TANGER FACTORY OUTLET CENTERS, INC - FORM 8-K - EX-99.2

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8-K - TANGER FACTORY OUTLET CENTERS, INC	d27074_8k.htm
EX-99.1 - TANGER FACTORY OUTLET CENTERS, INC	d27074_ex99-1.htm

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

September 30, 2010

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Notice

For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2009.

This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made only by means of a prospectus.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Table of Contents

Section

Portfolio Data:


	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 September 30, 2010			8
	Leasing Activity			9


	Financial Data:

	Consolidated Balance Sheets			10
	Consolidated Statements of Operations			11
	FFO and FAD Analysis			13
	Unconsolidated Joint Venture Information			14
	Debt Outstanding Summary			17
	Future Scheduled Principal Payments			18
	Senior Unsecured Notes Financial Covenants			18

	Investor Information			19

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Geographic Diversification


As of September 30, 2010


State	# of Centers	GLA	% of GLA

South Carolina	4	1,388,479	16%
New York	1	729,475	8%
Georgia	2	664,380	8%
Pennsylvania	2	628,124	7%
Texas	2	619,729	7%
Delaware	1	568,868	6%
Alabama	1	557,235	6%
Michigan	2	436,751	5%
Tennessee	1	419,038	5%
Missouri	1	302,922	4%
Utah	1	298,379	3%
Connecticut	1	291,051	3%
Louisiana	1	282,403	3%
Iowa	1	277,230	3%
Oregon	1	270,212	3%
Illinois	1	250,439	3%
New Hampshire	1	245,698	3%
Florida	1	198,950	2%
North Carolina	2	186,413	2%
California	1	171,300	2%
Maine	2	84,313	1%
Total (1)	30	8,871,389	100%


	(1)			Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Property Summary - Occupancy at End of Each Period Shown

Wholly-owned properties


Location	Total GLA 9/30/10	% Occupied 9/30/10		% Occupied 6/30/10		% Occupied 3/31/10		% Occupied 12/31/09		% Occupied 9/30/09
Riverhead, NY	729,475	100	%	99	%	99	%	99	%	99	%
Rehoboth, DE	568,868	99	%	98	%	99	%	99	%	99	%
Foley, AL	557,235	97	%	97	%	92	%	91	%	91	%
San Marcos, TX	441,929	100	%	97	%	97	%	100	%	100	%
Myrtle Beach Hwy 501, SC	426,417	93	%	92	%	88	%	90	%	90	%
Sevierville, TN	419,038	99	%	99	%	99	%	100	%	100	%
Myrtle Beach Hwy 17, SC	403,161	99	%	100	%	99	%	100	%	100	%
Washington, PA	372,972	99	%	95	%	94	%	88	%	88	%
Commerce II, GA	370,512	100	%	97	%	96	%	97	%	96	%
Charleston, SC	352,315	99	%	97	%	92	%	98	%	96	%
Howell, MI	324,631	99	%	95	%	94	%	95	%	95	%
Branson, MO	302,922	100	%	100	%	97	%	100	%	100	%
Park City, UT	298,379	98	%	99	%	100	%	100	%	100	%
Locust Grove, GA	293,868	100	%	99	%	97	%	100	%	100	%
Westbrook, CT	291,051	99	%	95	%	97	%	95	%	97	%
Gonzales, LA	282,403	100	%	99	%	98	%	100	%	99	%
Williamsburg, IA	277,230	92	%	89	%	91	%	95	%	94	%
Lincoln City, OR	270,212	99	%	99	%	98	%	99	%	100	%
Lancaster, PA	255,152	100	%	98	%	97	%	100	%	99	%
Tuscola, IL	250,439	85	%	83	%	82	%	82	%	81	%
Tilton, NH	245,698	100	%	100	%	100	%	100	%	99	%
Hilton Head, SC ⁽³⁾	206,586	98	%	100	%	100	%	89	%	90	%
Fort Myers, FL	198,950	88	%	88	%	90	%	92	%	89	%
Commerce I, GA ⁽⁴⁾	N/A	N/A		46	%	44	%	61	%	58	%
Terrell, TX	177,800	96	%	94	%	93	%	98	%	94	%
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,120	98	%	98	%	98	%	96	%	96	%
Blowing Rock, NC	104,235	100	%	100	%	100	%	100	%	100	%
Nags Head, NC	82,178	100	%	100	%	94	%	97	%	97	%
Kittery I, ME	59,694	100	%	100	%	100	%	100	%	100	%
Kittery II, ME	24,619	100	%	100	%	100	%	100	%	100	%
Total	8,871,389	98	%	97	% (1)	95	%	96	% (2)	96	% (2)

