TANGER FACTORY OUTLET CENTERS, INC - FORM 8-K - EX-99.2 - FIRST QUARTER 2011 SUPPLEMENTAL INFORMATION

Attached files

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8-K - TANGER FACTORY OUTLET CENTERS, INC	a8kpressreleasemarch312011.htm
EX-99.1 - FIRST QUARTER 2011 EARNINGS RELEASE - TANGER FACTORY OUTLET CENTERS, INC	skt8kex991march312011.htm

Exhibit 99.2

Tanger Factory Outlet Centers, Inc.

Supplemental Operating and Financial Data

March 31, 2011

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

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.

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

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 March 31, 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

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Geographic Diversification



As of March 31, 2011


State	# of Centers	GLA	% of GLA

South Carolina	5	1,565,678	17	%
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	557,288	6	%
North Carolina	3	505,273	5	%
Michigan	2	436,752	5	%
Tennessee	1	419,038	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⁾	32	9,367,534	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 3/31/11

Property Summary - Occupancy at End of Each Period Shown

Wholly-owned properties



Location	Total GLA 3/31/11	% Occupied 3/31/11		% Occupied 12/31/10		% Occupied 9/30/10		% Occupied 6/30/10		% Occupied 3/31/10
Riverhead, NY	729,475	98	%	100	%	100	%	99	%	99	%
Rehoboth, DE	568,900	99	%	99	%	99	%	98	%	99	%
Foley, AL	557,288	98	%	99	%	97	%	97	%	92	%
San Marcos, TX	441,929	95	%	100	%	100	%	97	%	97	%
Myrtle Beach Hwy 501, SC	426,417	92	%	94	%	93	%	92	%	88	%
Sevierville, TN	419,038	100	%	100	%	99	%	99	%	99	%
Myrtle Beach Hwy 17, SC	403,161	96	%	100	%	99	%	100	%	99	%
Washington, PA	372,972	99	%	99	%	99	%	95	%	94	%
Commerce II, GA	370,512	99	%	100	%	100	%	97	%	96	%
Charleston, SC	352,315	92	%	100	%	99	%	97	%	92	%
Howell, MI	324,632	99	%	98	%	99	%	95	%	94	%
Mebane, NC	318,910	99	%	100	%	N/A		N/A		N/A
Branson, MO	302,922	98	%	100	%	100	%	100	%	97	%
Park City, UT	298,379	100	%	100	%	98	%	99	%	100	%
Locust Grove, GA	293,868	99	%	99	%	100	%	99	%	97	%
Westbrook, CT	291,051	92	%	99	%	99	%	95	%	97	%
Gonzales, LA	282,403	95	%	100	%	100	%	99	%	98	%
Williamsburg, IA	277,230	96	%	93	%	92	%	89	%	91	%
Lincoln City, OR	270,212	99	%	100	%	99	%	99	%	98	%
Lancaster, PA	255,152	98	%	95	%	100	%	98	%	97	%
Tuscola, IL	250,439	86	%	85	%	85	%	83	%	82	%
Tilton, NH	245,698	99	%	100	%	100	%	100	%	100	%
Hilton Head II, SC	206,586	98	%	98	%	98	%	100	%	100	%
Fort Myers, FL	198,950	90	%	93	%	88	%	88	%	90	%
Terrell, TX	177,800	94	%	96	%	96	%	94	%	93	%
Hilton Head I, SC ⁽³⁾	177,199	82	%	N/A		N/A		N/A		N/A
Barstow, CA	171,300	100	%	100	%	100	%	100	%	100	%
West Branch, MI	112,120	98	%	98	%	98	%	98	%	98	%
Blowing Rock, NC	104,185	100	%	100	%	100	%	100	%	100	%
Nags Head, NC	82,178	95	%	97	%	100	%	100	%	94	%
Kittery I, ME	59,694	89	%	100	%	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		46	%	44	%
Total	9,367,534	97% ⁽¹⁾		98	%	98	%	97% ⁽²⁾		95	%

Unconsolidated joint ventures
Deer Park, NY ⁽⁵⁾	683,033	85	%	86	%	86	%	84	%	81	%
Wisconsin Dells, WI	265,061	98	%	99	%	99	%	99	%	97	%

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11


(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.

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

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 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.

