| 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 March 31, 2009                                                                                                                                   |
| 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. 333-3526-01                                                                                                                                                 |
|                                                                                                                                                                                 |
| TANGER      PROPERTIES LIMITED PARTNERSHIP                                                                                                                                           |
| (Exact      name of Registrant as specified in itsCharter)                                                                                                                           |

| 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 areacode) |

| Large      accelerated filer  ̈ | Accelerated      filer  ̈ | Non-accelerated      filer ý | Smaller      reporting company  ̈ |
|-------------------------------------|-------------------------------|-----------------------------------|---------------------------------------|

----

|                                                                                    | Page      Number                                        |
|-----------------------------------------------------------------------------------------|---------------------------------------------------------|
| Part      I. Financial Information                                                 |
| Item      1.  Financial Statements (Unaudited)                                |                                                    |
| Consolidated      Balance Sheets -                                                      |                                                    |
|                                                                                    | as      of March 31, 2009 and December 31, 2008         | 3 |
| Consolidated      Statements of Operations -                                            |                                                    |
|                                                                                    | for      the three months ended March 31, 2009 and 2008 | 4 |
| Consolidated      Statements of Cash Flows -                                            |                                                    |
|                                                                                    | for      the three months ended March 31, 2009 and 2008 | 5 |
| Notes      to Consolidated Financial Statements                                         | 6                                                       |
|                                                                                    |                                                    |
| Item      2.  Management's Discussion and Analysis of      Financial          |                                                    |
|                                                                                    | Condition      and Results of Operations                | 16 |
|                                                                                    |                                                    |
| Item      3.  Quantitative and Qualitative Disclosures about Market      Risk | 24                                                      |
|                                                                                    |                                                    |
| Item      4.  Controls and Procedures                                         | 25                                                      |
|                                                                                    |                                                    |
| Part      II. Other Information                                                         |
|                                                                                    |                                                    |
| Item      1.  Legal Proceedings                                               | 25                                                      |
|                                                                                    |                                                    |
| Item      1A. Risk Factors                                                              | 25                                                      |
|                                                                                    |                                                    |
| Item      6. Exhibits                                                                   | 25                                                      |
|                                                                                    |                                                    |
| Signatures                                                                              | 25                                                      |

----

| PART      I. FINANCIAL INFORMATION          |
|---------------------------------------------|
|                                        |
| Item      Item 1. Financial      Statements |

|                                        |                                                                                  |                    March 31,         |      |                         December 31, |
|---------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                                                  |                       2009 |      |                         2008              |
| ASSETS:                                     |                                                                                  |                                                                                                       |      |                                                                                                                                |   |   | (as      adjusted) |   |
|                                        | Rental      property                                                                  |                                                                                                       |      |                                                                                                                                |   |   |   |   |   |
|                                        | Land                                                                                  |                                                                                                       | $         | 135,710                                                                                                                             |   |   | $ | 135,689 |   |
|                                        | Buildings,      improvements and fixtures                                             |                                                                                                       |      | 1,348,211                                                                                                                           |   |   |   | 1,260,243 |   |
|                                        | Construction      in progress                                                         |                                                                                                       |      | 4,805                                                                                                                               |   |   |   | 3,823 |   |
|                                        |                                                                                  |                                                                                                       | 1,488,726 |                                                                                                                                |   |   | 1,399,755 |   |
|                                        | Accumulated      depreciation                                                         |                                                                                                       |      | (374,541                                                                                                                            | ) |   |   | (359,301 | ) |
|                                        | Rental      property, net                                                             |                                                                                                       |      | 1,114,185                                                                                                                           |   |   |   | 1,040,454 |   |
|                                        | Cash      and cash equivalents                                                        |                                                                                                       |      | 3,100                                                                                                                               |   |   |   | 4,952 |   |
|                                        | Investments      in unconsolidated joint ventures                                     |                                                                                                       |      | 9,773                                                                                                                               |   |   |   | 9,496 |   |
|                                        | Deferred      charges, net                                                            |                                                                                                       |      | 48,294                                                                                                                              |   |   |   | 37,750 |   |
|                                        | Other      assets                                                                     |                                                                                                       |      | 33,619                                                                                                                              |   |   |   | 28,987 |   |
|                                        |                                                                                  | Total      assets                                                                                          |      | $                                                                                                                                   | 1,208,971 |   |   | $ | 1,121,639 |   |
| LIABILITIES      AND PARTNERS’ EQUITY |
| Liabilities                                 |                                                                                  |                                                                                                       |      |                                                                                                                                |   |   |   |   |
|                                        |                                                                                  | Debt                                                                                                       |      |                                                                                                                                |   |   |   |   |   |   |
|                                        | Senior,      unsecured notes (net of discount of $8,367 and                           |                                                                                                       |      |                                                                                                                                |   |   |   |   |   |
|                                        |                                                                                  | $9,137,      respectively)                                                                                 |      | $                                                                                                                                   | 391,133 |   |   | $ | 390,363 |   |
|                                        | Mortgage      payable (including a debt discount of $1,166 and $0,      respectively) |                                                                                                       |      | 34,634                                                                                                                              |   |   |   | --- |   |
|                                        | Unsecured      term loan                                                              |                                                                                                       |      | 235,000                                                                                                                             |   |   |   | 235,000 |   |
|                                        | Unsecured      lines of credit                                                        |                                                                                                       |      | 188,400                                                                                                                             |   |   |   | 161,500 |   |
|                                        |                                                                                  |                                                                                                       |      | 849,167                                                                                                                             |   |   |   | 786,863 |   |
|                                        | Construction      trade payables                                                      |                                                                                                       |      | 9,070                                                                                                                               |   |   |   | 11,968 |   |
|                                        | Accounts      payable and accrued expenses                                            |                                                                                                       |      | 27,386                                                                                                                              |   |   |   | 25,991 |   |
|                                        | Other      liabilities                                                                |                                                                                                       |      | 33,868                                                                                                                              |   |   |   | 30,914 |   |
|                                        |                                                                                  |  Total      liabilities                                                                               |      |                                                                                                                                | 919,491 |   |   |   | 855,736 |   |
| Commitments                                 |                                                                                  |                                                                                                       |      |                                                                                                                                |   |   |   |   |
| Partners’      equity                 |                                                                                  |                                                                                                       |      |                                                                                                                                |   |   |   |   |
|                                        | General      partner                                                                  |                                                                                                       |      | (91                                                                                                                                 | ) |   |   | (259 | ) |
|                                        | Limited      partners                                                                 |                                                                                                       |      | 299,756                                                                                                                             |   |   |   | 277,642 |   |
|                                        | Accumulated      other comprehensive loss                                             |                                                                                                       |      | (10,185                                                                                                                             | ) |   |   | (11,480 | ) |
|                                        |                                                                                  |  Total partners’      equity                                                                    |      |                                                                                                                                | 289,480 |   |   |   | 265,903 |   |
|                                        |                                                                                  |                                                                                                       |      | Total      liabilities and partners’ equity                                                                                   |   | $ | 1,208,971 |   |   | $ | 1,121,639 |   |

