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
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 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 STEVEN B
(Last) (First) (Middle)
(Street)
(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 10% Owner
X Officer (give title below) Other (specify below)
President and CEO
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2011
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 04/25/2011 W V 294,999 A $0 917,168 D
Common Stock 06/01/2011 J(1) 164,551 A $0 1,081,719(6) D
Common Stock 06/01/2011 J(1) 1,916 A $0 1,916 I By Tanger-P.F. Properties, Inc.
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 Units(2) $0 06/01/2011 J(4) 897,519 06/01/2011 (3) Common Stock 3,590,076 $0 897,519(5) D
Limited Partnership Units(2) $0 06/01/2011 J(4) 10,453 06/01/2011 (3) Common Stock 41,812 $0 10,453 I By Tanger-P.F. Properties, Inc.
Explanation of Responses:
1. 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.
2. Each limited partnership unit is exchangeable into 4 common shares of Tanger Factory Outlet Centers, Inc.
3. The limited partnership units have no expiration date.
4. 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.
5. 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.
6. 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.
James F. Williams, attorney-in-fact for Steven B. Tanger 06/03/2011
** 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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