TANGER FACTORY OUTLET CENTERS, INC - FORM 8-K - EX-99.2 - SKT YEAR END 12.31.2010 SUPPLEMENTAL INFORMATION

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8-K - SKT YEAR END 12.31.2010 EARNINGS RELEASE 8-K - TANGER FACTORY OUTLET CENTERS, INC	a8kpressrelease.htm
EX-99.1 - SKT YEAR END 12.31.2010 EARNINGS RELEASE - TANGER FACTORY OUTLET CENTERS, INC	skt8kex991.htm

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

December 31, 2010

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

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, 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.

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

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	7
Major Tenants	8
Lease Expirations as of December 31, 2010	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

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Geographic Diversification


As of December 31, 2010


State	# of Centers	GLA	% of GLA

South Carolina	4	1,388,479	15	%
New York	1	729,475	8	%
Georgia	2	664,380	7	%
Pennsylvania	2	628,124	7	%
Texas	2	619,729	7	%
Delaware	1	568,900	6	%
Alabama	1	557,299	6	%
North Carolina	3	505,323	5	%
Michigan	2	436,751	5	%
Tennessee	1	419,038	5	%
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	3	%
Florida	1	198,950	2	%
California	1	171,300	2	%
Maine	2	84,313	1	%
Total (1)	31	9,190,395	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

Year Ended 12/31/10

Property Summary - Occupancy at End of Each Period Shown

Wholly-owned properties


Location	Total GLA 12/31/10	% Occupied 12/31/10		% Occupied 9/30/10		% Occupied 6/30/10		% Occupied 3/31/10		% Occupied 12/31/09
Riverhead, NY	729,475	100	%	100	%	99	%	99	%	99	%
Rehoboth, DE	568,900	99	%	99	%	98	%	99	%	99	%
Foley, AL	557,299	99	%	97	%	97	%	92	%	91	%
San Marcos, TX	441,929	100	%	100	%	97	%	97	%	100	%
Myrtle Beach Hwy 501, SC	426,417	94	%	93	%	92	%	88	%	90	%
Sevierville, TN	419,038	100	%	99	%	99	%	99	%	100	%
Myrtle Beach Hwy 17, SC	403,161	100	%	99	%	100	%	99	%	100	%
Washington, PA	372,972	99	%	99	%	95	%	94	%	88	%
Commerce II, GA	370,512	100	%	100	%	97	%	96	%	97	%
Charleston, SC	352,315	100	%	99	%	97	%	92	%	98	%
Howell, MI	324,631	98	%	99	%	95	%	94	%	95	%
Mebane, NC	318,910	100	%	N/A		N/A		N/A		N/A
Branson, MO	302,922	100	%	100	%	100	%	97	%	100	%
Park City, UT	298,379	100	%	98	%	99	%	100	%	100	%
Locust Grove, GA	293,868	99	%	100	%	99	%	97	%	100	%
Westbrook, CT	291,051	99	%	99	%	95	%	97	%	95	%
Gonzales, LA	282,403	100	%	100	%	99	%	98	%	100	%
Williamsburg, IA	277,230	93	%	92	%	89	%	91	%	95	%
Lincoln City, OR	270,212	100	%	99	%	99	%	98	%	99	%
Lancaster, PA	255,152	95	%	100	%	98	%	97	%	100	%
Tuscola, IL	250,439	85	%	85	%	83	%	82	%	82	%
Tilton, NH	245,698	100	%	100	%	100	%	100	%	100	%
Hilton Head, SC ⁽³⁾	206,586	98	%	98	%	100	%	100	%	89	%
Fort Myers, FL	198,950	93	%	88	%	88	%	90	%	92	%
Terrell, TX	177,800	96	%	96	%	94	%	93	%	98	%
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,120	98	%	98	%	98	%	98	%	96	%
Blowing Rock, NC	104,235	100	%	100	%	100	%	100	%	100	%
Nags Head, NC	82,178	97	%	100	%	100	%	94	%	97	%
Kittery I, ME	59,694	100	%	100	%	100	%	100	%	100	%
Kittery II, ME	24,619	1		1		1		1		1
Commerce I, GA ⁽⁴⁾	N/A	N/A		N/A		46	%	44	%	61	%
Total	9,190,395	98	%	98	%	97% ⁽¹⁾		95	%	96% ⁽²⁾

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

Supplemental Operating and Financial Data for the

Year Ended 12/31/10


(1)	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.