----

|                                                                                         |                                   |                   Three      Months Ended |                      |
|----------------------------------------------------------------------------------------------|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                         |                                   |                   March 31,          |                      |
|                                                                                         |                                   | 2009                                                                                                                                |                      |   | 2008 |   |
|                                                                                         |                                   |                                                                                                                                |                      |   | (as      adjusted)  |   |
| Revenues                                                                                     |                                   |                                                                                                                                |                      |   |   |   |   |   |
|                                                                                         | Base      rentals                      |                                                                                                                                | $                         | 42,927 |   |   | $ | 37,232 |   |
|                                                                                         | Percentage      rentals                |                                                                                                                                |                      | 1,308 |   |   |   | 1,178 |   |
|                                                                                         | Expense      reimbursements            |                                                                                                                                |                      | 19,219 |   |   |   | 17,478 |   |
|                                                                                         | Other      income                      |                                                                                                                                |                      | 1,704 |   |   |   | 1,388 |   |
|                                                                                         |                                   |                                                                                                                                |  Total      revenues |   |   | 65,158 |   |   |   | 57,276 |   |
|                                                                                         |                                   |                                                                                                                                |                      |   |   |   |
| Expenses                                                                                     |                                   |                                                                                                                                |                      |   |   |   |   |   |
|                                                                                         | Property      operating                |                                                                                                                                |                      | 21,748 |   |   |   | 19,219 |   |
|                                                                                         | General      and administrative        |                                                                                                                                |                      | 5,935 |   |   |   | 5,271 |   |
|                                                                                         | Depreciation      and amortization     |                                                                                                                                |                      | 20,397 |   |   |   | 15,583 |   |
|                                                                                         |                                   |                                                                                                                                | Total      expenses       |   |   | 48,080 |   |   |   | 40,073 |   |
| Operating      income                                                                        |                                   |                                                                                                                                | 17,078                    |   |   |   | 17,203 |   |
| Interest      expense                                                                        |                                   |                                                                                                                                | (11,210                   | ) |   |   | (10,199 | ) |
| Gain      on fair value measurement of previous interest held in acquired joint      venture |                                   |                                                                                                                                | 31,497                    |   |   |   | --- |   |
| Income      before equity in earnings (losses) of unconsolidated joint      ventures         |                                   |                                                                                                                                | 37,365                    |   |   |   | 7,004 |   |
| Equity      in earnings (losses) of unconsolidated joint ventures                            |                                   |                                                                                                                                | (897                      | ) |   |   | 394 |   |
| Net      income                                                                              |                                   | $                                                                                                                                   | 36,468                    |   |   |        $ | 7,398 |   |
| Income      available to limited partners                                                    |                                   | $                                                                                                                                   | 36,186                    |   |   | $ | 7,349 |   |
| Income      available to general partner                                                     |                                   | $                                                                                                                                   | 282                       |   |   |        $ | 49 |   |
|                                                                                         |                                   |                                                                                                                                |                      |   |   |   |
| Basic      earnings per common unit:                                                         |                                   |                                                                                                                                |                      |   |   |   |   |   |
|                                                                                         | Income      from continuing operations |                                                                                                                                | $                         | 1.85 |   |   | $ | .32 |   |
|                                                                                         | Net      income                        |                                                                                                                                | $                         | 1.85 |   |   | $ | .32 |   |
|                                                                                         |                                   |                                                                                                                                |                      |   |   |   |   |   |
| Diluted      earnings per common unit:                                                       |                                   |                                                                                                                                |                      |   |   |   |   |   |
|                                                                                         | Income      from continuing operations |                                                                                                                                | $                         | 1.85 |   |   | $ | .31 |   |
|                                                                                         | Net      income                        |                                                                                                                                | $                         | 1.85 |   |   | $ | .31 |   |
|                                                                                         |                                   |                                                                                                                                |                      |   |   |   |   |   |
| Distribution      paid per common unit                                                       |                                   | $                                                                                                                                   | .76                       |   |   | $ | .72 |   |