Unconsolidated joint ventures
Deer Park, NY (5)	683,033	86	%	84	%	81	%	81	%	80	%
Wisconsin Dells, WI	265,061	99	%	99	%	97	%	97	%	98	%


	(1)			Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010.
	(2)			Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.
	(3)			Occupancy rates in 2009 are based on a total of 368,626 square feet and include both the Hilton Head I and Hilton Head II properties. The Hilton Head I property was demolished in 2010 and is currently under redevelopment, and accordingly, 162,040 square feet is excluded from the 2010 amounts.
	(4)			Center sold in July 2010.
	(5)			Includes a 29,253 square foot warehouse adjacent to the shopping center.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Portfolio Occupancy at the End of Each Period (1)


	(1)			Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.
	(2)			Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010.
	(3)			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.
	(4)			Excludes the occupancy rate at our Washington, Pennsylvania center which opened during the third quarter of 2008 and had not yet stabilized.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Major Tenants (1)


Ten Largest Tenants As of September 30, 2010
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	71	755,916	8.5	%
Phillips-Van Heusen	111	570,329	6.4	%
Dress Barn, Inc.	56	336,620	3.8	%
Nike	27	312,937	3.5	%
VF Outlet, Inc.	30	296,657	3.3	%
Adidas	33	281,374	3.2	%
Liz Claiborne	29	253,815	2.9	%
Carter's	49	235,226	2.7	%
Hanesbrands Direct, LLC	38	199,713	2.3	%
Polo Ralph Lauren	23	197,669	2.2	%
Total of All Listed Above	467	3,440,256	38.8	%


	(1)			Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Lease Expirations as of September 30, 2010

(1)

Excludes one 265,061 square foot center in Wisconsin Dells, WI, of which Tanger owns a 50% interest through a joint venture arrangement. Also, excludes one 653,780 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY of which Tanger owns a 33.3% interest through a joint venture arrangement.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Leasing Activity (1)


		03/31/10			06/30/10			09/30/10		12/31/10		Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases		60			26			34				120			89
Gross leasable area		227,468			95,734			104,277				427,479			318,869
New initial base rent per square foot	$	21.25		$	22.31		$	23.32			$	21.99		$	24.93
Prior expiring base rent per square foot	$	19.07		$	19.71		$	19.40			$	19.29		$	19.27
Percent increase		11.4	%		13.2	%		20.2	%			14.0	%		29.3	%

New straight line base rent per square foot	$	22.92		$	23.45		$	24.78			$	23.49		$	26.13
Prior straight line base rent per square foot	$	18.71		$	19.21		$	18.62			$	18.80		$	19.02
Percent increase		22.5	%		22.0	%		33.1	%			25.0	%		37.4	%

Renewed Space:
Number of leases		150			58			30				238			230
Gross leasable area		646,422			252,301			115,518				1,014,241			1,113,379
New initial base rent per square foot	$	19.80		$	18.62		$	19.79			$	19.50		$	17.71
Prior expiring base rent per square foot	$	18.86		$	17.80		$	16.73			$	18.36		$	16.49
Percent increase		4.9	%		4.6	%		18.3	%			6.2	%		7.4	%

New straight line base rent per square foot	$	20.37		$	18.97		$	20.21			$	20.00		$	18.02
Prior straight line base rent per square foot	$	18.72		$	17.47		$	16.57			$	18.17		$	16.37
Percent increase		8.8	%		8.6	%		22.0	%			10.1	%		10.1	%

Total Re-tenanted and Renewed Space:
Number of leases		210			84			64				358			319
Gross leasable area		873,890			348,035			219,795				1,441,720			1,432,248
New initial base rent per square foot	$	20.17		$	19.63		$	21.46			$	20.24		$	19.32
Prior expiring base rent per square foot	$	18.92		$	18.33		$	18.00			$	18.63		$	17.11
Percent increase		6.6	%		7.1	%		19.3	%			8.6	%		12.9	%

New straight line base rent per square foot	$	21.04		$	20.20		$	22.38			$	21.04		$	19.83
Prior straight line base rent per square foot	$	18.72		$	17.95		$	17.54			$	18.35		$	16.96
Percent increase		12.4	%		12.5	%		27.6	%			14.6	%		16.9	%

