On June 10, 2008, Tanger Properties Limited Partnership (the "Operating Partnership"), a majority owned subsidiary of Tanger Factory Outlet Centers, Inc. (the "Company") closed on a $235.0 million unsecured three year term loan facility. The syndicated facility was jointly arranged by Banc of America Securities LLC and Wells Fargo Bank, N.A., with Bank of America, N.A. serving as Administrative Agent and Wells Fargo Bank, N.A. serving as Syndication Agent. The facility bears interest at a spread over LIBOR of 160 basis points, with the spread adjusting over time, based upon the debt ratings of the company. We currently maintain investment grade ratings with Moody's Investors Service (Baa3 stable) and Standard and Poor's Ratings Services (BBB- positive).

Proceeds from the offering will be used to repay our only remaining mortgage loan with a principal balance of approximately $170.7 million. Upon the repayment of this mortgage, which is expected to occur by the end of June 2008, our entire portfolio of wholly-owned properties will be unencumbered. The remaining proceeds of approximately $62.8 million, net of closing costs, will be applied against amounts outstanding on our unsecured lines of credit and to settle the interest rate lock protection agreements discussed in Item 1.02 below.

On June 11, 2008, we completed the termination settlement of $200 million of interest rate lock protection agreements which fixed the US Treasury index at an average rate of 4.62% for 10 years from such date in July 2008. We originally entered into these agreements in 2005 in anticipation of a public debt offering during 2008, based on the 10 year US Treasury rate. Upon the closing of the LIBOR based unsecured term loan facility described in Item 1.01 above, we have determined the likelihood of such a US Treasury based debt offering to be not probable. The settlement of the interest rate lock protection agreements, at a total cost of $8.9 million, will be reflected as a charge to earnings in our second quarter 2008 operating results and funds from operations.

The information required by this Item 2.03 is set forth in Item 1.01 above, which is incorporated herein by reference.

On June 11, 2008, we issued a press release announcing the closing on the term loan facility and the termination settlement of the interest rate lock protection agreements. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934.

(c) Exhibits

The following exhibits are included with this Report:

Exhibit 10.21 Term loan credit agreement dated June 10, 2008 between

              Tanger Properties Limited Partnership and Banc of
              America Securities LLC and Wells Fargo Bank, N.A., with
              Bank of America, N.A. serving as Administrative Agent
              and Wells Fargo Bank, N.A. serving as Syndication Agent.

Exhibit 99.1  Press release announcing closing on $235.0 million
              unsecured term loan facility and termination settlement
              of derivative contracts.