Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

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

		Nine months ended
		September 30,
		2011				2010
Earnings:
Income before equity in losses of unconsolidated joint ventures, discontinued operations and noncontrolling interests (1)		$	36,674			$	23,445
Add:
Distributed income of unconsolidated joint ventures		315				568
Amortization of capitalized interest		254				336
Interest expense		32,996				30,808
Portion of rent expense - interest factor		1,418				1,318
Total earnings		71,657				56,475
Fixed charges:
Interest expense		32,996				30,808
Capitalized interest and capitalized amortization of debt issue costs		317				1,139
Portion of rent expense - interest factor		1,418				1,318
Total fixed charges		$	34,731			$	33,265
Ratio of earnings to fixed charges		2.1				1.7
Earnings:
Income before equity in losses of unconsolidated joint ventures, discontinued operations and noncontrolling interests(1)		$	36,674			$	23,445
Add:
Distributed income of unconsolidated joint ventures		315				568
Amortization of capitalized interest		254				336
Interest expense		32,996				30,808
Portion of rent expense - interest factor		1,418				1,318
Total Earnings		71,657				56,475
Fixed charges and preferred share dividends:
Interest expense		32,996				30,808
Capitalized interest and capitalized amortization of debt issue costs		317				1,139
Portion of rent expense - interest factor		1,418				1,318
Preferred share dividends		—				4,219
Total combined fixed charges and preferred share dividends		$	34,731			$	37,484
Ratio of earnings to combined fixed charges and preferred share dividends		2.1				1.5

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