X0201 4 2004-01-07 0 0000899715 TANGER FACTORY OUTLET CENTERS INC SKT 0001218083 SIMPSON ROCHELLE G 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO NC 27408 0 1 0 0 Executive VP - Administration Common Stock 2004-01-06 4 M 0 3000 24.25 A 7077 D Common Stock 2004-01-06 4 S 0 3000 41.6 D 4077 D Common Stock 2004-01-07 4 M 0 2000 24.25 A 6077 D Common Stock 2004-01-07 4 S 0 2000 41.595 D 4077 D Limited Partnership Unit Option (right to buy) 24.25 2004-01-06 4 M 0 3000 0 D 1997-10-28 2006-10-28 Common Stock 3000 7000 D Limited Partnership Unit Option (right to buy) 24.25 2004-01-07 4 M 0 2000 0 D 1997-10-28 2006-10-28 Common Stock 2000 5000 D Securities sold pursuant to a plan intended to comply with Rule 10b5-1, previously adopted on August 29, 2003, to direct the exercise of certain options to purchase limited partnership units granted pursuant to the Tanger Properties LImited Partnership Unit Option Plan. Options to purchase limited partnership units, granted pursuant to the Tanger Properties Limited Partnership Unit Option Plan. Each unit obtained upon exercise of option is exchangeable for common stock on a one-for-one basis. The option becomes exercisable in five equal annual installments, commencing one year from the date of grant. By: James F. Williams For: Rochelle G. Simpson 2004-01-08