FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



            [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2000

                                       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 Numbers:
                                   33-99736-01
                                   333-3526-01
                                  333-39365-01

                      TANGER PROPERTIES LIMITED PARTNERSHIP
             (Exact name of Registrant as specified in its Charter)

         NORTH CAROLINA                                    56-1822494
      (State or other jurisdiction                       (I.R.S. Employer
     of incorporation or organization)                   Identification No.)

       3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408
                    (Address of principal executive offices)
                                   (Zip code)

                                 (336) 292-3010
              (Registrant's telephone number, including area code)



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No


<PAGE>


                      TANGER PROPERTIES LIMITED PARTNERSHIP

                                      Index

                          Part I. Financial Information

                                                                   Page Number

   Item 1.  Financial Statements (Unaudited)

     Statements of Operations
          For the three and six months ended June 30, 2000 and 1999     3

     Balance Sheets
          As of June 30, 2000 and December 31, 1999                     4

     Statements of Cash Flows
          For the six months ended June 30, 2000 and 1999               5

     Notes to Financial Statements                                      6

   Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations                           8



                           Part II. Other Information

   Item 1.  Legal proceedings                                          16

   Item 6.  Exhibits and Reports on Form 8-K                           16

   Signatures                                                          16





                                       2
<PAGE>

<TABLE>
<CAPTION>
                                        TANGER PROPERTIES LIMITED PARTNERSHIP
                                              STATEMENTS OF OPERATIONS
                                        (In thousands, except per unit data)

                                                                          Three Months Ended         Six Months Ended
                                                                           June 30,                      June 30,
                                                                       2000        1999             2000         1999
----------------------------------------------------------------------------------------------------------------------
                                                                        (unaudited)                  (unaudited)
REVENUES
<S>                                                                <C>         <C>              <C>          <C>
  Base rentals                                                     $ 17,962    $ 17,092         $ 35,420     $ 34,163
  Percentage rentals                                                    551         478            1,004          886
  Expense reimbursements                                              7,384       6,851           14,347       13,209
  Other income                                                        1,393         718            2,336        1,044
----------------------------------------------------------------------------------------------------------------------
       Total revenues                                                27,290      25,139           53,107       49,302
----------------------------------------------------------------------------------------------------------------------
EXPENSES
  Property operating                                                  8,268       7,339           15,707       14,228
  General and administrative                                          1,866       1,855            3,627        3,529
  Interest                                                            6,937       6,042           13,599       12,011
  Depreciation and amortization                                       6,537       6,146           12,975       12,325
----------------------------------------------------------------------------------------------------------------------
       Total expenses                                                23,608      21,382           45,908       42,093
----------------------------------------------------------------------------------------------------------------------
Income before loss on sale of real estate
   and extraordinary item                                             3,682       3,757            7,199        7,209
Loss on sale of real estate                                          (5,935)        ---           (5,935)         ---
----------------------------------------------------------------------------------------------------------------------
Income (loss) before extraordinary item                              (2,253)      3,757            1,264        7,209
Extraordinary item - Loss on early extinguishment of debt               ---         ---              ---         (345)
----------------------------------------------------------------------------------------------------------------------
Net income (loss)                                                    (2,253)      3,757            1,264        6,864
Less applicable preferred unit distributions                           (467)       (481)            (933)        (960)
----------------------------------------------------------------------------------------------------------------------
Income (loss) available to common unitholders                        (2,720)      3,276              331        5,904
Income (loss) allocated to limited partners                          (2,683)        913              326        1,643
----------------------------------------------------------------------------------------------------------------------
Income (loss) allocated to general partner                            $ (37)    $ 2,363              $ 5      $ 4,261
======================================================================================================================

Basic earnings per common unit:
  Income (loss) before extraordinary item                            $ (.25)      $ .30            $ .03        $ .57
  Extraordinary item                                                    ---         ---              ---         (.03)
----------------------------------------------------------------------------------------------------------------------
  Net income (loss)                                                  $ (.25)      $ .30            $ .03        $ .54
======================================================================================================================

Diluted earnings per common unit:
  Income (loss) before extraordinary item                            $ (.25)      $ .30            $ .03        $ .57
  Extraordinary item                                                    ---         ---              ---         (.03)
----------------------------------------------------------------------------------------------------------------------
  Net income (loss)                                                  $ (.25)      $ .30            $ .03        $ .54
======================================================================================================================

Distributions paid per common unit                                    $ .61       $ .61           $ 1.21       $ 1.21
======================================================================================================================

The accompanying notes are an integral part of these financial statements.
</TABLE>

                                       3
<PAGE>


<TABLE>
<CAPTION>
                                     TANGER PROPERTIES LIMITED PARTNERSHIP
                                                 BALANCE SHEETS
                                        (In thousands, except unit data)

                                                                                  June 30,          December 31,
                                                                                    2000               1999
-----------------------------------------------------------------------------------------------------------------
                                                                                (unaudited)
ASSETS
Rental Property
<S>                                                                                  <C>                <C>
Land                                                                                 $ 60,397           $ 63,045
Buildings, improvements and fixtures                                                  495,760            484,277
Developments under construction                                                        11,608             18,894
-----------------------------------------------------------------------------------------------------------------
                                                                                      567,765            566,216
Accumulated depreciation                                                             (111,307)          (104,511)
-----------------------------------------------------------------------------------------------------------------
Rental property, net                                                                  456,458            461,705
Cash and cash equivalents                                                                 200                501
Deferred charges, net                                                                   8,425              8,176
Other assets                                                                           14,884             19,469
-----------------------------------------------------------------------------------------------------------------
Total assets                                                                        $ 479,967          $ 489,851
=================================================================================================================