(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

Year Ended 12/31/10

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

Year Ended 12/31/10

Major Tenants (1)


Ten Largest Tenants As of December 31, 2010
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	73	770,916	8.4	%
Phillips-Van Heusen	115	592,299	6.4	%
Dress Barn, Inc.	56	336,620	3.7	%
Nike	30	331,017	3.6	%
VF Outlet, Inc.	29	293,657	3.2	%
Adidas	34	289,374	3.1	%
Carter's	52	246,730	2.7	%
Liz Claiborne	33	234,074	2.6	%
Polo Ralph Lauren	25	222,064	2.4	%
Hanesbrands Direct, LLC	39	214,713	2.3	%
Total of All Listed Above	486	3,531,464	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.

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Lease Expirations as of December 31, 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

Year Ended 12/31/10

Leasing Activity (1)


	3/31/2010			6/30/2010			9/30/2010			12/31/2010			Year to Date			Prior Year to Date
Re-tenanted Space:
Number of leases	59			26			34			7			126			88
Gross leasable area	210,068			95,734			104,277			21,531			431,610			305,234
New initial base rent per square foot	$	22.68		$	22.31		$	23.32		$	19.82		$	22.61		$	23.31
Prior expiring base rent per square foot	$	19.70		$	19.71		$	19.40		$	21.18		$	19.70		$	19.23
Percent increase	15.1		%	13.2		%	20.2		%	(6.4		)%	14.8		%	21.2		%

New straight line base rent per square foot	$	24.45		$	23.45		$	24.77		$	21.97		$	24.18		$	24.66
Prior straight line base rent per square foot	$	19.33		$	19.21		$	18.62		$	20.86		$	19.21		$	18.83
Percent increase	26.5		%	22.0		%	33.0		%	5.4		%	25.9		%	30.9		%

Renewed Space:
Number of leases	150			58			30			52			290			271
Gross leasable area	646,422			252,301			115,518			202,783			1,217,024			1,218,219
New initial base rent per square foot	$	19.80		$	18.62		$	19.79		$	17.50		$	19.17		$	18.07
Prior expiring base rent per square foot	$	18.86		$	17.80		$	16.73		$	17.45		$	18.21		$	16.96
Percent increase	4.9		%	4.6		%	18.3		%	0.3		%	5.3		%	6.6		%

New straight line base rent per square foot	$	20.37		$	18.97		$	20.21		$	17.87		$	19.65		$	18.43
Prior straight line base rent per square foot	$	18.72		$	17.47		$	16.57		$	17.16		$	18.00		$	16.8
Percent increase	8.8		%	8.6		%	22.0		%	4.1		%	9.2		%	9.7		%

Total Re-tenanted and Renewed Space:
Number of leases	209			84			64			59			416			359
Gross leasable area	856,490			348,035			219,795			224,314			1,648,634			1,523,453
New initial base rent per square foot	$	20.5		$	19.63		$	21.46		$	17.73		$	20.07		$	19.12
Prior expiring base rent per square foot	$	19.07		$	18.33		$	18.00		$	17.81		$	18.6		$	17.41
Percent increase	7.5		%	7.1		%	19.3		%	(0.4		)%	7.9		%	9.8		%

New straight line base rent per square foot	$	21.37		$	20.20		$	22.38		$	18.26		$	20.84		$	19.68
Prior straight line base rent per square foot	$	18.87		$	17.95		$	17.54		$	17.51		$	18.31		$	17.21
Percent increase	13.2		%	12.5		%	27.6		%	4.3		%	13.8		%	14.3		%


