TANGER INC. — Director's Dealing 2010

Sep 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2010-08-18

Reporting Person: TANGER STANLEY K (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-18	Common Stock	G	278062	—	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-08-18	Limited Partnership Units exchangeable for Common Stock	$0	G	3033305	Disposed		Common Stock (6066610)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	448812	Direct
Common Stock	2000	Indirect

Footnotes

F1: On August 18, 2010, Mr. Tanger transferred his general partnership interests in the Tanger Family Limited Partnership to the Stanley K. Tanger Marital Trust. As Mr. Tanger no longer has investment or voting power with respect to the Tanger Family Limited Partnership's holdings, he is no longer deemed to be the beneficial owner of the issuer's securties held by the Tanger Family Limited Partnership.

F2: Includes 278,062 shares of Common Stock owned by the Tanger Family Limited Partnership. Prior to August 18, 2010, Mr. Tanger was the general partner of the Tanger Family Limited Partnership and thus may deemed to have been the beneficial owner of such partnership's holdings.

F3: Includes 3,033,305 limited partnership units of Tanger Properties Limited Partnership owned by Tanger Family Limited Partnership which are exchangeable into 6,066,610 common shares of Tanger Factory Outlet Centers, Inc. Prior to August 16, 2010, Mr. Tanger was the general partner of the Tanger Family Limited Partnership and may deemed to have been the beneficial owner of such partnership's holdings.

F4: The Limited Partnership Units have no expiration date.