----

|                            |                                                                                                     |                                                                                                                                                                                          |                                                 |    |   |    |   |     |   |    |   |   |
|---------------------------------|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|---------|--------|---------|--------|----------|--------|---------|--------|--------|
|                            |                                                                                                     |                               Three Months Ended                      |                                                 |
|                            |                                                                                                     |                                    March 31, |                                                 |
|                            |                                                                                                     | 2009                                                                                                                                                                                          |                                                 |    | 2008   |    |
|                            |                                                                                                     |   (as      adjusted)                                                                                                                                                                |                                                 |
|  OPERATING      ACTIVITIES |                                                                                                     |                                                                                                                                                                                          |                                                 |    |   |    |   |     |
|                            |  Net      income                                                                                    |                                                                                                                                                                                          | $                                                    | 36,468  |   |    | $      | 7,398    |   |
|                            |  Adjustments      to reconcile net income to net cash                                               |                                                                                                                                                                                          |                                                 |    |   |    |   |     |   |
|                            |                                                                                                     | provided      by operating activities:                                                                                                                                                        |                                                 |    |   |    |   |     |   |    |
|                            |                                                                                                     |  Depreciation      and amortization                                                                                                                                                      |                                                 |    | 20,429 |    |   |     | 15,583 |    |
|                            |                                                                                                     |  Amortization      of deferred financing costs                                                                                                                                           |                                                 |    | 465    |    |   |     | 361    |    |
|                            |                                                                                                     |  Equity      in (earnings) loss of unconsolidated joint ventures                                                                                                                         |                                                 |    | 897    |    |   |     | (394   | )       |
|                            |                                                                                                     |  Compensation      expense related to restricted units                                                                                                                                   |                                                 |    |   |    |   |     |   |    |
|                            |                                                                                                     |                                                                                                                                                                                          |  and      options granted                       |    |   | 1,297   |   |     |   | 1,224   |   |
|                            |                                                                                                     |  Amortization      of debt premiums and discount, net                                                                                                                                    |                                                 |    | 999    |    |   |     | 12     |    |
|                            |                                                                                                     |  Gain      on fair value measurement of previous interest held in      acquired                                                                                                          |                                                 |    |   |    |   |     |   |    |
|                            |                                                                                                     |                                                                                                                                                                                          | joint      venture                                   |    |   | (31,497 | )      |     |   | ---     |   |
|                            |                                                                                                     |  Distributions      of cumulative earnings from unconsolidated joint ventures                                                                                                            |                                                 |    | 168    |    |   |     | 885    |    |
|                            |                                                                                                     |  Amortization      of above/(below) market rent rate adjustment, net                                                                                                                     |                                                 |    | 77     |    |   |     | 105    |    |
|                            |                                                                                                     |  Straight-line      base rent adjustment                                                                                                                                                 |                                                 |    | (777   | )       |   |     | (789   | )       |
|                            |        Increase (decrease) due to changes in:                                                       |                                                                                                                                                                                          |                                                 |    |   |    |   |     |   |
|                            |                                                                                                     |  Other      assets                                                                                                                                                                       |                                                 |    | 512    |    |   |     | (3,385 | )       |
|                            |                                                                                                     |  Accounts      payable and accrued expenses                                                                                                                                              |                                                 |    | 1,516  |    |   |     | (3,394 | )       |
|                            |                                                                                                     |                                                                                                                                                                                          |  Net      cash provided by operating activities |    |   | 30,554  |   |     |   | 17,606  |   |
|  INVESTING      ACTIVITIES |                                                                                                     |                                                                                                                                                                                          |                                                 |    |   |    |   |     |
|                            |  Additions      to rental property                                                                  |                                                                                                                                                                                          |                                                 | (11,306 | )      |    |   | (24,897  | )      |
|                            |  Acquisition      of remaining interests in unconsolidated joint venture, net of cash      acquired |                                                                                                                                                                                          |                                                 | (31,086 | )      |    |   | ---      |   |
|                            |  Distributions      in excess of cumulative earnings from unconsolidated joint      ventures        |                                                                                                                                                                                          |                                                 | 42      |   |    |   | ---      |   |
|                            |  Additions      to deferred lease costs                                                             |                                                                                                                                                                                          |                                                 | (1,473  | )      |    |   | (1,104   | )      |
|                            |                                                                                                     |                                                                                                                                                                                          |  Net      cash used in investing activities     |    |   | (43,823 | )      |     |   | (26,001 | )      |
|  FINANCING      ACTIVITIES |                                                                                                     |                                                                                                                                                                                          |                                                 |    |   |    |   |     |
|                            |  Cash      distributions paid                                                                       |                                                                                                                                                                                          |                                                 | (15,742 | )      |    |   | (14,872  | )      |
|                            |  Proceeds      from borrowings and issuance of debt                                                 |                                                                                                                                                                                          |                                                 | 70,500  |   |    |   | 180,820  |   |
|                            |  Repayments      of debt                                                                            |                                                                                                                                                                                          |                                                 | (43,600 | )      |    |   | (158,795 | )      |
|                            |  Proceeds      from tax increment financing                                                         |                                                                                                                                                                                          |                                                 | ---     |   |    |   | 1,449    |   |
|                            |  Additions      to deferred financing costs                                                         |                                                                                                                                                                                          |                                                 | ---     |   |    |   | (571     | )      |
|                            |  Proceeds      from exercise of options                                                             |                                                                                                                                                                                          |                                                 | 259     |   |    |   | 222      |   |
|                            |                                                                                                     |                                                                                                                                                                                          |  Net      cash provided by financing activities |    |   | 11,417  |   |     |   | 8,253   |   |
|                            |  Net      decrease in cash and cash equivalents                                                     |                                                                                                                                                                                          |                                                 | (1,852  | )      |    |   | (142     | )      |
|                            |  Cash      and cash equivalents, beginning of period                                                |                                                                                                                                                                                          |                                                 | 4,952   |   |    |   | 2,393    |   |
|                            |  Cash      and cash equivalents, end of period                                                      |                                                                                                                                                                                          | $                                                    | 3,100   |   |    | $      | 2,251    |   |

