Edgar Filing: TANGER FACTORY OUTLET CENTERS INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SUMMERELL VIRGINIA R

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)
V. P., Treasurer

(Last)

(First)

(Middle)

3200 NORTHLINE AVENUE, SUITE 360

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2006

(Street)

GREENSBORO, NC 27408

4. If Amendment, Date 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

(City)

(State)

(Zip)

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/24/2006		M		400	A	$ 19.415	3,400	D
Common Stock	08/24/2006		S		400	D	$ 35.25	3,000	D
Common Stock	08/24/2006		M		600	A	$ 19.415	3,600	D
Common Stock	08/24/2006		S		600	D	$ 35.11	3,000	D
Common Stock	08/24/2006		M		1,000	A	$ 19.415	4,000	D
Common Stock	08/24/2006		S		1,000	D	$ 35.22	3,000	D
Common Stock	08/24/2006		M		1,000	A	$ 19.415	4,000	D
Common Stock	08/24/2006		S		1,000	D	$ 35.09	3,000	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Limited Partnership Unit Option (right to buy) ⁽¹⁾

$ 19.415

08/24/2006

400

04/27/2005⁽²⁾

04/27/2014

Common Stock

400

$ 0

11,600

Limited Partnership Unit Option (right to buy) ⁽¹⁾

$ 19.415

08/24/2006

600

04/27/2005⁽²⁾

04/27/2014

Common Stock

600

$ 0

11,000

Limited Partnership Unit Option (right to buy) ⁽¹⁾

$ 19.415

08/24/2006

1,000

04/27/2005⁽²⁾

04/27/2014

Common Stock

1,000

$ 0

10,000

Limited Partnership Unit Option (right to buy) ⁽¹⁾

$ 19.415

08/24/2006

1,000

04/27/2005⁽²⁾

04/27/2014

Common Stock

1,000

$ 0

9,000

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SUMMERELL VIRGINIA R 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO, NC 27408			V. P., Treasurer

Signatures

By: Thomas J. Guerrieri Jr For: Virginia R. Summerell		08/25/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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.

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