(1)

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Consolidated Balance Sheets (dollars in thousands)


		9/30/10			6/30/10			3/31/10			12/31/09			9/30/09
Assets
Rental property
Land	$	141,576		$	141,575		$	142,822		$	143,933		$	135,605
Buildings		1,353,171			1,343,155			1,360,010			1,352,568			1,349,310
Construction in progress		58,952			39,883			19,557			11,369			---
Total rental property		1,553,699			1,524,613			1,522,389			1,507,870			1,484,915
Accumulated depreciation		(438,955	)		(425,168	)		(432,276	)		(412,530	)		(396,508	)
Total rental property - net		1,114,744			1,099,445			1,090,113			1,095,340			1,088,407
Cash & cash equivalents		2,835			3,453			3,197			3,267			4,401
Rental property held for sale		424			1,921			---			---			---
Investments in unconsolidated joint ventures		7,064			7,570			8,151			9,054			9,569
Deferred charges - net		33,365			35,124			35,555			38,867			41,572
Other assets		39,127			31,627			31,889			32,333			32,646
Total assets	$	1,197,559		$	1,179,140		$	1,168,905		$	1,178,861		$	1,176,595
Liabilities & equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	554,515		$	554,415		$	256,412		$	256,352		$	256,293
Unsecured term loan		---			---			235,000			235,000			235,000
Mortgages payable, net of discount		---			---			---			35,559			35,246
Unsecured lines of credit		54,800			50,800			93,400			57,700			54,000
Total debt		609,315			605,215			584,812			584,611			580,539
Construction trade payables		31,051			30,829			22,381			14,194			7,957
Accounts payable & accruals		40,060			22,747			28,544			31,916			34,235
Other liabilities		17,084			17,286			25,657			27,077			28,864
Total liabilities		697,510			676,077			661,394			657,798			651,595
Equity
Tanger Factory Outlet Centers, Inc. equity
Preferred shares		75,000			75,000			75,000			75,000			75,000
Common shares		405			405			405			403			403
Paid in capital		600,813			599,270			597,968			596,074			595,240
Distributions in excess of net income		(233,387	)		(229,298	)		(217,076	)		(202,997	)		(197,725	)
Accum. other comprehensive income (loss)		1,828			1,884			(5,169	)		(5,809	)		(6,824	)
Total Tanger Factory Outlet Centers, Inc. equity		444,659			447,261			451,128			462,671			466,094
Noncontrolling interest		55,390			55,802			56,383			58,392			58,906
Total equity		500,049			503,063			507,511			521,063			525,000
Total liabilities and equity	$	1,197,559		$	1,179,140		$	1,168,905		$	1,178,861		$	1,176,595

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Consolidated Statements of Operations (dollars and shares in thousands)


		Three Months Ended															YTD
		09/10			06/10			03/10			12/09			09/09			09/10			09/09
Revenues
Base rentals	$	44,857		$	43,968		$	43,497		$	44,204		$	43,948		$	132,322		$	129,842
Percentage rentals		1,910			1,048			1,305			3,111			1,442			4,263			3,690
Expense reimbursements		20,139			18,429			19,519			21,989			19,020			58,087			56,511
Other income		2,567			1,850			1,721			1,992			5,638			6,138			9,256
Total revenues		69,473			65,295			66,042			71,296			70,048			200,810			199,299
Expenses
Property operating		22,567			21,758			22,349			23,850			21,218			66,674			63,488
General & administrative		6,403			5,963			5,466			5,066			5,467			17,832			17,219
Executive severance		---			---			---			---			10,296			---			10,296
Depreciation & amortization		16,805			17,109			26,474			20,187			20,164			60,388			59,752
Impairment charge		---			---			735			---			---			735			---
Abandoned due diligence costs		---			365			---			797			---			365			---
Total expenses		45,775			45,195			55,024			49,900			57,145			145,994			150,755
Operating income		23,698			20,100			11,018			21,396			12,903			54,816			48,544
Interest expense		(8,767	)		(7,951	)		(7,948	)		(8,217	)		(8,692	)		(24,666	)		(29,466	)
Gain (loss) on early extinguishment of debt		---			(563	)		---			---			---			(563	)		10,467
Loss on termination of interest rate swaps		---			(6,142	)		---			---			---			(6,142	)		---
Gain on fair value measurement of previously held interest in acquired joint venture		---			---			---			---			---			---			31,497
Income before equity in earnings (losses) of unconsolidated joint ventures		14,931			5,444			3,070			13,179			4,211			23,445			61,042
Equity in earnings (losses) of unconsolidated joint ventures		(75	)		(51	)		(68	)		(166	)		68			(194	)		(1,346	)
Income from continuing operations		14,856			5,393			3,002			13,013			4,279			23,251			59,696
Discontinued operations		(103	)		(1	)		1			63			85			(103	)		(5,277	)
Net income		14,753			5,392			3,003			13,076			4,364			23,148			54,419
Noncontrolling interest		(1,754	)		(524	)		(210	)		(1,538	)		(407	)		(2,488	)		(7,938	)
Net income attributable to the Company		12,999			4,868			2,793			11,538			3,957			20,660			46,481
Less applicable preferred share dividends		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(4,219	)		(4,219	)
Allocation to participating securities		(142	)		(143	)		(169	)		(121	)		(207	)		(454	)		(639	)
Net income available to common shareholders	$	11,451		$	3,318		$	1,218		$	10,011		$	2,344		$	15,987		$	41,623
Basic earnings per common share:
Income from continuing operations	$	.29		$	.08		$	.03		$	.25		$	.06		$	.40		$	1.33
Discontinued operations		---			---			---			---			---			---			(.13	)