(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

Year Ended 12/31/10

Consolidated Balance Sheets (dollars in thousands)


	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Assets
Rental property
Land	$	141,577		$	141,576		$	141,575		$	142,822		$	143,933
Buildings	1,411,404			1,353,171			1,343,155			1,360,010			1,352,568
Construction in progress	23,233			58,952			39,883			19,557			11,369
Total rental property	1,576,214			1,553,699			1,524,613			1,522,389			1,507,870
Accumulated depreciation	(453,145		)	(438,955		)	(425,168		)	(432,276		)	(412,530		)
Total rental property - net	1,123,069			1,114,744			1,099,445			1,090,113			1,095,340
Cash & cash equivalents	5,758			2,835			3,453			3,197			3,267
Rental property held for sale	723			424			1,921			—			—
Investments in unconsolidated joint ventures	6,386			7,064			7,570			8,151			9,054
Deferred charges - net	36,910			33,365			35,124			35,555			38,867
Other assets	44,088			39,127			31,627			31,889			32,333
Total assets	$	1,216,934		$	1,197,559		$	1,179,140		$	1,168,905		$	1,178,861
Liabilities & equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	554,616		$	554,515		$	554,415		$	256,412		$	256,352
Unsecured term loan	—			—			—			235,000			235,000
Mortgages payable, net of discount	—			—			—			—			35,559
Unsecured lines of credit	160,000			54,800			50,800			93,400			57,700
Total debt	714,616			609,315			605,215			584,812			584,611
Construction trade payables	31,831			31,051			30,829			22,381			14,194
Accounts payable & accruals	31,594			40,060			22,747			28,544			31,916
Other liabilities	16,998			17,084			17,286			25,657			27,077
Total liabilities	795,039			697,510			676,077			661,394			657,798
Equity
Tanger Factory Outlet Centers, Inc. equity
Preferred shares	—			75,000			75,000			75,000			75,000
Common shares	810			810			810			810			806
Paid in capital	604,359			600,408			598,865			597,563			595,671
Distributions in excess of net income	(240,024		)	(233,387		)	(229,298		)	(217,076		)	(202,997		)
Accum. other comprehensive income (loss)	1,784			1,828			1,884			(5,169		)	(5,809		)
Total Tanger Factory Outlet Centers, Inc. equity	366,929			444,659			447,261			451,128			462,671
Noncontrolling interest	54,966			55,390			55,802			56,383			58,392
Total equity	421,895			500,049			503,063			507,511			521,063
Total liabilities and equity	$	1,216,934		$	1,197,559		$	1,179,140		$	1,168,905		$	1,178,861

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Consolidated Statements of Operations (dollars and shares in thousands)


