Geographic Diversification				4
	Property Summary – Occupancy at End of Each Period Shown				5
	Portfolio Occupancy at the End of Each Period				6
	Major Tenants				7
	Lease Expirations as of March 31, 2009				8
	Leasing Activity				9

	Consolidated Balance Sheets				10
	Consolidated Statements of Operations				11
	FFO and FAD Analysis				12
	Unconsolidated Joint Venture Information				13
	Debt Outstanding Summary				16
	Future Scheduled Principal Payments				17
	Senior Unsecured Notes Financial Covenants				17
Investor Information					18

 

 

(1)

Excludes one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements.  Also, excludes one 655,699 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest in through a joint venture arrangement.

 

 

Deer Park, NY (3)	684,952	78%	78%	n/a	n/a	n/a
Wisconsin Dells, WI	264,929	97%	100%	99%	100%	100%

(1)	Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.

(2)	Excludes the occupancy rate at our Myrtle Beach Hwy 17, South Carolina center which was owned by an unconsolidated joint venture during those periods.  On January 5, 2009, we acquired the remaining 50% interest in the joint venture and the property became wholly-owned.

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

03/09    12/08    09/08     06/08    03/08     12/07    09/07    06/07    03/07

94%    97%    97%     96%     95%     98%     97%   97%      95%

 

 

(1)

Excludes one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements. Also, excludes one 655,699 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest in through a joint venture arrangement.

(2)	Excludes the occupancy rate at our Myrtle Beach Hwy 17, South Carolina center which was owned by an unconsolidated joint venture during those periods.  On January 5, 2009, we acquired the remaining 50% interest in the joint venture and the property became wholly-owned

(3)	Excludes the occupancy rate at our Charleston, South Carolina center which opened during the third quarter of 2006 and had not yet stabilized.

(4)	Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.

 

(1)

Excludes one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements.  Also, excludes one 655,699 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest in through a joint venture arrangement.

 

Percentage of Total Gross Leasable Area (1)

2009     2010     2011     2012        2013    2014    2015    2016       2017       2018      2019+

6.00%    17.00%    18.00%    18.00%    18.00%    9.00%      2.00%      2.00%    3.00%    4.00%    3.00%

Percentage of Total Annualized Base Rent (1)

(1)

Excludes one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements. Also, excludes one 655,699 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest in through a joint venture arrangement.

	03/31/09	06/30/09	09/30/09	12/31/09	Year to Date	Prior Year to Date
Re-tenanted Space:
Number of leases	51				51	73
Gross leasable area	188,153				188,153	279,014
New initial base rent per square foot	$24.75				$24.75	$23.03
Prior expiring base rent per square foot	$18.74				$18.74	$17.67
Percent increase	32.0%				32.0%	30.4%
New straight line base rent per square foot	$26.09				$26.09	$24.41
Prior straight line base rent per square foot	$18.31				$18.31	$17.23
Percent increase	42.4%				42.4%	41.7%
Renewed Space:
Number of leases	162				162	166
Gross leasable area	806,051				806,051	800,197
New initial base rent per square foot	$18.05				$18.05	$19.37
Prior expiring base rent per square foot	$16.20				$16.20	$16.94
Percent increase	11.4%				11.4%	14.3%
New straight line base rent per square foot	$18.42				$18.42	$20.04
Prior straight line base rent per square foot	$16.08				$16.08	$16.99
Percent increase	14.5%				14.5%	17.9%
Total Re-tenanted and Renewed Space:
Number of leases	213				213	239
Gross leasable area	994,204				994,204	1,079,211
New initial base rent per square foot	$19.32				$19.32	$20.32
Prior expiring base rent per square foot	$16.68				$16.68	$17.13
Percent increase	15.8%				15.8%	18.6%
New straight line base rent per square foot	$19.87				$19.87	$21.17
Prior straight line base rent per square foot	$16.50				$16.50	$17.05
Percent increase	20.4%				20.4%	24.1%

(1)

Excludes one 264,929 square foot center in Wisconsin Dells, WI, of which Tanger owns 50% interest in through joint venture arrangements. Also, excludes one 655,699 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest in through a joint venture arrangement.