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10


		Three Months Ended										YTD
		09/10		06/10		03/10		12/09		09/09		09/10		09/09
Net income	$	.29	$	.08	$	.03	$	.25	$	.06	$	.40	$	1.20
Diluted earnings per common share:
Income from continuing operations	$	.29	$	.08	$	.03	$	.25	$	.06	$	.40	$	1.33
Discontinued operations		---		---		---		---		---		---		(.13	)
Net income	$	.29	$	.08	$	.03	$	.25	$	.06	$	.40	$	1.20
Weighted average common shares:
Basic		40,112		40,103		40,030		39,958		38,063		40,082		34,552
Diluted		40,200		40,171		40,117		40,043		38,145		40,175		34,638

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

FFO and FAD Analysis (dollars and shares in thousands)


		Three Months Ended															YTD
		09/10			06/10			03/10			12/09			09/09			09/10			09/09
Funds from operations:
Net income	$	14,753		$	5,392		$	3,003		$	13,076		$	4,364		$	23,148		$	54,419
Adjusted for -
Depreciation and amortization uniquely significant to real estate - wholly-owned discontinued operations		--			34			53			52			49			87			510
Depreciation and amortization uniquely significant to real estate - wholly-owned		16,675			16,984			26,359			20,060			20,039			60,018			59,386
Depreciation and amortization uniquely significant to real estate - joint ventures		1,289			1,280			1,265			1,231			1,239			3,834			3,628
(Gain) on fair value measurement of previously held interest in acquired joint venture		--			--			--			--			--			--			(31,497	)
Funds from operations		32,717			23,690			30,680			34,419			25,691			87,087			86,446
Preferred share dividends		(1,406	)		(1,407	)		(1,406	)		(1,406	)		(1,406	)		(4,219	)		(4,219	)
Allocation to participating securities		(247	)		(177	)		(268	)		(225	)		(302	)		(690	)		(1,053	)
Funds from operations available to common shareholders	$	31,064		$	22,106		$	29,006		$	32,788		$	23,983		$	82,178		$	81,174
Funds from operations per share	$	.67		$	.48		$	.63		$	.71		$	.54		$	1.78			1.99
Funds available for distribution to common shareholders:
Funds from operations	$	31,064		$	22,106		$	29,006		$	32,788		$	23,983		$	82,178		$	81,174
Adjusted for -
Corporate depreciation excluded above		130			125			115			127			125			370			366
Amortization of finance costs		259			315			342			341			348			916			1,170
Amortization of net debt (discount) premium		(21	)		4			214			(79	)		(21	)		197			972
Gain (loss) on early extinguishment of debt		--			563			--			--			--			563			(10,467	)
Loss on termination of interest rate swaps		--			6,142			--			--			--			6,142			--
Impairment charge		--			--			735			--			--			735			5,200
Amortization of share-based compensation		1,437			1,363			1,140			829			8,080			3,940			10,969
Straight line rent adjustment		(767	)		(669	)		(734	)		(287	)		(421	)		(2,170	)		(1,955	)
Market rent adjustment		(195	)		(216	)		(165	)		(226	)		(223	)		(576	)		(266	)
2^nd generation tenant allowances		(4,797	)		(1,328	)		(1,721	)		(1,652	)		(807	)		(7,846	)		(6,012	)
Capital improvements		(2,531	)		(1,309	)		(1,600	)		(1,011	)		(2,008	)		(5,440	)		(7,876	)
Funds available for distribution	$	24,579		$	27,096		$	27,332		$	30,830		$	29,056		$	79,009		$	73,275
Funds available for distribution per share	$	.53		$	.59		$	.59		$	.67		$	.66		$	1.71		$	1.80
Dividends paid per share	$	.3875		$	.3875		$	.3825		$	.3825		$	.3825		$	1.1575		$	1.145
FFO payout ratio		58	%		81	%		61	%		54	%		71	%		65	%		58	%
FAD payout ratio		73	%		66	%		65	%		57	%		58	%		68	%		64	%
Diluted weighted average common shs.		46,267			46,238			46,184			46,110			44,212			46,242			40,705