LIABILITIES AND PARTNERS' EQUITY
Liabilites
Long-term debt
Senior, unsecured notes                                                             $ 150,000          $ 150,000
Mortgages payable                                                                      89,962             90,652
Unsecured term note                                                                    20,000                ---
Unsecured lines of credit                                                              67,722             88,995
-----------------------------------------------------------------------------------------------------------------
                                                                                      327,684            329,647
Construction trade payables                                                            12,720              6,287
Accounts payable and accrued expenses                                                  11,405             12,863
-----------------------------------------------------------------------------------------------------------------
Total liabilities                                                                     351,809            348,797
-----------------------------------------------------------------------------------------------------------------
Commitments
Partners' equity
General partner                                                                         1,750              1,927
Limited partners                                                                      126,408            139,127
-----------------------------------------------------------------------------------------------------------------
Total partners' equity                                                                128,158            141,054
-----------------------------------------------------------------------------------------------------------------
Total liabilities and partners' equity                                              $ 479,967          $ 489,851
=================================================================================================================

The accompanying notes are an integral part of these financial statements.
</TABLE>


                                       4
<PAGE>


<TABLE>
<CAPTION>
                                       TANGER PROPERTIES LIMITED PARTNERSHIP
                                              STATEMENTS OF CASH FLOWS
                                                   (In thousands)
                                                                                                   Six Months Ended
                                                                                                       June 30,
                                                                                                  2000          1999
---------------------------------------------------------------------------------------------------------------------
                                                                                                     (Unaudited)
OPERATING ACTIVITIES
<S>                                                                                            <C>           <C>
Net income                                                                                     $ 1,264       $ 6,864
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization                                                                   12,975        12,325
Amortization of deferred financing costs                                                           603           519
Loss on early extinguishment of debt                                                               ---           345
Loss on sale of real estate                                                                      5,935           ---
Gain on sale of outparcels of land                                                                (427)          ---
Straight-line base rent adjustment                                                                 101          (194)
Increase (decrease) due to changes in:
Other assets                                                                                       460         1,988
Accounts payable and accrued expenses                                                           (1,458)        2,716
---------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activites                                                        19,453        24,563
---------------------------------------------------------------------------------------------------------------------
INVESTING ACTIVITIES
Additions to rental properties                                                                 (13,062)      (18,853)
Additions to deferred lease costs                                                               (1,378)       (1,253)
Net proceeds from sale of real estate                                                            7,848           ---
Insurance proceeds from casualty losses                                                          4,046           500
Advances to officer                                                                               (571)       (1,418)
---------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                                           (3,117)      (21,024)
---------------------------------------------------------------------------------------------------------------------
FINANCING ACTIVITIES
Repurchase of partnership units                                                                    ---          (958)
Cash distributions paid                                                                        (14,160)      (14,101)
Proceeds from mortgages payable                                                                    ---        66,500
Repayments on mortgages payable                                                                   (690)      (47,829)
Proceeds from unsecured bank term note                                                          20,000           ---
Proceeds from revolving lines of credit                                                         40,332        46,303
Repayments on revolving lines of credit                                                        (61,605)      (58,700)
Additions to deferred financing costs                                                             (514)         (900)
Proceeds from exercise of unit options                                                             ---            12
---------------------------------------------------------------------------------------------------------------------
Net cash used in financing activities                                                          (16,637)       (9,673)
---------------------------------------------------------------------------------------------------------------------
Net decrease in cash and cash equivalents                                                         (301)       (6,134)
Cash and cash equivalents, beginning of period                                                     501         6,334
---------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                                         $ 200         $ 200
=====================================================================================================================

Supplemental schedule of non-cash investing activities:
The Operating Partnership purchases capital equipment and incurs costs relating to construction of new facilities,
including tenant finishing allowances.  Expenditures included in construction trade payables as of
June 30, 2000 and 1999 amounted to $12,720 and $6,459, respectively.

The accompanying notes are an integral part of these financial statements.
</TABLE>


                                       5
<PAGE>


                          NOTES TO FINANCIAL STATEMENTS

                                  June 30, 2000

                                   (Unaudited)

1.       Interim Financial Statements

     The   unaudited   Financial   Statements  of  Tanger   Properties   Limited
     Partnership,   a  North  Carolina   limited   partnership  (the  "Operating
     Partnership"), have been prepared pursuant to generally accepted accounting
     principles and should be read in conjunction with the Financial  Statements
     and Notes thereto of the Operating Partnership's Annual Report on Form 10-K
     for the  year  ended  December  31,  1999.  Certain  information  and  note
     disclosures   normally  included  in  financial   statements   prepared  in
     accordance  with  generally  accepted   accounting   principles  have  been
     condensed or omitted  pursuant to the Securities and Exchange  Commission's
     ("SEC")  rules  and  regulations,  although  management  believes  that the
     disclosures are adequate to make the information presented not misleading.

     The  accompanying   Financial   Statements   reflect,  in  the  opinion  of
     management,  all  adjustments  necessary  for a  fair  presentation  of the
     interim  financial  statements.  All such  adjustments  are of a normal and
     recurring nature.

2.       Development and Disposition of Rental Properties

     In June 2000, the Operating  Partnership  sold its centers in Lawrence,  KS
     and  McMinnville,  OR. Net  proceeds  received  from the sale  totaled $7.1
     million.  As a result of the sale, the Operating  Partnership  recognized a
     loss on sales of real estate of $5.9  million.  The combined net  operating
     income  of these  two  centers  represented  approximately  1% of the total
     portfolio's  operating  income.  The Operating  Partnership  also sold land
     outparcels  at two centers for net proceeds of $715,000 and has included in
     other income a gain on sale of $427,000.

     During the first six months of 2000, the Operating Partnership added 60,100
     square  feet to the  portfolio  in  Commerce,  GA and  Sevierville,  TN. In
     addition,  the Operating  Partnership has approximately 225,000 square feet
     of expansion space under construction in four centers located in Riverhead,
     NY; Lancaster, PA;. Sevierville, TN; and San Marcos, TX.

