Tanger (SKT) 8-K Tanger Reports Second Quarter 2011 Results

Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

June 30, 2011

1

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

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, 2010.

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.

2

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

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	7
Major Tenants	8
Lease Expirations as of June 30, 2011	9
Leasing Activity	10
Financial Data:
Consolidated Balance Sheets	11
Consolidated Statements of Operations	12
FFO and FAD Analysis	14
Unconsolidated Joint Venture Information	15
Debt Outstanding Summary	18
Future Scheduled Principal Payments	19
Senior Unsecured Notes Financial Covenants	19
Investor Information	20

3

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Geographic Diversification

As of June 30, 2011
State	# of Centers	GLA	% of GLA
South Carolina	5	1,563,508	16	%
New York	1	729,475	7	%
Georgia	2	665,780	7	%
Pennsylvania	2	626,974	6	%
Texas	2	619,729	6	%
Delaware	1	568,900	6	%
Alabama	1	557,228	6	%
North Carolina	3	505,242	5	%
Michigan	2	436,752	4	%
Tennessee	1	419,038	4	%
Ohio	1	410,016	4	%
Missouri	1	302,922	3	%
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	2	%
Florida	1	198,950	2	%
California	1	171,300	2	%
Maine	2	84,313	1	%
Total (1)	33	9,775,539	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.

4

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Property Summary - Occupancy at End of Each Period Shown

Wholly-owned properties

Location	Total GLA 6/30/11	% Occupied 6/30/11		% Occupied 3/31/11		% Occupied 12/31/10		% Occupied 9/30/10		% Occupied 6/30/10
Riverhead, NY	729,475	100	%	98	%	100	%	100	%	99	%
Rehoboth, DE	568,900	98	%	99	%	99	%	99	%	98	%
Foley, AL	557,228	98	%	98	%	99	%	97	%	97	%
San Marcos, TX	441,929	97	%	95	%	100	%	100	%	97	%
Myrtle Beach Hwy 501, SC	424,247	99	%	92	%	94	%	93	%	92	%
Sevierville, TN	419,038	100	%	100	%	100	%	99	%	99	%
Jeffersonville, OH	410,016	99	%	N/A		N/A		N/A		N/A
Myrtle Beach Hwy 17, SC	403,161	97	%	96	%	100	%	99	%	100	%
Washington, PA	372,972	99	%	99	%	99	%	99	%	95	%
Commerce II, GA	370,512	99	%	99	%	100	%	100	%	97	%
Charleston, SC	352,315	93	%	92	%	100	%	99	%	97	%
Howell, MI	324,632	98	%	99	%	98	%	99	%	95	%
Mebane, NC	318,910	100	%	99	%	100	%	N/A		N/A
Branson, MO	302,922	98	%	98	%	100	%	100	%	100	%
Park City, UT	298,379	100	%	100	%	100	%	98	%	99	%
Locust Grove, GA	295,268	99	%	99	%	99	%	100	%	99	%
Westbrook, CT	291,051	98	%	92	%	99	%	99	%	95	%
Gonzales, LA	282,403	99	%	95	%	100	%	100	%	99	%
Williamsburg, IA	277,230	97	%	96	%	93	%	92	%	89	%
Lincoln City, OR	270,212	98	%	99	%	100	%	99	%	99	%
Lancaster, PA	254,002	100	%	98	%	95	%	100	%	98	%
Tuscola, IL	250,439	87	%	86	%	85	%	85	%	83	%
Tilton, NH	245,698	100	%	99	%	100	%	100	%	100	%
Hilton Head II, SC	206,586	98	%	98	%	98	%	98	%	100	%
Fort Myers, FL	198,950	85	%	90	%	93	%	88	%	88	%
Terrell, TX	177,800	94	%	94	%	96	%	96	%	94	%
Hilton Head I, SC (3)	177,199	96	%	82	%	N/A		N/A		N/A
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,120	100	%	98	%	98	%	98	%	98	%
Blowing Rock, NC	104,154	100	%	100	%	100	%	100	%	100	%
Nags Head, NC	82,178	100	%	95	%	97	%	100	%	100	%
Kittery I, ME	59,694	93	%	89	%	100	%	100	%	100	%
Kittery II, ME	24,619	100	%	100	%	100	%	100	%	100	%
Commerce I, GA (4)	N/A	N/A		N/A		N/A		N/A		46	%
Total	9,775,539	98% (1)		97% (1)		98	%	98	%	97% (2)
Unconsolidated joint ventures
Deer Park, NY (5)	683,033	88	%	85	%	86	%	86	%	84	%
Wisconsin Dells, WI	265,061	99	%	98	%	99	%	99	%	99	%

5

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

(1) Excludes the occupancy rate at our Hilton Head I, South Carolina center which opened March 31, 2011 and has not yet stabilized.