 

 

 

 

	3/31/09	12/31/08	9/30/08	6/30/08	3/31/08		Tanger’s            Share as of              3/31/09
Assets
Investment properties at cost – net	$288,951	$323,546	$72,118	$73,033	$70,541		$101,947
Construction in progress	---	---	226,031	181,246	134,756		---
Cash and cash equivalents	13,195	5,359	4,104	3,896	2,708		4,823
Deferred charges – net	6,307	7,025	6,041	6,184	2,157		2,185
Other assets	4,399	6,324	7,853	7,894	8,613		1,565
Total assets	$312,852	$342,254	$316,147	$272,253	$218,775		$110,520
Liabilities & Owners’ Equity
Mortgage payable	$288,169	$303,419	$259,789	$215,028	$173,249		$100,265
Construction trade payables	3,356	13,641	26,750	28,129	20,736		1,152
Accounts payable & other liabilities	6,998	9,479	6,845	7,117	9,281		2,441
Total liabilities	298,523	326,539	293,384	250,274	203,266		103,858
Owners’ equity	14,329	15,715	22,763	21,979	15,509		6,662
Total liabilities & owners’ equity	$312,852	$342,254	$316,147	$272,253	$218,775		$110,520

	03/31/09	12/31/08	09/30/08	06/30/08	3/31/08		Tanger’s                 Share as of                  03/31/09
Assets
Investment properties at cost - net	$33,718	$34,068	$34,426	$34,965	$35,556		$16,859
Cash and cash equivalents	2,436	2,352	1,210	676	277		1,218
Deferred charges – net	493	528	575	640	706		247
Other assets	589	533	582	731	860		295
Total assets	$37,236	$37,481	$36,793	$37,012	$37,399		$18,619
Liabilities & Owners’ Equity
Mortgage payable	$25,250	$25,250	$25,250	$25,250	$25,250		$12,625
Construction trade payables	199	199	--	--	158		100
Accounts payable & other liabilities	654	816	725	727	591		327
Total liabilities	26,103	26,265	25,975	25,977	25,999		13,052
Owners’ equity	11,133	11,216	10,818	11,035	11,400		5,567
Total liabilities & owners’ equity	$37,236	$37,481	$36,793	$37,012	$37,399		$18,619

	03/31/09	12/31/08	09/30/08	06/30/08	03/31/08		Tanger’s                  Share as of                   03/31/09
Assets
Investment properties at cost - net	$   255,174	$  255,885	$   3,443	$   3,424	$        ---		$  85,058
Construction in progress	---	---	226,031	181,246	134,756		---
Cash and cash equivalents	10,645	2,093	1,141	1,851	1,395		3,548
Deferred charges – net	5,814	5,895	4,822	4,900	727		1,938
Other assets	3,810	3,632	5,039	4,828	5,489		1,270
Total assets	$275,443	$267,505	$240,476	$196,249	$142,367		$ 91,814
Liabilities & Owners’ Equity
Mortgage payable	$262,919	$242,369	$198,739	$153,978	$112,199		$ 87,640
Construction trade payables	3,157	13,182	25,859	27,185	19,846		1,052
Accounts payable & other liabilities	6,344	6,414	4,343	4,764	6,418		2,114
Total liabilities	272,420	261,965	228,941	185,927	138,463		90,806
Owners’ equity	3,023	5,540	11,535	10,322	3,904		1,008
Total liabilities & owners’ equity	$275,443	$267,505	$240,476	$196,249	$142,367		$  91,814

As of March 31, 2009
	Principal Balance	Interest Rate	Maturity Date
Secured debt
Myrtle Beach Hwy 17 mortgage (1)	$  35,800	Libor + 1.40%	4/7/10
Unsecured debt
Unsecured term loan credit facility (2)	235,000	Libor + 1.60%	6/10/11
Unsecured credit facilities (3)	188,400	Libor + 0.60 – 0.75%	06/30/11
2015 Senior unsecured notes	250,000	6.15%	11/15/15
2026 Senior unsecured exchangeable notes (4)	149,500	3.75%	8/15/26
Net debt discounts	(9,533)
Total consolidated debt	$849,167
Tanger’s share of unconsolidated JV debt:
Wisconsin Dells	12,625	Libor + 1.30%	02/24/10
Deer Park (5)	87,640	Libor + 1.375 – 3.50%	5/17/11
Total Tanger’s share of unconsolidated JV debt	$100,265

(1)

In January 2009, we acquired the remaining 50% interest in the Myrtle Beach Hwy 17 joint venture, thus assuming the existing mortgage on the property.  In March 2005, the joint venture entered into an interest rate swap agreement for a notional amount of $35.0 million.  The purpose of the swap was to fix the interest rate on a portion of the $35.8 million outstanding mortgage completed in April 2005.  The swap fixed the one month LIBOR rate at 4.59%.  This swap, combined with the current spread of 140 basis points on the mortgage, fixes the interest on $35.0 million of variable rate debt at 5.99% until March 15, 2010.

