SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* TANGER STANLEY K (Last) (First) (Middle) 3200 NORTHLINE AVENUE, SUITE 360 (Street) GREENSBORO NC 27408 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol TANGER FACTORY OUTLET CENTERS INC [ SKT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Chairman, CEO
	3. Date of Earliest Transaction (Month/Day/Year) 04/27/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/27/2007		M		4,000	A	$19.415	574,554	D
Common Stock	04/27/2007		S		4,000(1)	D	$41.17	570,554	D
Common Stock	04/27/2007		M		100	A	$19.415	570,654	D
Common Stock	04/27/2007		S		100(1)	D	$41.19	570,554	D
Common Stock	04/27/2007		M		5,900	A	$19.415	576,454	D
Common Stock	04/27/2007		S		5,900(1)	D	$41.18	570,554	D
Common Stock	04/27/2007		M		3,000	A	$19.415	573,554	D
Common Stock	04/27/2007		S		3,000(1)	D	$41.21	570,554	D
Common Stock	04/27/2007		M		925	A	$19.415	571,479	D
Common Stock	04/27/2007		S		925(1)	D	$41.1	570,554	D
Common Stock	04/27/2007		M		6,075	A	$19.415	576,629	D
Common Stock								278,062	I	by Partnership
Common Stock								2,000	I	by Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			4,000	04/27/2005(3)	04/27/2014	Common Stock	4,000	$0	56,000	D
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			100	04/27/2005(3)	04/27/2014	Common Stock	100	$0	55,900	D
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			5,900	04/27/2005(3)	04/27/2014	Common Stock	5,900	$0	50,000	D
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			3,000	04/27/2005(3)	04/27/2014	Common Stock	3,000	$0	47,000	D
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			925	04/27/2005(3)	04/27/2014	Common Stock	925	$0	46,075	D
Limited Partnership Unit Option (right to buy)(2)	$19.415	04/27/2007		M			6,075	04/27/2005(3)	04/27/2014	Common Stock	6,075	$0	40,000	D

Explanation of Responses:

1. Securities sold pursuant to a plan intended to comply with Rule 10b5-1, previously adopted on March 9, 2007, to direct the exercise of certain options to purchase limited partnership units granted pursuant to the Tanger Properties Limited Partnership Unit Option Plan. Under the provisions of the plan, Mr. Tanger is increasing his actual holdings of Tanger Factory Outlet Center, Inc.'s Common Shares through instructions to the applicable broker to sell only the amount of shares necessary to cover the exercise price and applicable withholding taxes for the shares being exercised, and retaining the remaining shares.

2. 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 except under certain circumstances to preserve the Company's status as a real estate investment trust for income tax purposes. Accordingly, the number of options and the exercise prices stated have been adjusted to reflect the effect of the split.

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

	By: Thomas J. Guerrieri Jr. For: Stanley K. Tanger	04/30/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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