| 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, 2009                                                                                                                               |
| OR                                                                                                                                                                         |
| [   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of                                                                                                  |
| THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                        |
|                                                                                                                                                                       |
| For the transition period from                       to |
|                                                                                                                                                                       |
| Commission File No. 333-3526-01                                                                                                                                            |
|                                                                                                                                                                       |
| TANGER PROPERTIES LIMITED PARTNERSHIP                                                                                                                                      |
| (Exact name of Registrant as specified in its Charter)                                                                                                                     |

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

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

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

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

----

|                                                                          | Page Number                                |
|-------------------------------------------------------------------------------|--------------------------------------------|
| Part I. Financial Information                                                 |
| Item 1.  Financial Statements (Unaudited)                           |                                       |
|                                                                          | Consolidated Balance Sheets -              |   |
|                                                                          |                                       | as of June 30, 2009 and December 31, 2008 | 3 |
|                                                                          |                                       |   |
|                                                                          | Consolidated Statements of Operations -    |   |
|                                                                          |                                       | for the three and six months ended June 30, 2009 and 2008 | 4 |
|                                                                          |                                       |   |
|                                                                          | Consolidated Statements of Cash Flows -    |   |
|                                                                          |                                       | for the six months ended June 30, 2009 and 2008 | 5 |
|                                                                          |                                       |   |
|                                                                          | Notes to Consolidated Financial Statements | 6 |
|                                                                          |                                       |
| Item 2.  Management's Discussion and Analysis of Financial          |                                       |
|                                                                          | Condition and Results of Operations        | 18 |
|                                                                          |                                       |
| Item 3.  Quantitative and Qualitative Disclosures about Market Risk | 28                                         |
|                                                                          |                                       |
| Item 4.  Controls and Procedures                                    | 29                                         |
|                                                                          |                                       |
| Part II. Other Information                                                    |
|                                                                          |                                       |
| Item 1.    Legal Proceedings                                   | 29                                         |
|                                                                          |                                       |
| Item 1A. Risk Factors                                                         | 29                                         |
|                                                                          |                                       |
| Item 6.Exhibits                                                               | 30                                         |
|                                                                          |                                       |
| Signatures                                                                    | 30                                         |

----

|                   |                                                                       |                     June 30, |      |                   December 31, |
|------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------|
|                   |                                                                       |                     2009          |      |                  2008                    |
| ASSETS:                |                                                                       |                                                                                                                             |      |                                                                                                                     |   |   | (as adjusted) |   |
|                   | Rental property                                                            |                                                                                                                             |      |                                                                                                                     |   |   |   |   |   |
|                   | Land                                                                       |                                                                                                                             | $         | 135,708                                                                                                                  |   |   | $ | 135,689 |   |
|                   | Buildings, improvements and fixtures                                       |                                                                                                                             |      | 1,343,854                                                                                                                |   |   |   | 1,260,243 |   |
|                   | Construction in progress                                                   |                                                                                                                             |      | ---                                                                                                                      |   |   |   | 3,823 |   |
|                   |                                                                       |                                                                                                                             | 1,479,562 |                                                                                                                     |   |   | 1,399,755 |   |
|                   | Accumulated depreciation                                                   |                                                                                                                             |      | (379,412                                                                                                                 | ) |   |   | (359,301 | ) |
|                   | Rental property, net                                                       |                                                                                                                             |      | 1,100,150                                                                                                                |   |   |   | 1,040,454 |   |
|                   | Cash and cash equivalents                                                  |                                                                                                                             |      | 5,112                                                                                                                    |   |   |   | 4,952 |   |
|                   | Investments in unconsolidated joint ventures                               |                                                                                                                             |      | 9,808                                                                                                                    |   |   |   | 9,496 |   |
|                   | Deferred charges, net                                                      |                                                                                                                             |      | 43,746                                                                                                                   |   |   |   | 37,750 |   |
|                   | Other assets                                                               |                                                                                                                             |      | 30,945                                                                                                                   |   |   |   | 28,987 |   |
|                   |                                                                       | Total assets                                                                                                                     |      | $                                                                                                                        | 1,189,761 |   |   | $ | 1,121,639 |   |
| LIABILITIES AND EQUITY |
| Liabilities            |                                                                       |                                                                                                                             |      |                                                                                                                     |   |   |   |   |
|                   |                                                                       | Debt                                                                                                                             |      |                                                                                                                     |   |   |   |   |   |   |
|                   | Senior, unsecured notes (net of discount of $975 and $9,137, respectively) |                                                                                                                             | $         | 256,235                                                                                                                  |   |   | $ | 390,363 |   |
|                   | Mortgage payable (including a debt discount of $862 and $0, respectively)  |                                                                                                                             |      | 34,938                                                                                                                   |   |   |   | --- |   |
|                   | Unsecured term loan                                                        |                                                                                                                             |      | 235,000                                                                                                                  |   |   |   | 235,000 |   |
|                   | Unsecured lines of credit                                                  |                                                                                                                             |      | 188,250                                                                                                                  |   |   |   | 161,500 |   |
|                   |                                                                       |                                                                                                                             |      | 714,423                                                                                                                  |   |   |   | 786,863 |   |
|                   | Construction trade payables                                                |                                                                                                                             |      | 6,327                                                                                                                    |   |   |   | 11,968 |   |
|                   | Accounts payable and accrued expenses                                      |                                                                                                                             |      | 24,239                                                                                                                   |   |   |   | 25,991 |   |
|                   | Other liabilities                                                          |                                                                                                                             |      | 32,152                                                                                                                   |   |   |   | 30,914 |   |
|                   |                                                                       |  Total liabilities                                                                                                          |      |                                                                                                                     | 777,141 |   |   |   | 855,736 |   |
| Commitments            |                                                                       |                                                                                                                             |      |                                                                                                                     |   |   |   |   |
| Partners’ Equity |                                                                       |                                                                                                                             |      |                                                                                                                     |   |   |   |   |
|                   | General partner                                                            |                                                                                                                             |      | (115                                                                                                                     | ) |   |   | (259 | ) |
|                   | Limited partners                                                      |                                                                                                                             |      | 420,963                                                                                                                  |   |   |   | 277,642 |   |
|                   | Accumulated other comprehensive loss                                       |                                                                                                                             |      | (8,228                                                                                                                   | ) |   |   | (11,480 | ) |
|                   |                                                                       | Total partners’ equity                                                                                                     |      |                                                                                                                     | 412,620 |   |   |   | 265,903 |   |
|                   |                                                                       |                                                                                                                             |      | Total liabilities and partners’ equity                                                                             |   | $ | 1,189,761 |   |   | $ | 1,121,639 |   |

