Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

		Six months ended
		June 30,
		2011				2010
Earnings:
Income before equity in losses of unconsolidated joint ventures, discontinued operations and noncontrolling interests (1)		$	22,455			$	8,514
Add:
Distributed income of unconsolidated joint ventures		156				414
Amortization of capitalized interest		253				245
Interest expense		21,038				22,041
Portion of rent expense - interest factor		906				813
Total earnings		44,808				32,027
Fixed charges:
Interest expense		21,038				22,041
Capitalized interest and capitalized amortization of debt issue costs		249				535
Portion of rent expense - interest factor		906				813
Total fixed charges		$	22,193			$	23,389
Ratio of earnings to fixed charges		2.0				1.4
Earnings:
Income before equity in losses of unconsolidated joint ventures, noncontrolling interests and discontinued operations		$	22,455			$	8,514
Add:
Distributed income of unconsolidated joint ventures		156				414
Amortization of capitalized interest		253				245
Interest expense		21,038				22,041
Portion of rent expense - interest factor		906				813
Total Earnings		44,808				32,027
Fixed charges and preferred share dividends:
Interest expense		21,038				22,041
Capitalized interest and capitalized amortization of debt issue costs		249				535
Portion of rent expense - interest factor		906				813
Preferred share dividends		—				2,813
Total combined fixed charges and preferred share dividends		$	22,193			$	26,202
Ratio of earnings to combined fixed charges and preferred share dividends		2.0				1.2

(1) Income from continuing operations before losses from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.1 million loss on the termination of derivatives.