(2) Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010 and subsequently sold on July 7, 2010.

(3) Center opened on March 31, 2011.

(4) Center sold in July 2010.

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

6

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

(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 Hilton Head I, South Carolina center which opened during the first quarter of 2011 and has not yet stabilized.

(3) Excludes the occupancy rate at our Commerce I, Georgia center which was held for sale as of June 30, 2010 and subsequently sold on July 7, 2010.

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

7

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Major Tenants (1)

Ten Largest Tenants As of June 30, 2011
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	76	811,413	8.3	%
Phillips-Van Heusen	120	616,768	6.3	%
Dress Barn, Inc.	57	346,565	3.6	%
Nike	31	344,857	3.5	%
VF Outlet, Inc.	30	310,999	3.2	%
Adidas	37	297,679	3.1	%
Ann Taylor	39	277,814	2.8	%
Polo Ralph Lauren	27	265,412	2.7	%
Carter's	54	255,456	2.6	%
Hanesbrands Direct, LLC	40	223,720	2.3	%
Total of All Listed Above	511	3,750,683	38.4	%

(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.

8

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Lease Expirations as of June 30, 2011

(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.

9

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Leasing Activity (1)

	3/31/2011			6/30/2011			9/30/2011	12/31/2011	Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases	96			36					132			86
Gross leasable area	336,269			132,434					468,703			323,202
New initial base rent per square foot	$	25.90		$	27.36				$	26.31		$	21.56
Prior expiring base rent per square foot	$	19.27		$	19.12				$	19.23		$	19.26
Percent increase	34.4		%	43.1		%			36.8		%	12.0		%
New straight line base rent per square foot	$	28.26		$	29.52				$	28.26		$	23.08
Prior straight line base rent per square foot	$	18.85		$	19.00				$	18.89		$	18.86
Percent increase	49.9		%	55.4		%			51.5		%	22.4		%
Renewed Space:
Number of leases	180			61					241			208
Gross leasable area	932,095			259,556					1,191,651			898,723
New initial base rent per square foot	$	20.15		$	20.51				$	20.23		$	19.47
Prior expiring base rent per square foot	$	18.44		$	19.32				$	18.63		$	18.57
Percent increase	9.3		%	6.2		%			8.6		%	4.8		%
New straight line base rent per square foot	$	20.73		$	21.28				$	20.85		$	19.98
Prior straight line base rent per square foot	$	17.88		$	19.13				$	18.15		$	18.37
Percent increase	16.0		%	11.3		%			14.9		%	8.7		%
Total Re-tenanted and Renewed Space:
Number of leases	276			97					373			294
Gross leasable area	1,268,364			391,990					1,660,354			1,221,925
New initial base rent per square foot	$	21.67		$	22.83				$	21.94		$	20.02
Prior expiring base rent per square foot	$	18.66		$	19.25				$	18.8		$	18.75
Percent increase	16.1		%	18.6		%			16.7		%	6.8		%
New straight line base rent per square foot	$	22.73		$	24.06				$	23.04		$	20.8
Prior straight line base rent per square foot	$	18.14		$	19.08				$	18.36		$	18.5
Percent increase	25.3		%	26.1		%			25.5		%	12.4		%

(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.