----

|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |
|--------------------------------------------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                         |                                     |                       Three months ended |   |                     Six months ended                |
|                                                         |                                     |                      June 30,                 |   |                        June 30, |
|                                                         |                                     |                  2009                                                  |   |                    2008                                  |   |                  2009 |   |                  2008 |
| Revenues                                                     |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   | (as adjusted)  |   |   |   |   |   |   |   | (as adjusted)  |   |   |
|                                                         | Base rentals                             | $                                                                                                                                                 | 43,425 |                                                                                                                                               |   | $ | 38,623 |   |   | $ | 86,352 |   |   | $ | 75,855 |   |   |
|                                                         | Percentage rentals                       |                                                                                                                                              |   | 940                                                                                                                                                |   |   |   | 1,120 |   |   |   | 2,248 |   |   |   | 2,298 |   |   |
|                                                         | Expense reimbursements                   |                                                                                                                                              |   | 18,374                                                                                                                                             |   |   |   | 15,692 |   |   |   | 37,593 |   |   |   | 33,170 |   |   |
|                                                         | Other income                             |                                                                                                                                              |   | 1,928                                                                                                                                              |   |   |   | 1,570 |   |   |   | 3,632 |   |   |   | 2,958 |   |   |
|                                                         | Total revenues                           |                                                                                                                                              |   | 64,667                                                                                                                                             |   |   |   | 57,005 |   |   |   | 129,825 |   |   |   | 114,281 |   |   |
|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                     |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Property operating                       |                                                                                                                                              |   | 20,794                                                                                                                                             |   |   |   | 17,525 |   |   |   | 42,542 |   |   |   | 36,744 |   |   |
|                                                         | General and administrative               |                                                                                                                                              |   | 5,820                                                                                                                                              |   |   |   | 5,677 |   |   |   | 11,755 |   |   |   | 10,948 |   |   |
|                                                         | Depreciation and amortization            |                                                                                                                                              |   | 19,652                                                                                                                                             |   |   |   | 14,690 |   |   |   | 40,049 |   |   |   | 30,273 |   |   |
|                                                         | Impairment charge                        |                                                                                                                                              |   | 5,200                                                                                                                                              |   |   |   | --- |   |   |   | 5,200 |   |   |   | --- |   |   |
|                                                         | Total expenses                           |                                                                                                                                              |   | 51,466                                                                                                                                             |   |   |   | 37,892 |   |   |   | 99,546 |   |   |   | 77,965 |   |   |
| Operating income                                             |                                     |                                                                                                                                              | 13,201 |                                                                                                                                               |   |   | 19,113 |   |   |   | 30,279 |   |   |   | 36,316 |   |   |
| Interest expense                                             |                                     |                                                                                                                                              | (9,564 | )                                                                                                                                                  |   |   | (10,143 | ) |   |   | (20,774 | ) |   |   | (20,342 | ) |   |
| Gain on early extinguishment of debt                         |                                     |                                                                                                                                              | 10,467 |                                                                                                                                               |   |   | --- |   |   |   | 10,467 |   |   |   | --- |   |   |
| Gain on fair value measurement of previously held            |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | interest in acquired joint venture       |                                                                                                                                              |   | ---                                                                                                                                                |   |   |   | --- |   |   |   | 31,497 |   |   |   | --- |   |   |
| Loss on settlement of US treasury rate locks                 |                                     |                                                                                                                                              | ---    |                                                                                                                                               |   |   | (8,910 | ) |   |   | --- |   |   |   | (8,910 | ) |   |
| Income before equity in earnings (losses) of                 |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | unconsolidated joint ventures            |                                                                                                                                              |   | 14,104                                                                                                                                             |   |   |   | 60 |   |   |   | 51,469 |   |   |   | 7,064 |   |   |
| Equity in earnings (losses) of unconsolidated joint ventures |                                     |                                                                                                                                              | (517   | )                                                                                                                                                  |   |   | 558 |   |   |   | (1,414 | ) |   |   | 952 |   |   |
| Net income                                                   |                                     |                                                                                                                                              | 13,587 |                                                                                                                                               |   |   | 618 |   |   |   | 50,055 |   |   |   | 8,016 |   |   |
| Income available to limited partners                         |                                     |                                                                                                                                              | 13,496 |                                                                                                                                               |   |   | 624 |   |   |   | 49,682 |   |   |   | 7,973 |   |   |
| Income available to general partner                          | $                                        |                                                                                                                                              | 91     |                                                                                                                                               |   | $ | (6 | ) |   | $ | 373 |   |   | $ | 43 |   |   |
|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per common unit                               |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Income (loss) from continuing operations | $                                                                                                                                                 | .59    |                                                                                                                                               |   | $ | (.05 | ) |   | $ | 2.40 |   |   | $ | .26 |   |   |
|                                                         | Net income (loss)                        | $                                                                                                                                                 | .59    |                                                                                                                                               |   | $ | (.05 | ) |   | $ | 2.40 |   |   | $ | .26 |   |   |
|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per common unit                             |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         | Income (loss) from continuing operations | $                                                                                                                                                 | .59    |                                                                                                                                               |   | $ | (.05 | ) |   | $ | 2.40 |   |   | $ | .26 |   |   |
|                                                         | Net income (loss)                        | $                                                                                                                                                 | .59    |                                                                                                                                               |   | $ | (.05 | ) |   | $ | 2.40 |   |   | $ | .26 |   |   |