	Three Months Ended															YTD
	12/31/10			9/30/10			6/30/10			3/31/10			12/31/09			12/31/10			12/31/09
Revenues
Base rentals	$	46,654		$	44,857		$	43,968		$	43,497		$	44,204		$	178,976		$	174,046
Percentage rentals	3,651			1,910			1,048			1,305			3,111			7,914			6,801
Expense reimbursements	22,540			20,139			18,429			19,519			21,989			80,627			78,500
Other income	2,648			2,567			1,850			1,721			1,992			8,786			11,248
Total revenues	75,493			69,473			65,295			66,042			71,296			276,303			270,595
Expenses
Property operating	26,306			22,567			22,123			22,349			24,647			93,345			88,135
General & administrative	6,721			6,403			5,963			5,466			5,066			24,553			22,285
Executive severance	—			—			—			—			—			—			10,296
Depreciation & amortization	17,651			16,805			17,109			26,474			20,187			78,039			79,939
Impairment charge	—			—			—			735			—			735			—
Total expenses	50,678			45,775			45,195			55,024			49,900			196,672			200,655
Operating income	24,815			23,698			20,100			11,018			21,396			79,631			69,940
Interest expense	(9,454		)	(8,767		)	(7,951		)	(7,948		)	(8,217		)	(34,120		)	(37,683		)
Gain (loss) on early extinguishment of debt	—			—			(563		)	—			—			(563		)	10,467
Loss on termination of derivatives	—			—			(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	15,361			14,931			5,444			3,070			13,179			38,806			74,221
Equity in earnings (losses) of unconsolidated joint ventures	(270		)	(75		)	(51		)	(68		)	(166		)	(464		)	(1,512		)
Income from continuing operations	15,091			14,856			5,393			3,002			13,013			38,342			72,709
Discontinued operations	5			(103		)	(1		)	1			63			(98		)	(5,214		)
Net income	15,096			14,753			5,392			3,003			13,076			38,244			67,495
Noncontrolling interest	(1,507		)	(1,754		)	(524		)	(210		)	(1,538		)	(3,995		)	(9,476		)
Net income attributable to the Company	13,589			12,999			4,868			2,793			11,538			34,249			58,019
Less applicable preferred share dividends	(1,078		)	(1,406		)	(1,407		)	(1,406		)	(1,406		)	(5,297		)	(5,625		)
Less original issuance costs related to redeemed preferred shares	(2,539		)	—			—			—			—			(2,539		)	—
Allocation to participating securities	(144		)	(142		)	(143		)	(169		)	(121		)	(598		)	(701		)
Net income available to common shareholders	$	9,828		$	11,451		$	3,318		$	1,218		$	10,011		$	25,815		$	51,693

Supplemental Operating and Financial Data for the

Year Ended 12/31/10


	Three Months Ended										YTD
	12/31/10		9/30/10		6/30/10		3/31/10		12/31/09		12/31/10		12/31/09
Basic earnings per common share:
Income from continuing operations	$	0.12	$	0.14	$	0.04	$	0.02	$	0.12	$	0.32	$	0.78
Discontinued operations	—		—		—		—		—		—		(0.06		)
Net income	$	0.12	$	0.14	$	0.04	$	0.02	$	0.12	$	0.32	$	0.72
Diluted earnings per common share:
Income from continuing operations	$	0.12	$	0.14	$	0.04	$	0.02	$	0.12	$	0.32	$	0.78
Discontinued operations	—		—		—		—		—		—		(0.06		)
Net income	$	0.12	$	0.14	$	0.04	$	0.02	$	0.12	$	0.32	$	0.72
Weighted average common shares:
Basic	80,256		80,225		80,206		80,060		79,916		80,187		71,832
Diluted	80,445		80,402		80,343		80,236		80,086		80,389		72,024

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

FFO and FAD Analysis (dollars and shares in thousands)