10

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Consolidated Balance Sheets (dollars in thousands)

	6/30/2011			3/31/2011			12/31/2010			9/30/2010			6/30/2010
Assets
Rental property
Land	$	144,329		$	141,577		$	141,577		$	141,576		$	141,575
Buildings	1,560,920			1,441,260			1,411,404			1,353,171			1,343,155
Construction in progress	3,367			2,590			23,233			58,952			39,883
Total rental property	1,708,616			1,585,427			1,576,214			1,553,699			1,524,613
Accumulated depreciation	(477,687		)	(462,942		)	(453,145		)	(438,955		)	(425,168		)
Total rental property - net	1,230,929			1,122,485			1,123,069			1,114,744			1,099,445
Cash and cash equivalents	18,438			731			5,758			2,835			3,453
Rental property held for sale	—			—			723			424			1,921
Investments in unconsolidated joint ventures	4,592			5,861			6,386			7,064			7,570
Deferred lease and intangible costs, net	51,573			28,090			29,317			29,381			30,966
Deferred debt origination costs, net	6,783			7,165			7,593			3,984			4,158
Prepaids and other assets	55,274			53,912			44,088			39,127			31,627
Total assets	$	1,367,589		$	1,218,244		$	1,216,934		$	1,197,559		$	1,179,140
Liabilities & equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	554,644		$	554,670		$	554,616		$	554,515		$	554,415
Senior, unsecured bridge loan	150,000			—			—			—			—
Unsecured lines of credit	182,000			166,300			160,000			54,800			50,800
Total debt	886,644			720,970			714,616			609,315			605,215
Construction trade payables	27,333			30,984			31,831			31,051			30,829
Accounts payable & accruals	27,129			33,503			31,594			40,060			22,747
Other liabilities	16,170			16,409			16,998			17,084			17,286
Total liabilities	957,276			801,866			795,039			697,510			676,077
Equity
Tanger Factory Outlet Centers, Inc. equity
Preferred shares	—			—			—			75,000			75,000
Common shares	813			813			810			810			810
Paid in capital	607,756			606,121			604,359			600,408			598,865
Accumulated distributions in excess of net income	(253,213		)	(246,372		)	(240,024		)	(233,387		)	(229,298		)
Accum. other comprehensive income	1,683			1,754			1,784			1,828			1,884
Total Tanger Factory Outlet Centers, Inc. equity	357,039			362,316			366,929			444,659			447,261
Noncontrolling interest	53,274			54,062			54,966			55,390			55,802
Total equity	410,313			416,378			421,895			500,049			503,063
Total liabilities and equity	$	1,367,589		$	1,218,244		$	1,216,934		$	1,197,559		$	1,179,140

11

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Consolidated Statements of Operations (dollars and shares in thousands)

	Three Months Ended															YTD
	6/30/11			3/31/11			12/31/10			9/30/10			6/30/10			6/30/11			6/30/10
Revenues
Base rentals	$	48,393		$	46,219		$	46,654		$	44,857		$	43,968		$	94,612		$	87,465
Percentage rentals	1,137			1,391			3,651			1,910			1,048			2,528			2,353
Expense reimbursements	20,616			21,205			22,540			20,139			18,429			41,821			37,948
Other income	1,955			1,924			2,648			2,567			1,850			3,879			3,571
Total revenues	72,101			70,739			75,493			69,473			65,295			142,840			131,337
Expenses
Property operating	23,765			24,108			26,223			22,567			21,758			47,873			44,107
General & administrative	7,185			6,767			6,721			6,403			5,963			13,952			11,429
Acquisition costs	974			567			83			—			—			1,541			—
Abandoned development costs	—			158			—			—			365			158			365
Impairment charge	—			—			—			—			—			—			735
Depreciation and amortization	17,858			17,965			17,651			16,805			17,109			35,823			43,583
Total expenses	49,782			49,565			50,678			45,775			45,195			99,347			100,219
Operating income	22,319			21,174			24,815			23,698			20,100			43,493			31,118
Interest expense	(10,713		)	(10,325		)	(9,454		)	(8,767		)	(7,951		)	(21,038		)	(15,899		)
Loss on early extinguishment of debt	—			—			—			—			(563		)	—			(563		)
Loss on termination of derivatives	—			—			—			—			(6,142		)	—			(6,142		)
Income before equity in losses of unconsolidated joint ventures	11,606			10,849			15,361			14,931			5,444			22,455			8,514
Equity in losses of unconsolidated joint ventures	(764		)	(32		)	(270		)	(75		)	(51		)	(796		)	(119		)
Income from continuing operations	10,842			10,817			15,091			14,856			5,393			21,659			8,395
Discontinued operations	—			—			5			(103		)	(1		)	—			—
Net income	10,842			10,817			15,096			14,753			5,392			21,659			8,395
Noncontrolling interest	(1,420		)	(1,419		)	(1,507		)	(1,754		)	(524		)	(2,839		)	(734		)
Net income attributable to the Company	9,422			9,398			13,589			12,999			4,868			18,820			7,661
Less applicable preferred share dividends	—			—			(1,078		)	(1,406		)	(1,407		)	—			(2,813		)
Less original issuance costs rleated to redeemed preferred shares	—			—			(2,539		)	—			—			—			—
Allocation to participating securities	(165		)	(192		)	(144		)	(142		)	(143		)	(357		)	(312		)
Net income available to common shareholders	$	9,257		$	9,206		$	9,828		$	11,451		$	3,318		$	18,463		$	4,536

