| UNITED      STATES                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SECURITIES      AND EXCHANGE COMMISSION                                                                                                                                              |
| Washington,      D.C. 20549                                                                                                                                                          |
|                                                                                                                                                                                 |
| FORM      10-Q                                                                                                                                                                       |
|                                                                                                                                                                                 |
| [ X      ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF                                                                                                                       |
| THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                             |
|                                                                                                                                                                                 |
| For      the quarterly period ended June 30, 2008                                                                                                                                    |
| OR                                                                                                                                                                                   |
| [   ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of                                                                                                       |
| THE      SECURITIES EXCHANGE ACT OF 1934                                                                                                                                             |
|                                                                                                                                                                                 |
| For      the transition period      from                       to |
|                                                                                                                                                                                 |
| Commission      File No.                                                                                                                                                             |
| 333-136448                                                                                                                                                                           |
| 333-128160-01                                                                                                                                                                        |
| 33-99736-01                                                                                                                                                                          |
| 333-3526-01                                                                                                                                                                          |
| 333-39365-01                                                                                                                                                                         |
| 333-61394-01                                                                                                                                                                         |
|                                                                                                                                                                                 |
| TANGER      PROPERTIES LIMITED PARTNERSHIP                                                                                                                                           |
| (Exact      name of Registrant as specified in itsCharter)                                                                                                                           |

| NORTH      CAROLINA                    | 56-18122494              |
|----------------------------------------|--------------------------|
| (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 June 30, 2008 and December 31, 2007 | 3 |
|                                                                                    |                                            |   |
|                                                                                    | Consolidated      Statements of Operations -    |   |
|                                                                                    |                                            | for      the three and six months ended June 30, 2008 and 2007 | 4 |
|                                                                                    |                                            |   |
|                                                                                    | Consolidated      Statements of Cash Flows -    |   |
|                                                                                    |                                            | for      the six months ended June 30, 2008 and 2007 | 5 |
|                                                                                    |                                            |   |
|                                                                                    | Notes      to Consolidated Financial Statements | 6 |
|                                                                                    |                                            |
| Item      2.  Management's Discussion and Analysis of      Financial          |                                            |
|                                                                                    | Condition      and Results of Operations        | 17 |
|                                                                                    |                                            |
| Item      3.  Quantitative and Qualitative Disclosures about Market      Risk | 30                                              |
|                                                                                    |                                            |
| Item      4.  Controls and Procedures                                         | 30                                              |
|                                                                                    |                                            |
| Part      II. Other Information                                                         |
|                                                                                    |                                            |
| Item      1.Legal Proceedings                                                           | 31                                              |
|                                                                                    |                                            |
| Item      1A. Risk Factors                                                              | 31                                              |
|                                                                                    |                                            |
| Item      6.Exhibits                                                                    | 31                                              |
|                                                                                    |                                            |
| Signatures                                                                              | 32                                              |

----

|                                        |                                                      |                     June 30, |                                              |                      December 31, |
|---------------------------------------------|-----------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|                                        |                                                      |                  2008                       |                                              |                      2007              |
| ASSETS:                                     |                                                      |                                                                                               |                                              |                                                                                                              |   |   |   |   |
|                                        | Rental      property                                      |                                                                                               |                                              |                                                                                                              |   |   |   |   |   |
|                                        | Land                                                      |                                                                                               | $                                                 | 130,077                                                                                                           |   |   | $ | 130,075 |   |
|                                        | Buildings,      improvements and fixtures                 |                                                                                               |                                              | 1,130,536                                                                                                         |   |   |   | 1,104,459 |   |
|                                        | Construction      in progress                             |                                                                                               |                                              | 90,430                                                                                                            |   |   |   | 52,603 |   |
|                                        |                                                      |                                                                                               | 1,351,043                                         |                                                                                                              |   |   | 1,287,137 |   |
|                                        | Accumulated      depreciation                             |                                                                                               |                                              | (333,995                                                                                                          | ) |   |   | (312,638 | ) |
|                                        | Rental      property, net                                 |                                                                                               |                                              | 1,017,048                                                                                                         |   |   |   | 974,499 |   |
|                                        | Cash      and cash equivalents                            |                                                                                               |                                              | 1,074                                                                                                             |   |   |   | 2,393 |   |
|                                        | Investments      in unconsolidated joint ventures         |                                                                                               |                                              | 11,667                                                                                                            |   |   |   | 10,695 |   |
|                                        | Deferred      charges, net                                |                                                                                               |                                              | 41,821                                                                                                            |   |   |   | 44,804 |   |
|                                        | Other      assets                                         |                                                                                               |                                              | 27,802                                                                                                            |   |   |   | 27,587 |   |
|                                        |                                                      |                                                                                               | Total      assets                                 |                                                                                                              | $ | 1,099,412 |   |   | $ | 1,059,978 |   |
| LIABILITIES      AND PARTNERS’ EQUITY |
| Liabilities                                 |                                                      |                                                                                               |                                              |                                                                                                              |   |   |   |   |
|                                        |                                                      | Debt                                                                                               |                                              |                                                                                                              |   |   |   |   |   |   |
|                                        | Senior,      unsecured notes (net of discount of $721 and |                                                                                               |                                              |                                                                                                              |   |   |   |   |   |
|                                        |                                                      | $759,      respectively)                                                                           |                                              | $                                                                                                                 | 398,779 |   |   | $ | 498,741 |   |
|                                        | Unsecured      term loan                                  |                                                                                               |                                              | 235,000                                                                                                           |   |   |   | --- |   |
|                                        | Mortgages      payable (including a debt premium of       |                                                                                               |                                              |                                                                                                              |   |   |   |   |   |
|                                        |                                                      |  $0      and $1,046, respectively)                                                            |                                              |                                                                                                              | --- |   |   |   | 173,724 |   |
|                                        | Unsecured      lines of credit                            |                                                                                               |                                              | 128,300                                                                                                           |   |   |   | 33,880 |   |
|                                        |                                                      |                                                                                               |                                              | 762,079                                                                                                           |   |   |   | 706,345 |   |
|                                        | Construction      trade payables                          |                                                                                               |                                              | 28,393                                                                                                            |   |   |   | 23,813 |   |
|                                        | Accounts      payable and accrued expenses                |                                                                                               |                                              | 34,523                                                                                                            |   |   |   | 46,883 |   |
|                                        |                                                      |  Total      liabilities                                                                       |                                              |                                                                                                              | 824,995 |   |   |   | 777,041 |   |
| Commitments                                 |                                                      |                                                                                               |                                              |                                                                                                              |   |   |   |   |
| Partners’      equity                 |                                                      |                                                                                               |                                              |                                                                                                              |   |   |   |   |
|                                        | General      partner                                      |                                                                                               |                                              | (145                                                                                                              | ) |   |   | 24 |   |
|                                        | Limited      partners’                         |                                                                                               |                                              | 273,682                                                                                                           |   |   |   | 290,430 |   |
|                                        | Accumulated      other comprehensive income (loss)        |                                                                                               |                                              | 880                                                                                                               |   |   |   | (7,517 | ) |
|                                        |                                                      |  Total partners’      equity                                                            |                                              |                                                                                                              | 274,417 |   |   |   | 282,937 |   |
|                                        |                                                      |                                                                                               | Total      liabilities and partners’ equity |                                                                                                              | $ | 1,099,412 |   |   | $ | 1,059,978 |   |

