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

| Index |
|-------|

|                                                                                                        | Page                Number                                |
|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|
| Part                I. Financial Information                                                                |
| Item                1.  Financial Statements (Unaudited)                                          |                                                      |
|                                                                                                        | Consolidated                Balance Sheets -              |   |
|                                                                                                        |                                                      | as                of September 30, 2007 and December 31, 2006 | 3 |
|                                                                                                        |                                                      |   |
|                                                                                                        | Consolidated                Statements of Operations -    |   |
|                                                                                                        |                                                      | for                the three and nine months ended September 30, 2007 and                2006 | 4 |
|                                                                                                        |                                                      |   |
|                                                                                                        | Consolidated                Statements of Cash Flows -    |   |
|                                                                                                        |                                                      | for                the nine months ended September 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 | 27                                                        |
|                                                                                                        |                                                      |
| Item                4.  Controls and Procedures                                                   | 29                                                        |
|                                                                                                        |                                                      |
| Part                II. Other Information                                                                   |
|                                                                                                        |                                                      |
| Item                1.Legal Proceedings                                                                     | 30                                                        |
|                                                                                                        |                                                      |
| Item                1A. Risk Factors                                                                        | 30                                                        |
|                                                                                                        |                                                      |
| Item                6.Exhibits                                                                              | 30                                                        |
|                                                                                                        |                                                      |
| Signatures                                                                                                  | 30                                                        |

