                                                                                  |   |
| Tuscola,                Illinois                    | 256,514                      |   | 72                                                                                                  |   |
| Lancaster,                Pennsylvania              | 255,152                      |   | 99                                                                                                  |   |
| Gonzales,                Louisiana                  | 243,499                      |   | 100                                                                                                 |   |
| Tilton,                New Hampshire                | 227,849                      |   | 99                                                                                                  |   |
| Fort                Meyers, Florida                 | 198,950                      |   | 96                                                                                                  |   |
| Commerce                I, Georgia                  | 185,750                      |   | 90                                                                                                  |   |
| Terrell,                Texas                       | 177,490                      |   | 100                                                                                                 |   |
| West                Branch, Michigan                | 112,120                      |   | 100                                                                                                 |   |
| Barstow,                California                  | 109,600                      |   | 100                                                                                                 |   |
| Blowing                Rock, North Carolina         | 104,280                      |   | 99                                                                                                  |   |
| Nags                Head, North Carolina            | 82,178                       |   | 100                                                                                                 |   |
| Boaz,                Alabama                        | 79,575                       |   | 96                                                                                                  |   |
| Kittery                I, Maine                     | 59,694                       |   | 100                                                                                                 |   |
| Kittery                II, Maine                    | 24,619                       |   | 94                                                                                                  |   |
| Totals                                              | 8,353,819                    |   | 97(2)                                                                                               |   |
|                                                |                         |   |                                                                                                |   |

| **Unconsolidated                Joint Ventures**       |    |
|--------------------------------------------------------|---------|
| Myrtle                Beach Hwy 17, South Carolina (1) | 401,992 |
| Wisconsin                Dells, Wisconsin              | 264,929 |

| **Managed                Properties**  |    |
|----------------------------------------|---------|
| North                Branch, Minnesota | 134,480 |
| Pigeon                Forge, Tennessee | 94,694  |

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

| (2)   | Excludes                the occupancy rate at our Charleston, South Carolina outlet center                which                opened during the third quarter of 2006 and has not yet                stabilized. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|     **Location** |    GLA                  (sq.                ft.) |  Mortgage                Debt (000’s)                as of June                30,2007 |    Interest                Rate |    Maturity                Date |
|--------------------------------------|---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------------------------|
| **Capmark**                          |                                                                      |                                                                                                        |                                           |                                           |
|                                 | Rehoboth  Beach,                Delaware                        | 568,926                                                                                                     |                                           |                                           |   |
|                                 | Foley,                Alabama                                             | 522,419                                                                                                     |                                           |                                           |   |
|                                 | Myrtle                Beach Hwy 501, South Carolina                       | 426,417                                                                                                     |                                           |                                           |   |
|                                 | Hilton                Head, South Carolina                                | 393,094                                                                                                     |                                           |                                           |   |
|                                 | Park                City, Utah                                            | 300,602                                                                                                     |                                           |                                           |   |
|                                 | Westbrook,                Connecticut                                     | 291,051                                                                                                     |                                           |                                           |   |
|                                 | Lincoln                City, Oregon                                       | 270,280                                                                                                     |                                           |                                           |   |
|                                 | Tuscola,                Illinois                                          | 256,514                                                                                                     |                                           |                                           |   |
|                                 | Tilton,                New Hampshire                                      | 227,849                                                                                                     |                                           |                                           |   |
|                                 |                                                                      | $174,590                                                                                                    | 6.590%                                         | 7/10/2008                                      |
|                                 | Net                debt premium                                           | 2,260                                                                                                       |                                           |                                           |
| **Totals**                           | 3,257,152                                                                 | $176,850                                                                                                    |                                           |                                           |
|                                 |                                                                      |                                                                                                        |                                           |                                           |

----

**RESULTS      OF OPERATIONS**

**Comparison      of the three months ended June 30, 2007 to the three months ended June 30,      2006**

----

**Comparison      of the six months ended June 30, 2007 to the six months ended June 30,      2006**

----

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

**LIQUIDITY      AND CAPITAL RESOURCES**

***Current      Developments and Dispositions***

----

*WHOLLY      OWNED CURRENT DEVELOPMENTS*

**Pittsburgh,      Pennsylvania**

**Potential      Future Developments**

**Expansions      at Existing Centers**

*UNCONSOLIDATED      JOINT VENTURES*

|  Joint                Venture |  Our                Ownership % |  Project                Location       |
|------------------------------------|--------------------------------------|---------------------------------------------|
| Myrtle                Beach Hwy 17 | 50%                                  | Myrtle                Beach, South Carolina |
| Wisconsin                Dells     | 50%                                  | Wisconsin                Dells, Wisconsin   |
| Deer                Park           | 33%                                  | Deer                Park, New York          |

----

***Wisconsin      Dells***

***Deer      Park***

**Financing      Arrangements**

----

**Off-Balance      Sheet Arrangements**

**Critical      Accounting Policies and Estimates**

**Related      Party Transactions**

|                      |   | Three                Months Ended |   |   | Six                Months Ended |   |
|---------------------------|--------|-----------------------------------|--------|--------|---------------------------------|--------|
|                      |   | June                30,           |   |   | June                30,         |   |
|                      |   | 2007                              |   |   | 2006                            |   |   | 2007 |   |   | 2006 |   |
| Fee:                      |   |                              |   |   |                            |   |   |   |   |   |   |   |
| Management                |   | $                                 | 136    |   |                            | $      | 78 |   |   | $ | 256 |   |   | $ | 156 |   |
| Leasing                   |   |                              | (2     | )      |                            |   | 25 |   |   |   | 23 |   |   |   | 29 |   |
| Marketing                 |   |                              | 28     |   |                            |   | 9 |   |   |   | 57 |   |   |   | 9 |   |
| Development               |   |                              | ---    |   |                            |   | 65 |   |   |   | --- |   |   |   | 162 |   |
| Total                Fees |   | $                                 | 162    |   |                            | $      | 177 |   |   | $ | 336 |   |   | $ | 356 |   |