	Three Months Ended															YTD
	12/31/10			9/30/10			6/30/10			3/31/10			12/31/09			12/31/10			12/31/09
Funds from operations:
Net income	$	15,096		$	14,753		$	5,392		$	3,003		$	13,076		$	38,244		$	67,495
Adjusted for -
Depreciation and amortization uniquely significant to real estate - wholly-owned discontinued operations	—			—			34			53			52			87			562
Depreciation and amortization uniquely significant to real estate - wholly-owned	17,508			16,675			16,984			26,359			20,060			77,526			79,446
Depreciation and amortization uniquely significant to real estate - joint ventures	1,312			1,289			1,280			1,265			1,231			5,146			4,859
(Gain) on fair value measurement of previously held interest in acquired joint venture	—			—			—			—			—			—			(31,497		)
Funds from operations	33,916			32,717			23,690			30,680			34,419			121,003			120,865
Preferred share dividends	(1,078		)	(1,406		)	(1,407		)	(1,406		)	(1,406		)	(5,297		)	(5,625		)
Original issuance costs related to redeemed preferred shares	(2,539		)	—			—			—			—			(2,539		)	—
Allocation to participating securities	(242		)	(247		)	(177		)	(268		)	(225		)	(932		)	(1,282		)
Funds from operations available to common shareholders	$	30,057		$	31,064		$	22,106		$	29,006		$	32,788		$	112,235		$	113,958
Funds from operations per share	$	0.32		$	0.34		$	0.24		$	0.31		$	0.36		$	1.21		$	1.35
Funds available for distribution to common shareholders:
Funds from operations	$	30,057		$	31,064		$	22,106		$	29,006		$	32,788		$	112,235		$	113,958
Adjusted for -
Original issuance costs related to redeemed preferred shares	2,539			—			—			—			—			2,539			—
Corporate depreciation excluded above	143			130			125			115			127			513			493
Amortization of finance costs	370			259			315			342			341			1,286			1,511
Amortization of net debt (discount) premium	(372		)	(21		)	4			214			(79		)	(175		)	894
Gain (loss) on early extinguishment of debt	—			—			563			—			—			563			(10,467		)
Loss on termination of derivatives	—			—			6,142			—			—			6,142			—
Impairment charge	—			—			111			735			—			846			5,200
Amortization of share-based compensation	1,515			1,437			1,363			1,140			829			5,455			11,798
Straight line rent adjustment	(506		)	(767		)	(669		)	(734		)	(287		)	(2,676		)	(2,242		)
Market rent adjustment	(374		)	(195		)	(216		)	(165		)	(226		)	(950		)	(492		)
2^nd generation tenant allowances	(5,145		)	(4,797		)	(1,328		)	(1,721		)	(1,652		)	(12,991		)	(7,664		)
Capital improvements	(2,480		)	(2,531		)	(1,309		)	(1,600		)	(1,011		)	(7,920		)	(8,887		)
Funds available for distribution	$	25,747		$	24,579		$	27,207		$	27,332		$	30,830		$	104,867		$	104,102
Funds available for distribution per share	$	0.28		$	0.27		$	0.29		$	0.3		$	0.33		$	1.13		$	1.24
Dividends paid per share	$	0.1938		$	0.1938		$	0.1938		$	0.1913		$	0.1913		$	0.7725		$	0.7638
FFO payout ratio	61		%	58		%	81		%	61		%	54		%	64		%	57		%
FAD payout ratio	69		%	72		%	67		%	64		%	58		%	68		%	62		%
Diluted weighted average common shs.	92,578			92,535			92,476			92,369			92,219			92,523			84,157

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)


	12/31/2010		9/30/2010		6/30/2010		3/31/2010		12/31/2009		Tanger's Share as of 12/31/10
Assets
Investment properties at cost - net	$	283,902	$	287,365	$	289,587	$	292,105	$	294,857	$	99,629
Cash and cash equivalents	13,838		10,966		9,020		6,937		8,070		5,322
Deferred charges - net	3,990		4,388		4,799		5,197		5,450		1,391
Other assets	6,291		6,511		6,697		5,878		5,610		2,218
Total assets	$	308,021	$	309,230	$	310,103	$	310,117	$	313,987	$	108,560

Liabilities & Owners' Equity
Mortgage payable	$	294,034	$	294,034	$	294,034	$	292,468	$	292,468	$	102,136
Construction trade payables	341		1,213		878		1,845		3,647		131
Accounts payable & other liabilities	4,810		3,729		3,991		3,568		3,826		1,777
Total liabilities	299,185		298,976		298,903		297,881		299,941		104,044
Owners' equity	8,836		10,254		11,200		12,236		14,046		4,516
Total liabilities & owners' equity	$	308,021	$	309,230	$	310,103	$	310,117	$	313,987	$	108,560

Summary Statements of Operations (dollars in thousands)