----

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

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

EITF 03-6-1 onJanuary 1, 2009, as discussed below.

----

| ·   | We      concluded that the difference between the fair value of the debt component      at issuance and the initial proceeds received was approximately $15.0      million based on a market interest rate of 6.11%.  Therefore, we      recorded an increase to equity of approximately $15.0      million.  The corresponding debt discount of $15.0 million      recognized was as a reduction to the carrying value of the Exchangeable      Notes on the balance sheets. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |                               | As      of    March      31,2009     | As      of        December      31,2008              |
|---------------------------------------|------------------------------------|-------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| Equity      component carrying amount | $        15.0            | $        15.0                                                 |
| Unamortized      debt discount        | $          7.7 | $          8.5                                      |
| Net      debt carrying amount         | $ 141.8                       | $      141.0                                                            |

| ·   | We      also reclassified approximately $363,000 of unamortized financing costs to      partners’ equity as these costs were attributable to the issuance of the      conversion feature associated with the Exchangeable  Notes. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Distributions      in excess of net income as of December 31, 2008 includes a decrease of      approximately $5.1 million for the cumulative accretion of the debt      discount from August 2006 through December 31,  2008. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Interest      expense, net of additional capitalized amounts and reclassified loan cost      amortization, for the three months ended March 31, 2009 and 2008,      respectively, includes approximately $731,000 and $651,000 of additional      non-cash interest expense related to the accretion of the debt      discounts.  Interest costs of $1.4 million were recognized for      each of the three month periods in 2009 and 2008 related to the      contractual interest coupon. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      revised diluted earnings per common unit for the quarter ended March 31,      2008 was reduced by $.04 per unit from its originally recorded      amount. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

03-6-1, “Determining Whether Instruments Granted inShare-Based Payment Transactions Are Participating Securities”

03-6-1”).  FSP 
03-6-1 addresses whether instruments granted in share-basedpayment awards are participating securities prior to vesting, and therefore,need to be included in the earnings allocation when computing earnings per shareunder the two-class method as described in SFAS No. 128. In accordance withFSP 
03-6-1, unvested share-basedpayment awards that contain non-forfeitable rights to dividends or dividendequivalents (whether paid or unpaid) are participating securities and shall beincluded in the computation of earnings per share pursuant to the two-classmethod.  Upon adoption, all prior-period earnings per share data arerequired to be adjusted retrospectively.  The impact upon adoption wasa decrease of $.02 per unit for the three months ended March 31,2009.  The impact on the three months ended March 31, 2008 wasimmaterial.

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

----

| 4.   | Acquisition      of Rental Property |
|----------------|-------------------------------------|

|                                                          |                                               |
|---------------------------------------------------------------|----------------------------------------------------|
| Cash                                                          | $  32,000                                |
| Debt      assumed                                             | 35,800                                             |
|                                                          | Fair      value of total consideration transferred | 67,800 |
| Fair      value of our equity interest in Myrtle Beach Hwy 17 |                                               |
| held      before the acquisition                              | 31,957                                             |
| Total                                                         | $  99,757                                |

|                                                                |  Value                                   |  Weighted      amortization      period          |
|---------------------------------------------------------------------|-----------------------------------------------|-------------------------------------------------------|
| Buildings,      improvements and fixtures                           | $      81,182                                 |                                                  |
| Deferred      lease costs and other intangibles                     |                                          |                                                  |
|                                                                | Below      market lease value                 | (2,358)                                               | 5.8 |
|                                                                | Below      market land lease value            | 4,807                                                 | 56.0 |
|                                                                | Lease      in place value                     | 7,998                                                 | 4.4 |
|                                                                | Tenant      relationships                     | 7,274                                                 | 8.8 |
|                                                                | Present      value of lease & legal costs | 1,145                                                 | 4.9 |
|                                                                |                                          | Total      deferred lease costs and other intangibles | 18,866 |   |
| Subtotal                                                            | 100,048                                       |                                                  |
| Debt      discount                                                  | 1,467                                         |                                                  |
| Fair      value of interest rate swap assumed                       | (1,715)                                       |                                                  |
| Fair      value of identifiable assets and liabilities assumed, net | (43)                                          |                                                  |
| Net      assets acquired                                            | $  99,757                           |                                                  |

