TANGER INC. — Director's Dealing 2012

Feb 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TANGER FACTORY OUTLET CENTERS INC (SKT)
CIK: 0000899715
Period of Report: 2012-02-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-06	Common Stock	G	42393	—	Disposed	388800	Direct
2012-02-14	Common Stock	A	144000	—	Acquired	532800	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12624	Indirect
Common Stock	1962	Indirect

Footnotes

F1: Mr. Tanger indirectly contributed the shares 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 indirectly held by the Trust. Accordingly, Mr. Tanger is deemed to no longer be the beneficial owner of such shares.

F2: Represents a grant of restricted shares approved by the Company's Board of Directors on February 14, 2012 under the Company's Amended and Restated Incentive Award Plan. The restricted shares vest and the restrictions cease to apply on twenty percent of the award on each February 28th over a five year period beginning February 28, 2013.