TANGER INC. — Director's Dealing 2012

May 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2012-05-25

Reporting Person: BENTON WILLIAM G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-25	Common Stock	M	10000	$9.69	Acquired	71993	Direct
2012-05-25	Common Stock	S	10000	$31.136	Disposed	61993	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-25	Non-qualified Stock Option (Right to Buy)	$9.69	M	10000	Disposed	2014-04-26	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2188	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 the weighted average sales price of multiple transactions ranging from $31.111 to $31.18.