Item 5.03 Amendments to Articles of Incorporation or Bylaws

On October 30, 2007, the Board of Directors, or the Board, of Tanger Factory Outlet Centers, Inc., or the Company, approved an amendment to Sections 7.1, 7.3 and 9.7 of the Company's bylaws to allow shareholders the ability to hold Company securities in book-entry form (i.e. uncertificated). This amendment arose from the New York Stock Exchange and Nasdaq requiring that all listed securities be eligible to participate in the Direct Registration System, or DRS, by January 1, 2008. To be DRS eligible, companies must provide stockholders with the ability to hold company securities in book-entry form (i.e., uncertificated). Previously, the bylaws only permitted shares to be held by shareholders in certificated form.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

The following exhibits are included with this Report:

Exhibit 3.2 Restated By-Laws of the Company.