----

|                                              |                                          |                                                                                                        |   |                                                                                                                   |
|---------------------------------------------------|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|
|                                              |                                          |                 Three months ended                        |   |                       Six months ended |
|                                              |                                          |                   June 30,                 |   |                       June 30,    |
|                                              |                                          |                        2008 |   |                       2007             |   |                     2008 |   |                 2007 |
| Revenues                                          |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Base      rentals                             | $                                                                                                           | 38,623 |                                                                                                                   |   | $ | 36,318 |   |   | $ | 75,855 |   |   | $ | 71,407 |   |   |
|                                              | Percentage      rentals                       |                                                                                                        |   | 1,120                                                                                                                  |   |   |   | 1,662 |   |   |   | 2,298 |   |   |   | 3,129 |   |   |
|                                              | Expense      reimbursements                   |                                                                                                        |   | 15,692                                                                                                                 |   |   |   | 15,764 |   |   |   | 33,170 |   |   |   | 30,777 |   |   |
|                                              | Other      income                             |                                                                                                        |   | 1,570                                                                                                                  |   |   |   | 1,590 |   |   |   | 2,958 |   |   |   | 3,088 |   |   |
|                                              | Total      revenues                           |                                                                                                        |   | 57,005                                                                                                                 |   |   |   | 55,334 |   |   |   | 114,281 |   |   |   | 108,401 |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                          |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Property      operating                       |                                                                                                        |   | 17,525                                                                                                                 |   |   |   | 17,822 |   |   |   | 36,744 |   |   |   | 34,735 |   |   |
|                                              | General      and administrative               |                                                                                                        |   | 5,677                                                                                                                  |   |   |   | 4,903 |   |   |   | 10,948 |   |   |   | 9,180 |   |   |
|                                              | Depreciation      and amortization            |                                                                                                        |   | 14,690                                                                                                                 |   |   |   | 15,490 |   |   |   | 30,273 |   |   |   | 33,929 |   |   |
|                                              | Total      expenses                           |                                                                                                        |   | 37,892                                                                                                                 |   |   |   | 38,215 |   |   |   | 77,965 |   |   |   | 77,844 |   |   |
| Operating      income                             |                                          |                                                                                                        | 19,113 |                                                                                                                   |   |   | 17,119 |   |   |   | 36,316 |   |   |   | 30,557 |   |   |
| Interest      expense                             |                                          |                                                                                                        | 9,496  |                                                                                                                   |   |   | 10,072 |   |   |   | 19,044 |   |   |   | 20,128 |   |   |
| Loss      on settlement of US treasury rate locks |                                          |                                                                                                        | 8,910  |                                                                                                                   |   |   | --- |   |   |   | 8,910 |   |   |   | --- |   |   |
| Income      before equity in earnings of          |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | unconsolidated      joint ventures            |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | and      discontinued operations              |                                                                                                        |   | 707                                                                                                                    |   |   |   | 7,047 |   |   |   | 8,362 |   |   |   | 10,429 |   |   |
| Equity      in earnings of unconsolidated         |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | joint      ventures                           |                                                                                                        |   | 558                                                                                                                    |   |   |   | 334 |   |   |   | 952 |   |   |   | 569 |   |   |
| Income      from continuing operations            |                                          |                                                                                                        | 1,265  |                                                                                                                   |   |   | 7,381 |   |   |   | 9,314 |   |   |   | 10,998 |   |   |
| Discontinued      operations                      |                                          |                                                                                                        | ---    |                                                                                                                   |   |   | 31 |   |   |   | --- |   |   |   | 65 |   |   |
| Net      income                                   |                                          | 1,265                                                                                                       |   |                                                                                                                   |   | 7,412 |   |   |   | 9,314 |   |   |   | 11,063 |   |   |
| Preferred      share distributions                |                                          |                                                                                                        | (1,407 | )                                                                                                                      |   |   | (1,407 | ) |   |   | (2,813 | ) |   |   | (2,813 | ) |   |
| Net      income (loss) available to common        |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | unitholders                                   |                                                                                                        |   | (142                                                                                                                   | ) |   |   | 6,005 |   |   |   | 6,501 |   |   |   | 8,250 |   |   |
| Income      (loss) available to limited partners  |                                          |                                                                                                        | (141   | )                                                                                                                      |   |   | 5,956 |   |   |   | 6,448 |   |   |   | 8,183 |   |   |
| Income      (loss) available to general partner   | $                                             |                                                                                                        | (1     | )                                                                                                                      |   | $ | 49 |   |   | $ | 53 |   |   | $ | 67 |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per common unit               |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Income      (loss) from continuing operations | $                                                                                                           | (.01   | )                                                                                                                      |   | $ | .32 |   |   | $ | .35 |   |   | $ | .44 |   |   |
|                                              | Net      income (loss)                        | $                                                                                                           | (.01   | )                                                                                                                      |   | $ | .33 |   |   | $ | .35 |   |   | $ | .45 |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      earnings per common unit             |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              | Income      (loss) from continuing operations | $                                                                                                           | (.01   | )                                                                                                                      |   | $ | .32 |   |   | $ | .35 |   |   | $ | .44 |   |   |