----

| 5.   | Investments      in Unconsolidated Real Estate JointVentures |
|----------------|--------------------------------------------------------------|

|   Joint      Venture |   Center      Location |   Opening      Date |   Ownership      % |   Square      Feet | Carrying      Value of      Investment (in      millions) | Total      Joint Venture      Debt(in      millions) |
|--------------------------------|----------------------------------|-------------------------------|------------------------------|------------------------------|-----------------------------------------------------------|------------------------------------------------------|
|  Deer      Park           | Deer      Park, Long Island, NY  | 2008                          |  33.3%                  | 684,952                      |  $4.2                                                |  $262.9                                         |
|                           |                             |                          |                         |                         |                                                      |                                                 |
|  Wisconsin      Dells     | Wisconsin      Dells, Wisconsin  |  2006                    |  50%                    |  264,929                |  $5.5                                                |  $25.3                                          |
|                           |                             |                          |                         |                         |                                                      |                                                 |

|            |                        |                                                                 Three months ended    |
|-----------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                                                        March 31, |
|            |                        | 2009                                                                                                                                                                                                                                                                                                                                                      | 2008 |
| Fee:            |                        |                                                                                                                                                                                                                                                                                                                                                      |   |
|            | Management      and leasing |                                                                                                                                                                                                                                                                                                                                                      | $      471 | $  228 |
|            | Marketing                   |                                                                                                                                                                                                                                                                                                                                                      | 39 | 34 |
| Total      Fees |                        | $      510                                                                                                                                                                                                                                                                                                                                                | $  262 |

----

|                                                                              |                                                                                                                                             |                                                                                                                             |
|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|
|  Summary      Balance Sheets –      Unconsolidated Joint Ventures |                  As of    March      31, 2009     | As      of        December      31, 2008         |
| Assets:                                                                           |                                                                                                                                             |                                                                                                                             |
|                                                                              | Investment      properties at cost, net                                                                                                          | $  288,951                                                                                                             | $  323,546 |
|                                                                              | Cash      and cash equivalents                                                                                                                   | 13,195                                                                                                                           | 5,359 |
|                                                                              | Deferred      charges, net                                                                                                                       | 6,307                                                                                                                            | 7,025 |
|                                                                              | Other      assets                                                                                                                                | 4,399                                                                                                                            | 6,324 |
|                                                                              |                                                                                                                                             | Total      assets                                                                                                                | $      312,852 | $  342,254 |
| Liabilities      and Owners’ Equity:                                        |                                                                                                                                             |                                                                                                                             |
|                                                                              | Mortgages      payable                                                                                                                           | $  288,169                                                                                                             | $  303,419 |
|                                                                              | Construction      trade payables                                                                                                                 | 3,356                                                                                                                            | 13,641 |
|                                                                              | Accounts      payable and other liabilities (1)                                                                                                  | 6,998                                                                                                                            | 9,479 |
|                                                                              |                                                                                                                                             | Total      liabilities                                                                                                           | 298,523 | 326,539 |
| Owners’      equity (1)                                                     | 14,329                                                                                                                                           | 15,715                                                                                                                           |
| Total      liabilities and owners’ equity                                   | $312,852                                                                                                                                         | $  342,254                                                                                                             |

| (1)   | Includes      the fair value of interest rate protection agreements at Deer Park as of      March 31, 2009 and Deer Park and Myrtle Beach Hwy 17 as of December 31,      2008, in the amounts $2.1 and $5.6, respectively, recorded as an increase      in accounts payable and other liabilities and a reduction of owners’      equity in other comprehensiveincome. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                         |                                       Three months ended                            |
|--------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Summary      Statement of Operations                         |                                             March 31, |
| –      Unconsolidated Joint Ventures                   | 2009                                                                                                                                                                                                                                                | 2008 |
|                                                         |                                                                                                                                                                                                                                                |   |
| Revenues                                                     | $  8,524                                                                                                                                                                                                                                  | $  4,757 |
|                                                         |                                                                                                                                                                                                                                                |   |
| Expenses:                                                    |                                                                                                                                                                                                                                                |   |
|                                                         | Property      operating                                                                                                                                                                                                                             | 4,247 | 1,802 |
|                                                         | General      and administrative                                                                                                                                                                                                                     | 189 | 19 |
|                                                         | Depreciation      and amortization                                                                                                                                                                                                                  | 3,174 | 1,345 |
|                                                         |                                                                                                                                                                                                                                                | Total      expenses | 7,610 | 3,166 |
| Operating      income                                        | 914                                                                                                                                                                                                                                                 | 1,591 |
| Interest      expense                                        | 3,731                                                                                                                                                                                                                                               | 840 |
| Net      income (loss)                                       | $      (2,817)                                                                                                                                                                                                                                      | $     751 |
|                                                         |                                                                                                                                                                                                                                                |   |
| Tanger      Properties Limited Partnership’s share of: |                                                                                                                                                                                                                                                |   |
| Net      income (loss)                                       | $    (897)                                                                                                                                                                                                                      | $     394 |
| Depreciation      (real estate related)                      | $   1,166                                                                                                                                                                                                                            | $     652 |
|                                                         |                                                                                                                                                                                                                                                |   |