(2)

In July 2008, we entered into an interest rate swap agreement for a notional amount of $118.0 million.  The purpose of the swap was to fix the interest rate on a portion of the $235.0 million outstanding under the term loan facility completed in June 2008.  The swap fixed the one month LIBOR rate at 3.605%.  This swap, combined with the current spread of 160 basis points on the term loan facility, fixes our interest rate on $118.0 million of variable rate debt at 5.205% until April 1, 2011.  In September 2008, we entered into an additional interest rate swap agreement for a notional amount of $117.0 million.  The purpose of the swap was to fix the interest rate on the remaining portion of the $235.0 million outstanding under the term loan facility completed in June 2008.  The swap fixed the one month LIBOR rate at 3.700%.  This swap combined with the current spread of 160 basis points on the term loan facility fixes our interest rate on $117.0 million of variable rate debt at 5.300% until April 1, 2011.

(3)	The company has six lines of credit with a borrowing capacity totaling $325.0 million, of which $25.0 million expires June 30, 2009, $260.0 million expires on June 30, 2011 and $40.0 million expires on August 30, 2011.

(4)

On January 1, 2009, we adopted the provisions of FSP APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”, which require us to bifurcate the notes into debt and equity components based on the fair value of the notes independent of the conversion feature as of the date of issuance in August 2006.  As a result of this adoption we recorded an initial debt discount of $15.0 million and the notes now have an effective interest rate of 6.11%.  FSP APB 14-1 was applied using retrospective treatment which means that prior periods have been restated.  As of March 31, 2009, the debt discount had a recorded value of $7.7 million.

(5)

In May 2007, the joint venture entered into a four-year, interest-only construction loan facility with a one-year maturity extension option.  The facility includes a senior loan, with an interest rate of LIBOR plus 137.5 basis points, and a mezzanine loan, with an interest rate of LIBOR plus 350 basis points.   As of March 31, 2009, the outstanding principle balances of the senior and mezzanine loans were $245.6 million and $15.0 million, respectively, and $23.4 million was available for funding of additional construction draw requests under the senior loan facility.  In June 2007, the joint venture entered into two interest rate swap agreements, the purpose of which was to fix the interest rate on the senior loan.  The first swap was for a notional amount of $49.0 million and fixed the one month LIBOR rate at 5.47%.  This swap, combined with the spread of 137.5 basis points, fixes the joint venture’s interest rate on $49.0 million of the variable rate debt at 6.845% until June 1, 2009.  The second swap fixed the one month LIBOR rate at 6.715% through June 1, 2009.  The notional amount of this swap is $121.0 million.  The escalation schedule was based on the projected outstanding balances of the senior loan.  In June 2008, the joint venture entered into an interest-only mortgage loan agreement with an interest rate of LIBOR plus 185 basis points and a maturity of May 17, 2011.  As of March 31, 2009, the outstanding principle balance under this mortgage was $2.3 million.

As of March 31, 2009
Year	Tanger    Consolidated Payments	Tanger’s Share   of Unconsolidated JV Payments	Total      Scheduled Payments
2009	$         --	$          --	$          --
2010	35,800	12,625	48,425
2011	423,400	87,640	511,040
2012	--	--	--
2013	--	--	--
2014	--	--	--
2015	250,000		250,000
2016	--	--	--
2017	--	--	--
2018 & thereafter	(1) 149,500	--	149,500
	$858,700	$100,265	$958,965
Net Discount on Debt	(9,533)	--	(9,533)
	$849,167	$100,265	$949,432

As of March 31, 2009
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	60%	53%	Yes
Total Secured Debt to Adjusted Total Assets	40%	2%	Yes
Total Unencumbered Assets to Unsecured Debt	135%	186%	Yes
Consolidated Income Available for Debt Service to                         Annual Debt Service Charge	2.00	3.65	Yes