----

**PART      I. – FINANCIAL INFORMATION**

**Item      1 – Financial Statements**

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      BALANCE SHEETS**

|                                                      |                                                                |                                    September 30, |      |                                    December 31, |
|-----------------------------------------------------------|---------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |                                                                |                                     2007    |      |                                                 2006                |
| **ASSETS:**                                               |                                                                |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |
|                                                      | Rental                property                                      |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |   |
|                                                      | Land                                                                |                                                                                                                                            | $         | 129,921                                                                                                                                             |   |   | $ | 130,137 |   |
|                                                      | Building,                improvement and fixtures                   |                                                                                                                                            |      | 1,074,310                                                                                                                                           |   |   |   | 1,068,070 |   |
|                                                      | Construction                in progress                             |                                                                                                                                            |      | 61,364                                                                                                                                              |   |   |   | 18,640 |   |
|                                                      |                                                                |                                                                                                                                            | 1,265,595 |                                                                                                                                                |   |   | 1,216,847 |   |
|                                                      | Accumulated                depreciation                             |                                                                                                                                            |      | (302,411                                                                                                                                            | ) |   |   | (275,372 | ) |
|                                                      | Rental                property, net                                 |                                                                                                                                            |      | 963,184                                                                                                                                             |   |   |   | 941,475 |   |
|                                                      | Cash                and cash equivalents                            |                                                                                                                                            |      | 2,412                                                                                                                                               |   |   |   | 8,413 |   |
|                                                      | Assets                held for sale                                 |                                                                                                                                            |      | 2,052                                                                                                                                               |   |   |   | --- |   |
|                                                      | Investments                in unconsolidated joint ventures         |                                                                                                                                            |      | 11,908                                                                                                                                              |   |   |   | 14,451 |   |
|                                                      | Deferred                charges, net                                |                                                                                                                                            |      | 47,306                                                                                                                                              |   |   |   | 55,089 |   |
|                                                      | Other                assets                                         |                                                                                                                                            |      | 26,292                                                                                                                                              |   |   |   | 21,207 |   |
|                                                      |                                                                | **Total                assets**                                                                                                                 |      | $                                                                                                                                                   | 1,053,154 |   |   | $ | 1,040,635 |   |
| **LIABILITIES                AND PARTNERS’ EQUITY** |
| **Liabilities**                                           |                                                                |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |
|                                                      |                                                                | Debt                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |   |   |
|                                                      | Senior,                unsecured notes (net of discount of $778 and |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |   |
|                                                      |                                                                | $832,                respectively)                                                                                                              |      | $                                                                                                                                                   | 498,722 |   |   | $ | 498,668 |   |
|                                                      | Mortgages                payable (including a debt premium          |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |   |
|                                                      |                                                                |  of                $1,654 and $3,441, respectively)                                                                                        |      |                                                                                                                                                | 175,312 |   |   |   | 179,911 |   |
|                                                      | Unsecured                lines of credit                            |                                                                                                                                            |      | 23,300                                                                                                                                              |   |   |   | --- |   |
|                                                      |                                                                |                                                                                                                                            |      | 697,334                                                                                                                                             |   |   |   | 678,579 |   |
|                                                      | Construction                trade payables                          |                                                                                                                                            |      | 27,943                                                                                                                                              |   |   |   | 23,504 |   |
|                                                      | Accounts                payable and accrued expenses                |                                                                                                                                            |      | 34,944                                                                                                                                              |   |   |   | 24,852 |   |
|                                                      |  **Total                liabilities**                          |                                                                                                                                            |      | 760,221                                                                                                                                             |   |   |   | 726,935 |   |
| Commitments                                               |                                                                |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |
|                                                      |                                                                |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |
| **Partners’                equity**                 |                                                                |                                                                                                                                            |      |                                                                                                                                                |   |   |   |   |
|                                                      | General                partner                                      |                                                                                                                                            |      | 44                                                                                                                                                  |   |   |   | 227 |   |
|                                                      | Limited                partners                                     |                                                                                                                                            |      | 291,701                                                                                                                                             |   |   |   | 309,587 |   |
|                                                      | Accumulated                other comprehensive income               |                                                                                                                                            |      | 1,188                                                                                                                                               |   |   |   | 3,886 |   |
|                                                      |  **Total                partners’ equity**               |                                                                                                                                            |      | 292,933                                                                                                                                             |   |   |   | 313,700 |   |
|                                                      |                                                                |  **Total                liabilities and partners’ equity**                                                                           |      | $                                                                                                                                                   | 1,053,154 |   |   | $ | 1,040,635 |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                    |                                             |                                                                                                             |   |                                                                                                                         |
|---------------------------------------------------------|--------------------------------------------------|------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------|
|                                                    |                                             |                              Three months ended |   |                               Nine months ended        |
|                                                    |                                             |                             September 30,       |   |                                September 30, |
|                                                    |                                             |                  2007       |   |                                 2006         |   |                                 2007 |   |                             2006 |
| **Revenues**                                            |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Base                rentals                      | $                                                                                                                | 37,207 |                                                                                                                         |   | $ | 35,260 |   |   | $ | 108,614 |   |   | $ | 101,816 |   |   |
|                                                    | Percentage                rentals                |                                                                                                             |   | 2,305                                                                                                                        |   |   |   | 1,736 |   |   |   | 5,434 |   |   |   | 4,292 |   |   |
|                                                    | Expense                reimbursements            |                                                                                                             |   | 16,719                                                                                                                       |   |   |   | 14,866 |   |   |   | 47,496 |   |   |   | 41,271 |   |   |
|                                                    | Other                income                      |                                                                                                             |   | 2,155                                                                                                                        |   |   |   | 2,400 |   |   |   | 5,243 |   |   |   | 5,248 |   |   |
|                                                    | Total                revenues                    |                                                                                                             |   | 58,386                                                                                                                       |   |   |   | 54,262 |   |   |   | 166,787 |   |   |   | 152,627 |   |   |
|                                                    |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Expenses**                                            |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Property                operating                |                                                                                                             |   | 19,158                                                                                                                       |   |   |   | 17,616 |   |   |   | 53,893 |   |   |   | 48,183 |   |   |
|                                                    | General                and administrative        |                                                                                                             |   | 4,916                                                                                                                        |   |   |   | 4,147 |   |   |   | 14,096 |   |   |   | 12,304 |   |   |
|                                                    | Depreciation                and amortization     |                                                                                                             |   | 14,941                                                                                                                       |   |   |   | 13,531 |   |   |   | 48,870 |   |   |   | 42,978 |   |   |
|                                                    | Total                expenses                    |                                                                                                             |   | 39,015                                                                                                                       |   |   |   | 35,294 |   |   |   | 116,859 |   |   |   | 103,465 |   |   |
|                   Operating income            |                                             |                                                                                                             | 19,371 |                                                                                                                         |   |   | 18,968 |   |   |   | 49,928 |   |   |   | 49,162 |   |   |
|                   Interest expense            |                                             |                                                                                                             | 10,087 |                                                                                                                         |   |   | 10,932 |   |   |   | 30,215 |   |   |   | 30,856 |   |   |
| **Income                before equity in earnings of**  |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | **unconsolidated                joint ventures** |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | **and                discontinued operations**   |                                                                                                             |   | 9,284                                                                                                                        |   |   |   | 8,036 |   |   |   | 19,713 |   |   |   | 18,306 |   |   |
| Equity                in earnings of unconsolidated     |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | joint                ventures                    |                                                                                                             |   | 461                                                                                                                          |   |   |   | 539 |   |   |   | 1,030 |   |   |   | 971 |   |   |
| **Income                from continuing operations**    |                                             |                                                                                                             | 9,745  |                                                                                                                         |   |   | 8,575 |   |   |   | 20,743 |   |   |   | 19,277 |   |   |
| Discontinued                operations                  |                                             |                                                                                                             | 26     |                                                                                                                         |   |   | 30 |   |   |   | 91 |   |   |   | 14,142 |   |   |
| **Net                income**                           |                                             | 9,771                                                                                                            |   |                                                                                                                         |   | 8,605 |   |   |   | 20,834 |   |   |   | 33,419 |   |   |
| Preferred                unit distributions             |                                             |                                                                                                             | (1,406 | )                                                                                                                            |   |   | (1,406 | ) |   |   | (4,219 | ) |   |   | (4,027 | ) |   |
| **Net                income available to common**       |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | **unitholders**                                  | $                                                                                                                |   | 8,365                                                                                                                        |   |   | $ | 7,199 |   |   | $ | 16,615 |   |   | $ | 29,392 |   |   |
| **Income                allocated to limited partners** |                                             |                                                                                                             | 8,297  |                                                                                                                         |   |   | 7,140 |   |   |   | 16,480 |   |   |   | 29,151 |   |   |
| **Income                allocated to general partner**  |                                             |                                                                                                             | 68     |                                                                                                                         |   |   | 59 |   |   |   | 135 |   |   |   | 241 |   |   |
|                                                    |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**       |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Income                from continuing operations | $                                                                                                                | .45    |                                                                                                                         |   | $ | .39 |   |   | $ | .90 |   |   | $ | .83 |   |   |
|                                                    | Net                income                        | $                                                                                                                | .45    |                                                                                                                         |   | $ | .39 |   |   | $ | .90 |   |   | $ | 1.60 |   |   |
|                                                    |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**     |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Income                from continuing operations | $                                                                                                                | .45    |                                                                                                                         |   | $ | .39 |   |   | $ | .88 |   |   | $ | .82 |   |   |
|                                                    | Net                income                        | $                                                                                                                | .45    |                                                                                                                         |   | $ | .39 |   |   | $ | .89 |   |   | $ | 1.59 |   |   |
|                                                    |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                paid per common unit       | $                                                | .720                                                                                                             |   |                                                                                                                         | $ | .680 |   |   | $ | 2.120 |   |   | $ | 2.005 |   |   |
|                                                    |                                             |                                                                                                             |   |                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**TANGER      PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

