TANGER INC. — Director's Dealing 2011

Jun 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2011-06-01

Reporting Person: TANGER STEVEN B (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-25	Common Stock	W	294999	—	Acquired	917168	Direct
2011-06-01	Common Stock	J	164551	—	Acquired	1081719	Direct
2011-06-01	Common Stock	J	1916	—	Acquired	1916	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-06-01	Limited Partnership Units	$0	J	897519	Acquired		Common Stock (3590076)	Direct
2011-06-01	Limited Partnership Units	$0	J	10453	Acquired		Common Stock (41812)	Indirect

Footnotes

F1: On June 1, 2011, the Tanger Family Limited Partnership was dissolved in connection with the settling of the estate of Stanley K. Tanger, founder of Tanger Factory Outlet Centers, Inc. The common shares of Tanger Factory Outlet Centers, Inc. owned by the Tanger Family Limited Partnership were distributed pro rata to the individual beneficial owners of the Tanger Family Limited Partnership, including Steven B. Tanger and Tanger-P.F. Properties, Inc. Mr. Tanger is the President, a board member and a shareholder of Tanger-P.F. Properties, Inc, and since he may be deemd to have or share investment control of the common shares owned by Tanger-P.F Properties, Inc., has reported his pecuniary interest in the common shares held by Tanger-P.F. Properties, Inc.

F2: Each limited partnership unit is exchangeable into 4 common shares of Tanger Factory Outlet Centers, Inc.

F3: The limited partnership units have no expiration date.

F4: On June 1, 2011, the Tanger Family Limited Partnership was dissolved in connection with the settling of the estate of Stanley K. Tanger, founder of Tanger Factory Outlet Centers, Inc. The limited partnership units in Tanger Properties Limited Partnership owned by the Tanger Family Limited Partnership were distributed pro rata to the individual beneficial owners of the Tanger Family Limited Partnership, including Steven B. Tanger and Tanger-P.F. Properties, Inc. Mr. Tanger is the President, a board member and a shareholder of Tanger-P.F. Properties, Inc, and since he may be deemd to have or share investment control of the limited partnership units owned by Tanger-P.F Properties, Inc., has reported his pecuniary interest in limited partnership units owned by Tanger-P.F. Properties, Inc.

F5: Does not include 156,349 limited partnership units distributed to the Steven B. Tanger Spray Trust 2010, of which the reporting person is not the trustee, and the reporting person does not otherwise have investment control over the limited partnership units held by such trust.

F6: Does not include 28,665 common shares distributed to the Steven B. Tanger Spray Trust 2010, of which the reporting person is not the trustee, and the reporting person does not otherwise have investment control over the common shares held by such trust.