TANGER INC. — Director's Dealing 2012

Apr 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2012-03-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-16	Common Stock	G	1962	—	Disposed	0	Indirect
2012-03-16	Common Stock	G	12624	—	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-16	Limited Partnership Units	$0	G	68857	Disposed		Common Stock (275428)	Indirect
2012-03-16	Limited Partnership Units	$0	G	10700	Disposed		Common Stock (42800)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	592800	Direct

Footnotes

F1: Mr. Tanger transferred without consideration the shares he owned in Tanger-P.F. Properties, Inc., which owns both common shares of Tanger Factory Outlet Centers, Inc. and units of Tanger Properties Limited Partnership, to an irrevocable trust of which he is a beneficiary, but of which he is not the trustee or investment advisor and therefore he has no investment control over the shares and units indirectly held by the trust. Accordingly, Mr. Tanger is deemed to no longer have any pecuniary interest in the common shares of Tanger Factory Outlet Centers, Inc. and units of Tanger Properties Limited Partnership owned by Tanger-P.F. Properties, Inc.

F2: Mr. Tanger transferred without consideration the shares he owned in Pigeon Forge Factory Stores, Inc. which owns both common shares of Tanger Factory Outlet Centers, Inc. and units of Tanger Properties Limited Partnership, to an irrevocable trust of which he is a beneficiary, but of which he is not the trustee or investment advisor and therefore he has no investment control over the shares and units indirectly held by the trust. Accordingly, Mr. Tanger is deemed to no longer have any pecuniary interest in the common shares of Tanger Factory Outlet Centers, Inc. and units of Tanger Properties Limited Partnership owned by Pigeon Forge Factory Stores, Inc.

F3: Each limited partnership unit is exchangeable into 4 common shares of Tanger Factory Outlet Centers, Inc.

F4: The limited partnership units have no expiration date.