12

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

	Three Months Ended										YTD
	6/30/11		3/31/11		12/31/10		9/30/10		6/30/10		6/30/11		6/30/10
Basic earnings per common share:
Income from continuing operations	$	0.11	$	0.11	$	0.12	$	0.14	$	0.04	$	0.23	$	0.06
Discontinued operations	—		—		—		—		—		—		—
Net income	$	0.11	$	0.11	$	0.12	$	0.14	$	0.04	$	0.23	$	0.06
Diluted earnings per common share:
Income from continuing operations	$	0.11	$	0.11	$	0.12	$	0.14	$	0.04	$	0.23	$	0.06
Discontinued operations	—		—		—		—		—		—		—
Net income	$	0.11	$	0.11	$	0.12	$	0.14	$	0.04	$	0.23	$	0.06
Weighted average common shares:
Basic	80,483		80,353		80,256		80,225		80,206		80,418		80,133
Diluted	81,104		80,552		80,445		80,402		80,343		81,039		80,282

13

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

FFO and FAD Analysis (dollars and shares in thousands)

	Three Months Ended															YTD
	6/30/11			3/31/11			12/31/10			9/30/10			6/30/10			6/30/11			6/30/10
Funds from operations:
Net income	$	10,842		$	10,817		$	15,096		$	14,753		$	5,392		$	21,659		$	8,395
Adjusted for -
Depreciation and amortization uniquely significant to real estate - wholly-owned discontinued operations	—			—			—			—			34			—			87
Depreciation and amortization uniquely significant to real estate - wholly-owned	17,686			17,807			17,508			16,675			16,984			35,493			43,343
Depreciation and amortization uniquely significant to real estate - joint ventures	1,336			1,306			1,312			1,289			1,280			2,642			2,545
Funds from operations	29,864			29,930			33,916			32,717			23,690			59,794			54,370
Preferred share dividends	—			—			(1,078		)	(1,406		)	(1,407		)	—			(2,813		)
Original issuance costs related to redeemed preferred shares	—			—			(2,539		)	—			—			—			—
Allocation to participating securities	(264		)	(310		)	(242		)	(247		)	(177		)	(572		)	(442		)
Funds from operations available to common shareholders	$	29,600		$	29,620		$	30,057		$	31,064		$	22,106		$	59,222		$	51,115
Funds from operations per share	$	0.32		$	0.32		$	0.32		$	0.34		$	0.24		$	0.64		$	0.55
Funds available for distribution to common shareholders:
Funds from operations	$	29,600		$	29,620		$	30,057		$	31,064		$	22,106		$	59,222		$	51,115
Adjusted for -
Original issuance costs related to redeemed preferred shares	—			—			(2,539		)	—			—			—			—
Corporate depreciation excluded above	172			158			143			130			125			330			240
Amortization of finance costs	482			466			370			259			315			948			657
Amortization of net debt discount (premium)	22			23			(372		)	(21		)	4			45			218
Gain (loss) on early extinguishment of debt	—			—			—			—			563			—			563
Loss on termination of derivatives	—			—			—			—			6,142			—			6,142
Impairment charge	—			—			—			—			111			—			735
Amortization of share-based compensation	1,615			1,798			1,515			1,437			1,363			3,413			2,503
Straight line rent adjustment	(1,240		)	(793		)	(506		)	(767		)	(669		)	(2,033		)	(1,403		)
Market rent adjustment	(202		)	(155		)	(374		)	(195		)	(216		)	(357		)	(381		)
2nd generation tenant allowances	(2,979		)	(2,443		)	(5,145		)	(4,797		)	(1,328		)	(5,422		)	(3,049		)
Capital improvements	(4,334		)	(1,598		)	(2,480		)	(2,531		)	(1,309		)	(5,932		)	(2,909		)
Funds available for distribution	$	23,136		$	27,076		$	25,747		$	24,579		$	27,207		$	50,214		$	54,431
Funds available for distribution per share	$	0.25		$	0.29		$	0.28		$	0.27		$	0.29		$	0.54		$	0.59
Dividends paid per share	$	0.2000		$	0.1938		$	0.1938		$	0.1938		$	0.1938		$	0.3938		$	0.3850
FFO payout ratio	63		%	61		%	61		%	58		%	81		%	62		%	70		%
FAD payout ratio	80		%	67		%	69		%	72		%	67		%	73		%	65		%
Diluted weighted average common shs.	93,237			92,685			92,578			92,535			92,476			93,172			92,415