|                                              | Net      income (loss)                        | $                                                                                                           | (.01   | )                                                                                                                      |   | $ | .32 |   |   | $ | .35 |   |   | $ | .44 |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions      paid per common unit           | $                                             | .76                                                                                                         |   |                                                                                                                   | $ | .72 |   |   | $ | 1.48 |   |   | $ | 1.40 |   |   |
|                                              |                                          |                                                                                                        |   |                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                      |                                                           |                                                           |                                                     |     |    |    |   |    |   |    |   |   |
|---------------------------|----------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------|----------|---------|---------|--------|---------|--------|---------|--------|--------|
|                      |                                                           | Six Months Ended                                               |                                                     |
|                      |                                                           | June 30,                                                       |                                                     |
|                      |                                                           | 2008                                                           |                                                     |     | 2007    |    |
|                      |                                                           |                                                      |                                                     |
| OPERATING      ACTIVITIES |                                                           |                                                           |                                                     |     |    |    |   |    |
|                      | Net      income                                                |                                                           | $                                                        | 9,314    |    |    | $      | 11,063  |   |
|                      | Adjustments      to reconcile net income to net cash           |                                                           |                                                     |     |    |    |   |    |   |
|                      |                                                           | provided      by operating activities:                         |                                                     |     |    |    |   |    |   |    |
|                      |                                                           | Loss      on settlement of US treasury rate locks              |                                                     |     | 8,910   |    |   |    | ---    |    |
|                      |                                                           | Depreciation      and amortization (including discontinued     |                                                     |     |    |    |   |    |   |    |
|                      |                                                           |                                                           | operations)                                              |     |    | 30,273  |   |    |   | 34,026  |   |
|                      |                                                           | Amortization      of deferred financing costs                  |                                                     |     | 750     |    |   |    | 835    |    |
|                      |                                                           | Equity      in earnings of unconsolidated joint ventures       |                                                     |     | (952    | )       |   |    | (569   | )       |
|                      |                                                           | Compensation      expense related to restricted shares         |                                                     |     |    |    |   |    |   |    |
|                      |                                                           |                                                           | and      options granted                                 |     |    | 2,620   |   |    |   | 1,889   |   |
|                      |                                                           | Amortization      of debt premiums and discount, net           |                                                     |     | (1,144  | )       |   |    | (1,274 | )       |
|                      |                                                           | Distributions      received from unconsolidated joint ventures |                                                     |     | 1,770   |    |   |    | 1,250  |    |
|                      |                                                           | Net      accretion of market rent rate adjustment              |                                                     |     | (93     | )       |   |    | (600   | )       |
|                      |                                                           | Straight-line      base rent adjustment                        |                                                     |     | (1,874  | )       |   |    | (1,553 | )       |
|                      | Increase      (decrease) due to changes in:                    |                                                           |                                                     |     |    |    |   |    |   |
|                      |                                                           | Other      assets                                              |                                                     |     | 1,016   |    |   |    | (6,647 | )       |
|                      |                                                           | Accounts      payable and accrued expenses                     |                                                     |     | (14,353 | )       |   |    | 4,480  |    |
|                      |                                                           |                                                           | Net      cash provided by operating activities           |     |    | 36,237  |   |    |   | 42,900  |   |
| INVESTING      ACTIVITIES |                                                           |                                                           |                                                     |     |    |    |   |    |
|                      | Additions      to rental property                              |                                                           |                                                     | (61,571  | )       |    |   | (29,316 | )      |
|                      | Additions      to investments in unconsolidated joint ventures |                                                           |                                                     | (1,527   | )       |    |   | ---     |   |
|                      | Additions      to deferred lease costs                         |                                                           |                                                     | (2,106   | )       |    |   | (1,490  | )      |
|                      |                                                           |                                                           | Net      cash used in investing activities               |     |    | (65,204 | )      |    |   | (30,806 | )      |
| FINANCING      ACTIVITIES |                                                           |                                                           |                                                     |     |    |    |   |    |
|                      | Cash      distributions paid                                   |                                                           |                                                     | (30,568  | )       |    |   | (28,867 | )      |
|                      | Proceeds      from debt issuances                              |                                                           |                                                     | 600,120  |    |    |   | 23,900  |   |
|                      | Repayments      of debt                                        |                                                           |                                                     | (543,378 | )       |    |   | (17,880 | )      |
|                      | Proceeds      from tax incremental financing                   |                                                           |                                                     | 1,837    |    |    |   | 1,926   |   |
|                      | Additions      to deferred financing costs                     |                                                           |                                                     | (2,081   | )       |    |   | (1      | )      |
|                      | Proceeds      from exercise of options                         |                                                           |                                                     | 1,718    |    |    |   | 1,637   |   |
|                      |                                                           |                                                           | Net      cash provided by (used in) financing activities |     |    | 27,648  |   |    |   | (19,285 | )      |
|                      | Net      decrease in cash and cash equivalents                 |                                                           |                                                     | (1,324   | )       |    |   | (7,191  | )      |
|                      | Cash      and cash equivalents, beginning of period            |                                                           |                                                     | 2,393    |    |    |   | 8,413   |   |
|                      | Cash      and cash equivalents, end of period                  |                                                           | $                                                        | 1,074    |    |    | $      | 1,222   |   |