----

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

|                                   |                                   Three months ended          |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   |                                      March 31, |
|                                   | 2009                                                                                                                                                                        | 2008 |
| Net      income                        | $  36,468                                                                                                                                                         | $  7,398 |
|                                   | Other      comprehensive income (loss):                                                                                                                                     |   |   |
|                                   |                                                                                                                                                                        | Reclassification      adjustment for amortization of gain on |   |   |
|                                   |                                                                                                                                                                        |   | settlement      of US treasury rate lock included in net income, | (72) | (68) |
|                                   |                                                                                                                                                                        | Change      in fair value of treasury rate locks | --- | (9,006) |
|                                   |                                                                                                                                                                        | Change      in fair value of cash flow hedges | (70) | --- |
|                                   |                                                                                                                                                                        | Change      in fair value of our portion of unconsolidated joint    ventures |   |   |
|                                   |                                                                                                                                                                        |   | cash      flow hedges | 1,437 | (1,206) |
|                                   |                                                                                                                                                                        |   |   | Other      comprehensive income (loss) | 1,295 | (10,280) |
| Total      comprehensive income (loss) | $      37,763                                                                                                                                                               | $      (2,882) |

|                               |                                                Three months      ended                |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                    March 31, |
|                               | 2009                                                                                                                                                                                                                                                            | 2008 |
| Restricted      units              | $1,244                                                                                                                                                                                                                                                          | $1,172 |
| Options                            | 53                                                                                                                                                                                                                                                              | 52 |
| Total      unit-based compensation | $1,297                                                                                                                                                                                                                                                          | $1,224 |

----

|                                   |                      Three months ended                                  |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   |                             March 31, |
|                                   |                                                                                                                                                | 2009 |   |   |   | 2008 |   |
| NUMERATOR:                             |                                                                                                                                                |   |   |   |   |   |
|                                   | Net      income                                                                                                                                     | $ | 36,468 |   |   | $ | 7,398 |   |
|                                   | Less      applicable preferred unit distributions                                                                                                   |   | (1,406 | ) |   |   | (1,406 | ) |
|                                   | Less      allocation of earnings to participating securities                                                                                        |   | (439 | ) |   |   | (139 | ) |
|                                   | Net      income available to common unitholders                                                                                                     | $ | 34,623 |   |   | $ | 5,853 |   |
| DENOMINATOR:                           |                                                                                                                                                |   |   |   |   |   |   |
|                                   | Basic      weighted average common units                                                                                                            |   | 18,668 |   |   |   | 18,523 |   |
|                                   | Effect      of exchangeable notes                                                                                                                   |   | --- |   |   |   | 46 |   |
|                                   | Effect      of outstanding options                                                                                                                  |   | 40 |   |   |   | 85 |   |
|                                   | Diluted      weighted average common units                                                                                                          |   | 18,708 |   |   |   | 18,654 |   |
|                                   |                                                                                                                                                |   |   |   |   |   |   |
| Basic      earnings per common unit:   |                                                                                                                                                |   |   |   |   |   |   |
|                                   | Income      from continuing operations                                                                                                              | $ | 1.85 |   |   | $ | .32 |   |
|                                   | Net      income                                                                                                                                     | $ | 1.85 |   |   | $ | .32 |   |
|                                   |                                                                                                                                                |   |   |   |   |   |   |
| Diluted      earnings per common unit: |                                                                                                                                                |   |   |   |   |   |   |
|                                   | Income      from continuing operations                                                                                                              | $ | 1.85 |   |   | $ | .31 |   |
|                                   | Net      income                                                                                                                                     | $ | 1.85 |   |   | $ | .31 |   |

|                    | 2009                  |       | 2008       |
|-------------------------|-----------------------|------------|------------|
| Preferred      units:   |                  |       |       |
|                    | Limited      partner  | 3,000,000  |       | 3,000,000 |
|                    |                  |       |       |   |
| Common      units:      |                  |       |       |
|                    | General      partner  | 150,000    |       | 150,000 |
|                    | Limited      partners | 18,827,506 |       | 18,717,056 |
| Total      common units | 18,977,506            |       | 18,867,056 |
|                    |                  |       |       |   |