14

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)

	6/30/2011		3/31/2011		12/31/2010		9/30/2010		6/30/2010		Tanger's Share as of 6/30/11
Assets
Investment properties at cost - net	$	284,076	$	285,332	$	283,902	$	287,365	$	289,587	$	99,562
Cash and cash equivalents	15,682		14,697		13,838		10,966		9,020		5,880
Deferred lease costs, net	2,877		3,011		2,563		2,707		2,862		1,007
Deferred debt origination costs, net	970		1,172		1,427		1,681		1,937		343
Other assets	8,555		7,349		6,291		6,511		6,697		3,031
Total assets	$	312,160	$	311,561	$	308,021	$	309,230	$	310,103	$	109,823
Liabilities & Owners' Equity
Mortgage payable	$	293,534	$	294,034	$	294,034	$	294,034	$	294,034	$	101,886
Construction trade payables	6,034		4,710		341		1,213		878		2,071
Accounts payable & other liabilities	6,937		4,281		4,810		3,729		3,991		2,498
Total liabilities	306,505		303,025		299,185		298,976		298,903		106,455
Owners' equity	5,655		8,536		8,836		10,254		11,200		3,368
Total liabilities & owners' equity	$	312,160	$	311,561	$	308,021	$	309,230	$	310,103	$	109,823

Summary Statements of Operations (dollars in thousands)

	Three Months Ended															YTD
	6/30/11			3/31/11			12/31/10			9/30/10			6/30/10			6/30/11			6/30/10
Revenues	$	9,752		$	9,562		$	9,691		$	9,632		$	9,261		$	19,314		$	18,535
Expenses
Property operating	4,473			4,101			5,187			4,575			4,200			8,574			8,410
General & administrative	(131		)	187			(11		)	107			72			56			359
Depreciation & amortization	3,627			3,611			3,635			3,567			3,546			7,238			7,043
Total expenses	7,969			7,899			8,811			8,249			7,818			15,868			15,812
Operating income	1,783			1,663			880			1,383			1,443			3,446			2,723
Interest expense (1)	4,126			1,803			1,785			1,771			1,717			5,929			3,391
Net loss	$	(2,343	)	$	(140	)	$	(905	)	$	(388	)	$	(274	)	$	(2,483	)	$	(668	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,984		$	1,912		$	1,676		$	1,842		$	1,842		$	3,896		$	3,633
Net loss	$	(764	)	$	(32	)	$	(270	)	$	(75	)	$	(51	)	$	(796	)	$	(119	)
Depreciation (real estate related)	$	1,337		$	1,306		$	1,312		$	1,289		$	1,280		$	2,643		$	2,545

(1) For the three and six months ended June 30, 2011, includes the accrual of interest expense at a weighted average default interest rate of approximately 9.20% from May 17, 2011 to June 30, 2011.

15

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Unconsolidated Joint Venture Information - Wisconsin Dells

Summary Balance Sheets (dollars in thousands)

	6/30/2011		3/31/2011		12/31/2010		9/30/2010		6/30/2010		Tanger's Share as of 6/30/11
Assets
Investment properties at cost - net	$	29,217	$	29,528	$	29,968	$	30,430	$	31,004	$	14,609
Cash and cash equivalents	3,918		4,095		4,253		3,901		3,702		1,959
Deferred lease costs, net	288		269		210		239		286		144
Deferred debt origination costs, net	115		134		153		172		191		58
Other assets	714		781		723		594		602		357
Total assets	$	34,252	$	34,807	$	35,307	$	35,336	$	35,785	$	17,127
Liabilities & Owners' Equity
Mortgage payable	$	24,250	$	24,750	$	24,750	$	24,750	$	24,750	$	12,125
Construction trade payables	358		158		106		—		46		179
Accounts payable & other liabilities	1,110		954		1,030		734		844		556
Total liabilities	25,718		25,862		25,886		25,484		25,640		12,860
Owners' equity	8,534		8,945		9,421		9,852		10,145		4,267
Total liabilities & owners' equity	$	34,252	$	34,807	$	35,307	$	35,336	$	35,785	$	17,127