----

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

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

----

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

| 4.   | Investments      in Unconsolidated Real Estate JointVentures |
|----------------|--------------------------------------------------------------|

|     Joint      Venture |    Our      Ownership      % |    Carrying      Value as of June 30, 2008 (in      millions) |   Carrying      Valueas      ofDecember      31, 2007 (in      millions) |     Project      Location |
|--------------------------------------------|---------------------------------------------|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------------|
| Myrtle      Beach Hwy 17                   | 50%                                         | $0.5                                                                              | $0.9                                                                                    | Myrtle      Beach, South Carolina             |
| Wisconsin      Dells                       | 50%                                         | $5.5                                                                              | $6.0                                                                                    | Wisconsin      Dells, Wisconsin               |
| Deer      Park                             | 33%                                         | $5.7                                                                              | $3.8                                                                                    | Deer      Park, New York                      |

----

|            |                        |                                     Three Months Ended               |                                   Six Months Ended           |
|-----------------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                         June 30, |                                      June 30, |
|            |                        | 2008                                                                                                                                                                                                                       | 2007                                                                                                                                                                                                     | 2008 | 2007 |
| Fee:            |                        |                                                                                                                                                                                                                       |                                                                                                                                                                                                     |   |   |
|            | Management      and leasing | $   264                                                                                                                                                                                                     |  $     134                                                                                                                                                                 | $   492 | $   279 |
|            | Marketing                   |                                                                                                                                                                                                                       | 31                                                                                                                                                                                                       | 28 | 65 | 57 |
| Total      Fees |                        | $   295                                                                                                                                                                                                     | $   162                                                                                                                                                                                   | $   557 | $      336 |