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Major Tenants (1)



Ten Largest Tenants As of March 31, 2011
Tenant	# of Stores	GLA	% of Total GLA
The Gap, Inc.	73	770,916	8.2	%
Phillips-Van Heusen	115	593,503	6.3	%
Dress Barn, Inc.	55	332,570	3.6	%
Nike	30	331,017	3.5	%
Adidas	35	294,725	3.1	%
VF Outlet, Inc.	28	287,055	3.1	%
Ann Taylor	37	260,438	2.8	%
Polo Ralph Lauren	26	249,507	2.7	%
Carter's	52	246,616	2.6	%
Hanesbrands Direct, LLC	39	214,713	2.3	%
Total of All Listed Above	490	3,581,060	38.2	%


(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 3/31/11

Lease Expirations as of March 31, 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.

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

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						96			59
Gross leasable area	336,269						336,269			210,068
New initial base rent per square foot	$	25.90					$	25.90		$	22.68
Prior expiring base rent per square foot	$	19.27					$	19.27		$	19.70
Percent increase	34.4		%				34.4		%	15.1		%

New straight line base rent per square foot	$	28.26					$	28.26		$	24.45
Prior straight line base rent per square foot	$	18.85					$	18.85		$	19.33
Percent increase	49.9		%				49.9		%	26.5		%

Renewed Space:
Number of leases	180						180			150
Gross leasable area	932,095						932,095			646,422
New initial base rent per square foot	$	20.15					$	20.15		$	19.80
Prior expiring base rent per square foot	$	18.44					$	18.44		$	18.86
Percent increase	9.3		%				9.3		%	4.9		%

New straight line base rent per square foot	$	20.73					$	20.73		$	20.37
Prior straight line base rent per square foot	$	17.88					$	17.88		$	18.72
Percent increase	16.0		%				16.0		%	8.8		%

Total Re-tenanted and Renewed Space:
Number of leases	276						276			209
Gross leasable area	1,268,364						1,268,364			856,490
New initial base rent per square foot	$	21.67					$	21.67		$	20.50
Prior expiring base rent per square foot	$	18.66					$	18.66		$	19.07
Percent increase	16.1		%				16.1		%	7.5		%

New straight line base rent per square foot	$	22.73					$	22.73		$	21.37
Prior straight line base rent per square foot	$	18.14					$	18.14		$	18.87
Percent increase	25.3		%				25.3		%	13.2		%


(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 3/31/11

Consolidated Balance Sheets (dollars in thousands)



	3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010
Assets
Rental property
Land	$	141,577		$	141,577		$	141,576		$	141,575		$	142,822
Buildings	1,441,260			1,411,404			1,353,171			1,343,155			1,360,010
Construction in progress	2,590			23,233			58,952			39,883			19,557
Total rental property	1,585,427			1,576,214			1,553,699			1,524,613			1,522,389
Accumulated depreciation	(462,942		)	(453,145		)	(438,955		)	(425,168		)	(432,276		)
Total rental property - net	1,122,485			1,123,069			1,114,744			1,099,445			1,090,113
Cash and cash equivalents	731			5,758			2,835			3,453			3,197
Rental property held for sale	—			723			424			1,921			—
Investments in unconsolidated joint ventures	5,861			6,386			7,064			7,570			8,151
Deferred lease and intangible costs, net	28,090			29,317			29,381			30,966			32,978
Deferred debt origination costs, net	7,165			7,593			3,984			4,158			2,577
Prepaids and other assets	53,912			44,088			39,127			31,627			31,889
Total assets	$	1,218,244		$	1,216,934		$	1,197,559		$	1,179,140		$	1,168,905
Liabilities & equity
Liabilities
Debt
Senior, unsecured notes, net of discount	$	554,670		$	554,616		$	554,515		$	554,415		$	256,412
Unsecured term loan	—			—			—			—			235,000
Unsecured lines of credit	166,300			160,000			54,800			50,800			93,400
Total debt	720,970			714,616			609,315			605,215			584,812
Construction trade payables	30,984			31,831			31,051			30,829			22,381
Accounts payable & accruals	33,503			31,594			40,060			22,747			28,544
Other liabilities	16,409			16,998			17,084			17,286			25,657
Total liabilities	801,866			795,039			697,510			676,077			661,394
Equity
Tanger Factory Outlet Centers, Inc. equity
Preferred shares	—			—			75,000			75,000			75,000
Common shares	813			810			810			810			810
Paid in capital	606,121			604,359			600,408			598,865			597,563
Accumulated distributions in excess of net income	(246,372		)	(240,024		)	(233,387		)	(229,298		)	(217,076		)
Accum. other comprehensive income (loss)	1,754			1,784			1,828			1,884			(5,169		)
Total Tanger Factory Outlet Centers, Inc. equity	362,316			366,929			444,659			447,261			451,128
Noncontrolling interest	54,062			54,966			55,390			55,802			56,383
Total equity	416,378			421,895			500,049			503,063			507,511
Total liabilities and equity	$	1,218,244		$	1,216,934		$	1,197,559		$	1,179,140		$	1,168,905