     Commitments  to complete  construction  of the  expansions  to the existing
     properties  and  other  capital   expenditure   requirements   amounted  to
     approximately  $9.8 million at June 30, 2000.  Commitments for construction
     represent  only  those  costs  contractually  required  to be  paid  by the
     Operating Partnership.

     Interest costs capitalized  during the three months ended June 30, 2000 and
     1999  amounted  to $121,000  and  $264,000,  respectively,  and for the six
     months  ended June 30, 2000 and 1999  amounted to  $359,000  and  $610,000,
     respectively.

3.       Other Assets

     In May 2000, the demand notes receivable totaling $3.4 million from Stanley
     K. Tanger, Chairman of the Board and Chief Executive Officer of the general
     partner,  were converted into two separate term notes of which $2.5 million
     is due from Mr. Tanger and $845,000 is due from Steven B. Tanger, President
     of the  general  partner.  The notes  amortize  evenly over five years with
     principal and interest at a rate of 8% per annum due quarterly.

4.       Long-Term Debt

     In January 2000, the Operating Partnership entered into a $20.0 million two
     year  unsecured  term loan with interest  payable at LIBOR plus 2.25%.  The
     proceeds were used to reduce amounts  outstanding  under the existing lines
     of credit.  Also in January 2000,  the Operating  Partnership  entered into
     interest rate swap

                                       6
<PAGE>

     agreements  on  notional  amounts  totaling  $20.0  million  at a  cost  of
     $162,000.  The agreements  mature in January 2002. The swap agreements have
     the effect of fixing the  interest  rate on the new $20.0  million  loan at
     8.75%.

     At June 30, 2000, the Operating  Partnership  had revolving lines of credit
     with an  unsecured  borrowing  capacity  of $100  million,  of which  $32.3
     million was available for additional borrowings.

     On July 28,  2000,  the  Operating  Partnership  entered  into a five  year
     secured  term loan with Wells Fargo Bank for $29.5  million  with  interest
     payable at LIBOR  plus  1.75%.  The  proceeds  were used to reduce  amounts
     outstanding under the existing lines of credit.

     5.  Earnings Per Unit

     The  following  table sets forth a  reconciliation  of the  numerators  and
     denominators in computing earnings per unit in accordance with Statement of
     Financial  Accounting  Standards No. 128, Earnings Per Share (in thousands,
     except per unit amounts):

<TABLE>
<CAPTION>
                                                                        Three Months Ended                 Six Months Ended
                                                                             June 30,                          June 30,
                                                                         2000         1999                2000         1999
----------------------------------------------------------------------------------------------------------------------------
Numerator:
<S>                                                                  <C>           <C>                 <C>          <C>
Income (loss) before extraordinary item                              $ (2,253)     $ 3,757             $ 1,264      $ 7,209
Less applicable preferred unit distributions                             (467)        (481)               (933)        (960)
----------------------------------------------------------------------------------------------------------------------------
Income (loss) available to common unitholders -
numerator for basic and diluted earnings per unit                    $ (2,720)     $ 3,276               $ 331      $ 6,249
----------------------------------------------------------------------------------------------------------------------------
Denominator:
Basic weighted average common units                                    10,910       10,883              10,910       10,901
Effect of outstanding unit options                                        ---           69                  19            2
----------------------------------------------------------------------------------------------------------------------------
Diluted weighted average common units                                  10,910       10,952              10,929       10,903
----------------------------------------------------------------------------------------------------------------------------
Basic earnings per unit before extraordinary item                      $ (.25)       $ .30               $ .03        $ .57
============================================================================================================================
Diluted earnings per unit before extaordinary item                     $ (.25)       $ .30               $ .03        $ .57
============================================================================================================================
</TABLE>


    The  computation of diluted  earnings per unit excludes  options to purchase
    common  units when the  exercise  price is greater  than the average  market
    price of the common  units for the  period.  The market  price of the common
    units is  considered  to be  equivalent  to the  market  price of the common
    shares  of  Tanger  Factory  Outlet  Centers,  Inc.,  the sole  owner of the
    Operating Partnership's general partner.  Options excluded totaled 1,456,000
    and 379,000 for the three months ended June 30, 2000 and 1999, respectively,
    and 1,281,000 and 1,068,000 for the six months ended June 30, 2000 and 1999,
    respectively.  The assumed  conversion of preferred units to common units as
    of the beginning of the year would have been anti-dilutive

     At June 30, 2000 and  December  31, 1999,  the  ownership  interests of the
     Operating Partnership consisted of the following:
<TABLE>
<CAPTION>

                                                                         2000          1999
       --------------------------------------------------------------------------------------
<S>                                                                     <C>            <C>
       Preferred units                                                  85,270         85,270
       ---------------------------------------------------------------------------------------
       Common units:
          General partner                                              150,000        150,000
          Limited partners                                          10,760,140     10,760,140
       ---------------------------------------------------------- ------------- --------------
             Total                                                  10,910,140     10,910,140
       =======================================================================================
</TABLE>

                                       7
<PAGE>

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

The  following  discussion  should  be read in  conjunction  with the  financial
statements appearing elsewhere in this report. Historical results and percentage
relationships  set forth in the statements of operations,  including trends that
might appear, are not necessarily indicative of future operations.

The  discussion  of our  results of  operations  reported in the  statements  of
operations  compares the three and six months ended June 30, 2000 with the three
and six months ended June 30, 1999. Certain  comparisons between the periods are
made on a percentage  basis as well as on a weighted average gross leasable area
("GLA") basis, a technique  which adjusts for certain  increases or decreases in
the number of centers and corresponding  square feet related to the development,
acquisition,  expansion or disposition of rental properties.  The computation of
weighted  average GLA,  however,  does not adjust for  fluctuations in occupancy
that may occur subsequent to the original opening date.