----

|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Summary      Balance Sheets –      Unconsolidated Joint Ventures |                                                     As of                                                June      30,                                                   2008 |                                                    As of                                                    December 31,                                                    2007 |
| Assets                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                              | Investment      properties at cost, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $  73,033                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $  71,022 |
|                                                                              | Construction      in progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 181,246                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 103,568 |
|                                                                              | Cash      and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 3,896                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2,282 |
|                                                                              | Deferred      charges, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 6,184                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2,092 |
|                                                                              | Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 7,894                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 8,425 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $272,253 | $  187,389 |
| Liabilities      and Owners’ Equity                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                              | Mortgages      payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $  215,028                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $  148,321 |
|                                                                              | Construction      trade payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 28,129                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 13,052 |
|                                                                              | Accounts      payable and other liabilities (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 7,117                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 6,377 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 250,274 | 167,750 |
| Owners’      equity (1)                                                     | 21,979                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 19,639                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Total      liabilities and owners’ equity                                   | $272,253                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $  187,389                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|   | (1) Includes the fair      value of interest rate swap agreements at Deer Park and Myrtle Beach Hwy      17 totaling $4.6 million and $4.0 million as of June 30, 2008 and December      31, 2007, respectively, recorded as an increase in accounts payable and      other liabilities and a reduction of owners’  equity. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |                                     Three Months Ended |                                Six Months Ended     |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Summary      Statements of Operations - |                                   June 30,                       |                                  June 30, |
| Unconsolidated      Joint Ventures      | 2008                                                                                                                                                                                                         | 2007                                                                                                                                                                             | 2008 | 2007 |
|                                    |                                                                                                                                                                                                         |                                                                                                                                                                             |   |   |
| Revenues                                | $    5,031                                                                                                                                                                               | $      4,780                                                                                                                                                                     | $  9,788 | $  9,416 |
|                                    |                                                                                                                                                                                                         |                                                                                                                                                                             |   |   |
| Expenses                                |                                                                                                                                                                                                         |                                                                                                                                                                             |   |   |
|                                    | Property      operating                                                                                                                                                                                      | 1,720                                                                                                                                                                            | 1,596 | 3,522 | 3,360 |
|                                    | General      and administrative                                                                                                                                                                              | 79                                                                                                                                                                               | 117 | 98 | 159 |
|                                    | Depreciation      and amortization                                                                                                                                                                           | 1,344                                                                                                                                                                            | 1,409 | 2,689 | 2,766 |
| Total      expenses                     | 3,143                                                                                                                                                                                                        | 3,122                                                                                                                                                                            | 6,309 | 6,285 |
| Operating      income                   | 1,888                                                                                                                                                                                                        | 1,658                                                                                                                                                                            | 3,479 | 3,131 |
| Interest      expense                   | 820                                                                                                                                                                                                          | 1,061                                                                                                                                                                            | 1,660 | 2,117 |
| Net      income                         | $   1,068                                                                                                                                                                                     | $    597                                                                                                                                                     | $  1,819 | $      1,014 |
|                                    |                                                                                                                                                                                                         |                                                                                                                                                                             |   |   |
| Tanger’s      share of:           |                                                                                                                                                                                                         |                                                                                                                                                                             |   |   |
| Net      income                         | $      558                                                                                                                                                                     | $    334                                                                                                                                                     | $     952 | $    569 |
| Depreciation      (real estate related) | 651                                                                                                                                                                                                          | 680                                                                                                                                                                              | 1,303 | 1,334 |

----

|                                    |                                                                                                                                                                                                   |                                                                                                                                                                                                                 |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Summary      Statements of Operations - |                                    Three Months Ended |                                     Six Months Ended           |
| Disposed      Properties Included in    |                                   June 30,                 |                                        June 30, |
| Discontinued      Operations            | 2008                                                                                                                                                                                                   | 2007                                                                                                                                                                                                                 | 2008 | 2007 |
| Revenues:                               |                                                                                                                                                                                                   |                                                                                                                                                                                                                 |   |   |
|                                    | Base      rentals                                                                                                                                                                                      | $      ---                                                                                                                                                                                                           | $      138 | $      --- | $     276 |
|                                    | Percentage      rentals                                                                                                                                                                                | ---                                                                                                                                                                                                                  | --- | --- | 1 |
|                                    | Expense      reimbursements                                                                                                                                                                            | ---                                                                                                                                                                                                                  | 33 | --- | 66 |
|                                    | Other      income                                                                                                                                                                                      | ---                                                                                                                                                                                                                  | 6 | --- | 9 |
|                                    |                                                                                                                                                                                                   | Total      revenues                                                                                                                                                                                                  | --- | 177 | --- | 352 |
| Expenses:                               |                                                                                                                                                                                                   |                                                                                                                                                                                                                 |   |   |
|                                    | Property      operating                                                                                                                                                                                | ---                                                                                                                                                                                                                  | 93 | --- | 186 |
|                                    | General      and administrative                                                                                                                                                                        | ---                                                                                                                                                                                                                  | 4 | --- | 4 |
|                                    | Depreciation      and amortization                                                                                                                                                                     | ---                                                                                                                                                                                                                  | 49 | --- | 97 |
|                                    |                                                                                                                                                                                                   | Total      expenses                                                                                                                                                                                                  | --- | 146 | --- | 287 |
| Discontinued      operations            | $      ---                                                                                                                                                                                             | $      31                                                                                                                                                                                                            | $      --- | $      65 |

| 6.   | Debt |
|----------------|------|

----

| 7.   | Derivatives |
|----------------|-------------|

| 8.   | Other      Comprehensive Income |
|----------------|---------------------------------|