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Consolidated Statements of Operations (dollars and shares in thousands)



	Three Months Ended															YTD
	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			3/31/11			3/31/10
Revenues
Base rentals	$	46,219		$	46,654		$	44,857		$	43,968		$	43,497		$	46,219		$	43,497
Percentage rentals	1,391			3,651			1,910			1,048			1,305			1,391			1,305
Expense reimbursements	21,205			22,540			20,139			18,429			19,519			21,205			19,519
Other income	1,924			2,648			2,567			1,850			1,721			1,924			1,721
Total revenues	70,739			75,493			69,473			65,295			66,042			70,739			66,042
Expenses
Property operating	24,108			26,223			22,567			21,758			22,349			24,108			22,349
General & administrative	6,767			6,721			6,403			5,963			5,466			6,767			5,466
Acquisition costs	567			83			—			—			—			567			—
Abandoned development costs	158			—			—			365			—			158			—
Impairment charge	—			—			—			—			735			—			735
Depreciation and amortization	17,965			17,651			16,805			17,109			26,474			17,965			26,474
Total expenses	49,565			50,678			45,775			45,195			55,024			49,565			55,024
Operating income	21,174			24,815			23,698			20,100			11,018			21,174			11,018
Interest expense	(10,325		)	(9,454		)	(8,767		)	(7,951		)	(7,948		)	(10,325		)	(7,948		)
Gain (loss) on early extinguishment of debt	—			—			—			(563		)	—			—			—
Loss on termination of derivatives	—			—			—			(6,142		)	—			—			—
Income before equity in earnings (losses) of unconsolidated joint ventures	10,849			15,361			14,931			5,444			3,070			10,849			3,070
Equity in earnings (losses) of unconsolidated joint ventures	(32		)	(270		)	(75		)	(51		)	(68		)	(32		)	(68		)
Income from continuing operations	10,817			15,091			14,856			5,393			3,002			10,817			3,002
Discontinued operations	—			5			(103		)	(1		)	1			—			1
Net income	10,817			15,096			14,753			5,392			3,003			10,817			3,003
Noncontrolling interest	(1,419		)	(1,507		)	(1,754		)	(524		)	(210		)	(1,419		)	(210		)
Net income attributable to the Company	9,398			13,589			12,999			4,868			2,793			9,398			2,793
Less applicable preferred share dividends	—			(1,078		)	(1,406		)	(1,407		)	(1,406		)	—			(1,406		)
Less original issuance costs related to redeemed preferred shares	—			(2,539		)	—			—			—			—			—
Allocation to participating securities	(192		)	(144		)	(142		)	(143		)	(169		)	(192		)	(169		)
Net income available to common shareholders	$	9,206		$	9,828		$	11,451		$	3,318		$	1,218		$	9,206		$	1,218

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11



	Three Months Ended										YTD
	3/31/11		12/31/10		9/30/10		6/30/10		3/31/10		3/31/11		3/31/10
Basic earnings per common share:
Income from continuing operations	$	0.11	$	0.12	$	0.14	$	0.04	$	0.02	$	0.11	$	0.02
Discontinued operations	—		—		—		—		—		—		—
Net income	$	0.11	$	0.12	$	0.14	$	0.04	$	0.02	$	0.11	$	0.02
Diluted earnings per common share:
Income from continuing operations	$	0.11	$	0.12	$	0.14	$	0.04	$	0.02	$	0.11	$	0.02
Discontinued operations	—		—		—		—		—		—		—
Net income	$	0.11	$	0.12	$	0.14	$	0.04	$	0.02	$	0.11	$	0.02
Weighted average common shares:
Basic	80,353		80,256		80,225		80,206		80,060		80,353		80,060
Diluted	80,552		80,445		80,402		80,343		80,236		80,552		80,236

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

FFO and FAD Analysis (dollars and shares in thousands)