Cautionary Statements

Certain statements made below are forward-looking  statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend for such  forward-looking
statements  to be  covered by the safe  harbor  provisions  for  forward-looking
statements  contained in the Private  Securities Reform Act of 1995 and included
this  statement  for  purposes of complying  with these safe harbor  provisions.
Forward-looking statements,  which are based on certain assumptions and describe
our future plans, strategies and expectations, are generally identifiable by use
of the words "believe", "expect", "intend", "anticipate", "estimate", "project",
or similar expressions.  You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other factors which are,
in some cases,  beyond our control and which could materially  affect our actual
results, performance or achievements.  Factors which may cause actual results to
differ materially from current expectations include, but are not limited to, the
following:

-   general economic and local real estate conditions could change (for example,
    our tenant's business may change if the economy changes,  which might effect
    (1) the  amount of rent they pay us or their  ability to pay rent to us, (2)
    their  demand  for new  space,  or (3) our  ability  to renew or  re-lease a
    significant amount of available space on favorable terms);

-   the laws and regulations  that apply to us could change (for instance,  a
    change in the tax laws that apply to REITs could result in unfavorable  tax
    treatment for us);

-   availability and cost of capital (for instance,  financing  opportunities
    may not be  available  to us, or may not be  available  to us on  favorable
    terms);

-   our  operating  costs may  increase or our costs to construct or acquire new
    properties  or expand our  existing  properties  may  increase or exceed our
    original expectations.

General Overview

At June 30, 2000, we owned 29 centers in 20 states  totaling 5.0 million  square
feet of GLA compared to 31 centers in 23 states totaling 5.1 million square feet
of GLA at June 30, 1999.  Since June 30, 1999,  we have  acquired one center and
expanded 4 centers,  increasing  GLA by  approximately  290,000  square feet. In
addition, we sold two centers totaling 186,000 square feet and on May 3, 1999, a
tornado  destroyed  our center in Stroud,  Oklahoma,  which had a GLA of 198,000
square feet and which was fully covered under our insurance policies.

During  the  first  six  months  of 2000,  we added  60,100  square  feet to the
portfolio  in  Commerce,   GA  and  Sevierville,   TN.  In  addition,   we  have
approximately  225,000 square feet of expansion space under construction in four
centers  located in  Riverhead,  NY;  Lancaster,  PA;  Sevierville,  TN; and San
Marcos,  TX. In June 2000, we sold our centers in Lawrence,  KS and McMinnville,
OR. Net proceeds received from the sale totaled $7.1

                                       8
<PAGE>

million.  As a result of the two  sales,  we  recognized  a loss on sale of real
estate of $5.9 million.  The combined net operating  income of these two centers
represented  approximately 1% of the total portfolio's operating income. We also
sold land outparcels at two centers for net proceeds of $715,000 and included in
other income a gain on sale of $427,000.

A summary of the  operating  results for the three and six months ended June 30,
2000  and  1999 is  presented  in the  following  table,  expressed  in  amounts
calculated on a weighted average GLA basis.

<TABLE>
<CAPTION>
                                                                       Three Months Ended            Six Months Ended
                                                                             June 30,                     June 30,
                                                                         2000        1999            2000        1999
----------------------------------------------------------------------------------------------------------------------
<S>                       <C>                                           <C>         <C>             <C>         <C>
GLA open at end of period (000's)                                       5,021       5,115           5,021       5,115
Weighted average GLA (000's) (1)                                        5,176       4,963           5,171       5,000
Outlet centers in operation                                                29          31              29          31
New centers acquired                                                      ---         ---             ---         ---
Centers sold                                                                2         ---               2         ---
Centers expanded                                                          ---           1             ---           2
States operated in at end of period                                        20          23              20          23
Occupancy percentage at end of period                                      95          95              95          95

Per square foot
Revenues
Base rentals                                                           $ 3.47      $ 3.44          $ 6.85      $ 6.83
Percentage rentals                                                        .11         .10             .19         .18
Expense reimbursements                                                   1.43        1.38            2.77        2.64
Other income                                                              .27         .14             .45         .21
----------------------------------------------------------------------------------------------------------------------
Total revenues                                                           5.28        5.06           10.26        9.86
----------------------------------------------------------------------------------------------------------------------
Expenses
Property operating                                                       1.60        1.48            3.04        2.85
General and administrative                                                .36         .37             .70         .71
Interest                                                                 1.34        1.22            2.63        2.40
Depreciation and amortization                                            1.26        1.24            2.51        2.46
----------------------------------------------------------------------------------------------------------------------
Total expenses                                                           4.56        4.31            8.88        8.42
----------------------------------------------------------------------------------------------------------------------
Income before loss on sale of real estate
and extraordinary item                                                  $ .72       $ .75          $ 1.38      $ 1.44
======================================================================================================================
(1) GLA weighted by months of operations.  GLA is not adjusted for fluctuations in occupancy which may occur subsequent to the
      original opening date.
</TABLE>


RESULTS OF OPERATIONS

Comparison  of the three  months  ended June 30, 2000 to the three  months ended
June 30, 1999

Base rentals increased $870,000,  or 5%, in the 2000 period when compared to the
same  period  in 1999.  The  increase  is  primarily  due to the  effect  of the
expansions and the  acquisition  completed  since June 30, 1999, as mentioned in
the  Overview  above,  offset  by the loss of rent from the  center  in  Stroud,
Oklahoma.  The sale of the two  centers in June of 2000 had a minimal  effect on
base rent  since  each  occurred  late in the  quarter.  Base rent per  weighted
average GLA  increased by $.03 per square foot from $3.44 per square foot in the
three  months  ended June 30, 1999 to $3.47 per square foot in the three  months
ended June 30, 2000. The increase is the result of the expansions and due to the
loss of the center in Stroud,  Oklahoma  which had a lower average base rent per
square foot compared to the portfolio average.