|                                    |                                                                     |                                                                     |                                                     |    |   |    |   |     |    |    |   |   |
|-----------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------|---------|--------|---------|--------|----------|---------|---------|--------|--------|
|                                    |                                                                     | Nine                Months Ended                                         |                                                     |
|                                    |                                                                     | September                30                                              |                                                     |
|                                    |                                                                     | 2007                                                                     |                                                     |    | 2006   |    |
|                                    |                                                                     |                                                                |                                                     |
| **OPERATING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Net                income                                                |                                                                     | $                                                        | 20,834  |   |    | $      | 33,419   |    |
|                                    | Adjustments                to reconcile net income to net cash           |                                                                     |                                                     |    |   |    |   |     |    |
|                                    |                                                                     | provided                by operating activities:                         |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     | Depreciation                and amortization (including discontinued     |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     |                                                                     | operations)                                              |    |   | 49,015  |   |     |    | 43,237  |   |
|                                    |                                                                     | Amortization                of deferred financing costs                  |                                                     |    | 1,308  |    |   |     | 1,289   |    |
|                                    |                                                                     | Equity                in earnings of unconsolidated joint ventures       |                                                     |    | (1,030 | )       |   |     | (971    | )       |
|                                    |                                                                     | Compensation                expense related to restricted shares         |                                                     |    |   |    |   |     |    |    |
|                                    |                                                                     |                                                                     | and                options granted                       |    |   | 2,956   |   |     |    | 2,023   |   |
|                                    |                                                                     | Amortization                of debt premiums and discount, net           |                                                     |    | (1,927 | )       |   |     | (1,870  | )       |
|                                    |                                                                     | Gain                on sales of outparcels                               |                                                     |    | ---    |    |   |     | (402    | )       |
|                                    |                                                                     | Gain                on sales of real estate                              |                                                     |    | ---    |    |   |     | (13,833 | )       |
|                                    |                                                                     | Distributions                received from unconsolidated joint ventures |                                                     |    | 2,135  |    |   |     | 1,775   |    |
|                                    |                                                                     | Net                accretion of market rent rate adjustment              |                                                     |    | (877   | )       |   |     | (1,132  | )       |
|                                    |                                                                     | Straight-line                base rent adjustment                        |                                                     |    | (2,306 | )       |   |     | (1,698  | )       |
|                                    | Increase                (decrease) due to changes in:                    |                                                                     |                                                     |    |   |    |   |     |    |
|                                    |                                                                     | Other                assets                                              |                                                     |    | (3,781 | )       |   |     | (7,529  | )       |
|                                    |                                                                     | Accounts                payable and accrued expenses                     |                                                     |    | 2,635  |    |   |     | 2,947   |    |
|                                    |                                                                     |                                                                     | Net                cash provided by operating activities |    |   | 68,962  |   |     |    | 57,255  |   |
| **INVESTING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Additions                to rental property                              |                                                                     |                                                     | (58,432 | )      |    |   | (51,408  | )       |
|                                    | Additions                to investments in unconsolidated joint ventures |                                                                     |                                                     | ---     |   |    |   | (2,020   | )       |
|                                    | Return                of equity from unconsolidated joint ventures       |                                                                     |                                                     | 1,281   |   |    |   | ---      |    |
|                                    | Additions                to deferred lease costs                         |                                                                     |                                                     | (2,254  | )      |    |   | (2,409   | )       |
|                                    | Net                proceeds from sale of real estate                     |                                                                     |                                                     | ---     |   |    |   | 21,378   |    |
|                                    |                                                                     |                                                                     | Net                cash used in investing activities     |    |   | (59,405 | )      |     |    | (34,459 | )      |
| **FINANCING                ACTIVITIES** |                                                                     |                                                                     |                                                     |    |   |    |   |     |
|                                    | Cash                distributions paid                                   |                                                                     |                                                     | (43,731 | )      |    |   | (40,924  | )       |
|                                    | Contributions                from sole shareholder of general partner    |                                                                     |                                                     | ---     |   |    |   | 19,445   |    |
|                                    | Proceeds                from debt issuances                              |                                                                     |                                                     | 92,400  |   |    |   | 279,175  |    |
|                                    | Repayments                of debt                                        |                                                                     |                                                     | (71,912 | )      |    |   | (261,025 | )       |
|                                    | Proceeds                from tax incentive financing                     |                                                                     |                                                     | 5,813   |   |    |   | ---      |    |
|                                    | Additions                to deferred financing costs                     |                                                                     |                                                     | ---     |   |    |   | (4,155   | )       |
|                                    | Proceeds                from exercise of options                         |                                                                     |                                                     | 1,872   |   |    |   | 1,946    |    |
|                                    |                                                                     |                                                                     | Net                cash used in financing activities     |    |   | (15,558 | )      |     |    | (5,538  | )      |
|                                    | Net                increase (decrease) in cash and cash equivalents      |                                                                     |                                                     | (6,001  | )      |    |   | 17,258   |    |
|                                    | Cash                and cash equivalents, beginning of period            |                                                                     |                                                     | 8,413   |   |    |   | 2,926    |    |
|                                    | Cash                and cash equivalents, end of period                  |                                                                     | $                                                        | 2,412   |   |    | $      | 20,184   |    |