|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution paid per common unit                            | $                                        | .765                                                                                                                                              |   |                                                                                                                                               | $ | .760 |   |   | $ | 1.525 |   |   | $ | 1.480 |   |   |
|                                                         |                                     |                                                                                                                                              |   |                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                 |                                                                                     |                                                                    |                                                |    |    |    |   |     |    |    |   |   |
|----------------------|------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|-----------------------------------------------------|---------|---------|---------|--------|----------|---------|---------|--------|--------|
|                 |                                                                                     | Six Months Ended                                                        |                                                |
|                 |                                                                                     | June 30,                                                                |                                                |
|                 |                                                                                     | 2009                                                                    |                                                |    | 2008    |    |
|                 |                                                                                     |   (as adjusted)                                               |                                                |
| OPERATING ACTIVITIES |                                                                                     |                                                                    |                                                |    |    |    |   |     |
|                 | Net income                                                                               |                                                                    | $                                                   | 50,055  |    |    | $      | 8,016    |    |
|                 | Adjustments to reconcile net income to net cash                                          |                                                                    |                                                |    |    |    |   |     |    |
|                 |                                                                                     | provided by operating activities:                                       |                                                |    |    |    |   |     |    |    |
|                 |                                                                                     | Depreciation and amortization                                           |                                                |    | 40,049  |    |   |     | 30,273  |    |
|                 |                                                                                     | Impairment charge                                                       |                                                |    | 5,200   |    |   |     | ---     |    |
|                 |                                                                                     | Amortization of deferred financing costs                                |                                                |    | 822     |    |   |     | 714     |    |
|                 |                                                                                     | Gain on early extinguishment of convertible debt                        |                                                |    | (10,467 | )       |   |     | ---     |    |
|                 |                                                                                     | Gain on fair value measurement of previous interest held in acquired    |                                                |    |    |    |   |     |    |    |
|                 |                                                                                     |                                                                    | joint venture                                       |    |    | (31,497 | )      |     |    | ---     |   |
|                 |                                                                                     | Loss on settlement of US treasury rate locks                            |                                                |    | ---     |    |   |     | 8,910   |    |
|                 |                                                                                     | Equity in earnings (losses) of unconsolidated joint ventures            |                                                |    | 1,414   |    |   |     | (952    | )       |
|                 |                                                                                     | Compensation expense related to restricted units                        |                                                |    |    |    |   |     |    |    |
|                 |                                                                                     |                                                                    | and options granted                                 |    |    | 2,889   |   |     |    | 2,620   |   |
|                 |                                                                                     | Amortization of debt premiums and discount, net                         |                                                |    | 994     |    |   |     | 190     |    |
|                 |                                                                                     | Distributions of cumulative earnings from unconsolidated joint ventures |                                                |    | 360     |    |   |     | 1,770   |    |
|                 |                                                                                     | Net accretion of market rent rate adjustment                            |                                                |    | (43     | )       |   |     | (93     | )       |
|                 |                                                                                     | Straight-line base rent adjustment                                      |                                                |    | (1,534  | )       |   |     | (1,874  | )       |
|                 | Increase (decrease) due to changes in:                                                   |                                                                    |                                                |    |    |    |   |     |    |
|                 |                                                                                     | Other assets                                                            |                                                |    | 1,913   |    |   |     | 1,016   |    |
|                 |                                                                                     | Accounts payable and accrued expenses                                   |                                                |    | (2,373  | )       |   |     | (14,353 | )       |
|                 |                                                                                     |                                                                    | Net cash provided by operating activities           |    |    | 57,782  |   |     |    | 36,237  |   |
| INVESTING ACTIVITIES |                                                                                     |                                                                    |                                                |    |    |    |   |     |
|                 | Additions to rental property                                                             |                                                                    |                                                | (20,962 | )       |    |   | (61,571  | )       |
|                 | Acquisition of remaining interests in unconsolidated joint venture, net of cash acquired |                                                                    |                                                | (31,086 | )       |    |   | ---      |    |
|                 | Additions to investments in unconsolidated joint ventures                                |                                                                    |                                                | ---     |    |    |   | (1,527   | )       |
|                 | Additions to deferred lease costs                                                        |                                                                    |                                                | (2,369  | )       |    |   | (2,106   | )       |
|                 |                                                                                     |                                                                    | Net cash used in investing activities               |    |    | (54,417 | )      |     |    | (65,204 | )      |
| FINANCING ACTIVITIES |                                                                                     |                                                                    |                                                |    |    |    |   |     |
|                 | Cash distributions paid                                                                  |                                                                    |                                                | (31,670 | )       |    |   | (30,568  | )       |
|                 | Proceeds from debt issuances                                                             |                                                                    |                                                | 109,200 |    |    |   | 600,120  |    |
|                 | Repayments of debt                                                                       |                                                                    |                                                | (82,450 | )       |    |   | (543,378 | )       |
|                 | Proceeds from tax incremental financing                                                  |                                                                    |                                                | 944     |    |    |   | 1,837    |    |
|                 | Additions to deferred financing costs                                                    |                                                                    |                                                | ---     |    |    |   | (2,081   | )       |
|                 | Proceeds from exercise of options                                                        |                                                                    |                                                | 771     |    |    |   | 1,718    |    |
|                 |                                                                                     |                                                                    | Net cash provided by (used in) financing activities |    |    | (3,205  | )      |     |    | 27,648  |   |
|                 | Net increase (decrease) in cash and cash equivalents                                     |                                                                    |                                                | 160     |    |    |   | (1,319   | )       |
|                 | Cash and cash equivalents, beginning of period                                           |                                                                    |                                                | 4,952   |    |    |   | 2,393    |    |
|                 | Cash and cash equivalents, end of period                                                 |                                                                    | $                                                   | 5,112   |    |    | $      | 1,074    |    |