                                       9
<PAGE>

Percentage  rentals,  which represent revenues based on a percentage of tenants'
sales volume above predetermined  levels (the "breakpoint"),  increased $73,000,
and on a weighted  average  GLA basis,  increased  $.01 per square  foot in 2000
compared to 1999.

Expense reimbursements, which represent the contractual recovery from tenants of
certain  common  area  maintenance,   insurance,   property  tax,   promotional,
advertising and management expenses generally  fluctuates  consistently with the
reimbursable   property  operating   expenses  to  which  it  relates.   Expense
reimbursements,  expressed  as a  percentage  of  property  operating  expenses,
decreased  from  93% in 1999 to 89% in 2000  primarily  as a  result  of  higher
operating  costs and other  non-reimbursable  expenses  during  the 2000  period
compared to the 1999 period.

Other income  increased  $675,000 in 2000 compared to 1999  primarily due to the
recognition of gains on sale of land outparcels  totaling  $427,000 and business
interruption insurance proceeds relating to the Stroud center.

Property operating expenses increased by $929,000, or 13%, in the 2000 period as
compared to the 1999 period and, on a weighted average GLA basis, increased $.12
per square  foot from $1.48 to $1.60.  The  increases  are the result of certain
increases  in real estate tax  assessments  and higher  common area  maintenance
expenses.

General and administrative expenses increased slightly by $11,000, or 1%, in the
2000  period as  compared  to the 1999  period  and,  as a  percentage  of total
revenues,  were  approximately  7% of total  revenues  in both the 2000 and 1999
periods.

Interest  expense  increased  $895,000 during the 2000 period as compared to the
1999 period due to the incremental financing needed to fund the expansions since
June 1999 and the November 1999  acquisition in Fort  Lauderdale,  FL and due to
higher interest rates on our variable rate debt.  Depreciation  and amortization
per weighted  average GLA  increased  slightly from $1.24 per square foot in the
1999 period to $1.26 per square foot in the 2000 period.

Comparison  of the six months  ended June 30, 2000 to the six months  ended June
30, 1999

Base rentals increased $1.3 million,  or 4%, in the 2000 period when compared to
the same  period in 1999.  The  increase is  primarily  due to the effect of the
expansions and the  acquisition  completed  since June 30, 1999, as mentioned in
the  Overview  above,  offset  by the loss of rent from the  center  in  Stroud,
Oklahoma.  The sale of the two centers in June 2000 had a minimal effect on base
rent since each occurred late in the quarter. Base rent per weighted average GLA
increased  by $.02 per square  foot from $6.83 per square foot in the six months
ended June 30,  1999 to $6.85 per square  foot in the six months  ended June 30,
2000.  The increase is the result of the  expansions  and due to the loss of the
center in Stroud,  Oklahoma  which had a lower average base rent per square foot
compared to the portfolio average.

Percentage  rentals,  which represent revenues based on a percentage of tenants'
sales volume above predetermined levels (the "breakpoint"),  increased $118,000,
and on a weighted  average  GLA basis,  increased  $.01 per square  foot in 2000
compared to 1999. For the first six months of 2000,  reported  same-store sales,
defined as the weighted  average  sales per square foot  reported by tenants for
stores open since  January 1, 1999,  increased by 1% when  compared to the first
six months of 1999.  Reported  same-space  sales for the rolling  twelve  months
ended June 30,  2000,  defined as the  weighted  average  sales per square  foot
reported  in  space  open  for the  full  duration  of each  comparison  period,
increased 7% to $278,  reflecting  the continued  success of the our strategy to
re-merchandise selected centers by replacing low volume tenants with high volume
tenants.

Expense reimbursements, which represent the contractual recovery from tenants of
certain  common  area  maintenance,   insurance,   property  tax,   promotional,
advertising and management expenses generally  fluctuates  consistently with the
reimbursable   property  operating   expenses  to  which  it  relates.   Expense
reimbursements,  expressed  as a  percentage  of  property  operating  expenses,
decreased  from  93% in 1999 to 91% in 2000  primarily  as a  result  of  higher
operating  costs and other  non-reimbursable  expenses  during  the 2000  period
compared to the 1999 period.

                                       10
<PAGE>

Other income  increased  $1.3 million in 2000 compared to 1999  primarily due to
the  recognition  of  gains on sale of land  outparcels  totaling  $427,000  and
incremental  business  interruption  insurance  proceeds  relating to the Stroud
center totaling $779,000.

Property  operating  expenses  increased  by $1.5  million,  or 10%, in the 2000
period as compared  to the 1999  period  and,  on a weighted  average GLA basis,
increased $.19 per square foot from $2.85 to $3.04. The increases are the result
of certain  increases  in real  estate tax  assessments  and higher  common area
maintenance expenses.

General and administrative expenses increased $98,000, or 3%, in the 2000 period
as compared to the 1999 period and, as a percentage of total  revenues,  general
and administrative  expenses were approximately 7% of total revenues in both the
2000 and 1999 periods.

Interest  expense  increased  $1.6 million during the 2000 period as compared to
the 1999 period due to the incremental  financing  needed to fund the expansions
since June 1999 and the November 1999 acquisition in Fort Lauderdale, FL and due
to  higher  interest  rates  on  our  variable  rate  debt.   Depreciation   and
amortization per weighted average GLA increased 2% from $2.46 per square foot in
the 1999  period to $2.51 per square foot in the 2000 period due to a higher mix
of tenant finishing  allowances included in buildings and improvements which are
depreciated over shorter lives than other construction costs.

The extraordinary loss recognized in the 1999 period represents the write-off of
unamortized  deferred  financing  costs  related  to debt that was  extinguished
during the period prior to its scheduled maturity.