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Unconsolidated Joint Venture Information - All
Summary Balance Sheets (dollars in thousands)


		09/30/10		06/30/10		03/31/10		12/31/09		09/30/09		Tanger's Share as of 09/30/10
Assets
Investment properties at cost - net	$	287,365	$	289,587	$	292,105	$	294,857	$	294,220	$	100,860
Cash and cash equivalents		10,966		9,020		6,937		8,070		8,151		4,306
Deferred charges - net		4,388		4,799		5,197		5,450		5,438		1,532
Other assets		6,511		6,697		5,878		5,610		5,302		2,269
Total assets	$	309,230	$	310,103	$	310,117	$	313,987	$	313,111	$	108,967

Liabilities & Owners' Equity
Mortgage payable	$	294,034	$	294,034	$	292,468	$	292,468	$	292,468	$	102,136
Construction trade payables		1,213		878		1,845		3,647		2,523		404
Accounts payable & other liabilities		3,729		3,991		3,568		3,826		2,841		1,367
Total liabilities		298,976		298,903		297,881		299,941		297,832		103,907
Owners' equity		10,254		11,200		12,236		14,046		15,279		5,060
Total liabilities & owners' equity	$	309,230	$	310,103	$	310,117	$	313,987	$	313,111	$	108,967

Summary Statements of Operations (dollars in thousands)


		Three Months Ended															YTD
		09/10			06/10			03/10			12/09			09/09			09/10			09/09
Revenues	$	9,632		$	9,261		$	9,274		$	9,374		$	9,152		$	28,167		$	26,107
Expenses
Property operating		4,575			4,200			4,210			4,682			4,103			12,985			11,961
General & administrative		107			72			287			444			111			466			417
Depreciation & amortization		3,567			3,546			3,497			3,460			3,427			10,610			9,959
Total expenses		8,249			7,818			7,994			8,586			7,641			24,061			22,337
Operating income		1,383			1,443			1,280			788			1,511			4,106			3,770
Interest expense		1,771			1,717			1,674			1,550			1,553			5,162			8,363
Net loss	$	(388	)	$	(274	)	$	(394	)	$	(762	)	$	(42	)	$	(1,056	)	$	(4,593	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,842		$	1,842		$	1,791		$	1,603		$	1,845		$	5,475		$	5,130
Net income (loss)	$	(75	)	$	(51	)	$	(68	)	$	(166	)	$	68		$	(194	)	$	(1,346	)
Depreciation (real estate related)	$	1,289		$	1,280		$	1,265		$	1,231		$	1,239		$	3,834		$	3,628

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Unconsolidated Joint Venture Information - Wisconsin Dells
Summary Balance Sheets (dollars in thousands)


		09/30/10		06/30/10		03/31/10		12/31/09		09/30/09		Tanger's Share as of 09/30/10
Assets
Investment properties at cost - net	$	30,430	$	31,004	$	31,541	$	32,108	$	32,598	$	15,215
Cash and cash equivalents		3,901		3,702		4,050		4,549		3,846		1,951
Deferred charges - net		411		477		515		529		390		206
Other assets		594		602		626		514		522		297
Total assets	$	35,336	$	35,785	$	36,732	$	37,700	$	37,356	$	17,669

