Geographic Diversification				4
	Property Summary - Occupancy at End of Each Period Shown (1)				5
	Portfolio Occupancy at the End of Each Period (1)				6
	Major Tenants (1)				7
	Lease Expirations as of June 30, 2006				8
	Leasing Activity (1)				9

	Consolidated Balance Sheets				10
	Consolidated Statements of Operations				11
	FFO and FAD Analysis				12
	Unconsolidated Joint Venture Information				13
	Debt Outstanding Summary				17
	Senior Unsecured Notes Financial Covenants				17
	Future Scheduled Principal Payments				18
Investor Information					19

 

As of June 30, 2006
State	# of Centers	GLA	% of GLA
South Carolina	2	820,511	10%
Georgia	3	818,274	10%
New York	1	729,315	9%
Alabama	2	636,668	8%
Texas	2	620,000	8%
Delaware	1	568,873	7%
Michigan	2	436,751	6%
Tennessee	1	419,038	5%
Utah	1	300,602	4%
Connecticut	1	291,051	4%
Missouri	1	277,883	4%
Iowa	1	277,230	3%
Oregon	1	270,280	3%
Illinois	1	256,514	3%
Pennsylvania	1	255,152	3%
Louisiana	1	243,499	3%
New Hampshire	1	227,998	3%
Florida	1	198,924	3%
North Carolina	2	186,458	2%
California	1	109,600	1%
Maine	2	84,313	1%
Total (1)	29	8,028,934	100%

 

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet for which we only have management responsibilities.

 

Property Summary - Occupancy at End of Each Period Shown (1)

Location	Total GLA 6/30/06	% Occupied 6/30/06	% Occupied 3/31/06	% Occupied 12/31/05	% Occupied 9/30/05	% Occupied 6/30/05
Riverhead, NY	729,315	99%	98%	99%	100%	99%
Rehoboth, DE	568,873	99%	98%	99%	99%	100%
Foley, AL	557,093	96%	94%	97%	98%	99%
San Marcos, TX	442,510	99%	97%	100%	99%	99%
Myrtle Beach, SC	427,417	94%	91%	93%	90%	93%
Sevierville, TN	419,038	100%	100%	100%	100%	100%
Hilton Head, SC	393,094	84%	81%	88%	87%	90%
Commerce II, GA	338,656	99%	98%	97%	99%	99%
Howell, MI	324,631	100%	95%	99%	98%	96%
Park City, UT	300,602	100%	100%	100%	99%	99%
Locust Grove, GA	293,868	94%	95%	100%	99%	98%
Westbrook, CT	291,051	92%	90%	94%	92%	92%
Branson, MO	277,883	100%	99%	100%	100%	100%
Williamsburg, IA	277,230	97%	99%	100%	99%	96%
Lincoln City, OR	270,280	98%	99%	94%	94%	92%
Tuscola, IL	256,514	70%	70%	75%	76%	76%
Lancaster, PA	255,152	100%	99%	100%	100%	99%
Gonzales, LA	243,499	100%	100%	100%	98%	100%
Tilton, NH	227,998	99%	97%	100%	96%	96%
Fort Myers, FL	198,924	94%	91%	95%	91%	91%
Commerce I, GA	185,750	93%	87%	90%	90%	86%
Terrell, TX	177,490	99%	99%	100%	99%	99%
West Branch, MI	112,120	98%	98%	100%	100%	97%
Barstow, CA	109,600	95%	95%	95%	93%	98%
Blowing Rock, NC	104,280	100%	100%	100%	100%	100%
Nags Head, NC	82,178	100%	97%	100%	98%	100%
Boaz, AL	79,575	92%	92%	95%	95%	95%
Kittery I, ME	59,694	100%	100%	100%	100%	100%
Kittery II, ME	24,619	100%	100%	100%	100%	100%
Pigeon Forge, TN	n/a	n/a	n/a	99%	95%	96%
North Branch, MN	n/a	n/a	n/a	100%	100%	100%
Total	8,028,934	96%	95%	97%	96%	97%

 

 

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet for which we only have management responsibilities.

 96%            95%           97%          96%          97%          95%     97%       96%      95%

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet for which we only have management responsibilities.

