Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

Effective December 31, 2008, the Board of Directors, or the Board, of Tanger Factory Outlet Centers, Inc., or the Company, approved amendments to Sections 5.1, 5.2 and 5.10 through 5.17 of the Company's Bylaws to more clearly define the Company's officers by composition, duties and titles. The restated bylaws allow for the roles of Chairman of the Board and Chief Executive Officer to be held by separate individuals. As previously announced on December 2, 2008, Mr. Steven B. Tanger will assume the role of President and Chief Executive Office effective January 1, 2009 and Stanley K. Tanger will remain Chairman of the Board. In addition, the Company's officers shall be elected annually by the Board of Directors at the first meeting of the Board held after each annual meeting of Shareholders.

The foregoing summary is qualified in its entirety by reference to the Restated Bylaws, which are filed as Exhibit 3.2 to this Form 8-K and incorporated herein by reference.