|                            |                             |                            Three Months Ended               |                                 Six Months Ended                 |
|---------------------------------|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                             |                                June 30, |                                     June 30, |
|                            |                             | 2008                                                                                                                                                                 | 2007                                                                                                                                                                                               | 2008 | 2007 |
| Net      income                 | $1,265                           | $      7,412                                                                                                                                                         | $9,314                                                                                                                                                                                             | $      11,063 |
|                            | Other      comprehensive income: |                                                                                                                                                                 |                                                                                                                                                                                               |   |   |
|                            |                             | Reclassification      adjustment for amortization of gain                                                                                                            |                                                                                                                                                                                               |   |   |   |
|                            |                             |                                                                                                                                                                 | on      2005 settlement of US treasury rate lock included                                                                                                                                          |   |   |   |   |
|                            |                             |                                                                                                                                                                 | in      net income                                                                                                                                                                                 | (69) | (64) | (137) | (128) |
|                            |                             |                                                                                                                                                                 |                                                                                                                                                                                               |   |   |   |
|                            |                             | Reclassification      adjustment for termination of US                                                                                                               |                                                                                                                                                                                               |   |   |   |
|                            |                             |                                                                                                                                                                 | treasury      rate locks                                                                                                                                                                           | 17,760 | --- | 17,760 | --- |
|                            |                             |                                                                                                                                                                 |                                                                                                                                                                                               |   |   |   |
|                            |                             | Change      in fair value of treasury rate locks                                                                                                                     | ---                                                                                                                                                                                                | 5,808 | (9,006) | 4,853 |
|                            |                             |                                                                                                                                                                 |                                                                                                                                                                                               |   |   |   |
|                            |                             | Change      in fair value of our portion of our                                                                                                                      |                                                                                                                                                                                               |   |   |   |
|                            |                             |                                                                                                                                                                 | unconsolidated      joint ventures’ cash flow hedges                                                                                                                                         | 986 | 40 | (220) | (44) |
|                            |                             |                                                                                                                                                                 |                                                                                                                                                                                               | Other      comprehensive income | 18,677 | 5,784 | 8,397 | 4,681 |
| Total      comprehensive income | $19,942                          | $      13,196                                                                                                                                                        | $17,711                                                                                                                                                                                            | $      15,744 |

----

|                               |   |                                     Three Months Ended               |                                          Six Months Ended           |
|------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |   |                                         June 30, |                                             June 30, |
|                               |   | 2008                                                                                                                                                                                                                       | 2007                                                                                                                                                                                                                 |  2008 | 2007 |
| Restricted      units              |   | $     1,340                                                                                                                                                                                  | $   1,003                                                                                                                                                                                             | $  2,512 | $  1,787  |
| Options                            |   | 56                                                                                                                                                                                                                    | 55                                                                                                                                                                                                                   | 108 | 102  |
| Total      unit-based compensation |   | $     1,396                                                                                                                                                                                  | $   1,058                                                                                                                                                                                             | $  2,620 | $  1,889  |

----

| 10.   | Earnings      Per Unit |
|-----------------|------------------------|

|                                  |                                                       |                                  Three Months Ended         |                                  Six Months Ended     |
|---------------------------------------|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |                                                       |                                     June 30, |                                    June 30, |
|                                  |                                                       | 2008                                                                                                                                                                                               | 2007                                                                                                                                                                                         | 2008 | 2007 |
| Numerator                             |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
|                                  | Income      from continuing operations                     |                                                                                                                                                                                               | $     1,265                                                                                                                                                         | $   7,381 | $  9,314 | $  10,998  |
|                                  | Less      applicable preferred unit distributions          |                                                                                                                                                                                               |       (1,407)                                                                                                                                                  | (1,407) | (2,813) |   (2,813)  |
|                                  | Income      (loss) from continuing operations available to |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |   |
|                                  |                                                       | common      unitholders                                                                                                                                                                            |                                                                                                                                                                                         | (142) | 5,974 | 6,501 | 8,185  |
|                                  | Discontinued      operations                               |                                                                                                                                                                                               | ---                                                                                                                                                                                          | 31 | --- | 65  |
|                                  | Net      income (loss) available to common unitholders     |                                                                                                                                                                                               | $    (142)                                                                                                                                                               |  $      6,005 | $  6,501 | $  8,250  |
| Denominator                           |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
|                                  | Basic      weighted average common units                   |                                                                                                                                                                                               | 18,567                                                                                                                                                                                       | 18,446 | 18,545 | 18,425  |
|                                  | Effect      of exchangeable notes                          |                                                                                                                                                                                               | 112                                                                                                                                                                                          | 191 | 112 | 191  |
|                                  | Effect      of outstanding options                         |                                                                                                                                                                                               | 77                                                                                                                                                                                           | 107 | 81 | 116  |
|                                  | Effect      of unvested restricted unit awards             |                                                                                                                                                                                               | 51                                                                                                                                                                                           | 63 | 60 | 70  |
|                                  | Diluted      weighted average common units                 |                                                                                                                                                                                               | 18,807                                                                                                                                                                                       | 18,807 | 18,798 | 18,802  |
|                                  |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
| Basic      earnings per common unit   |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
|                                  | Income      (loss) from continuing operations              |                                                                                                                                                                                               | $       (.01)                                                                                                                                             | $       .32 | $     .35 | $      .44  |
|                                  | Discontinued      operations                               |                                                                                                                                                                                               |          ---                                                                                                                                    | .01 | --- | .01  |
|                                  | Net      income (loss)                                     |                                                                                                                                                                                               | $       (.01)                                                                                                                                             | $       .33 | $     .35 | $      .45  |
|                                  |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
| Diluted      earnings per common unit |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |
|                                  | Income      (loss) from continuing operations              |                                                                                                                                                                                               | $       (.01)                                                                                                                                             | $       .32 | $     .35 | $      .44  |
|                                  | Discontinued      operations                               |                                                                                                                                                                                               |            ---                                                                                                                        | --- | --- | --- |
|                                  | Net      income (loss)                                     |                                                                                                                                                                                               | $       (.01)                                                                                                                                             | $       .32 | $     .35 | $      .44  |
|                                  |                                                       |                                                                                                                                                                                               |                                                                                                                                                                                         |   |   |

