TANGER INC. — Director's Dealing 2010

Mar 11, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2010-03-10

Reporting Person: BENTON WILLIAM G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-10	Common Stock	M	5000	—	Acquired	30484	Direct
2010-03-10	Common Stock	S	5000	$43.122	Disposed	25484	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-10	Non-qualified Stock Option (Right to Buy)	$19.38	M	5000	Disposed	2014-04-26	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1094	Indirect

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 $43.111 to $43.133.