 

 

Major Tenants (1)

Ten Largest Tenants As of June 30, 2006
Tenant			# of   Stores			GLA			% of      Total GLA
The Gap, Inc.			57			568,056			7.1	%
Phillips-Van Heusen			90			432,039			5.4	%
Liz Claiborne			39			306,929			3.8	%
VF Factory Outlet			30			266,524			3.3	%
Adidas			32			256,671			3.2	%
Dress Barn, Inc.			32			218,858			2.7	%
Carter’s			42			207,931			2.6	%
Polo Ralph Lauren			23			188,628			2.4	%
Jones Retail Corporation			64			182,323			2.3	%
Brown Group Retail, Inc.			38			163,398			2.0	%
Total of All Listed Above			447			2,791,357			34.8	%

 

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet for which we only have management responsibilities.

 

Lease Expirations as of June 30, 2006

 

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet center for which we only have management responsibilities.

 

 

Leasing Activity (1)

			03/31/06			06/30/06			09/30/06			12/31/06			Year to Date			Prior       Year to Date
Re-tenanted Space:
Number of leases			60			44									104			74
Gross leasable area			220,484			150,083									370,567			322,186
New base rent per square foot		$	17.98		$	21.32								$	19.33		$	16.95
Prior base rent per square foot		$	15.48		$	16.47								$	15.88		$	16.28
Percent increase in rent per square foot			16.1	%		29.5	%								21.7	%		4.1	%
New average base rent per square foot		$	18.61		$	22.15								$	20.04			Not available
Prior average base rent per square foot		$	15.35		$	16.21								$	15.70			Not available
Percent increase in average rent per square foot			21.2	%		36.7	%								27.7	%		Not available
Renewed Space:
Number of leases			220			69									289			243
Gross leasable area			942,601			316,120									1,258,721			1,073,851
New base rent per square foot		$	17.71		$	16.22								$	17.34		$	16.99
Prior base rent per square foot		$	16.37		$	14.72								$	15.96		$	15.74
Percent increase in rent per square foot			8.2	%		10.2	%								8.7	%		7.9	%
New average base rent per square foot		$	17.91		$	16.38								$	17.53			Not available
Prior average base rent per square foot		$	16.03		$	14.37								$	15.62			Not available
Percent increase in average rent per square foot			11.7	%		14.0	%								12.2	%		Not available
Total Re-tenanted and Renewed Space:
Number of leases			280			113									393			317
Gross leasable area			1,163,085			466,203									1,629,288			1,396,037
New base rent per square foot		$	17.76		$	17.86								$	17.79		$	16.98
Prior base rent per square foot		$	16.20		$	15.28								$	15.94		$	15.87
Percent increase in rent per square foot			9.6	%		16.9	%								11.6	%		7.0	%
New average base rent per square foot		$	18.05		$	18.24								$	18.10			Not available
Prior average base rent per square foot		$	15.90		$	14.96								$	15.63			Not available
Percent increase in average rent per square foot			13.5	%		21.9	%								15.8	%		Not available

(1)	Excludes one 401,992 square foot center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and three centers totaling 293,462 square feet for which we only have management responsibilities.

 

 

		6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Assets
Rental property
Land		$	119,876		$	119,969		$	120,715		$	113,284		$	113,284
Buildings			1,017,245			1,005,300			1,004,545			960,105			956,440
Construction in progress			51,260			32,459			27,606			8,797			6,044
Total rental property			1,188,381			1,157,728			1,152,866			1,082,186			1,075,768
Accumulated depreciation			(266,958	)		(257,256	)		(253,765	)		(247,179	)		(237,688	)
Total rental property - net			921,423			900,472			899,101			835,007			838,080
Cash & cash equivalents			1,785			2,153			2,930			6,219			3,543
Short-term investments			--			--			--			20,000			--
Assets held for sale			--			--			2,637			--			--
Investments in unconsolidated joint  ventures			15,130			14,960			13,020			6,913			6,764
Deferred charges - net			56,867			59,497			64,555			52,873			54,818
Other assets			27,008			38,148			18,362			19,982			15,021
Total assets		$	1,022,213		$	1,015,230		$	1,000,605		$	940,994		$	918,226
Liabilities, minority interests & shareholders’ equity
Liabilities
Debt
Senior, unsecured notes, net of discount		$	349,132		$	349,115		$	349,099		$	100,000		$	100,000
Mortgages payable, including premium			198,177			199,662			201,233			281,069			290,197
Unsecured note			53,500			53,500			53,500			53,500			53,500
Unsecured lines of credit			49,800			47,100			59,775			--			45,330
Total debt			650,609			649,377			663,607			434,569			489,027
Construction trade payables			22,372			14,247			13,464			8,294			9,231
Accounts payable & accruals			22,095			21,434			23,954			14,849			16,984
Total liabilities			695,076			685,058			701,025			457,712			515,242
Minority interests
Consolidated joint venture			--			--			--			227,234			225,103
Operating partnership			53,541			54,124			49,366			42,220			31,963
Total minority interests			53,541			54,124			49,366			269,454			257,066
Shareholders’ equity
Preferred shares			75,000			75,000			55,000			--			--
Common shares			310			309			307			307			277
Paid in capital			332,103			330,545			338,688			349,287			278,811
Distributions in excess of net income			(142,497	)		(136,853	)		(140,738	)		(130,955	)		(126,436	)
Deferred compensation			--			--			(5,501	)		(5,930	)		(6,372	)
Accum. other compreh. income (loss)			8,680			7,047			2,458			1,119			(362	)
Total shareholders’ equity			273,596			276,048			250,214			213,828			145,918
Total liabilities, minority interests & shareholders’ equity		$	1,022,213		$	1,015,230		$	1,000,605		$	940,994		$	918,226