	Three Months Ended															YTD
	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			3/31/11			3/31/10
Funds from operations:
Net income	$	10,817		$	15,096		$	14,753		$	5,392		$	3,003		$	10,817		$	3,003
Adjusted for -
Depreciation and amortization uniquely significant to real estate - wholly-owned discontinued operations	—			—			—			34			53			—			53
Depreciation and amortization uniquely significant to real estate - wholly-owned	17,807			17,508			16,675			16,984			26,359			17,807			26,359
Depreciation and amortization uniquely significant to real estate - joint ventures	1,306			1,312			1,289			1,280			1,265			1,306			1,265
Funds from operations	29,930			33,916			32,717			23,690			30,680			29,930			30,680
Preferred share dividends	—			(1,078		)	(1,406		)	(1,407		)	(1,406		)	—			(1,406		)
Original issuance costs related to redeemed preferred shares	—			(2,539		)	—			—			—			—			—
Allocation to participating securities	(310		)	(242		)	(247		)	(177		)	(268		)	(310		)	(268		)
Funds from operations available to common shareholders	$	29,620		$	30,057		$	31,064		$	22,106		$	29,006		$	29,620		$	29,006
Funds from operations per share	$	0.32		$	0.32		$	0.34		$	0.24		$	0.31		$	0.32		$	0.31
Funds available for distribution to common shareholders:
Funds from operations	$	29,620		$	30,057		$	31,064		$	22,106		$	29,006		$	29,620		$	29,006
Adjusted for -
Original issuance costs related to redeemed preferred shares	—			2,539			—			—			—			—			—
Corporate depreciation excluded above	158			143			130			125			115			158			115
Amortization of finance costs	466			370			259			315			342			466			342
Amortization of net debt discount (premium)	23			(372		)	(21		)	4			214			23			214
Gain (loss) on early extinguishment of debt	—			—			—			563			—			—			—
Loss on termination of derivatives	—			—			—			6,142			—			—			—
Impairment charge	—			—			—			111			735			—			735
Amortization of share-based compensation	1,798			1,515			1,437			1,363			1,140			1,798			1,140
Straight line rent adjustment	(793		)	(506		)	(767		)	(669		)	(734		)	(793		)	(734		)
Market rent adjustment	(155		)	(374		)	(195		)	(216		)	(165		)	(155		)	(165		)
2^nd generation tenant allowances	(2,443		)	(5,145		)	(4,797		)	(1,328		)	(1,721		)	(2,443		)	(1,721		)
Capital improvements	(1,598		)	(2,480		)	(2,531		)	(1,309		)	(1,600		)	(1,598		)	(1,600		)
Funds available for distribution	$	27,076		$	25,747		$	24,579		$	27,207		$	27,332		$	27,076		$	27,332
Funds available for distribution per share	$	0.29		$	0.28		$	0.27		$	0.29		$	0.3		$	0.29		$	0.30
Dividends paid per share	$	0.1938		$	0.1938		$	0.1938		$	0.1938		$	0.1913		$	0.1938		$	0.1913
FFO payout ratio	61		%	61		%	58		%	81		%	61		%	61		%	61		%
FAD payout ratio	67		%	69		%	72		%	67		%	64		%	67		%	64		%
Diluted weighted average common shs.	92,685			92,578			92,535			92,476			92,369			92,685			92,369

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Unconsolidated Joint Venture Information - All

Summary Balance Sheets (dollars in thousands)



	3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010		Tanger's Share as of 3/31/11
Assets
Investment properties at cost - net	$	285,332	$	283,902	$	287,365	$	289,587	$	292,105	$	100,032
Cash and cash equivalents	14,697		13,838		10,966		9,020		6,937		5,590
Deferred lease costs, net	3,011		2,563		2,707		2,862		3,005		1,049
Deferred debt origination costs, net	1,172		1,427		1,681		1,937		2,192		413
Other assets	7,349		6,291		6,511		6,697		5,878		2,622
Total assets	$	311,561	$	308,021	$	309,230	$	310,103	$	310,117	$	109,706

Liabilities & Owners' Equity
Mortgage payable	$	294,034	$	294,034	$	294,034	$	294,034	$	292,468	$	102,136
Construction trade payables	4,710		341		1,213		878		1,845		1,596
Accounts payable & other liabilities	4,281		4,810		3,729		3,991		3,568		1,596
Total liabilities	303,025		299,185		298,976		298,903		297,881		105,328
Owners' equity	8,536		8,836		10,254		11,200		12,236		4,378
Total liabilities & owners' equity	$	311,561	$	308,021	$	309,230	$	310,103	$	310,117	$	109,706