LIQUIDITY AND CAPITAL RESOURCES

Net cash  provided by operating  activities  was $19.5 million and $24.6 million
for the six months ended June 30, 2000 and 1999,  respectively.  The decrease in
cash provided by operating activities is due primarily to a decrease in payables
and an  increase  in  receivables  during  2000  when  compared  to 1999  offset
partially  by an  increase  in  operating  income.  Net cash  used in  investing
activities   was  $3.1  million  and  $21.0   million   during  2000  and  1999,
respectively.  Net cash used was lower in 2000  primarily due to the decrease in
cash paid for expansion activities,  $4.0 million received in insurance proceeds
relating  to the  Stroud,  Oklahoma  center,  and $7.8  million  received in net
proceeds  for the sale of the  Operating  Partnership's  centers in Lawrence and
McMinnville.  Net cash used in financing  activities  increased to $16.6 million
during  the first  six  months  of 2000  from  $9.7  million  in 1999 due to the
reduction  of amounts  outstanding  under the lines of credit from the  proceeds
from insurance and property sales.

During  the  first  six  months  of 2000,  we added  60,100  square  feet to our
portfolio  in  Commerce,   GA  and  Sevierville,   TN.  In  addition,   we  have
approximately  225,000 square feet of expansion space under construction in four
centers  located in  Riverhead,  NY;  Lancaster,  PA;  Sevierville,  TN; and San
Marcos,  TX.  Commitments  to complete  construction  of the  expansions  to the
existing  properties  and other  capital  expenditure  requirements  amounted to
approximately  $9.8  million  at June 30,  2000.  Commitments  for  construction
represent only those costs contractually required to be paid by us.

We are also in the process of developing plans for additional expansions and new
centers for completion in 2000 and beyond.  Currently,  we are in the preleasing
stage of a second  phase of the Fort  Lauderdale  development  that will include
130,000 square feet of GLA to be developed on the 12-acre parcel adjacent to the
existing Bass Pro Outdoor World store. The local and state planning  authorities
are  currently  reviewing  the project and they  anticipate  final  approvals by
fourth quarter of this year. We anticipate stores in this phase to begin opening
in the  second  half of 2001.  We also  have an option to  purchase  the  retail
portion of a site at the Bourne  Bridge  Rotary in Cape Cod, MA. Based on tenant
demand,  we plan to develop a new 250,000 square foot outlet center.  The entire
site will  contain more than  750,000  square feet of  mixed-use  entertainment,
retail,  office  and  residential  community  built  in the  style of a Cape Cod
Village.  The local and state planning  authorities are currently  reviewing the
project and they  anticipate  final approvals by next year. Due to the extensive
amount of site work and road  construction,  stores are not  expected to be open
until mid 2003.

                                       11
<PAGE>

The  developments  or expansions  that we have planned or anticipated may not be
started or completed  as  scheduled,  or may not result in accretive  funds from
operations.  In  addition,  we regularly  evaluate  acquisition  or  disposition
proposals  and engage  from time to time in  negotiations  for  acquisitions  or
dispositions  of  properties.  We may also enter into  letters of intent for the
purchase or sale of properties.  Any prospective acquisition or disposition that
is being  evaluated  or which  is  subject  to a  letter  of  intent  may not be
consummated,  or  if  consummated,  may  not  result  in  accretive  funds  from
operations.

During  the first six  months  of the year,  we have  taken a number of steps to
insure that we have the capital  necessary to complete our development  pipeline
and to put us in a position to handle the debt maturities that will be occurring
over the next twelve months. These steps include the following:
<TABLE>
<CAPTION>

                                                                                                             Interest
Lender                                      Loan                       Amount           Status                 Rate

<S>                                         <C>                       <C>                      <C>          <C>
Fleet National Bank/Bank of America         2 yr unsecured            $20.0 million     Closed 01/00        8.75% fixed
Wells Fargo Bank                            5 yr secured              $29.5 million     Closed 07/00        Libor+1.75%
New York Life                               5 yr secured (renewal)    $ 9.2 million     Commitment          9.125% fixed
Woodman of the World Life Ins. Society      10 yr secured             $16.6 million     Commitment          8.86% fixed

</TABLE>

The loan  commitments  are scheduled to have  documentation  completed and loans
closed  during  the  third  quarter  of  2000.  In  addition,  we have  received
commitments from Bank of America,  Southtrust Bank, Fleet National Bank and Bank
One to extend  the  maturities  on the lines of credit  until at least  June 30,
2002. This additional long-term financing, the proceeds from the property sales,
and internally  generated cash flow will be used to fund  approximately  462,000
square feet of  profitable  expansions  to many of our  successful,  high volume
centers over the next twelve months.

The financing transactions and the approximate 150 basis point increase in LIBOR
rates  over the last  twelve  months  have  effectively  increased  the  average
interest rate (including  amortization  of loan costs) on our  outstanding  debt
from 8.1% in 1999 to an estimated 8.9% in 2000.  Because of the long-term nature
of the leases  with  tenants,  we cannot  immediately  pass  through  the higher
interest  expense  caused by this increase in market  rates,  which has begun to
have an impact on earnings.  At June 30, 2000,  our total  outstanding  debt was
$327.7 million,  approximately 73% of the outstanding long-term debt represented
unsecured  borrowings  and  approximately  79% of our real estate  portfolio was
unencumbered.

We maintain  revolving  lines of credit with Bank of America,  Southtrust  Bank,
Fleet  National  Bank and Bank One that provide for  unsecured  borrowings up to
$100 million, of which $32.3 million was available for additional  borrowings at
June 30,  2000.  The  closing of the term loan with Wells Fargo on July 28, 2000
increased the amount available by $29.5 million. As a general matter, we plan to
utilize our lines of credit as an interim  source of funds to  acquire,  develop
and expand factory outlet centers and to repay the credit lines with longer-term
debt or equity when we determine that market  conditions  are  favorable.  Under
joint shelf  registration,  the Operating  Partnership and Tanger Factory Outlet
Centers,  Inc,, the sole owner of the Operating  Partnership's  general partner,
could issue up to $100 million in additional  equity securities and $100 million
in  additional  debt  securities.  With the  decline in the real estate debt and
equity  markets,  we may not, in the short term, be able to access these markets
on favorable terms. We believe the decline is temporary and we may utilize these
funds as the markets improve to continue our external growth. In the interim, we
may consider  other  strategies  to generate  additional  capital to reinvest in
attractive  opportunities.  These  strategies may include the use of operational
and developmental  joint ventures,  selling certain  properties that do not meet
our  long-term  investment   criteria,   selling  land  outparcels  at  existing
properties and other related  strategies.  Based on cash provided by operations,
existing  credit  facilities,   ongoing   negotiations  with  certain  financial
institutions and funds available under the shelf  registration,  we believe that
we  have  access  to  the  necessary  financing  to  fund  the  planned  capital
expenditures during 2001.