----

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

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

EITF03-6-1 on January 1, 2009, as discussed below. 

----

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

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

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

| d.   | The revised diluted earnings per common unit for the three and six months ended June 30, 2008 were reduced by $.03 and $.07 per unit, respectively, from their originally recorded amounts. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | As of   June 30,2009    | As of        December 31,2008         |
|----------------------------------|--------|--------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
| Equity component carrying amount | $0.7   | $15.0                                            |
| Unamortized debt discount        | $0.3   | $8.5                                             |
| Net debt carrying amount         | $6.9   | $141.0                                           |

|                        |   | Three Months Ended                                 |         Six Months Ended |
|-----------------------------|--------|----------------------------------------------------|------------------------------------------------------------------|
|                        |   |        June 30, |         June 30,         |
|                        |   | 2009                                               | 2008                                                             | 2009 | 2008 |
| FSP 14-1 non-cash interest  |   | $   313                             | $    647                                     | $  1,044 | $  1,298 |
| Contractual coupon interest |   | $   616                             | $ 1,402                                                          | $  2,018 | $  2,803 |

----

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

03-6-1”).  FSP 03-6-1 addresses whetherinstruments granted in share-based payment awards are participating securities prior to vesting, and therefore, need to be included in the earnings allocation when computing earnings per unit under the two-class method as described in SFAS No. 128. In accordance with FSP 03-6-1, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included inthe computation of earnings per unit pursuant to the two-class method.  Upon adoption, all prior-period earnings per unit data are required to be adjusted retrospectively.  The impact upon retrospective application was a decrease of $.01 and $.02 per unit for the three and six months ended June 30, 2008, respectively. 

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

----

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

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

----

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

| 5.   | Investments in Unconsolidated Real Estate Joint Ventures |
|----------------|----------------------------------------------------------|

|   Joint Venture |   Center Location      |   Opening Date |   Ownership % |   Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt(in millions) |
|---------------------------|----------------------------------|--------------------------|-------------------------|-------------------------|--------------------------------------------|---------------------------------------|
|  Deer Park           | Deer Park, Long Island, New York | 2008                     |  33.3%             | 684,851                 |  $4.2                                 |  $262.9                          |
|                      |                             |                     |                    |                    |                                       |                                  |
|  Wisconsin Dells     | Wisconsin Dells, Wisconsin       |  2006               |  50%               |  264,929           |  $5.6                                 |  $25.3                           |
|                      |                             |                     |                    |                    |                                       |                                  |

|       |                   |                              Three Months Ended |                               Six Months Ended     |
|------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                   |                             June 30,                 |                                 June 30, |
|       |                   | 2009                                                                                                                                                                                        | 2008                                                                                                                                                                                                | 2009 | 2008 |
| Fee:       |                   |                                                                                                                                                                                        |                                                                                                                                                                                                |   |   |
|       | Management and leasing | $   494                                                                                                                                                                      |  $   264                                                                                                                                                                        | $     965 | $   492 |
|       | Marketing              |                                                                                                                                                                                        | 40                                                                                                                                                                                                  | 31 | 79 | 65 |
| Total Fees |                   | $   534                                                                                                                                                                      | $   295                                                                                                                                                                              | $  1,044 | $   557 |

