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: 2010-02-26

Reporting Person: DILLON KEVIN M (Sr. VP Development and)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-26	Common Stock	M	8000	—	Acquired	21423.78	Direct
2010-02-26	Common Stock	S	8000	$42.00	Disposed	13423.78	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-26	Limited Partnership Unit Option (Right to Buy)	$19.415	M	8000	Disposed	2014-04-27	Common Stock (8000)	Direct

Footnotes

F1: Options to purchase limited partnership units, granted pursuant to the Tanger Properties Limited Partnership Unit Option Plan. Due to the two-for-one split of the Company's common shares on December 28, 2004, each unit obtained upon exercise of option is now exchangeable for common shares on a two-for-one basis. Accordingly, the number of options and the exercise prices stated have been adjusted to reflect the effect of the split.

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