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*
MORRISON LISA J

(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP Leasing
3. Date of Earliest Transaction (Month/Day/Year)
11/16/2005
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 11/16/2005 M 400 A $19.415 602 D
Common Stock 11/16/2005 S 400 D $26.5 202 D
Common Stock 11/16/2005 M 40 A $9.3125 242 D
Common Stock 11/16/2005 S 40 D $26.53 202 D
Common Stock 11/17/2005 M 100 A $19.415 302 D
Common Stock 11/17/2005 S 100 D $26.53 202 D
Common Stock 11/17/2005 M 3,500 A $19.415 3,702 D
Common Stock 11/17/2005 S 3,500 D $26.5 202 D
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)(1) $9.3125 11/16/2005 M 40 03/08/2001(2) 03/08/2010 Common Stock 40 $0 0 D
Limited Partnership Unit Option (right to buy)(1) $19.415 11/16/2005 M 400 04/27/2005(2) 04/27/2014 Common Stock 400 $0 19,600 D
Limited Partnership Unit Option (right to buy)(1) $19.415 11/17/2005 M 100 04/27/2005(2) 04/27/2014 Common Stock 100 $0 19,500 D
Limited Partnership Unit Option (right to buy)(1) $19.415 11/17/2005 M 3,500 04/27/2005(2) 04/27/2014 Common Stock 3,500 $0 16,000 D
Explanation of Responses:
1. 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. Accordingly, the number of options and the exercise prices stated have been adjusted to reflect the effect of the split.
2. The option becomes exercisable in five equal annual installments, commencing one year from the date of grant.
By: Thomas J. Guerrieri Jr For: Lisa Morrison 11/18/2005
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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