UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
1. Name and Address of Reporting Person(s)
Tanger, Stanley K.
3200 Northline Avenue, Suite 360
Greensboro, NC 27408
2. Issuer Name and Ticker or Trading Symbol
Tanger Factory Outlet Centers, Inc. (SKT)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Day/Year
3/18/2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chairman,
Chief Exectuive Officer
7. 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
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
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Common Stock 03/17/03 M 6,900 A $22.50000 D Direct
Common Stock 03/17/03 S 6,900 (1) D $29.49290 D Direct
Common Stock 03/18/03 M 400 A $22.50000 D Direct
Common Stock 03/18/03 S 400 (1) D $29.50000 D Direct
Common Stock 03/18/03 M 4,600 A $22.50000 31,115 D Direct
Common Stock 139,031 I by Partnership
Common Stock 1,000 I by Spouse
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
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Limited Partnership Unit Option$22.50000 03/17/03 M 6,900 07/19/03
(right to buy) (2)
Limited Partnership Unit Option$22.50000 03/18/03 M 400 07/19/03
(right to buy) (2)
Limited Partnership Unit Option$22.50000 03/18/03 M 4,600 07/19/03
(right to buy) (2)
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
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Limited Partnership Unit Option03/17/03 Common Stock 6,900 D Direct
(right to buy) (2)
Limited Partnership Unit Option03/18/03 Common Stock 400 D Direct
(right to buy) (2)
Limited Partnership Unit Option03/18/03 Common Stock 4,600 85,000 D Direct
(right to buy) (2)
Explanation of Responses:
(1)
Securities sold pursuant to a plan intended to comply with Rule 10b5-1, previously adopted on November 19, 2002, to direct the exerc
ise of options that expire under their terms on July 19, 2003.
(2)
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, except under certain circumstances t
o preserve the Company's status as a real estate investment trust for income tax purposes.
SIGNATURE OF REPORTING PERSON
/S/ By: James F. Williams
For: Stanley K. Tanger
DATE 03/18/03