 

Consolidated Statements of Operations (dollars and shares in thousands)

		Three Months Ended															YTD
			06/06			03/06			12/05			09/05			06/05			06/06			06/05
Revenues
Base rentals		$	33,879		$	32,965		$	33,855		$	33,311		$	32,845		$	66,844		$	64,061
Percentage rentals			1,398			1,158			2,418			1,794			1,254			2,556			2,134
Expense reimbursements			13,747			12,720			15,255			13,925			12,296			26,467			26,235
Other income			1,504			1,355			2,098			1,563			1,182			2,859			2,112
Total revenues			50,528			48,198			53,626			50,593			47,577			98,726			94,542
Expenses
Property operating			15,995			14,765			17,347			15,554			14,143			30,760			29,843
General & administrative			4,077			4,081			3,509			3,578			3,711			8,158			6,754
Depreciation & amortization			13,593			15,950			12,246			11,923			11,243			29,543			23,996
Total expenses			33,665			34,796			33,102			31,055			29,097			68,461			60,593
Operating income			16,863			13,402			20,524			19,538			18,480			30,265			33,949
Interest expense (1)			9,890			10,034			18,600			7,932			8,167			19,924			16,395
Income before equity in earnings of    unconsolidated joint ventures, minority    interests, discontinued operations and loss    on sale of real estate excluded from    discontinued operations			6,973			3,368			1,924			11,606			10,313			10,341			17,554
Equity in earnings of unconsolidated    joint ventures			285			147			165			255			268			432			459
Minority interests:
Consolidated joint venture			--			--			(3,832	)		(6,860	)		(6,727	)		--			(13,351	)
Operating partnership			(969	)		(381	)		379			(881	)		(700	)		(1,350	)		(846	)
Income (loss) from continuing operations			6,289			3,134			(1,364	)		4,120			3,154			9,423			3,816
Discontinued operations (2)			--			11,713			1,489			293			326			11,713			578
Income before loss on sale of real    estate			6,289			14,847			125			4,413			3,480			21,136			4,394
Loss on sale of real estate excluded from    discontinued operations			--			--			--			--			--			--			(3,843	)
Net income			6,289			14,847			125			4,413			3,480			21,136			551
Less applicable preferred share dividends			(1,406	)		(1,215	)		(538	)		--			--			(2,621	)		--
Net income (loss) available to common    shareholders		$	4,883		$	13,632		$	(413	)	$	4,413		$	3,480		$	18,515		$	551
Basic earnings per common share:
Income (loss) from continuing operations		$	.16		$	.06		$	(.06	)	$	.15		$	.12		$	.22		$	--
Net income (loss)		$	.16		$	.45		$	(.01	)	$	.16		$	.13		$	.61		$	.02
Diluted earnings per common share:
Income (loss) from continuing operations		$	.16		$	.06		$	(.06	)	$	.14		$	.11		$	.22		$	--
Net income (loss)		$	.16		$	.44		$	(.01	)	$	.15		$	.13		$	.60		$	.02
Weighted average common shares:
Basic			30,593			30,531			30,452			28,374			27,357			30,562			27,330
Diluted			30,915			30,861			30,753			28,680			27,576			30,889			27,546

(1)	Three months ended December 31, 2005 includes prepayment premium and deferred loan cost write off of $9.9 million.

(2)

In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”, the results of operations for properties sold for which we have no significant continuing involvement, including any gain or loss on such sales, and properties classified as assets held for sale, have been reported above as discontinued operations for both the current and prior periods presented.