----

|                                                                    |                                        |                                                                                                        |
|-------------------------------------------------------------------------|---------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|  Summary Balance Sheets – Unconsolidated Joint Ventures | As of   June 30,2009    | As of        December 31,2008         |
| Assets                                                                  |                                        |                                                                                                        |
|                                                                    | Investment properties at cost, net          | $  291,166                                                                                        | $  323,546 |
|                                                                    | Cash and cash equivalents                   | 5,880                                                                                                       | 5,359 |
|                                                                    | Deferred charges, net                       | 5,685                                                                                                       | 7,025 |
|                                                                    | Other assets                                | 4,549                                                                                                       | 6,324 |
|                                                                    |                                        | Total assets                                                                                                | $307,280 | $  342,254 |
| Liabilities and Owners’ Equity                                    |                                        |                                                                                                        |
|                                                                    | Mortgages payable                           | $  288,169                                                                                        | $  303,419 |
|                                                                    | Construction trade payables                 | 1,651                                                                                                       | 13,641 |
|                                                                    | Accounts payable and other liabilities (1)  | 1,825                                                                                                       | 9,479 |
|                                                                    |                                        | Total liabilities                                                                                           | 291,645 | 326,539 |
| Owners’ equity (1)                                                | 15,635                                      | 15,715                                                                                                      |
| Total liabilities and owners’ equity                              | $307,280                                    | $  342,254                                                                                        |

|   | (1) Includes the fair value of interest rate swap agreements at Deer Park and Myrtle Beach Hwy 17 totaling $5.6 million as of December 31, 2008 as an increase in 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      | 2009                                                                                                                                                                | 2008                                                                                                                                          | 2009 | 2008 |
|                               |                                                                                                                                                                |                                                                                                                                          |   |   |
| Revenues                           | $    8,431                                                                                                                                      | $ 5,031                                                                                                                                       | $  16,955 | $  9,788 |
|                               |                                                                                                                                                                |                                                                                                                                          |   |   |
| Expenses                           |                                                                                                                                                                |                                                                                                                                          |   |   |
|                               | Property operating                                                                                                                                                  | 3,611                                                                                                                                         | 1,720 | 7,858 | 3,522 |
|                               | General and administrative                                                                                                                                          | 117                                                                                                                                           | 79 | 306 | 98 |
|                               | Depreciation and amortization                                                                                                                                       | 3,358                                                                                                                                         | 1,344 | 6,532 | 2,689 |
| Total expenses                     | 7,086                                                                                                                                                               | 3,143                                                                                                                                         | 14,696 | 6,309 |
| Operating income                   | 1,345                                                                                                                                                               | 1,888                                                                                                                                         | 2,259 | 3,479 |
| Interest expense                   | 3,079                                                                                                                                                               | 820                                                                                                                                           | 6,810 | 1,660 |
| Net income (loss)                  | $   (1,734)                                                                                                                                          | $    1,068                                                                                                                | $  (4,551) | $ 1,819 |
|                               |                                                                                                                                                                |                                                                                                                                          |   |   |
| Tanger’s share of:           |                                                                                                                                                                |                                                                                                                                          |   |   |
| Net income (loss)                  | $      (517)                                                                                                                          | $    558                                                                                                                  | $     (1,414) | $    952 |
| Depreciation (real estate related) | 1,223                                                                                                                                                               | 651                                                                                                                                           | 2,389 | 1,303 |

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

----

| 7.   | Other Comprehensive Income |
|----------------|----------------------------|

|                       |                        |              Three Months Ended |                  Six Months Ended |
|----------------------------|-----------------------------|----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|                       |                        |              June 30,      |                   June 30,   |
|                       |                        | 2009                                                                                   | 2008                                                                                                              | 2009 | 2008 |
| Net income                 | $13,587                     | $ 618                                                                                  | $50,055                                                                                                           | $ 8,106 |
|                       | Other comprehensive income: |                                                                                   |                                                                                                              |   |   |
|                       |                        | Reclassification adjustment for amortization of gain on 2005                           |                                                                                                              |   |   |   |
|                       |                        |                                                                                   | settlement of US treasury rate lock included in net income                                                        | (73) | (69) | (145) | (137) |
|                       |                        |                                                                                   |                                                                                                              |   |   |   |
|                       |                        | Reclassification adjustment for termination of US treasury rate locks                  | ---                                                                                                               | 17,760 | --- | 17,760 |
|                       |                        |                                                                                   |                                                                                                              |   |   |   |
|                       |                        | Change in fair value of treasury rate locks                                            | ---                                                                                                               | --- | --- | (9,006) |
|                       |                        |                                                                                   |                                                                                                              |   |   |   |
|                       |                        | Change in fair value of cash flow hedges                                               | 1,331                                                                                                             | --- | 1,261 | --- |
|                       |                        |                                                                                   |                                                                                                              |   |   |   |
|                       |                        | Change in fair value of our portion of our                                             |                                                                                                              |   |   |   |
|                       |                        |                                                                                   | unconsolidated joint ventures’ cash flow hedges                                                             | 696 | 986 | 2,136 | (220) |
|                       |                        |                                                                                   |                                                                                                              | Other comprehensive income | 1,954 | 18,677 | 3,252 | 8,397 |
| Total comprehensive income | 15,541                      | 19,295                                                                                 | 53,307                                                                                                            | 16,503 |

|                          |   |                        Three Months Ended   | Six Months Ended         |
|-------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
|                          |   |                          June 30, | June 30,                 |
|                          |   | 2009                                                                                                                                                      | 2008                     | 2009 | 2008 |
| Restricted units              |   | $     1,567                                                                                                                      | $   1,340 | $  2,811 | $  2,512 |
| Options                       |   | 25                                                                                                                                                        | 56                       | 78 | 108 |
| Total unit based compensation |   | $     1,592                                                                                                                      | $   1,396 | $  2,889 | $  2,620 |