Liabilities & Owners' Equity
Mortgage payable	$	24,750	$	24,750	$	25,250	$	25,250	$	25,250	$	12,375
Construction trade payables		---		46		58		116		39		---
Accounts payable & other liabilities		734		844		906		876		696		368
Total liabilities		25,484		25,640		26,214		26,242		25,985		12,743
Owners' equity		9,852		10,145		10,518		11,458		11,371		4,926
Total liabilities & owners' equity	$	35,336	$	35,785	$	36,732	$	37,700	$	37,356	$	17,669

Summary Statements of Operations (dollars in thousands)


		Three Months Ended										YTD
		09/10		06/10		03/10		12/09		09/09		09/10		09/09
Revenues	$	1,822	$	1,715	$	1,923	$	1,757	$	1,780	$	5,460	$	5,336
Expenses
Property operating		665		643		716		629		590		2,024		1,936
General & administrative		2		3		9		1		4		14		20
Depreciation & amortization		618		615		613		612		615		1,846		1,841
Total expenses		1,285		1,261		1,338		1,242		1,209		3,884		3,797
Operating income		537		454		585		515		571		1,576		1,539
Interest expense		230		227		225		128		112		682		364
Net income	$	307	$	227	$	360	$	387	$	459	$	894	$	1,175
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	578	$	534	$	599	$	563	$	593	$	1,711	$	1,690
Net income	$	163	$	124	$	188	$	203	$	238	$	475	$	616
Depreciation (real estate related)	$	300	$	297	$	298	$	296	$	299	$	895	$	892

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Unconsolidated Joint Venture Information - Deer Park
Summary Balance Sheets (dollars in thousands)


		09/30/10		06/30/10		03/31/10		12/31/09		09/30/09		Tanger's Share as of 09/30/10
Assets
Investment properties at cost - net	$	256,935	$	258,583	$	260,413	$	262,601	$	261,474	$	85,645
Cash and cash equivalents		7,065		5,318		2,865		3,498		4,273		2,355
Deferred charges - net		3,977		4,322		4,682		4,921		5,048		1,326
Other assets		5,917		6,095		5,252		5,096		4,780		1,972
Total assets	$	273,894	$	274,318	$	273,212	$	276,116	$	275,575	$	91,298

Liabilities & Owners' Equity
Mortgage payable	$	269,284	$	269,284	$	267,218	$	267,218	$	267,218	$	89,761
Construction trade payables		1,213		832		1,785		3,531		2,484		404
Accounts payable & other liabilities		2,995		3,147		2,662		2,950		2,136		999
Total liabilities		273,492		273,263		271,665		273,699		271,838		91,164
Owners' equity		402		1,055		1,547		2,417		3,737		134
Total liabilities & owners' equity	$	273,894	$	274,318	$	273,212	$	276,116	$	275,575	$	91,298

Summary Statements of Operations (dollars in thousands)


		Three Months Ended															YTD
		09/10			06/10			03/10			12/09			09/09			09/10			09/09
Revenues	$	7,810		$	7,546		$	7,351		$	7,617		$	7,372		$	22,707		$	20,771
Expenses
Property operating		3,910			3,557			3,494			4,053			3,513			10,961			10,025
General & administrative		105			69			278			443			107			452			397
Depreciation & amortization		2,949			2,931			2,884			2,868			2,807			8,764			8,073
Total expenses		6,964			6,557			6,656			7,364			6,427			20,177			18,495
Operating income		846			989			695			253			945			2,530			2,276
Interest expense		1,541			1,490			1,449			1,422			1,441			4,480			7,999
Net loss	$	(695	)	$	(501	)	$	(754	)	$	(1,169	)	$	(496	)	$	(1,950	)	$	(5,723	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,264		$	1,308		$	1,192		$	1,040		$	1,252		$	3,764		$	3,450
Net loss	$	(238	)	$	(172	)	$	(258	)	$	(370	)	$	(169	)	$	(668	)	$	(1,952	)
Depreciation (real estate related)	$	989		$	983		$	967		$	936		$	941		$	2,939		$	2,736

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Debt Outstanding Summary (dollars in thousands)