		Three Months Ended															YTD
			06/06			03/06			12/05			09/05			06/05			06/06			06/05
Funds from operations:
Net income		$	6,289		$	14,847		$	125		$	4,413		$	3,480		$	21,136		$	551
Adjusted for -
Minority interest in operating       partnership			969			381			(379	)		881			700			1,350			846
Minority interest adjustment       consolidated joint venture			--			--			234			(441	)		(277	)		--			(108	)
Minority interest, depreciation       and amortization in       discontinued operations			--			2,444			480			247			249			2,444			482
Depreciation and amortization       uniquely significant to real estate -       wholly owned			13,526			15,885			12,181			11,856			11,181			29,411			23,880
Depreciation and amortization       uniquely significant to real estate -       joint ventures			379			379			379			375			370			758			739
(Gain) loss on sale of real estate			--			(13,833	)		--			--			--			(13,833	)		3,843
Preferred share dividend			(1,406	)		(1,215	)		(538	)		--						(2,621	)		--
Funds from operations		$	19,757		$	18,888		$	12,482		$	17,331		$	15,703		$	38,645		$	30,233
Funds from operations per share		$	.53		$	.51		$	.34		$	.50		$	.47		$	1.05		$	.90
Funds available for distribution:
Funds from operations		$	19,757		$	18,888		$	12,482		$	17,331		$	15,703		$	38,645		$	30,233
Adjusted For -
Corporate depreciation       excluded above			66			65			66			66			62			131			117
Amortization of finance costs			298			298			276			323			341			596			696
Early extinguishment of debt			--			--			9,866			--			--			--			--
Amortization of share compensation			661			481			429			426			468			1,142			710
Straight line rent adjustment			(601	)		(464	)		(393	)		(706	)		(539	)		(1,065	)		(651	)
Market rent adjustment			(348	)		(458	)		(158	)		76			(613	)		(806	)		(659	)
Market rate interest adjustment			(581	)		(568	)		(609	)		(652	)		(643	)		(1,149	)		(1,272	)
2nd generation tenant allowances			(2,017	)		(1,650	)		(2,130	)		(1,290	)		(2,346	)		(3,667	)		(6,808	)
Capital improvements			(2,913	)		(2,424	)		(1,572	)		(1,841	)		(2,231	)		(5,337	)		(3,183	)
Consolidated joint venture minority interest share of adjustments			--			--			(234	)		441			277			--			108
Funds available for distribution		$	14,322		$	14,168		$	18,023		$	14,174		$	10,479		$	28,490		$	19,291
Funds available for distribution   per share		$	.39		$	.38		$	.49		$	.41		$	.31		$	.77		$	.57
Dividends paid per share		$	.34		$	.3225		$	.3225		$	.3225		$	.3225		$	.6625		$	.635
FFO payout ratio			64	%		63	%		95	%		65	%		69	%		63	%		71	%
FAD payout ratio			87	%		85	%		66	%		79	%		104	%		86	%		111	%
Diluted weighted average common shs.			36,982			36,928			36,820			34,747			33,643			36,956			33,613

 

 

 

Unconsolidated Joint Venture Information - All

			6/30/06			3/31/06			12/31/05			09/30/05			6/30/05			Tanger’s Share as of 6/30/06 (1	)
Assets
Investment properties at cost - net		$	37,474		$	64,463		$	64,915		$	65,489		$	67,446		$	18,737
Construction in progress			65,298			26,562			15,734			96			--			28,030
Cash and cash equivalents			2,926			5,284			6,355			4,171			4,253			1,306
Deferred charges - net			1,805			1,729			1,548			1,340			1,433			902
Other assets			13,220			10,647			6,690			6,073			4,245			4,935
Total assets		$	120,723		$	108,685		$	95,242		$	77,169		$	77,377		$	53,910
Liabilities & Owners’ Equity
Mortgage payable		$	77,380		$	69,323		$	61,081		$	61,066		$	61,024		$	34,511
Member loans payable			--			--			--			550			--			--
Construction trade payables			9,665			6,646			6,588			215			477			4,833
Accounts payable & other liabilities			858			1,035			1,177			1,239			1,956			401
Total liabilities			87,903			77,004			68,846			63,070			63,457			39,745
Owners’ equity			32,820			31,681			26,396			14,099			13,920			14,165
Total liabilities & owners’ equity		$	120,723		$	108,685		$	95,242		$	77,169		$	77,377		$	53,910