----

| 9.   | Earnings Per Unit |
|----------------|-------------------|

|                             |                                                    |                Three Months Ended |             Six Months Ended |
|----------------------------------|---------------------------------------------------------|----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|
|                             |                                                    |              June 30,                  |            June 30,               |
|                             |                                                    | 2009                                                                                               | 2008                                                                                | 2009 | 2008 |
| Numerator                        |                                                    |                                                                                               |                                                                                |   |   |
|                             | Net income                                              |                                                                                               |   $  13,587                                                     | $     618 | $  50,055 | $  8,016 |
|                             | Less applicable preferred unit distributions            |                                                                                               | (1,407)                                                                             | (1,407) | (2,813) | (2,813) |
|                             | Less allocation of earnings to participating securities |                                                                                               |       (208)                                           | (195) | (618) |   (334) |
|                             | Net income (loss) available to common unitholders       |                                                                                               | 11,972                                                                              | (984) | 46,624 | 4,869 |
| Denominator                      |                                                    |                                                                                               |                                                                                |   |   |
|                             | Basic weighted average common units                     |                                                                                               | 20,158                                                                              | 18,567 | 19,417 | 18,545 |
|                             | Effect of Exchangeable Notes                            |                                                                                               | ---                                                                                 | 112 | --- | 112 |
|                             | Effect of outstanding options                           |                                                                                               | 39                                                                                  | 77 | 40 | 81 |
|                             | Diluted weighted average common units                   |                                                                                               | 20,197                                                                              | 18,756 | 19,457 | 18,738 |
|                             |                                                    |                                                                                               |                                                                                |   |   |
| Basic earnings per common unit   |                                                    |                                                                                               |                                                                                |   |   |
|                             | Income (loss) from continuing operations                |                                                                                               | $       .59                                      | $       (.05) | $     2.40 | $      .26 |
|                             | Net income (loss)                                       |                                                                                               | $       .59                                      | $       (.05) | $     2.40 | $      .26 |
|                             |                                                    |                                                                                               |                                                                                |   |   |
| Diluted earnings per common unit |                                                    |                                                                                               |                                                                                |   |   |
|                             | Income (loss) from continuing operations                |                                                                                               | $        .59                                | $       (.05) | $     2.40 | $      .26 |
|                             | Net income (loss)                                       |                                                                                               | $        .59                                | $       (.05) | $     2.40 | $      .26 |
|                             |                                                    |                                                                                               |                                                                                |   |   |

|               | 2009             |       | 2008       |
|--------------------|------------------|------------|------------|
| Preferred units:   |             |       |       |
|               | Limited partner  | 3,000,000  |       | 3,000,000 |
|               |             |       |       |   |
| Common units:      |             |       |       |
|               | General partner  | 150,000    |       | 150,000 |
|               | Limited partners | 21,274,395 |       | 18,717,056 |
| Total common units | 21,424,395       |       | 18,867,056 |
|               |             |       |       |   |

----

|                                  |                   | Liability Derivatives |
|---------------------------------------|------------------------|-----------------------|
|                                  |                   |                  |               As of |   |                 As of |   |
|                                  |                   |                  |             June 30, 2009 |   |                December 31, 2008 |   |
|                                  |  Notional amounts |                  | Balancesheet   location |  Fair  value |   | Balancesheet   location |  Fair  value |   |
| Derivatives designated as hedging     |                   |                  |   |   |   |   |   |   |
| instruments under Statement 133       |                   |                  |   |   |   |   |   |   |
|  Interest rate swap agreements   |  $235.0           |                  | Other    liabilities |  $10.5 |   | Other    liabilities |  $11.7 |   |
|                                  |                   |                  |   |   |   |   |   |   |
| Derivatives not designated as hedging |                   |                  |   |   |   |   |   |   |
| Instruments under Statement 133 (1)   |                   |                  |   |   |   |   |   |   |
|  Interest rate swap agreement    |  35.0             |                  | Other    liabilities |  1.1 |   |  N/A |  N/A |   |
| Total derivatives                     | $270.0                 |                  |   | $11.6 |   |   | $11.7 |   |
|                                  |                   |                  |   |   |   |   |   |   |

----

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

|                                                                                            |   |                                                          |
|-------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                                                                                            |   | Fair Value Measurements at Reporting Date Using (in millions) |
|                                                                                            |   | Quoted prices                                                 |   |   |
|                                                                                            |   | in active markets                                             | Significant other | Significant |
|                                                                                            |   | for identical assets                                          | observable inputs | unobservable inputs |
|                                                                                            |   | Level 1                                                       | Level 2 | Level 3 |
| Liabilities:                                                                                    |   |                                                          |   |   |
| Derivative financial instruments (1)                                                            |   | ---                                                           | $(11.6) | --- |
|                                                                                            |   |                                                          |   |   |
| (1) Included in “Other liabilities” in the accompanying consolidated balance sheet. |
|                                                                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Fair Value Measurements at Reporting Date Using (in millions) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Quoted prices                                                 |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | in active markets                                             | Significant other | Significant |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | for identical assets                                          | observable inputs | unobservable inputs |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Level 1                                                       | Level 2 | Level 3 |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                          |   |   |
| Long lived assets held and used (1)                                                                                                                                                                                                                                                                                                                                                                                                                               |   | ---                                                           | --- | $2.0 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                          |   |   |
| (1) In accordance with FAS 144, long-lived assets held and used with a carrying amount of $7.2 million were written down to their fair value of $2.0 million, resulting in an impairment charge of $5.2 million, which was included in earningsfor the three and six months ended June 30, 2009.  The new basis is included in “Land” and “Building, improvements and fixtures” in the accompanying consolidated balance sheet. |

