EXHIBIT 10.18

PROMISSORY NOTE
May 16, 2000

FOR VALUE RECEIVED, Steven B. Tanger (the "Maker" promises to pay to the
order of Tanger Properties Limited Partnership (the "Payee") the principal sum
of Eight Hundred Seventy-five Thousand Dollars ($875,000.00) or such lesser
amount as shall have been advanced by the Payee to the Maker from time to time
and shall remain unpaid plus interest upon unpaid principal from the date hereof
at the rate of eight percent (8%) per annum, said principal and interest being
payable in nineteen (19) quarterly installments of $53,500.00 each beginning on
August 15, 2000 and continuing on each November 15, February 15, May 15 and
August 15 thereafter and a final balloon payment of all unpaid interest and
principal on May 15, 2005.

Any payment on the indebtedness evidenced by this Note shall be applied
first to interest on the principal sum from time to time remaining unpaid and
the balance shall be applied in payment and reduction of the principal. Any past
due installment of principal shall bear interest at the rate above set out until
paid. After the indebtedness evidenced by this Note shall become due, whether by
acceleration or otherwise, such indebtedness shall bear interest at the highest
contract rate permitted by applicable law not to exceed 8% per annum.

The indebtedness evidenced by this Note is secured by a Collateral
Assignment of Limited Partnership Interest dated as of the same date as this
promissory note creating a security interest in Steven B. Tanger's 12.9929%
limited partnership interest in Tanger Investments Limited Partnership, a North
Carolina limited partnership.

In the event any installment of principal and interest is not paid when
due, the remaining unpaid principal of this Note and all accrued but unpaid
interest thereon shall immediately become due and payable, at the option of the
holder hereof. In the event this Note is placed with an attorney at law for
collection or enforcement, the undersigned agree to pay all costs of collection
or enforcement, including, without limitation, court costs and reasonable
attorneys' fees.

If any partial prepayments of the principal of this Note shall be permitted
by the holder, such prepayments shall be applied to the installments of
principal last maturing hereon.

All parties to this Note, including endorsers, sureties and guarantors, if
any, hereby waive presentment for payment, demand, protest, notice of
non-payment or of dishonor or of protest, and any and all other notices and
demands whatsoever, and agree to remain bound until the principal and interest
are paid in full notwithstanding any extensions of time for payment which may be
granted, even though the period of extension be indefinite, and not withstanding
any inaction by, or failure to assert any legal right available to the holder of
this Note.

IN TESTIMONY WHEREOF, each maker has executed this instrument under seal as
of the day and year first above written.

__________________________(SEAL)
Steven B. Tanger