TANGER INC. — Director's Dealing 2010

Nov 9, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2010-11-08

Reporting Person: AFRICK JACK (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-08	Common Stock	M	10000	—	Acquired	75298	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-08	Non-qualified Stock Option (Right to Buy)	$19.38	M	10000	Disposed	2014-04-26	Common Stock (10000)	Direct

Footnotes

F1: Option to acquire common shares granted pursuant to the Amended and Restated Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership.

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