TANGER INC. — Director's Dealing 2010

Mar 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2010-03-02

Reporting Person: ROBINSON THOMAS E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-02	Common Stock	M	2000	—	Acquired	30498	Direct
2010-03-02	Common Stock	M	10000	—	Acquired	40498	Direct
2010-03-02	Common Stock	S	12000	$42.30	Disposed	28498	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-02	Non-qualified Stock Option (Right to Buy)	$9.3125	M	2000	Disposed	2010-03-08	Common Stock (2000)	Direct
2010-03-02	Non-qualified Stock Option (Right to Buy)	$19.38	M	10000	Disposed	2014-04-26	Common Stock (10000)	Direct

Footnotes

F1: Stock option granted pursuant to the Tanger Factory Outlet Centers, Inc Stock Option Plan.

F2: The option becomes exercisable in five equal annual installments, commencing one year from the date of grant.

F3: Represents weighted average sale price of multiple transactions ranging from $42.30 to $42.32.