As of September 30, 2010
		Principal Balance		Interest Rate	Maturity Date
Unsecured debt:
Unsecured credit facilities (1)	$	54,800		Libor + 0.60%	06/30/11
2015 Senior unsecured notes		250,000		6.15%	11/15/15
2026 Senior unsecured exchangeable notes (2)		7,210		3.75%	8/18/11
2020 Senior unsecured notes		300,000		6.125%	6/01/20
Net debt discounts		(2,695	)
Total consolidated debt	$	609,315
Tanger's share of unconsolidated JV debt:
Wisconsin Dells (3)		12,375		Libor + 3.00%	12/18/12
Deer Park (4)		89,761		Libor + 1.375 - 3.50%	5/17/11
Total Tanger's share of unconsolidated JV debt	$	102,136


	(1)			The Company has five lines of credit with a borrowing capacity totaling $325.0 million, of which $285.0 million expires on June 30, 2011 and $40.0 million expires on August 30, 2011.
	(2)			On January 1, 2009, we retrospectively adopted new guidance related to the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). This new guidance required 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, the bonds were recorded with a debt discount based on a market interest rate of 6.11%. At September 30, 2010, the unamortized discount on the remaining $7.2 million in exchangeable notes totaled $143,000. Our exchangeable notes issued during 2006 mature in 2026. They are displayed in the above table with a 2011 maturity date as this is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.
	(3)			In December 2009, we closed on the refinancing of the Tanger Wisconsin Dells mortgage loan. The new loan has a term of three years with an interest rate of LIBOR plus 300 basis points.
	(4)			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 September 30, 2010, the outstanding principal balances of the senior and mezzanine loans were $252.0 million and $15.0 million, respectively, and $17.0 million was available for funding of additional construction draw requests under the senior loan facility. In February 2009, the joint venture entered into an interest rate cap agreement on a nominal amount of $240.0 million which became effective June 1, 2009. The derivative contract puts a cap of 4% on the LIBOR index and expires on April 1, 2011. In June 2008, the joint venture entered into an interest-only mortgage loan agreement for a warehouse adjacent to the property with an interest rate of LIBOR plus 185 basis points and a maturity of May 17, 2011. As of September 30, 2010, the outstanding principal balance under the warehouse mortgage was $2.3 million.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Future Scheduled Principal Payments (dollars in thousands)


As of September 30, 2010
Year		Tanger Consolidated Payments			Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2010	$	---		$	---	$	---
2011 (1)		62,010			89,761		151,771
2012		---			12,375		12,375
2013		---			---		--
2014		---			---		--
2015		250,000			---		250,000
2016		---			---		---
2017		---			---		---
2018		---			---		---
2019 & thereafter		300,000			---		300,000
	$	612,010		$	102,136	$	714,146
Net Discount on Debt		(2,695	)		---		(2,695	)
	$	609,315		$	102,136	$	711,451

Senior Unsecured Notes Financial Covenants (2)


As of September 30, 2010
	Required	Actual	Compliance
Total Consolidated Debt to Adjusted Total Assets	<60%	36%	Yes
Total Secured Debt to Adjusted Total Assets	<40%	0%	Yes
Total Unencumbered Assets to Unsecured Debt	>135%	274%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	>1.5	5.1	Yes


	(1)			Included in this amount is $7.2 million which represents our exchangeable, senior unsecured notes issued in August 2006. On and after August 18, 2011, holders may exchange their notes for cash in an amount equal to the lesser of the exchange value and the aggregate principal amount of the notes to be exchanged, and, at our option, Company common shares, cash or a combination thereof for any excess. Note holders may exchange their notes prior to August 18, 2011 only upon the occurrence of specified events. In addition, on August 18, 2011, August 15, 2016 or August 15, 2021, note holders may require us to repurchase the notes for an amount equal to the principal amount of the notes plus any accrued and unpaid interest thereon. The notes are shown with a 2011 maturity as this is the first date that the noteholders can require us to repurchase the notes without the occurrence of specified events.
	(2)			For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

Investor Information

Tanger Outlet Centers welcomes any questions or comments from shareholders, analysts, investment managers, media and prospective investors. Please address all inquiries to our Investor Relations Department.


	Tanger Factory Outlet Centers, Inc.
	Investor Relations
	Phone:			(336) 856-6021
	Fax:			(336) 297-0931
	e-mail:			tangermail@tangeroutlet.com
	Mail:			Tanger Factory Outlet Centers, Inc.
				3200 Northline Avenue
				Suite 360
				Greensboro, NC 27408

Supplemental Operating and Financial Data for the
Quarter Ended 9/30/10

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