----

 FAS 167, which requires ongoing assessments to determine whether an entity is a variable entity and requires qualitative analysis to determine whether an enterprise’s variable interest(s) give it a controllingfinancial interest in a variable interest entity. In addition, FAS 167 requires enhanced disclosures about an enterprise’s involvement in a variable interest entity. FAS 167 is effective for the fiscal year that begins after November 15, 2009. We are currently evaluating the impact FAS 167 may have on our financial position, results of operations and disclosures. 

----

|                |             | No. of    Centers | Square Feet(000’s) |  States |
|---------------------|------------------|---------------------------------------|--------------------------|--------------|
| As of June 30, 2008 |             | 29                                    | 8,453                    | 21           |
|                | New development: |                                  |                     |         |   |
|                |             | Washington, Pennsylvania              |                     | 1            | 371 | --- |
|                | Expansion:       |                                  |                     |         |   |
|                |             | Commerce II, Georgia                  |                     | ---          | 23 | --- |
|                | Acquisition:     |                                  |                     |         |   |
|                |             | Myrtle Beach Hwy 17, South Carolina   |                     | 1            | 402 | --- |
|                | Other            |                                  | ---                      | (8)          | --- |
| As of June 30, 2009 |             | 31                                    | 9,241                    | 21           |

----

| Location                                    | Square           |   |               %                                                                                                                                         |
|---------------------------------------------|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Wholly Owned Properties                     | Feet   |   |               Occupied                                                                                                                                  |
| Riverhead, New York (1)                     | 729,315          |   | 98                                                                                                                                                                                                                       |   |   |
| Rehoboth Beach, Delaware (1)                | 568,868          |   | 99                                                                                                                                                                                                                       |   |   |
| Foley, Alabama                              | 557,185          |   | 91                                                                                                                                                                                                                       |   |   |
| San Marcos, Texas                           | 442,006          |   | 99                                                                                                                                                                                                                       |   |   |
| Myrtle Beach Hwy 501, South Carolina        | 426,417          |   | 88                                                                                                                                                                                                                       |   |   |
| Sevierville, Tennessee (1)                  | 419,038          |   | 100                                                                                                                                                                                                                      |   |   |
| Myrtle Beach Hwy 17, South Carolina (1) (2) | 402,442          |   | 99                                                                                                                                                                                                                       |   |   |
| Hilton Head, South Carolina                 | 388,094          |   | 85                                                                                                                                                                                                                       |   |   |
| Washington, Pennsylvania(3)                 | 370,525          |   | 86                                                                                                                                                                                                                       |   |   |
| Commerce II, Georgia                        | 370,512          |   | 95                                                                                                                                                                                                                       |   |   |
| Charleston, South Carolina                  | 352,315          |   | 95                                                                                                                                                                                                                       |   |   |
| Howell, Michigan                            | 324,631          |   | 94                                                                                                                                                                                                                       |   |   |
| Branson, Missouri                           | 302,992          |   | 100                                                                                                                                                                                                                      |   |   |
| Park City, Utah                             | 298,379          |   | 99                                                                                                                                                                                                                       |   |   |
| Locust Grove, Georgia                       | 293,868          |   | 97                                                                                                                                                                                                                       |   |   |
| Westbrook, Connecticut                      | 291,051          |   | 91                                                                                                                                                                                                                       |   |   |
| Gonzales, Louisiana                         | 282,403          |   | 100                                                                                                                                                                                                                      |   |   |
| Williamsburg, Iowa                          | 277,230          |   | 96                                                                                                                                                                                                                       |   |   |
| Lincoln City, Oregon                        | 270,280          |   | 99                                                                                                                                                                                                                       |   |   |
| Tuscola, Illinois                           | 256,469          |   | 79                                                                                                                                                                                                                       |   |   |
| Lancaster, Pennsylvania                     | 255,152          |   | 97                                                                                                                                                                                                                       |   |   |
| Tilton, New Hampshire                       | 245,563          |   | 97                                                                                                                                                                                                                       |   |   |
| Fort Myers, Florida                         | 198,950          |   | 92                                                                                                                                                                                                                       |   |   |
| Commerce I, Georgia                         | 185,750          |   | 63                                                                                                                                                                                                                       |   |   |
| Terrell, Texas                              | 177,800          |   | 94                                                                                                                                                                                                                       |   |   |
| Barstow, California                         | 171,300          |   | 100                                                                                                                                                                                                                      |   |   |
| West Branch, Michigan                       | 112,120          |   | 96                                                                                                                                                                                                                       |   |   |
| Blowing Rock, North Carolina                | 104,235          |   | 100                                                                                                                                                                                                                      |   |   |
| Nags Head, North Carolina                   | 82,178           |   | 97                                                                                                                                                                                                                       |   |   |
| Kittery I, Maine                            | 59,694           |   | 100                                                                                                                                                                                                                      |   |   |
| Kittery II, Maine                           | 24,619           |   | 100                                                                                                                                                                                                                      |   |   |
| Totals                                      | 9,241,381        |   |                                     95(3) |   |
|                                        |             |   |                                                                                                                                                                                                                     |   |   |

| Unconsolidated Joint Ventures |    |   |   |
|-------------------------------|---------|--------|--------|
| Deer Park, New York (4)       | 684,851 |   | 80     |
| Wisconsin Dells, Wisconsin    | 264,929 |   | 98     |