----

**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 |                                         Nine Months Ended         |
|---------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |        |                                  September                30,  |                                           September 30, |
|                      |        |    2007                                                                                                                         |      2006                                                                                                                                                        | 2007 | 2006 |
| Fee:                      |        |                                                                                                                                           |                                                                                                                                                                                      |   |   |
|                      | Management  |                                                                                                                                           | $   132                                                                                                                                                                    |  $     104 | $   388 | $   260 |
|                      | Leasing     |                                                                                                                                           | 5                                                                                                                                                                                         | 167 | 28 | 196 |
|                      | Marketing   |                                                                                                                                           |            25                                                                                                                      | 22 | 82 | 66 |
|                      | Development |                                                                                                                                           |            ---                                                                                                                     | 151 | --- | 313 |
| Total                Fees |        | $   162                                                                                                                         | $   444                                                                                                                                                                    | $   498 | $                835 |

***Wisconsin      Dells***

***Deer      Park***

----

|                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  **Summary                Balance Sheets**** –                Unconsolidated Joint Ventures** |                                                         As of                                             September 30,                2007 |                                           As of                                               December 31, 2006 |
| **Assets**                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                          | Investment                properties at cost, net                                                                                                                                                                                                                                                                                                                                                               | $  72,200                                                                                                                                                                                                                                                                                                                                                                                     | $  74,253 |
|                                                                                                          | Construction                in progress                                                                                                                                                                                                                                                                                                                                                                         | 81,638                                                                                                                                                                                                                                                                                                                                                                                                  | 38,449 |
|                                                                                                          | Cash                and cash equivalents                                                                                                                                                                                                                                                                                                                                                                        | 4,109                                                                                                                                                                                                                                                                                                                                                                                                   | 6,539 |
|                                                                                                          | Deferred                charges, net                                                                                                                                                                                                                                                                                                                                                                            | 2,746                                                                                                                                                                                                                                                                                                                                                                                                   | 2,824 |
|                                                                                                          | Other                assets                                                                                                                                                                                                                                                                                                                                                                                     | 9,305                                                                                                                                                                                                                                                                                                                                                                                                   | 15,239 |
|                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                            | Total                assets                                                                                                                                                                                                                                                                                                                                                                             | $169,998 | $  137,304 |
| **Liabilities                and Owners’ Equity**                                                       |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                          | Mortgages                payable                                                                                                                                                                                                                                                                                                                                                                                | $  128,886                                                                                                                                                                                                                                                                                                                                                                                    | $  100,138 |
|                                                                                                          | Construction                trade payables                                                                                                                                                                                                                                                                                                                                                                      | 14,128                                                                                                                                                                                                                                                                                                                                                                                                  | 2,734 |
|                                                                                                          | Accounts                payable and other liabilities                                                                                                                                                                                                                                                                                                                                                           | 3,915                                                                                                                                                                                                                                                                                                                                                                                                   | 2,767 |
|                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                            | Total                liabilities                                                                                                                                                                                                                                                                                                                                                                        | 146,929 | 105,639 |
| Owners’                equity                                                                           | 23,069                                                                                                                                                                                                                                                                                                                                                                                                          | 31,665                                                                                                                                                                                                                                                                                                                                                                                                  |
| Total                liabilities and owners’ equity                                                     | $169,998                                                                                                                                                                                                                                                                                                                                                                                                        | $  137,304                                                                                                                                                                                                                                                                                                                                                                                    |