	Three Months Ended															YTD
	12/31/10			9/30/10			6/30/10			3/31/10			12/31/09			12/31/10			12/31/09
Revenues	$	9,691		$	9,632		$	9,261		$	9,274		$	9,374		$	37,858		$	35,481
Expenses
Property operating	5,187			4,575			4,200			4,210			4,682			18,172			16,643
General & administrative	(11		)	107			72			287			444			455			861
Depreciation & amortization	3,635			3,567			3,546			3,497			3,460			14,245			13,419
Total expenses	8,811			8,249			7,818			7,994			8,586			32,872			30,923
Operating income	880			1,383			1,443			1,280			788			4,986			4,558
Interest expense	1,785			1,771			1,717			1,674			1,550			6,947			9,913
Net loss	$	(905	)	$	(388	)	$	(274	)	$	(394	)	$	(762	)	$	(1,961	)	$	(5,355	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,676		$	1,842		$	1,842		$	1,791		$	1,603		$	7,151		$	6,733
Net income (loss)	$	(270	)	$	(75	)	$	(51	)	$	(68	)	$	(166	)	$	(464	)	$	(1,512	)
Depreciation (real estate related)	$	1,312		$	1,289		$	1,280		$	1,265		$	1,231		$	5,146		$	4,859

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Unconsolidated Joint Venture Information - Wisconsin Dells

Summary Balance Sheets (dollars in thousands)


	12/31/2010		9/30/2010		6/30/2010		3/31/2010		12/31/2009		Tanger's Share as of 12/31/10
Assets
Investment properties at cost - net	$	29,968	$	30,430	$	31,004	$	31,541	$	32,108	$	14,984
Cash and cash equivalents	4,253		3,901		3,702		4,050		4,549		2,127
Deferred charges - net	363		411		477		515		529		182
Other assets	723		594		602		626		514		362
Total assets	$	35,307	$	35,336	$	35,785	$	36,732	$	37,700	$	17,655

Liabilities & Owners' Equity
Mortgage payable	$	24,750	$	24,750	$	24,750	$	25,250	$	25,250	$	12,375
Construction trade payables	106		—		46		58		116		53
Accounts payable & other liabilities	1,030		734		844		906		876		516
Total liabilities	25,886		25,484		25,640		26,214		26,242		12,944
Owners' equity	9,421		9,852		10,145		10,518		11,458		4,711
Total liabilities & owners' equity	$	35,307	$	35,336	$	35,785	$	36,732	$	37,700	$	17,655

Summary Statements of Operations (dollars in thousands)


	Three Months Ended										YTD
	12/31/10		9/30/10		6/30/10		3/31/10		12/31/09		12/31/10		12/31/09
Revenues	$	1,793	$	1,822	$	1,715	$	1,923	$	1,757	$	7,253	$	7,093
Expenses
Property operating	770		665		643		716		629		2,794		2,565
General & administrative	5		2		3		9		1		19		21
Depreciation & amortization	619		618		615		613		612		2,465		2,453
Total expenses	1,394		1,285		1,261		1,338		1,242		5,278		5,039
Operating income	399		537		454		585		515		1,975		2,054
Interest expense	229		230		227		225		128		911		492
Net income	$	170	$	307	$	227	$	360	$	387	$	1,064	$	1,562
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	509	$	578	$	534	$	599	$	563	$	2,220	$	2,253
Net income	$	92	$	163	$	124	$	188	$	203	$	567	$	819
Depreciation (real estate related)	$	302	$	300	$	297	$	298	$	296	$	1,197	$	1,188

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Unconsolidated Joint Venture Information - Deer Park

Summary Balance Sheets (dollars in thousands)


	12/31/2010			9/30/2010		6/30/2010		3/31/2010		12/31/2009		Tanger's Share as of 12/31/10
Assets
Investment properties at cost - net	$	253,934		$	256,935	$	258,583	$	260,413	$	262,601	$	84,645
Cash and cash equivalents	9,585			7,065		5,318		2,865		3,498		3,195
Deferred charges - net	3,627			3,977		4,322		4,682		4,921		1,209
Other assets	5,568			5,917		6,095		5,252		5,096		1,856
Total assets	$	272,714		$	273,894	$	274,318	$	273,212	$	276,116	$	90,905

