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 *
BENTON WILLIAM G
  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 _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
BENTON INVESTMENT COMPANY, 915 W. 4TH STREET
3. Date of Earliest Transaction (Month/Day/Year)
02/26/2007
(Street)

WINSTON-SALEM, NC 27101
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 02/26/2007   M   2,000 A $ 9.3125 19,454 D  
Common Stock 02/26/2007   S   2,000 D $ 40.35 17,454 D  
Common Stock 02/26/2007   M   2,000 A $ 15.0625 19,454 D  
Common Stock 02/26/2007   S   2,000 D $ 40.55 17,454 D  
Common Stock 02/26/2007   M   2,000 A $ 15.0625 19,454 D  
Common Stock 02/26/2007   S   2,000 D $ 40.82 17,454 D  
Common Stock 02/26/2007   M   600 A $ 15.0625 18,054 D  
Common Stock 02/26/2007   S   600 D $ 40.25 17,454 D  
Common Stock 02/26/2007   M   400 A $ 15.0625 17,854 D  
Common Stock 02/26/2007   S   400 D $ 40.28 17,454 D  
Common Stock 02/27/2007   M   600 A $ 15.0625 18,054 D  
Common Stock 02/27/2007   S   600 D $ 40.8 17,454 D  
Common Stock               1,094 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
Non-Qualified Stock Option (right to buy) (1) $ 9.3125 02/26/2007   M     2,000 03/08/2001(2) 03/08/2010 Common Stock 2,000 $ 0 0 D  
Non-Qualified Stock Option (right to buy) (1) $ 15.0625 02/26/2007   M     2,000 01/06/1999(2) 01/06/2008 Common Stock 2,000 $ 0 8,000 D  
Non-Qualified Stock Option (right to buy) (1) $ 15.0625 02/26/2007   M     2,000 01/06/1999(2) 01/06/2008 Common Stock 2,000 $ 0 6,000 D  
Non-Qualified Stock Option (right to buy) (1) $ 15.0625 02/26/2007   M     600 01/06/1999(2) 01/06/2008 Common Stock 600 $ 0 5,400 D  
Non-Qualified Stock Option (right to buy) (1) $ 15.0625 02/26/2007   M     400 01/06/1999(2) 01/06/2008 Common Stock 400 $ 0 5,000 D  
Non-Qualified Stock Option (right to buy) (1) $ 15.0625 02/27/2007   M     600 01/06/1999(2) 01/06/2008 Common Stock 600 $ 0 4,400 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BENTON WILLIAM G
BENTON INVESTMENT COMPANY
915 W. 4TH STREET
WINSTON-SALEM, NC 27101
  X      

Signatures

 By: James F.Williams For: William G. Benton   02/28/2007
**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) Option to acquire common shares granted pursuant to the Amended and Restated Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership.
(2) The option becomes exercisable in five equal annual installments, commencing one year from the date of grant.

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