|                                                  |                                                                         Three Months |                                                              Nine Months |
|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                  |                                                                      Ended                          |                                                          Ended                               |
| **Summary                Statements of Operations -** |                                                     September 30,                                             |                                                            September 30,           |
| **Unconsolidated                Joint Ventures**      |    2007                                                                                                                                                                                                                                                                       | 2006                                                                                                                                                                                                                      | 2007 | 2006 |
|                                                  |                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                      |   |   |
| **Revenues**                                          | $   4,949                                                                                                                                                                                                                                                                     | $                4,441                                                                                                                                                                                                    | $  14,365 | $  10,269 |
|                                                  |                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                      |   |   |
| **Expenses**                                          |                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                      |   |   |
|                                                  | Property                operating                                                                                                                                                                                                                                                            | 1,643                                                                                                                                                                                                                     | 1,726 | 5,003 | 3,958 |
|                                                  | General                and administrative                                                                                                                                                                                                                                                    | 60                                                                                                                                                                                                                        | 58 | 219 | 131 |
|                                                  | Depreciation                and amortization                                                                                                                                                                                                                                                 | 1,353                                                                                                                                                                                                                     | 924 | 4,119 | 2,498 |
| Total                expenses                         | 3,056                                                                                                                                                                                                                                                                                        | 2,708                                                                                                                                                                                                                     | 9,341 | 6,587 |
| **Operating                income**                   | 1,893                                                                                                                                                                                                                                                                                        | 1,733                                                                                                                                                                                                                     | 5,024 | 3,682 |
| Interest                expense                       | 1,025                                                                                                                                                                                                                                                                                        | 700                                                                                                                                                                                                                       | 3,142 | 1,847 |
| **Net                income**                         | $      868                                                                                                                                                                                                                                                     | $    1,033                                                                                                                                                                                            | $     1,882 | $    1,835 |
|                                                  |                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                      |   |   |
| **Tanger’s                share of:**           |                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                      |   |   |
| Net                income                             | $      461                                                                                                                                                                                                                                                     | $    539                                                                                                                                                                                              | $     1,030 | $       971 |
| Depreciation                (real estate related)     | 651                                                                                                                                                                                                                                                                                          | 444                                                                                                                                                                                                                       | 1,985 | 1,202 |

----

**5.       Disposition of Properties**

***2007      Transactions***

***2006      Transactions***

|                                                          |                          Three Months              |                          Nine Months                           |
|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| **Summary                Statements of Operations -**         |                          Ended                     |                           Ended                           |
| **Disposed                Properties Included in**            |                            September 30, |                              September 30, |
| **Discontinued                Operations**                    | 2007                                                                                            | 2006                                                                                                        | 2007 | 2006 |
| **Revenues:**                                                 |                                                                                            |                                                                                                        |   |   |
|                                                          | Base                rentals                                                                     | $                141                                                                                        | $                143 | $                417 | $      879 |
|                                                          | Percentage                rentals                                                               | ---                                                                                                         | --- | 1 | 6 |
|                                                          | Expense                reimbursements                                                           | 37                                                                                                          | 34 | 103 | 315 |
|                                                          | Other                income                                                                     | 6                                                                                                           | 7 | 15 | 32 |
|                                                          |                                                                                            | Total                revenues                                                                               | 184 | 184 | 536 | 1,232 |
| **Expenses:**                                                 |                                                                                            |                                                                                                        |   |   |
|                                                          | Property                operating                                                               | 105                                                                                                         | 107 | 291 | 660 |
|                                                          | General                and administrative                                                       | 5                                                                                                           | --- | 9 | 4 |
|                                                          | Depreciation                and amortization                                                    | 48                                                                                                          | 47 | 145 | 259 |
|                                                          |                                                                                            | Total                expenses                                                                               | 158 | 154 | 445 | 923 |
| Discontinued                operations before gain on sale of |                                                                                            |                                                                                                        |   |   |
|                                                          | real                estate                                                                      | 26                                                                                                          | 30 | 91 | 309 |
| Gain                on sale of real estate                    | ---                                                                                             | ---                                                                                                         | --- | 13,833 |
| **Discontinued                operations**                    | $                26                                                                             | $                30                                                                                         | $   91 | $                14,142 |

----

***Outparcel      Sales***

|                                                   |   |                                          Three Months Ended        |                                             Nine Months Ended            |
|--------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                   |   |                                            September 30, |                                             September                30, |
|                                                   |   |        2007                                                                                                                                                  |       2006                                                                                                                                                                             | 2007 | 2006 |
| Number                of outparcels                    |   | ---                                                                                                                                                                                             | 1                                                                                                                                                                                                                    | --- | 4 |
| Net                proceeds                            |   | ---                                                                                                                                                                                             | $287                                                                                                                                                                                                                 | --- | $1,150 |
| Gains                on sales included in other income |   | ---                                                                                                                                                                                             | $177                                                                                                                                                                                                                 | --- | $402 |