----

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

|                                       |                  | As      of                 |      | As      of             |                       |
|--------------------------------------------|-----------------------|----------------------------|-----------|------------------------|----------------------------|
|                                       |                  | March      31, 2009        |      | December      31, 2008 |                       |
|                                       |                  | Liability      Derivatives |      |
|                                       | Notional      amounts | Balancesheet      location | Fairvalue |                   | Balancesheet      location | Fairvalue |   |
| Derivatives      designated as hedging     |                  |                       |      |                   |                       |   |   |
| instruments      under Statement 133       |                  |                       |      |                   |                       |   |   |
| Interest      rate swap agreements         | $235.0                | Other      liabilities     | $11.8     |                   | Other      liabilities     | $11.7 |   |
|                                       |                  |                       |      |                   |                       |   |   |
| Derivatives      not designated as hedging |                  |                       |      |                   |                       |   |   |
| Instruments      under Statement 133 (1)   |                  |                       |      |                   |                       |   |   |
| Interest      rate swap agreement          | $35.0                 | Other      liabilities     | $1.4      |                   | N/A                        | N/A |   |
| Total      derivatives                     | $270.0                |                       | $13.2     |                   |                       | $11.7 |   |

----

| Tier         | Description                                                                                                                                      |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| Level      1 | Defined      as observable inputs such as quoted prices in active    markets                                                                     |
|         |                                                                                                                                             |
| Level      2 | Defined      as inputs other than quoted prices in active markets that are either      directly or indirectly observable                         |
|         |                                                                                                                                             |
| Level      3 | Defined      as unobservable inputs in which little or no market data exists, therefore      requiring an entity to develop its own  assumptions |

|                                                                                                      |   |                                                              |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
|                                                                                                      |   | Fair      Value Measurements at Reporting Date Using (inmillions) |
|                                                                                                      |   | Quoted      prices                                                |   |   |
|                                                                                                      |   | in      active markets                                            | Significant      other | Significant |
|                                                                                                      |   | for      identical assets                                         | observable      inputs | unobservable      inputs |
|                                                                                                      |   | Level      1                                                      | Level      2 | Level      3 |
| Liabilities:                                                                                              |   |                                                              |   |   |
| Derivative      financial instruments (1)                                                                 |   | ---                                                               | $(13.2) | --- |
|                                                                                                      |   |                                                              |   |   |
| (1)      Included in “Other liabilities” in the accompanying consolidated      balance sheet. |
|                                                                                                      |

| 12.   | Subsequent      Events |
|-----------------|------------------------|

----

|                      |                    |  No.      of  Centers |  Square      Feet(000’s)    |   States |
|---------------------------|-------------------------|--------------------------------------|-------------------------------------------------------|--------------------|
| As      of March 31, 2008 |                    | 29                                   | 8,434                                                 | 21                 |
|                      | New      development:   |                                 |                                                  |               |   |
|                      |                    | Washington,      Pennsylvania        |                                                  | 1                  | 371 | --- |
|                      | Acquisition:            |                                 |                                                  |               |   |
|                      |                    | Myrtle      Beach, South Carolina    |                                                  | 1                  | 402 | --- |
|                      | Center      expansions: |                                 |                                                  |               |   |
|                      |                    | Barstow,      California             |                                                  | ---                | 19 | --- |
|                      | Other                   |                                 | ---                                                   | (8)                | --- |
| As      of March 31, 2009 |                    | 31                                   | 9,218                                                 | 21                 |

----

| Location                                              | Square                 |   |                  %              |
|-------------------------------------------------------|------------------------|--------|----------------------------------------------------------------------------------------|
| Wholly-Owned      Outlet Centers                      | Feet    |   |                   Occupied |
| Riverhead,      New York (1)                          | 729,315                |   | 97                                                                                     |   |
| Rehoboth      Beach, Delaware (1)                     | 568,868                |   | 97                                                                                     |   |
| Foley,      Alabama                                   | 557,185                |   | 91                                                                                     |   |
| San      Marcos, Texas                                | 442,006                |   | 97                                                                                     |   |
| Myrtle      Beach Hwy 501, South Carolina             | 426,417                |   | 86                                                                                     |   |
| Sevierville,      Tennessee (1)                       | 419,038                |   | 98                                                                                     |   |
| Myrtle      Beach Hwy 17, South Carolina (1)      (2) | 402,442                |   | 97                                                                                     |   |
| Hilton      Head, South Carolina                      | 388,094                |   | 85                                                                                     |   |
| Washington,      Pennsylvania                         | 370,525                |   | 82                                                                                     |   |
| Charleston,      South Carolina                       | 352,315                |   | 91                                                                                     |   |
| Commerce      II, Georgia                             | 347,025                |   | 93                                                                                     |   |
| Howell,      Michigan                                 | 324,631                |   | 94                                                                                     |   |
| Branson,      Missouri                                | 302,992                |   | 98                                                                                     |   |
| Park      City, Utah                                  | 298,379                |   | 99                                                                                     |   |
| Locust      Grove, Georgia                            | 293,868                |   | 95                                                                                     |   |
| Westbrook,      Connecticut                           | 291,051                |   | 94                                                                                     |   |
| Gonzales,      Louisiana                              | 282,403                |   | 99                                                                                     |   |
| Williamsburg,      Iowa                               | 277,230                |   | 91                                                                                     |   |
| Lincoln      City, Oregon                             | 270,280                |   | 94                                                                                     |   |
| Tuscola,      Illinois                                | 256,514                |   | 78                                                                                     |   |
| Lancaster,      Pennsylvania                          | 255,152                |   | 97                                                                                     |   |
| Tilton,      New Hampshire                            | 245,563                |   | 96                                                                                     |   |
| Fort      Myers, Florida                              | 198,950                |   | 95                                                                                     |   |
| Commerce      I, Georgia                              | 185,750                |   | 58                                                                                     |   |
| Terrell,      Texas                                   | 177,800                |   | 94                                                                                     |   |
| Barstow,      California                              | 171,300                |   | 100                                                                                    |   |
| West      Branch, Michigan                            | 112,120                |   | 96                                                                                     |   |
| Blowing      Rock, North Carolina                     | 104,235                |   | 100                                                                                    |   |
| Nags      Head, North Carolina                        | 82,178                 |   | 97                                                                                     |   |
| Kittery      I, Maine                                 | 59,694                 |   | 100                                                                                    |   |
| Kittery      II, Maine                                | 24,619                 |   | 100                                                                                    |   |
| Totals                                                | 9,217,939              |   |   94                                                                         |  (3) |
|                                                  |                   |   |                                                                                   |   |