Liabilities & Owners' Equity
Mortgage payable	$	269,284		$	269,284	$	269,284	$	267,218	$	267,218	$	89,761
Construction trade payables	235			1,213		832		1,785		3,531		78
Accounts payable & other liabilities	3,780			2,995		3,147		2,662		2,950		1,261
Total liabilities	273,299			273,492		273,263		271,665		273,699		91,100
Owners' equity	(585		)	402		1,055		1,547		2,417		(195		)
Total liabilities & owners' equity	$	272,714		$	273,894	$	274,318	$	273,212	$	276,116	$	90,905

Summary Statements of Operations (dollars in thousands)


	Three Months Ended															YTD
	12/31/10			9/30/10			6/30/10			3/31/10			12/31/09			12/31/10			12/31/09
Revenues	$	7,898		$	7,810		$	7,546		$	7,351		$	7,617		$	30,605		$	28,388
Expenses
Property operating	4,417			3,910			3,557			3,494			4,053			15,378			14,078
General & administrative	(16		)	105			69			278			443			436			840
Depreciation & amortization	3,016			2,949			2,931			2,884			2,868			11,780			10,941
Total expenses	7,417			6,964			6,557			6,656			7,364			27,594			25,859
Operating income	481			846			989			695			253			3,011			2,529
Interest expense	1,556			1,541			1,490			1,449			1,422			6,036			9,421
Net loss	$	(1,075	)	$	(695	)	$	(501	)	$	(754	)	$	(1,169	)	$	(3,025	)	$	(6,892	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,167		$	1,264		$	1,308		$	1,192		$	1,040		$	4,931		$	4,490
Net loss	$	(364	)	$	(238	)	$	(172	)	$	(258	)	$	(370	)	$	(1,032	)	$	(2,322	)
Depreciation (real estate related)	$	1,012		$	989		$	983		$	967		$	936		$	3,951		$	3,672

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Debt Outstanding Summary (dollars in thousands)


As of December 31, 2010
	Principal Balance			Interest Rate		Maturity Date
Unsecured debt:
Unsecured lines of credit (1)	$	160,000		Libor + 1.90%		11/29/2013
2015 Senior unsecured notes	250,000			6.15	%	11/15/2015
2026 Senior unsecured exchangeable notes (2)	7,210			3.75	%	8/18/2011
2020 Senior unsecured notes	300,000			6.125	%	6/1/2020
Net debt discounts	(2,594		)
Total consolidated debt	$	714,616
Tanger's share of unconsolidated JV debt:
Wisconsin Dells (3)	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 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.

(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 December 31, 2010, the unamortized discount on the remaining $7.2 million in exchangeable notes totaled $103,000. 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 December 31, 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 December 31, 2010, the outstanding principal balance under the warehouse mortgage was $2.3 million.

Supplemental Operating and Financial Data for the

Year Ended 12/31/10

Future Scheduled Principal Payments (dollars in thousands)


As of December 31, 2010
Year	Tanger Consolidated Payments			Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2011 (1)	$	7,210		$	89,761	$	96,971
2012	—			12,375		12,375
2013	160,000			—		160,000
2014	—			—		—
2015	250,000			—		250,000
2016	—			—		—
2017	—			—		—
2018	—			—		—
2019	—			—		—
2020 & thereafter	300,000			—		300,000
	$	717,210		$	102,136	$	819,346
Net Discount on Debt	(2,594		)	—		(2,594		)
	$	714,616		$	102,136	$	816,752

Senior Unsecured Notes Financial Covenants (2)


As of December 31, 2010
	Required	Actual		Compliance
Total Consolidated Debt to Adjusted Total Assets	<60%	42	%	Yes
Total Secured Debt to Adjusted Total Assets	<40%	—	%	Yes
Total Unencumbered Assets to Unsecured Debt	>135%	238	%	Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge	>1.5	4.9		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

Year Ended 12/31/10

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

Year Ended 12/31/10

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