----

|                    | 2008                  |       | 2007       |
|-------------------------|-----------------------|------------|------------|
| Preferred      units:   |                  |       |       |
|                    | Limited      partner  | 3,000,000  |       | 3,000,000 |
|                    |                  |       |       |   |
| Common      units:      |                  |       |       |
|                    | General      partner  | 150,000    |       | 150,000 |
|                    | Limited      partners | 18,693,166 |       | 18,547,926 |
| Total      common units | 18,843,166            |       | 18,697,926 |
|                    |                  |       |       |   |

| 11.   | Fair      Value Measurements |
|-----------------|------------------------------|

| 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 |

----

| 12.   | Non-Cash      Activities |
|-----------------|--------------------------|

| 13.   | New      Accounting Pronouncements |
|-----------------|------------------------------------|

----

| 14.   | Subsequent      Events |
|-----------------|------------------------|

----

|                                |                    | No.      of    Centers | Square      Feet(000’s) |  States |
|-------------------------------------|-------------------------|--------------------------------------------|-------------------------------|--------------|
| As      of June  30, 2007 |                    | 30                                         | 8,354                         | 21           |
|                                | Center      expansions: |                                       |                          |         |   |
|                                |                    | Barstow,      California                   |                          | ---          | 62 | --- |
|                                |                    | Branson,      Missouri                     |                          | ---          | 25 | --- |
|                                |                    | Foley,      Alabama                        |                          | ---          | 35 | --- |
|                                |                    | Gonzales,      Louisiana                   |                          | ---          | 39 | --- |
|                                |                    | Tilton,      New Hampshire                 |                          | ---          | 18 | --- |
|                                | Dispositions:           |                                       |                          |         |   |
|                                |                    | Boaz,      Alabama                         |                          | (1)          | (80) | --- |
| As      of June 30, 2008            |                    | 29                                         | 8,453                         | 21           |

----

| Location                                  | Square           |   | %              |
|-------------------------------------------|------------------|--------|----------------|
| Wholly      Owned Properties              | Feet   |   | Occupied       |
| Riverhead,      New York (1)              | 729,315          |   | 99             |   |
| Rehoboth      Beach, Delaware (1)         | 568,869          |   | 99             |   |
| Foley,      Alabama                       | 557,185          |   | 93             |   |
| San      Marcos, Texas                    | 442,510          |   | 97             |   |
| Myrtle      Beach Hwy 501, South Carolina | 426,417          |   | 96             |   |
| Sevierville,      Tennessee (1)           | 419,038          |   | 100            |   |
| Hilton      Head, South Carolina          | 393,094          |   | 88             |   |
| Charleston,      South Carolina           | 352,315          |   | 95             |   |
| Commerce      II, Georgia                 | 347,025          |   | 98             |   |
| Howell,      Michigan                     | 324,631          |   | 97             |   |
| Branson,      Missouri                    | 302,992          |   | 98             |   |
| Park      City, Utah                      | 300,891          |   | 92             |   |
| Locust      Grove, Georgia                | 293,868          |   | 100            |   |
| Westbrook,      Connecticut               | 291,051          |   | 99             |   |
| Gonzales,      Louisiana                  | 282,403          |   | 100            |   |
| Williamsburg,      Iowa                   | 277,230          |   | 99             |   |
| Lincoln      City, Oregon                 | 270,280          |   | 99             |   |
| Tuscola,      Illinois                    | 256,514          |   | 82             |   |
| Lancaster,      Pennsylvania              | 255,152          |   | 98             |   |
| Tilton,      New Hampshire                | 245,563          |   | 100            |   |
| Fort      Myers, Florida                  | 198,950          |   | 93             |   |
| Commerce      I, Georgia                  | 185,750          |   | 72             |   |
| Terrell,      Texas                       | 177,800          |   | 100            |   |
| Barstow,      California                  | 171,300          |   | 99             |   |
| West      Branch, Michigan                | 112,120          |   | 100            |   |
| Blowing      Rock, North Carolina         | 104,235          |   | 100            |   |
| Nags      Head, North Carolina            | 82,178           |   | 100            |   |
| Kittery      I, Maine                     | 59,694           |   | 100            |   |
| Kittery      II, Maine                    | 24,619           |   | 100            |   |
| Totals                                    | 8,452,989        |   |   96 |   |
|                                      |             |   |           |   |

| Unconsolidated      Joint Ventures           |    |   |   |
|----------------------------------------------|---------|--------|--------|
| Myrtle      Beach Hwy 17, South Carolina (1) | 402,013 |   | 99     |
| Wisconsin      Dells, Wisconsin              | 264,929 |   | 100    |

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

----

----

----

----

----

----

|   Joint      Venture |   Center      Location    |  Opening      Date |  Ownership      % |  Square      Feet | Carrying      Value of      Investment (in      millions) | Total      Joint Venture      Debt(in      millions) |
|--------------------------------|-------------------------------------|-------------------------|------------------------|------------------------|-----------------------------------------------------------|------------------------------------------------------|
|  Myrtle      Beach Hwy 17 | Myrtle      Beach, South Carolina   |  2002              |  50%              |  402,013          |  $0.5                                                |  $35.8                                          |
|                           |                                |                    |                   |                   |                                                      |                                                 |
|  Wisconsin      Dells     | Wisconsin      Dells, Wisconsin     |  2006              |  50%              |  264,929          |  $5.5                                                |  $25.3                                          |
|                           |                                |                    |                   |                   |                                                      |                                                 |
|  Deer      Park           | Deer      Park, Long Island NY | Under      construction |  33%              | 800,000      estimated |  $5.7                                                |  $154.0                                         |
|                           |                                |                    |                   |                   |                                                      |                                                 |