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

|                                      |                                              | Three                Months Ended                                   |   Nine                Months Ended                         |
|-------------------------------------------|---------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------------------------------|
|                                      |                                              |      September                30,          |       September                30,     |
|                                      |                                              |      2007                                  |       2006                             | 2007 | 2006 |
| Net                income                 | $9,771                                            | $                8,605                                              | $20,834                                                              | $                33,419 |
|                                      | Other                comprehensive income (loss): |                                                                |                                                                 |   |   |
|                                      |                                              | Reclassification                adjustment for amortization of gain |                                                                 |   |   |   |
|                                      |                                              |                                                                | on                settlement of US treasury rate lock included       |   |   |   |   |
|                                      |                                              |                                                                | in                net income                                         | (66) | (62) | (194) | (183) |
|                                      |                                              |                                                                |                                                                 |   |   |   |
|                                      |                                              | Change                in fair value of treasury rate locks          | (6,498)                                                              | (7,490) | (1,645) | (350) |
|                                      |                                              |                                                                |                                                                 |   |   |   |
|                                      |                                              | Change                in fair value of our portion of our           |                                                                 |   |   |   |
|                                      |                                              |                                                                | unconsolidated                joint ventures’ cash flow hedges | (815) | (333) | (859) | 104 |
|                                      |                                              |                                                                |                                                                 | Other                comprehensive income (loss) | (7,379) | (7,885) | (2,698) | (429) |
| Total                comprehensive income | $2,392                                            | $720                                                                | $18,136                                                              | $                32,990 |

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

----

|                                           |   |                                                                    Three Months Ended |                                         Nine Months                Ended               |
|------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           |   |                                                                September 30,                              |                                                           September 30, |
|                                           |   | 2007                                                                                                                                                                                                                                                                 | 2006                                                                                                                                                                                                      | 2007 | 2006 |
| Restricted                units                |   | $     1,014                                                                                                                                                                                                                                 | $   584                                                                                                                                                                                    | $  2,801 | $  1,612 |
| Options                                        |   | 53                                                                                                                                                                                                                                                                   | 296                                                                                                                                                                                                       | 155 | 411 |
| Total                equity based compensation |   | $     1,067                                                                                                                                                                                                                                 | $   880                                                                                                                                                                                    | $  2,956 | $  2,023 |

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

|                                                          |   | Three                Months Ended |   |   | Nine                Months Ended |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|--------|----------------------------------|--------|
|                                                          |   | September                30,      |   |   | September                30,     |   |
|                                                          |   | 2007                              |   |   | 2006                             |   |   | 2007 |   |   | 2006 |   |
| **Numerator**                                                 |   |                              |   |   |                             |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | 9,745  |   |                             | $      | 8,575 |   |   | $ | 20,743 |   |   | $ | 19,277 |   |
| Less                applicable preferred unit distributions   |   |                              | (1,406 | )      |                             |   | (1,406 | ) |   |   | (4,219 | ) |   |   | (4,027 | ) |
| Income                from continuing operations available to |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| common                unitholders                             |   |                              | 8,339  |   |                             |   | 7,169 |   |   |   | 16,524 |   |   |   | 15,250 |   |
| Discontinued                operations                        |   |                              | 26     |   |                             |   | 30 |   |   |   | 91 |   |   |   | 14,142 |   |
| Net                income available to common unitholders     |   | $                                 | 8,365  |   |                             | $      | 7,199 |   |   | $ | 16,615 |   |   | $ | 29,392 |   |
| **Denominator**                                               |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                weighted average common units            |   |                              | 18,457 |   |                             |   | 18,343 |   |   |   | 18,436 |   |   |   | 18,324 |   |
| Effect                of exchangeable notes                   |   |                              | 117    |   |                             |   | --- |   |   |   | 117 |   |   |   | --- |   |
| Effect                of outstanding options                  |   |                              | 94     |   |                             |   | 114 |   |   |   | 109 |   |   |   | 117 |   |
| Effect                of unvested restricted unit awards      |   |                              | 65     |   |                             |   | 68 |   |   |   | 72 |   |   |   | 54 |   |
| Diluted                weighted average common units          |   |                              | 18,733 |   |                             |   | 18,525 |   |   |   | 18,734 |   |   |   | 18,495 |   |
|                                                          |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per common unit**             |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | .45    |   |                             | $      | .39 |   |   | $ | .90 |   |   | $ | .83 |   |
| Discontinued                operations                        |   |                              | ---    |   |                             |   | --- |   |   |   | --- |   |   |   | .77 |   |
| Net                income                                     |   | $                                 | .45    |   |                             | $      | .39 |   |   | $ | .90 |   |   | $ | 1.60 |   |
|                                                          |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per common unit**           |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Income                from continuing operations              |   | $                                 | .45    |   |                             | $      | .39 |   |   | $ | .88 |   |   | $ | .82 |   |
| Discontinued                operations                        |   |                              | ---    |   |                             |   | --- |   |   |   | .01 |   |   |   | .77 |   |
| Net                income                                     |   | $                                 | .45    |   |                             | $      | .39 |   |   | $ | .89 |   |   | $ | 1.59 |   |
|                                                          |   |                              |   |   |                             |   |   |   |   |   |   |   |   |   |   |   |