| Unconsolidated      Joint Ventures                    |    |   |   |
|-------------------------------------------------------|---------|--------|--------|
| Deer      Park, New York  (33.3% owned) (4) | 684,952 |   | 78     |
| Wisconsin      Dells, Wisconsin (50% owned)           | 264,929 |   | 97     |

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

| (2)   | Property      serves as collateral on a $35.8 million non-recourse mortgage with an      interest rate of LIBOR + 1.40%. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (3)   | Excludes      the occupancy rate at our Washington, Pennsylvania outlet center which      opened during the third quarter of 2008 and has not yet      stabilized. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Includes      a 29,253 square foot warehouse adjacent to the property utilized to      support the operations of the retailtenants. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   Joint      Venture |   Center      Location |  Opening       Date |  Ownership       % |  Square       Feet | Carrying      Value of      Investment (in      millions) | Total      Joint Venture      Debt(in      millions) |
|--------------------------------|----------------------------------|-------------------------------|------------------------------|------------------------------|----------------------------------------------------------------|------------------------------------------------------|
|  Deer      Park           | Deer      Park, Long Island, NY  | 2008                          |  33.3%                  | 684,952                      |  $4.2                                                     |  $262.9                                         |
|                           |                             |                          |                         |                         |                                                           |                                                 |
|  Wisconsin      Dells     | Wisconsin      Dells, Wisconsin  |  2006                    |  50%                    |  264,929                |  $5.5                                                     |  $25.3                                          |
|                           |                             |                          |                         |                         |                                                           |                                                 |

| Joint      Venture   | Our      Portion of Joint Venture Debt | Maturity      Date | Interest      Rate       |
|----------------------|----------------------------------------|--------------------|--------------------------|
| Deer      Park       | $87,640                                | 5/17/2011          | Libor      + 1.375-3.50% |
| Wisconsin      Dells | $12,625                                | 2/24/2010          | Libor      + 1.30%       |

----

|            |                        |                                                             Three months ended                                  |
|-----------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                                                    March 31, |
|            |                        | 2009                                                                                                                                                                                                                                                                                                                                                            | 2008 |
| Fee:            |                        |                                                                                                                                                                                                                                                                                                                                                            |   |
|            | Management      and leasing |                                                                                                                                                                                                                                                                                                                                                            | $      471 | $  228 |
|            | Marketing                   |                                                                                                                                                                                                                                                                                                                                                            | 39 | 34 |
| Total      Fees |                        | $      510                                                                                                                                                                                                                                                                                                                                                      | $  262 |

----

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

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

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

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

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

|                                                       |                              Three      Months Ended                |                                |
|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|                                                       |                                       March 31, |                                |
|                                                       | 2009                                                                                                                                                                                   |                                |   | 2008 |   |
| FUNDS      FROM OPERATIONS                                 |                                                                                                                                                                                   |                                |   |   |   |   |   |
| Net      income                                            | $                                                                                                                                                                                      | 36,468                              |   |   |       $ | 7,398 |   |
| Adjusted      for:                                         |                                                                                                                                                                                   |                                |   |   |   |   |   |
|                                                       | Depreciation      and amortization uniquely significant to real estate –      wholly-owned                                                                                       |                                | 20,278 |   |   |   | 15,508 |   |
|                                                       | Depreciation      and amortization uniquely significant to real estate                                                                                                                 |                                |   |   |   |   |   |   |
|                                                       |                                                                                                                                                                                   | -unconsolidated      joint ventures |   | 1,166 |   |   |   | 652 |   |
|                                                       | Gain      on fair value measurement of previously held interest                                                                                                                        |                                |   |   |   |   |   |   |
|                                                       |                                                                                                                                                                                   | in      acquired joint venture      |   | (31,497 | ) |   |   | --- |   |
| Funds      from operations (FFO)                           |                                                                                                                                                                                   | 26,415                              |   |   |   | 23,558 |   |
| Preferred      unit distributions                          |                                                                                                                                                                                   | (1,406                              | ) |   |   | (1,406 | ) |
| Allocation      to participating securities                |                                                                                                                                                                                   | (306                                | ) |   |   | (246 | ) |
| Funds      from operations available to common unitholders | $                                                                                                                                                                                      | 24,703                              |   |   | $ | 21,906 |   |
| Weighted      average units outstanding (1)                |                                                                                                                                                                                   | 18,708                              |   |   |   | 18,654 |   |

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

----

----

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

----

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

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

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

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