                                       12
<PAGE>

We  anticipate  that  adequate  cash will be available to fund our operating and
administrative  expenses,  regular debt service obligations,  and the payment of
distributions  in accordance  with REIT  requirements in both the short and long
term.  Although  we receive  most of our  rental  payments  on a monthly  basis,
distributions  to unitholders  are made  quarterly and interest  payments on the
senior,  unsecured notes are made  semi-annually.  Amounts  accumulated for such
payments will be used in the interim to reduce the outstanding  borrowings under
the  existing  lines of credit or invested in  short-term  money market or other
suitable  instruments.  Certain of the our debt agreements  limit the payment of
distributions  such that  distributions  will not exceed  funds from  operations
("FFO"),  as defined in the  agreements,  for the prior fiscal year on an annual
basis or 95% of FFO on a cumulative basis from the date of the agreement.

In May 2000, the demand notes  receivable  totaling $3.4 million from Stanley K.
Tanger,  Chairman  of the Board  and  Chief  Executive  Officer  of the  general
partner,  were  converted  into two separate term notes of which $2.5 million is
due from Mr. Tanger and $845,000 is due from Steven B. Tanger,  President of the
general  partner.  The notes amortize  evenly over five years with principal and
interest at a rate of 8% per annum due quarterly.

On July 13, 2000, the Board of Trustees of the general partner declared a $.6075
cash  distribution per common unit payable on August 15, 2000 to each unitholder
of  record  on July  31,  2000  The  Board  of  Trustees  also  declared  a cash
distribution  of $.5474 per  preferred  unit  payable on August 15, 2000 to each
preferred unitholder of record on July 31, 2000.

Market Risk

We are exposed to various  market risks,  including  changes in interest  rates.
Market risk is the potential  loss arising from adverse  changes in market rates
and prices,  such as interest rates.  We do not enter into  derivatives or other
financial instruments for trading or speculative purposes.

We negotiate  long-term fixed rate debt instruments and enter into interest rate
swap  agreements  to manage our  exposure to interest  rate  changes.  The swaps
involve the exchange of fixed and variable  interest  rate  payments  based on a
contractual  principal  amount and time  period.  Payments  or  receipts  on the
agreements are recorded as adjustments to interest expense. At June 30, 2000, we
had interest rate swap agreements effective through January 2002 with a notional
amount of $20 million. Under this agreement, we receive a floating interest rate
based on the 30 day LIBOR  index and pay a fixed  interest  rate of 6.5%.  These
swaps effectively change our payment of interest on $20 million of variable rate
debt for the contract period to a fixed rate of 8.75%.

The fair value of the interest  rate swap  agreements  represents  the estimated
receipts or payments that would be made to terminate the agreements. At June 30,
2000, we would have received $138,000 to terminate the agreements. A 1% decrease
in the 30 day LIBOR index would decrease this amount  received by  approximately
$282,000. The fair value is based on dealer quotes, considering current interest
rates.

The fair market value of long-term fixed interest rate debt is subject to market
risk. Generally, the fair market value of fixed interest rate debt will increase
as interest  rates fall and decrease as interest  rates rise. The estimated fair
value of our total  long-term  debt at June 30, 2000 was $322.4  million and the
recorded value was $327.7 million. A 1% increase from prevailing  interest rates
at June 30,  2000 would  result in a decrease  in fair value of total  long-term
debt by  approximately  $4.5 million.  Fair values were  determined  from quoted
market prices, where available,  using current interest rates considering credit
ratings and the remaining terms to maturity.

New Accounting Pronouncements

During  1998,  the  FASB  issued  SFAS  No.  133,   "Accounting  for  Derivative
Instruments and Hedging Activities." SFAS No. 133 requires entities to recognize
all  derivatives  as either assets or  liabilities in the statement of financial
position and measure those  instruments  at their fair value.  In June 1999, the
FASB issued SFAS No. 137  "Accounting  for  Derivative  Instruments  and Hedging
Activities-Deferral of the Effective Date of FASB Statement No. 133-an amendment
of the FASB Statement No. 133" that revises SFAS No. 133 to become

                                       13
<PAGE>

effective in the first quarter of 2001. We anticipate  that,  due to our limited
use of  derivative  instruments,  the  adoption  of SFAS No. 133 will not have a
significant effect on our results of operations or our financial position.

Funds from Operations

We believe that for a clear understanding of the historical operating results of
the Operating  Partnership,  FFO should be  considered  along with net income as
presented  in the  unaudited  financial  statements  included  elsewhere in this
report.  FFO is presented  because it is a widely accepted  financial  indicator
used by certain  investors  and  analysts to analyze and compare one equity real
estate  investment  trust  ("REIT")  with  another  on the  basis  of  operating
performance.  FFO  is  generally  defined  as net  income  (loss),  computed  in
accordance with generally accepted accounting  principles,  before extraordinary
items and gains  (losses)  on sale of  depreciable  operating  properties,  plus
depreciation and amortization  uniquely  significant to real estate.  We caution
that the  calculation  of FFO may vary from  entity  to  entity  and as such our
presentation of FFO may not be comparable to other similarly  titled measures of
other reporting  companies.  FFO does not represent net income or cash flow from
operations as defined by generally accepted accounting principles and should not
be  considered  an  alternative  to net  income as an  indication  of  operating
performance  or to cash from  operations as a measure of  liquidity.  FFO is not
necessarily  indicative  of  cash  flows  available  to  fund  distributions  to
unitholders and other cash needs.