----

**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,                  |
|                                                         |                                                                 |                                 2007               |   |                    2006 |   |                            2007 |   |                                  2006 |
| **FUNDS                FROM OPERATIONS**                     |                                                                 |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Net                income                                            |                                                                                                                               | $      | 7,412                                                                                                                  |   |   | $ | 7,258 |   |   | $ | 11,063 |   |   | $ | 24,814 |   |   |
|                                                         | Adjusted                for:                                         |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Depreciation                and amortization attributable            |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | to                discontinued operations                            |                                                                                                                               |   | ---                                                                                                                    |   |   |   | --- |   |   |   | --- |   |   |   | 116 |   |   |
|                                                         | Depreciation                and amortization uniquely significant to |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | real                estate – consolidated                      |                                                                                                                               |   | 15,461                                                                                                                 |   |   |   | 13,526 |   |   |   | 33,873 |   |   |   | 29,411 |   |   |
|                                                         | Depreciation                and amortization uniquely significant to |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | real                estate – unconsolidated joint ventures     |                                                                                                                               |   | 680                                                                                                                    |   |   |   | 379 |   |   |   | 1,334 |   |   |   | 758 |   |   |
|                                                         | (Gain)                loss on sale of real estate                    |                                                                                                                               |   | ---                                                                                                                    |   |   |   | --- |   |   |   | --- |   |   |   | (13,833 | ) |   |
| **Funds                from operations (FFO) (1)**           |                                                                 |                                                                                                                               | 23,553 |                                                                                                                   |   |   | 21,163 |   |   |   | 46,270 |   |   |   | 41,226 |   |   |
|                                                         | Preferred                share distributions                         |                                                                                                                               |   | (1,407                                                                                                                 | ) |   |   | (1,406 | ) |   |   | (2,813 | ) |   |   | (2,621 | ) |   |
| **Funds                from operations available to common** |                                                                 |                                                                                                                               |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | **unitholders**                                                      |                                                                                                                               | $      | 22,146                                                                                                                 |   |   | $ | 19,757 |   |   | $ | 43,457 |   |   | $ | 38,645 |   |   |
| **Weighted                average units outstanding (2)**    |                                                                 |                                                                                                                               | 18,807 |                                                                                                                   |   |   | 18,491 |   |   |   | 18,802 |   |   |   | 18,478 |   |   |

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

| (2)   | Includes                the dilutive effect of options, restricted unit awards and exchangeable                notes. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

**Economic      Conditions and Outlook**

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

**Market      Risk**

***Tanger      Properties Limited Partnership***

----

***Myrtle      Beach Hwy 17***

***Deer      Park***

----

|  Financial                Instrument Type           | Notional                Value |  Rate |  Maturity            |  Fair                Value |   |
|----------------------------------------------------------|-------------------------------|------------|---------------------------|---------------------------------|--------|
| **TANGER                PROPERTIES LIMITED PARTNERSHIP** |                          |       |                      |
| US                Treasury Lock                          | $100,000,000                  | 4.526%     | July                2008  | $3,415,000                      |   |
| US                Treasury Lock                          | $100,000,000                  | 4.715%     | July                2008  | $2,182,000                      |   |
|                                                     |                          |       |                      |                            |   |
| **DEER                PARK**                             |                          |       |
| LIBOR                Interest Rate Swap (1)              | $49,000,000                   | 5.47%      | June                2009  | $                (230,000       | )      |
| LIBOR                Interest Rate Swap (2)              | ---                           | 5.34%      | June                2009  | $                (186,000       | )      |
|                                                     |                          |       |                      |                            |   |
| **MYRTLE                BEACH HWY 17**                   |                          |       |                      |                            |   |
| LIBOR                Interest Rate Swap (3)              | $35,000,000                   | 4.59%      | March                2010 | $                599,000        |   |

|   | (1)                Amount represents fair value recorded at the Deer Park joint venture,                in                which we have a 33.3% ownership                interest. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)                Derivative is a forward starting interest rate swap agreement with                escalating notional amounts beginning July 1, 2007 that will total                $121.0                million by November 1, 2008.   Amount represents fair value                recorded at the Deer Park joint venture, in which we have a 33.3%                ownership interest. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (3)                Amount represents fair value recorded at the Myrtle Beach Hwy 17                joint                venture, in which we have a 50% ownership                interest. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      4.  Controls and Procedures**

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**PART      II. OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      1A. Risk Factors**

**Item      6.Exhibits**

| 31.1   | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section 1350,                as                Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of                2002. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                              |
| 31.2   | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section 1350,                as                Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of                2002. |
|   |                                                                                                                                                                                                              |
| 32.1   | Principal                Executive Officer Certification Pursuant to 18 U.S.C. Section 1350,                as                Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of                2002. |
|   |                                                                                                                                                                                                              |
| 32.2   | Principal                Financial Officer Certification Pursuant to 18 U.S.C. Section 1350,                as                Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of                2002. |

----

----

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

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

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

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