Summary Statements of Operations (dollars in thousands)

	Three Months Ended										YTD
	6/30/11		3/31/11		12/31/10		9/30/10		6/30/10		6/30/11		6/30/10
Revenues	$	1,798	$	1,801	$	1,793	$	1,822	$	1,715	$	3,599	$	3,638
Expenses
Property operating	758		805		770		665		643		1,563		1,359
General & administrative	1		22		5		2		3		23		12
Depreciation & amortization	631		626		619		618		615		1,257		1,228
Total expenses	1,390		1,453		1,394		1,285		1,261		2,843		2,599
Operating income	408		348		399		537		454		756		1,039
Interest expense	218		225		229		230		227		443		452
Net income	$	190	$	123	$	170	$	307	$	227	$	313	$	587
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	519	$	487	$	509	$	578	$	534	$	1,066	$	1,133
Net income	$	103	$	70	$	92	$	163	$	124	$	173	$	312
Depreciation (real estate related)	$	307	$	304	$	302	$	300	$	297	$	611	$	595

16

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Unconsolidated Joint Venture Information - Deer Park

Summary Balance Sheets (dollars in thousands)

	6/30/2011			3/31/2011			12/31/2010			9/30/2010		6/30/2010		Tanger's Share as of 6/30/11
Assets
Investment properties at cost - net	$	254,859		$	255,804		$	253,934		$	256,935	$	258,583	$	84,953
Cash and cash equivalents	11,764			10,552			9,585			7,065		5,318		3,921
Deferred lease costs, net	2,589			2,742			2,352			2,468		2,576		863
Deferred debt origination costs, net	855			1,038			1,275			1,509		1,746		285
Prepaids and other assets	7,477			6,318			5,568			5,917		6,095		2,492
Total assets	$	277,544		$	276,454		$	272,714		$	273,894	$	274,318	$	92,514
Liabilities & Owners' Equity
Mortgage payable	$	269,284		$	269,284		$	269,284		$	269,284	$	269,284	$	89,761
Construction trade payables	5,676			4,552			235			1,213		832		1,892
Accounts payable & other liabilities	5,827			3,277			3,780			2,995		3,147		1,942
Total liabilities	280,787			277,113			273,299			273,492		273,263		93,595
Owners' equity	(3,243		)	(659		)	(585		)	402		1,055		(1,081		)
Total liabilities & owners' equity	$	277,544		$	276,454		$	272,714		$	273,894	$	274,318	$	92,514

Summary Statements of Operations (dollars in thousands)

	Three Months Ended															YTD
	6/30/11			3/31/11			12/31/10			9/30/10			6/30/10			6/30/11			6/30/10
Revenues	$	7,954		$	7,761		$	7,898		$	7,810		$	7,546		$	15,715		$	14,897
Expenses
Property operating	3,715			3,296			4,417			3,910			3,557			7,011			7,051
General & administrative	(82		)	115			(16		)	105			69			33			347
Depreciation & amortization	2,996			2,985			3,016			2,949			2,931			5,981			5,815
Total expenses	6,629			6,396			7,417			6,964			6,557			13,025			13,213
Operating income	1,325			1,365			481			846			989			2,690			1,684
Interest expense	3,908			1,578			1,556			1,541			1,490			5,486			2,939
Net loss	$	(2,583	)	$	(213	)	$	(1,075	)	$	(695	)	$	(501	)	$	(2,796	)	$	(1,255	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,440		$	1,450		$	1,167		$	1,264		$	1,308		$	2,890		$	2,500
Net loss	$	(894	)	$	(77	)	$	(364	)	$	(238	)	$	(172	)	$	(971	)	$	(430	)
Depreciation (real estate related)	$	1,031		$	1,001		$	1,012		$	989		$	983		$	2,032		$	1,950

17

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Debt Outstanding Summary (dollars in thousands)