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

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

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

| (4)   | Includes a 29,253 square foot warehouse adjacent to the shopping center. |
|-----------------|--------------------------------------------------------------------------|

----

----

----

----

----

----

|   Joint Venture |   Center Location      |  Opening Date |  Ownership % |  Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt(in millions) |
|---------------------------|----------------------------------|--------------------|------------------------|-------------------|-------------------------------------------------|---------------------------------------|
|  Deer Park           | Deer Park, Long Island, New York | 2008               |  33.3%            | 684,851           |  $4.2                                      |  $262.9                          |
|                      |                             |               |                   |              |                                            |                                  |
|  Wisconsin Dells     | Wisconsin Dells, Wisconsin       |  2006         |  50%              |  264,929     |  $5.6                                      |  $25.3                           |
|                      |                             |               |                   |              |                                            |                                  |

| Joint Venture   | Our Portion of Joint Venture Debt | Maturity Date | Interest Rate       |
|-----------------|-----------------------------------|---------------|---------------------|
| Deer Park       | $87,640                           | 5/17/2011(1)  | Libor + 1.375-3.50% |
| Wisconsin Dells | $12,625                           | 2/24/2010     | Libor + 1.30%       |

| (1)   | The Deer Park mortgage has a one-year extension option which is exercisable at the May 17, 2011 initial maturity date. |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

----

|       |                   |                           Three Months Ended |                             Six Months Ended           |
|------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                   |                        June 30,                             |                                June 30, |
|       |                   | 2009                                                                                                                                                                      | 2008                                                                                                                                                                                          | 2009 | 2008 |
| Fee:       |                   |                                                                                                                                                                      |                                                                                                                                                                                          |   |   |
|       | Management and leasing | $   494                                                                                                                                                    |  $   264                                                                                                                                                                  | $   965 | $   492 |
|       | Marketing              |                                                                                                                                                                      | 40                                                                                                                                                                                            | 31 | 79 | 65 |
| Total Fees |                   | $   534                                                                                                                                                    | $   295                                                                                                                                                                        | $   1,044 | $   557 |

----

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

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

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

| §   | FFO, 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,                                                                                                                       |
|                                                  |                                                          |                    2009 |   |                       2008 |   |               2009 |   |                   2008 |
| FUNDS FROM OPERATIONS                                 |                                                          |                                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | Net income                                                    |                                                                                                              | $      | 13,587                                                                                                                              |   |   | $ | 618 |   |   | $ | 50,055 |   |   | $ | 8,016 |   |   |
|                                                  | Adjusted for:                                                 |                                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | Depreciation and amortization uniquely significant to         |                                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | real estate – wholly-owned                              |                                                                                                              |   | 19,530                                                                                                                              |   |   |   | 14,608 |   |   |   | 39,808 |   |   |   | 30,116 |   |   |
|                                                  | Depreciation and amortization uniquely significant to         |                                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | real estate – unconsolidated joint ventures             |                                                                                                              |   | 1,223                                                                                                                               |   |   |   | 651 |   |   |   | 2,389 |   |   |   | 1,303 |   |   |
|                                                  | Gain on fair value measurement of previously held interest in |                                                                                                              |   |                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | acquired joint venture                                        |                                                                                                              |   | ---                                                                                                                                 |   |   |   | --- |   |   |   | (31,497 | ) |   |   | --- |   |   |
| Funds from operations (FFO)                           |                                                          |                                                                                                              | 34,340 |                                                                                                                                |   |   | 15,877 |   |   |   | 60,755 |   |   |   | 39,435 |   |   |
| Preferred unit distributions                          |                                                          |                                                                                                              | (1,407 | )                                                                                                                                   |   |   | (1,407 | ) |   |   | (2,813 | ) |   |   | (2,813 | ) |   |
| Allocation of earnings to participating securities    |                                                          |                                                                                                              | (452   | )                                                                                                                                   |   |   | (197 | ) |   |   | (758 | ) |   |   | (448 | ) |   |
| Funds from operations available to common unitholders |                                                          | $                                                                                                                 | 32,481 |                                                                                                                                |   | $ | 14,273 |   |   | $ | 57,184 |   |   | $ | 36,174 |   |   |
| Weighted average units outstanding (1)                |                                                          |                                                                                                              | 20,197 |                                                                                                                                |   |   | 18,756 |   |   |   | 19,457 |   |   |   | 18,738 |   |   |

| (1)   | Includes the dilutive effect of options and Exchangeable Notes. |
|-----------------|-----------------------------------------------------------------|

----

----

----

| 12.1   | Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Chargesand Preferred Distributions.                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                 |
| 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. |

----

| 12.1 | Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions. |
|------|-----------------------------------------------------------------------------------------------------------------|

| 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. |
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| 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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