Summary Statements of Operations (dollars in thousands)



	Three Months Ended															YTD
	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			3/31/11			3/31/10
Revenues	$	9,562		$	9,691		$	9,632		$	9,261		$	9,274		$	9,562		$	9,274
Expenses
Property operating	4,101			5,187			4,575			4,200			4,210			4,101			4,210
General & administrative	187			(11		)	107			72			287			187			287
Depreciation & amortization	3,611			3,635			3,567			3,546			3,497			3,611			3,497
Total expenses	7,899			8,811			8,249			7,818			7,994			7,899			7,994
Operating income	1,663			880			1,383			1,443			1,280			1,663			1,280
Interest expense	1,803			1,785			1,771			1,717			1,674			1,803			1,674
Net loss	$	(140	)	$	(905	)	$	(388	)	$	(274	)	$	(394	)	$	(140	)	$	(394	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,912		$	1,676		$	1,842		$	1,842		$	1,791		$	1,912		$	1,791
Net income (loss)	$	(32	)	$	(270	)	$	(75	)	$	(51	)	$	(68	)	$	(32	)	$	(68	)
Depreciation (real estate related)	$	1,306		$	1,312		$	1,289		$	1,280		$	1,265		$	1,306		$	1,265

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Unconsolidated Joint Venture Information - Wisconsin Dells

Summary Balance Sheets (dollars in thousands)



	3/31/2011		12/31/2010		9/30/2010		6/30/2010		3/31/2010		Tanger's Share as of 3/31/11
Assets
Investment properties at cost - net	$	29,528	$	29,968	$	30,430	$	31,004	$	31,541	$	14,764
Cash and cash equivalents	4,095		4,253		3,901		3,702		4,050		2,048
Deferred lease costs, net	269		210		239		286		305		135
Deferred debt origination costs, net	134		153		172		191		210		67
Other assets	781		723		594		602		626		391
Total assets	$	34,807	$	35,307	$	35,336	$	35,785	$	36,732	$	17,405

Liabilities & Owners' Equity
Mortgage payable	$	24,750	$	24,750	$	24,750	$	24,750	$	25,250	$	12,375
Construction trade payables	158		106		—		46		58		79
Accounts payable & other liabilities	954		1,030		734		844		906		478
Total liabilities	25,862		25,886		25,484		25,640		26,214		12,932
Owners' equity	8,945		9,421		9,852		10,145		10,518		4,473
Total liabilities & owners' equity	$	34,807	$	35,307	$	35,336	$	35,785	$	36,732	$	17,405

Summary Statements of Operations (dollars in thousands)



	Three Months Ended										YTD
	3/31/11		12/31/10		9/30/10		6/30/10		3/31/10		3/31/11		3/31/10
Revenues	$	1,801	$	1,793	$	1,822	$	1,715	$	1,923	$	1,801	$	1,923
Expenses
Property operating	805		770		665		643		716		805		716
General & administrative	22		5		2		3		9		22		9
Depreciation & amortization	626		619		618		615		613		626		613
Total expenses	1,453		1,394		1,285		1,261		1,338		1,453		1,338
Operating income	348		399		537		454		585		348		585
Interest expense	225		229		230		227		225		225		225
Net income	$	123	$	170	$	307	$	227	$	360	$	123	$	360
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	487	$	509	$	578	$	534	$	599	$	487	$	599
Net income	$	70	$	92	$	163	$	124	$	188	$	70	$	188
Depreciation (real estate related)	$	304	$	302	$	300	$	297	$	298	$	304	$	298

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Unconsolidated Joint Venture Information - Deer Park

Summary Balance Sheets (dollars in thousands)



	3/31/2011			12/31/2010			9/30/2010		6/30/2010		3/31/2010		Tanger's Share as of 3/31/11
Assets
Investment properties at cost - net	$	255,804		$	253,934		$	256,935	$	258,583	$	260,413	$	85,268
Cash and cash equivalents	10,552			9,585			7,065		5,318		2,865		3,517
Deferred lease costs, net	2,742			2,352			2,468		2,576		2,699		914
Deferred debt origination costs, net	1,038			1,275			1,509		1,746		1,983		346
Prepaids and other assets	6,318			5,568			5,917		6,095		5,252		2,106
Total assets	$	276,454		$	272,714		$	273,894	$	274,318	$	273,212	$	92,151