As of June 30, 2011
	Principal Balance			Interest Rate		Maturity Date
Unsecured debt:
Unsecured bridge loan (1)	$	150,000		Libor + 1.60%		9/26/2011
Unsecured lines of credit (2)	182,000			Libor + 1.90%		11/29/2013
2015 Senior unsecured notes	250,000			6.15	%	11/15/2015
2026 Senior unsecured exchangeable notes (3)	7,030			3.75	%	8/18/2011
2020 Senior unsecured notes	300,000			6.125	%	6/1/2020
Net debt discounts	(2,386		)
Total consolidated debt	$	886,644
Tanger's share of unconsolidated JV debt:
Wisconsin Dells	12,375			Libor + 3.00%		12/18/2012
Deer Park (4)	89,761			Libor + 1.375 - 3.50%		5/17/2011
Total Tanger's share of unconsolidated JV debt	$	102,136

(1) The Company has entered into a senior unsecured bridge loan with Wells Fargo Bank, N.A. Maturity of the interim loan occurs on September 26, 2011. However, at its discretion, the Company may extend the maturity to June 22, 2012 by exercising each of its three ninety day extension options. There is a fee of $75,000 associated with the exercise of each extension option.

(2) The Company has an unsecured, syndicated credit line with a borrowing capacity totaling $385.0 million and a separate cash management line of credit with a borrowing capacity of $15.0 million with one of the participants in the syndication. Both lines expire on November 29, 2013. Facility fees of 40 basis points annually are charged in arrears based on the amount of the commitment.

(3) On January 1, 2009, the Company 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 June 30, 2011, the unamortized discount on the remaining $7.0 million in exchangeable notes totaled $20,000. In July 2011, the Company exercised its option to redeem the notes by issuing a redemption notice on July 18, 2011 for all outstanding notes on August 18, 2011, the five year anniversary of the issuance of the notes. Noteholders have until August 16, 2011 to exercise their exchange rights.

(4) In May 2007, the joint venture entered into a four-year, interest-only construction loan facility with a one-year maturity extension option. On the initial maturity date of May 17, 2011, the joint venture did not qualify for the one-year extension option under the loan. Subsequently, the joint venture has been accruing interest expense at the default rate of approximately 9.2%, compared to the stated rate of approximately 1.7% based on current LIBOR and prime rates. As of June 30, 2011, 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 initial maturity of May 17, 2011. The joint venture did not qualify for the one year extension option under this loan. As of June 30, 2011, the outstanding principal balance under the warehouse mortgage was $2.3 million. The joint venture partners continue to work with the administrative agent bank of the lender group to negotiate new financing terms for the properties.

18

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

Future Scheduled Principal Payments (dollars in thousands)

As of June 30, 2011
Year	Tanger Consolidated Payments			Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2011 (1)	$	157,030		$	89,761	$	246,791
2012	—			12,375		12,375
2013	182,000			—		182,000
2014	—			—		—
2015	250,000			—		250,000
2016	—			—		—
2017	—			—		—
2018	—			—		—
2019	—			—		—
2020 & thereafter	300,000			—		300,000
	$	889,030		$	102,136	$	991,166
Net Discount on Debt	(2,386		)	—		(2,386		)
	$	886,644		$	102,136	$	988,780

Senior Unsecured Notes Financial Covenants (2)

As of June 30, 2011
	Required	Actual		Compliance
Total Consolidated Debt to Adjusted Total Assets	<60%	47	%	Yes
Total Secured Debt to Adjusted Total Assets	<40%	—	%	Yes
Total Unencumbered Assets to Unsecured Debt	>135%	213	%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	>1.5	4.4		Yes

(1) Included in this amount is $7.0 million which represents our exchangeable, senior unsecured notes issued in August 2006. In July 2011, the Company issued a redemption notice on July 18, 2011 for redemption of all outstanding notes on August 18, 2011, the five year anniversary of the issuance of the notes. Noteholders have until August 16, 2011 to exercise their exchange rights.

(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.

19

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11

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) 834-6892
Fax:	(336) 297-0931
e-mail:	tangermail@tangeroutlet.com
Mail:	Tanger Factory Outlet Centers, Inc.
	3200 Northline Avenue
	Suite 360
	Greensboro, NC 27408

20

Supplemental Operating and Financial Data for the

Quarter Ended 6/30/11