----

|                              | 2007                            |       | 2006       |
|-----------------------------------|---------------------------------|------------|------------|
| Preferred                units:   |                            |       |       |
|                              | Limited                partner  | 3,000,000  |       | 3,000,000 |
|                              |                            |       |       |   |
| Common                units:      |                            |       |       |
|                              | General                partner  | 150,000    |       | 150,000 |
|                              | Limited                partners | 18,542,006 |       | 18,403,973 |
| Total                common units | 18,692,006                      |       | 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  | $226,000                        |   |
| US                Treasury Lock                          | $100,000,000                     | 4.715%     | July                2008  | $(1,127,000                     | )      |
|                                                     |                             |       |                      |                            |   |
| **DEER                PARK**                             |                             |       |
| LIBOR                Interest Rate Swap (1)              | $49,000,000                      | 5.47%      | June                2009  | $                (759,000       | )      |
| LIBOR                Interest Rate Swap (2)              | $                 7,300,000 | 5.34%      | June                2009  | $                (1,162,000     | )      |
|                                                     |                             |       |                      |                            |   |
| **MYRTLE                BEACH HWY 17**                   |                             |       |                      |                            |   |
| LIBOR                Interest Rate Swap (3)              | $35,000,000                      | 4.59%      | March                2010 | $                (28,000        | )      |

|   | (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 totaling $7.3 million as of September                30,                2007.  Outstanding amounts under the agreement 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 September 30, 2006 |             | 30                                                   | 8,389            | 21                    |
|                                    | Reconfiguration: |                                                 |             |                  |   |
|                                    |             | Foley,                Alabama                        |             | ---                   | (25) | --- |
|                                    | Other            |                                                 | ---              |    (1) | --- |
| As                of September 30, 2007 |             | 30                                                   | 8,363            | 21                    |

----

| **Location**                                        | **                                                                           GLA** |   | **                          %**                       |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|
| **Wholly                Owned Properties**          | **                                                           (sq.                ft.)**      |   | **                                         Occupied** |
| Riverhead,                New York (1)              | 729,315                                                                                                                                                                                                                                                                                                   |   | 98                                                                                                 |   |   |
| Rehoboth                Beach, Delaware (1)         | 568,926                                                                                                                                                                                                                                                                                                   |   | 98                                                                                                 |   |   |
| Foley,                Alabama                       | 531,869                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| San                Marcos, Texas                    | 442,510                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Myrtle                Beach Hwy 501, South Carolina | 426,417                                                                                                                                                                                                                                                                                                   |   | 96                                                                                                 |   |   |
| Sevierville,                Tennessee (1)           | 419,038                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Hilton                Head, South Carolina          | 393,094                                                                                                                                                                                                                                                                                                   |   | 87                                                                                                 |   |   |
| Charleston,                South Carolina           | 352,315                                                                                                                                                                                                                                                                                                   |   | 94                                                                                                 |   |   |
| Commerce                II, Georgia                 | 347,025                                                                                                                                                                                                                                                                                                   |   | 98                                                                                                 |   |   |
| Howell,                Michigan                     | 324,631                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Park                City, Utah                      | 300,602                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| Locust                Grove, Georgia                | 293,868                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| Westbrook,                Connecticut               | 291,051                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Branson,                Missouri                    | 277,883                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| Williamsburg,                Iowa                   | 277,230                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Lincoln                City, Oregon                 | 270,280                                                                                                                                                                                                                                                                                                   |   | 99                                                                                                 |   |   |
| Tuscola,                Illinois                    | 256,514                                                                                                                                                                                                                                                                                                   |   | 77                                                                                                 |   |   |
| Lancaster,                Pennsylvania              | 255,152                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| Gonzales,                Louisiana                  | 243,499                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| Tilton,                New Hampshire                | 227,849                                                                                                                                                                                                                                                                                                   |   | 100                                                                                                |   |   |
| 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                                                                                                                                                                                                                                                                                                   |   | 98                                                                                                 |   |   |
| Nags                Head, North Carolina            | 82,178                                                                                                                                                                                                                                                                                                    |   | 100                                                                                                |   |   |
| Boaz,                Alabama                        | 79,575                                                                                                                                                                                                                                                                                                    |   | 98                                                                                                 |   |   |
| Kittery                I, Maine                     | 59,694                                                                                                                                                                                                                                                                                                    |   | 95                                                                                                 |   |   |
| Kittery                II, Maine                    | 24,619                                                                                                                                                                                                                                                                                                    |   | 94                                                                                                 |   |   |
| Totals                                              | 8,363,324                                                                                                                                                                                                                                                                                                 |   | 97(2)                                                                                              |   |
|                                                |                                                                                                                                                                                                                                                                                                      |   |                                                                                               |   |   |

| **Unconsolidated                Joint Ventures**                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Myrtle                Beach Hwy 17, South Carolina                                                           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 ofSeptember                30,2007 |    Interest                Rate |    Maturity                Date |
|--------------------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------|------------------------------------------------|------------------------------------------------|
| **Capmark**                          |                                                |                                                                                                       |                                           |                                           |
|                                 | Rehoboth  Beach,                Delaware  | 568,926                                                                                                    |                                           |                                           |   |
|                                 | Foley,                Alabama                       | 531,869                                                                                                    |                                           |                                           |   |
|                                 | 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                                                                                                    |                                           |                                           |   |
|                                 |                                                | $173,658                                                                                                   | 6.590%                                         | 7/10/2008                                      |
|                                 | Net                debt premium                     | 1,654                                                                                                      |                                           |                                           |
| **Totals**                           | 3,266,602                                           | $175,312                                                                                                   |                                           |                                           |
|                                 |                                                |                                                                                                       |                                           |                                           |

