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 *
TANGER STANLEY K
   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
(Last)
(First)
(Middle)
3200 NORTHLINE AVENUE, SUITE 360		 3. Date of Earliest Transaction (Month/Day/Year)
12/29/2005
(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)
Code V Amount (A) or (D) Price
Common Stock 12/29/2005   M   2,000 A $ 9.3125 413,778 D  
Common Stock 12/29/2005   S   2,000 (1) D $ 29.31 411,778 D  
Common Stock 12/29/2005   M   1,600 A $ 9.3125 413,378 D  
Common Stock 12/29/2005   S   1,600 (1) D $ 29.35 411,778 D  
Common Stock 12/29/2005   M   100 A $ 9.3125 411,878 D  
Common Stock 12/29/2005   S   100 (1) D $ 29.38 411,778 D  
Common Stock 12/30/2005   M   415 A $ 9.3125 412,193 D  
Common Stock 12/30/2005   S   415 (1) D $ 28.8289 411,778 D  
Common Stock 12/30/2005   M   2,000 A $ 9.3125 413,778 D  
Common Stock 12/30/2005   S   2,000 (1) D $ 28.77 411,778 D  
Common Stock 12/30/2005   M   3,885 A $ 9.3125 415,663 D  
Common Stock               278,062 I by Partnership
Common Stock               2,000 I by Spouse

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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/29/2005   M     2,000 03/08/2001(3) 03/08/2010 Common Stock 2,000 $ 0 8,000 D  
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/29/2005   M     1,600 03/08/2001(3) 03/08/2010 Common Stock 1,600 $ 0 6,400 D  
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/29/2005   M     100 03/08/2001(3) 03/08/2010 Common Stock 100 $ 0 6,300 D  
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/30/2005   M     415 03/08/2001(3) 03/08/2010 Common Stock 415 $ 0 5,885 D  
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/30/2005   M     2,000 03/08/2001(3) 03/08/2010 Common Stock 2,000 $ 0 3,885 D  
Limited Partnership Unit Option (right to buy) (2) $ 9.3125 12/30/2005   M     3,885 03/08/2001(3) 03/08/2010 Common Stock 3,885 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TANGER STANLEY K
3200 NORTHLINE AVENUE, SUITE 360
GREENSBORO, NC 27408		   X   X   Chairman, CEO  

Signatures

 By: Thomas J. Guerrieri Jr. For: Stanley K. Tanger   12/30/2005
**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) Securities sold pursuant to a plan intended to comply with Rule 10b5-1, previously adopted on November 29, 2004, to direct the exercise of certain options to purchase limited partnership units granted pursuant to the Tanger Properties Limited Partnership Unit Option Plan.
(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.

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