Liabilities & Owners' Equity
Mortgage payable	$	269,284		$	269,284		$	269,284	$	269,284	$	267,218	$	89,761
Construction trade payables	4,552			235			1,213		832		1,785		1,517
Accounts payable & other liabilities	3,277			3,780			2,995		3,147		2,662		1,093
Total liabilities	277,113			273,299			273,492		273,263		271,665		92,371
Owners' equity	(659		)	(585		)	402		1,055		1,547		(220		)
Total liabilities & owners' equity	$	276,454		$	272,714		$	273,894	$	274,318	$	273,212	$	92,151

Summary Statements of Operations (dollars in thousands)



	Three Months Ended															YTD
	3/31/11			12/31/10			9/30/10			6/30/10			3/31/10			3/31/11			3/31/10
Revenues	$	7,761		$	7,898		$	7,810		$	7,546		$	7,351		$	7,761		$	7,351
Expenses
Property operating	3,296			4,417			3,910			3,557			3,494			3,296			3,494
General & administrative	115			(16		)	105			69			278			115			278
Depreciation & amortization	2,985			3,016			2,949			2,931			2,884			2,985			2,884
Total expenses	6,396			7,417			6,964			6,557			6,656			6,396			6,656
Operating income	1,365			481			846			989			695			1,365			695
Interest expense	1,578			1,556			1,541			1,490			1,449			1,578			1,449
Net loss	$	(213	)	$	(1,075	)	$	(695	)	$	(501	)	$	(754	)	$	(213	)	$	(754	)
Tanger's share of:
Total revenues less property operating and general & administrative expenses ("NOI")	$	1,450		$	1,167		$	1,264		$	1,308		$	1,192		$	1,450		$	1,192
Net loss	$	(77	)	$	(364	)	$	(238	)	$	(172	)	$	(258	)	$	(77	)	$	(258	)
Depreciation (real estate related)	$	1,001		$	1,012		$	989		$	983		$	967		$	1,001		$	967

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Debt Outstanding Summary (dollars in thousands)



As of March 31, 2011
	Principal Balance			Interest Rate		Maturity Date
Unsecured debt:
Unsecured lines of credit ⁽¹⁾	$	166,300		Libor + 1.90%		11/29/2013
2015 Senior unsecured notes	250,000			6.15	%	11/15/2015
2026 Senior unsecured exchangeable notes⁽²⁾	7,160			3.75	%	8/18/2011
2020 Senior unsecured notes	300,000			6.125	%	6/1/2020
Net debt discounts	(2,490		)
Total consolidated debt	$	720,970
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 March 31, 2011, the unamortized discount on the remaining $7.2 million in exchangeable notes totaled $62,000. 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. In addition, because our Common Share price exceeded the "Exchange Trigger Price", as defined in the supplemental indenture, holders of the notes may presently exercise their exchange rights. See Footnote 1 on page 19.


(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 March 31, 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 maturity of May 17, 2011. As of March 31, 2011, the outstanding principal balance under the warehouse mortgage was $2.3 million.

Supplemental Operating and Financial Data for the

Quarter Ended 3/31/11

Future Scheduled Principal Payments (dollars in thousands)



As of March 31, 2011
Year	Tanger Consolidated Payments			Tanger's Share of Unconsolidated JV Payments		Total Scheduled Payments
2011 (1)	$	7,160		$	89,761	$	96,921
2012	—			12,375		12,375
2013	166,300			—		166,300
2014	—			—		—
2015	250,000			—		250,000
2016	—			—		—
2017	—			—		—
2018	—			—		—
2019	—			—		—
2020 & thereafter	300,000			—		300,000
	$	723,460		$	102,136	$	825,596
Net Discount on Debt	(2,490		)	—		(2,490		)
	$	720,970		$	102,136	$	823,106

Senior Unsecured Notes Financial Covenants (2)



As of March 31, 2011
	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	4.6		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.

For the quarters ending March 31, 2011 and June 30, 2011, note holders could, and presently may, exercise their exchange rights as a result of our Common Share price exceeding the "Exchange Trigger Price" as defined in the supplement indenture for the notes.


(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 3/31/11

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) 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 3/31/11

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