**RESULTS      OF OPERATIONS**

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

----

----

**Comparison      of the nine months ended September 30, 2007 to the nine months ended September      30, 2006**

----

| **Summary                of discontinued operations**        |   | 2007 |   |   | 2006    |   |
|--------------------------------------------------------------|--------|------|--------|--------|---------|--------|
| Operating                income from discontinued operations |   | $91  |   |   | $309    |   |
| Gain                on sale of real estate                   |   | ---  |   |   | 13,833  |   |
| Discontinued                operations                       |   | $91  |   |   | $14,142 |   |

**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        |                                                  Nine Months Ended |
|---------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |        |                                             September 30, |                                                 September 30,           |
|                      |        |    2007                                                                                                                                                                                |      2006                                                                                                                                                                                                      | 2007 | 2006 |
| Fee:                      |        |                                                                                                                                                                                                  |                                                                                                                                                                                                                                    |   |   |
|                      | Management  |                                                                                                                                                                                                  | $   132                                                                                                                                                                                                                  |  $     104 | $   388 | $   260 |
|                      | Leasing     |                                                                                                                                                                                                  | 5                                                                                                                                                                                                                                       | 167 | 28 | 196 |
|                      | Marketing   |                                                                                                                                                                                                  |            25                                                                                                                                                                    | 22 | 82 | 66 |
|                      | Development |                                                                                                                                                                                                  |            ---                                                                                                                                                                   | 151 | --- | 313 |
| Total                Fees |        | $   162                                                                                                                                                                                | $   444                                                                                                                                                                                                                  | $   498 | $                835 |

**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                       |   |                             Nine months ended                  |
|                                                             |                                                                 |                           September 30,                 |   |                             September 30,                 |
|                                                             |                                                                 |                                2007 |   |                                  2006 |   |                            2007 |   |                                  2006 |
| **FUNDS                FROM OPERATIONS**                         |                                                                 |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | Net                income                                            |                                                                                                           | $      | 9,771                                                                                                                      |   |   | $ | 8,605 |   |   | $ | 20,834 |   |   | $ | 33,419 |   |   |
|                                                             | Adjusted                for:                                         |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | Depreciation                and amortization attributable to         |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | discontinued                operations                               |                                                                                                           |   | 48                                                                                                                         |   |   |   | 47 |   |   |   | 145 |   |   |   | 259 |   |   |
|                                                             | Depreciation                and amortization uniquely significant to |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | real                estate – consolidated                      |                                                                                                           |   | 14,865                                                                                                                     |   |   |   | 13,465 |   |   |   | 48,641 |   |   |   | 42,780 |   |   |
|                                                             | Depreciation                and amortization uniquely significant to |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | real                estate – unconsolidated joint ventures     |                                                                                                           |   | 651                                                                                                                        |   |   |   | 444 |   |   |   | 1,985 |   |   |   | 1,202 |   |   |
|                                                             | Gain                on sale of real estate                           |                                                                                                           |   | ---                                                                                                                        |   |   |   | --- |   |   |   | --- |   |   |   | (13,833 | ) |   |
| **Funds                from operations (FFO) (1)**               |                                                                 |                                                                                                           | 25,335 |                                                                                                                       |   |   | 22,561 |   |   |   | 71,605 |   |   |   | 63,827 |   |   |
|                                                             | Preferred                unit distributions                          |                                                                                                           |   | (1,406                                                                                                                     | ) |   |   | (1,406 | ) |   |   | (4,219 | ) |   |   | (4,027 | ) |   |
| **Funds                from operations available to common**     |                                                                 |                                                                                                           |   |                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             | **unitholders**                                                      |                                                                                                           | $      | 23,929                                                                                                                     |   |   | $ | 21,155 |   |   | $ | 67,386 |   |   | $ | 59,800 |   |   |
| **Weighted                average common units outstanding (2)** |                                                                 |                                                                                                           | 18,733 |                                                                                                                       |   |   | 18,525 |   |   |   | 18,734 |   |   |   | 18,495 |   |   |

| (1)   | The                three months ended September 30, 2006 includes gains on sales of                outparcels of land of $177.  The nine months ended September 30                2006 includes gains on sales of outparcels of land of                $402. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

**Economic      Conditions and Outlook**

**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  | $     226,000 |   |
| US                Treasury Lock                          | $100,000,000                     | 4.715%     | July                2008  | $                (1,127,000            | )      |
|                                                     |                             |       |                      |                                   |   |
| **DEER                PARK**                             |                             |       |
| LIBOR                Interest Rate Swap (1)              | $49,000,000                      | 5.47%      | June                2009  | $   (759,000            | )      |
| LIBOR                Interest Rate Swap (2)              | $                 7,300,000 | 5.34%      | June                2009  | $(1,162,000                            | )      |
|                                                     |                             |       |                      |                                   |   |
| **MYRTLE                BEACH HWY 17**                   |                             |       |                      |                                   |   |
| LIBOR                Interest Rate Swap (3)              | $35,000,000                      | 4.59%      | March                2010 | $     (28,000 | )      |

|   | (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 totaling $7.3 million as of September                30,                2007.  Outstanding amounts under the agreement 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**

----

**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. |

**SIGNATURES**

----

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