In October  1999,  the National  Association  of Real Estate  Investment  Trusts
("NAREIT")  issued  interpretive  guidance  regarding  the  calculation  of FFO.
NAREIT's  leadership  determined  that FFO should  include  both  recurring  and
non-recurring  operating results,  except those results defined as extraordinary
items under generally accepted  accounting  principles and gains and losses from
sales of depreciable  operating property.  All REITS are encouraged to implement
the  recommendations  of this guidance effective for fiscal periods beginning in
2000 for all periods presented in financial statements or tables. We adopted the
new  NAREIT  clarification  as of January 1, 2000 which had no impact on amounts
previously reported as funds from operations.

Below is a  calculation  of FFO for the three and six months ended June 30, 2000
and 1999 as well as actual cash flow and other data for those respective periods
(in thousands):

<TABLE>
<CAPTION>
                                                                           Three Months Ended               Six Months Ended
                                                                                 June 30,                        June 30,
                                                                            2000         1999              2000         1999
-----------------------------------------------------------------------------------------------------------------------------
Funds from Operations:
<S>                                                                     <C>           <C>               <C>          <C>
Net income (loss)                                                       $ (2,253)     $ 3,757           $ 1,264      $ 6,864
Adjusted for:
Extraordinary item - loss on early extinguishment of debt                    ---          ---               ---          345
Depreciation and amortization uniquely significant to real estate          6,475        6,093            12,853       12,214
Loss on sale of real estate                                                5,935          ---             5,935          ---
-----------------------------------------------------------------------------------------------------------------------------
Funds from operations (1)                                               $ 10,157      $ 9,850          $ 20,052     $ 19,423
=============================================================================================================================
Weighted average units outstanding (2)                                    11,720       11,747            11,697       11,698
=============================================================================================================================
Cash flows provided by (used in):
Operating activities                                                                                   $ 19,453     $ 24,563
Investing activities                                                                                     (3,117)     (21,024)
Financing activities                                                                                    (16,637)      (9,673)
__________________
(1)  For the three and six months ended June 30, 2000, includes $427 in gains on sales of outparcels of land.
(2)  Assumes the preferred units and unit options are converted to common units.
</TABLE>


                                       14
<PAGE>

Economic Conditions and Outlook

The majority of our leases contain provisions designed to mitigate the impact of
inflation.  Such provisions  include clauses for the escalation of base rent and
clauses enabling us to receive  percentage rentals based on tenants' gross sales
(above  predetermined  levels, which we believe often are lower than traditional
retail industry  standards) that generally  increase as prices rise. Most of the
leases  require the tenant to pay their share of  property  operating  expenses,
including common area maintenance,  real estate taxes, insurance and advertising
and  promotion,  thereby  reducing  exposure to increases in costs and operating
expenses resulting from inflation.

While  factory  outlet  stores  continue  to  be a  profitable  and  fundamental
distribution channel for brand name manufacturers,  some retail formats are more
successful than others. As typical in the retail industry,  certain tenants have
closed,  or will close,  certain stores by terminating  their lease prior to its
natural  expiration  or as a result of filing for  protection  under  bankruptcy
laws.

As  part  of  our  strategy  of  aggressively   managing  our  assets,   we  are
strengthening  the tenant  base in several of our  centers by adding  strong new
anchor tenants,  such as Polo,  Nike, GAP and Nautica.  To accomplish this goal,
stores  may  remain  vacant  for a longer  period of time in order to  recapture
enough space to meet the size requirement of these upscale, high volume tenants.
As of June 30, 2000, our centers were 95% occupied.

Approximately  25% of our lease portfolio is scheduled to expire during the next
two years.  Approximately  697,000 square feet of space is up for renewal during
2000 and approximately  580,000 square feet will come up for renewal in 2001. If
we are  unable to  successfully  renew or release a  significant  amount of this
space on  favorable  economic  terms,  the loss in rent  could  have a  material
adverse effect on our results of operations.

Existing  tenants' sales have remained  stable and renewals by existing  tenants
have  remained  strong.  Approximately  415,000,  or  60%,  of the  square  feet
scheduled to expire in 2000 have already been renewed by the existing tenants at
an average base rental rate  approximately  5% higher than the expiring rate. In
addition,  we  continue to attract and retain  additional  tenants.  Our factory
outlet centers typically include well known, national,  brand name companies. By
maintaining a broad base of creditworthy  tenants and a  geographically  diverse
portfolio  of  properties  located  across  the  United  States,  we reduce  our
operating and leasing risks. No one tenant (including  affiliates)  accounts for
more than 7% of our combined base and percentage  rental revenues.  Accordingly,
we  currently  do not  expect  any  material  adverse  impact on our  results of
operations and financial condition as a result of leases to be renewed or stores
to be released.



                                       15
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

Neither the Operating  Partnership nor its general partner is presently involved
in any material  litigation nor, to their knowledge,  is any material litigation
threatened  against the  Operating  Partnership  or the  general  partner or its
properties,  other than routine  litigation  arising in the  ordinary  course of
business and which is expected to be covered by the liability insurance.

Item 6.       Exhibits and Reports on Form 8-K

              (a)  Exhibits

                   None

              (b)  Reports on Form 8-K

                   None

                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                      TANGER PROPERTIES LIMITED PARTNERSHIP

                      By:       Tanger GP Trust, its general partner


                      By:        /s/  FRANK C. MARCHISELLO, JR.
                                -------------------------------
                                Frank C. Marchisello, Jr.
                                Treasurer

DATE:  August 11, 2000

                                       16