----

----

|            |                        |                                   Three Months Ended               |                                   Six Months Ended                 |
|-----------------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                        |                                       June 30, |                                       June 30, |
|            |                        | 2008                                                                                                                                                                                                           | 2007                                                                                                                                                                                                           | 2008 | 2007 |
| Fee:            |                        |                                                                                                                                                                                                           |                                                                                                                                                                                                           |   |   |
|            | Management      and leasing | $   264                                                                                                                                                                                         |  $     134                                                                                                                                                                       | $   492 | $   279 |
|            | Marketing                   |                                                                                                                                                                                                           | 31                                                                                                                                                                                                             | 28 | 65 | 57 |
| Total      Fees |                        | $   295                                                                                                                                                                                         | $   162                                                                                                                                                                                         | $   557 | $      336 |

----

----

| §   | 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                          |   |                Six months ended                      |
|                                           |                                                       |                                      June 30, |   |                    June 30, |
|                                           |                                                       | 2008                                                                                                                                                                                                          |   | 2007                                                                                              |   | 2008        |   |  2007        |
| FUNDS      FROM OPERATIONS                     |                                                       |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | Net      income                                            |                                                                                                                                                                                                          | $      | 1,265                                                                                             |   |   | $ | 7,412 |   |   | $ | 9,314 |   |   | $ | 11,063 |   |   |
|                                           | Adjusted      for:                                         |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | Depreciation      and amortization                         |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | attributable      to discontinued operations               |                                                                                                                                                                                                          |   | ---                                                                                               |   |   |   | 49 |   |   |   | --- |   |   |   | 97 |   |   |
|                                           | Depreciation      and amortization uniquely significant to |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | real      estate – consolidated                      |                                                                                                                                                                                                          |   | 14,608                                                                                            |   |   |   | 15,412 |   |   |   | 30,116 |   |   |   | 33,776 |   |   |
|                                           | Depreciation      and amortization uniquely significant to |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | real      estate – unconsolidated joint ventures     |                                                                                                                                                                                                          |   | 651                                                                                               |   |   |   | 680 |   |   |   | 1,303 |   |   |   | 1,334 |   |   |
| Funds      from operations (FFO)               |                                                       |                                                                                                                                                                                                          | 16,524 |                                                                                              |   |   | 23,553 |   |   |   | 40,733 |   |   |   | 46,270 |   |   |
|                                           | Preferred      unit distributions                          |                                                                                                                                                                                                          |   | (1,407                                                                                            | ) |   |   | (1,407 | ) |   |   | (2,813 | ) |   |   | (2,813 | ) |   |
| Funds      from operations available to common |                                                       |                                                                                                                                                                                                          |   |                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           | unitholders                                                |                                                                                                                                                                                                          | $      | 15,117                                                                                            |   |   | $ | 22,146 |   |   | $ | 37,920 |   |   | $ | 43,457 |   |   |
| Weighted      average units outstanding (1)    |                                                       |                                                                                                                                                                                                          | 18,807 |                                                                                              |   |   | 18,807 |   |   |   | 18,798 |   |   |   | 18,802 |   |   |

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

----

----

| 10.8   | Amended      and Restated Employment Agreement for Lisa J. Morrison effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Operating Partnership’s Current report on Form 8-K dated May 5,      2008).                                                                                                                                                                                            |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.9   | Amended      and Restated Employment Agreement for Joseph H. Nehmen effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Operating Partnership’s Current report on Form 8-K dated May 5,      2008).                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.21  | Term      loan credit agreement dated June 10, 2008 between Tanger Properties      Limited Partnership and Banc of America Securities LLC and Wells Fargo      Bank, N.A. with Bank of America, N.A. serving as Administrative Agent and      Wells Fargo Bank, N.A. serving as Syndication Agent (Incorporated by      reference to the exhibits of the Operating Partnership’s Current report on      Form 8-K dated June 11, 2008). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 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.                                                                                                                                                                                                                                                                    |

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|        10.8 | Amended      and Restated Employment Agreement for Lisa J. Morrison effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Operating Partnership’s Current report on Form 8-K dated May 5,      2008). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        10.9 | Amended      and Restated Employment Agreement for Joseph H. Nehmen effective as of      January 1, 2008 (Incorporated by reference to the exhibits of the      Operating Partnership’s Current report on Form 8-K dated May 5,      2008). |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        10.21 | Term      loan credit agreement dated June 10, 2008 between Tanger Properties      Limited Partnership and Banc of America Securities LLC and Wells Fargo      Bank, N.A. with Bank of America, N.A. serving as Administrative Agent and      Wells Fargo Bank, N.A. serving as Syndication Agent (Incorporated by      reference to the exhibits of the Operating Partnership’s Current report on      Form 8-K dated June 11, 2008). |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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