Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

		Three months ended
		March 31,
		2012				2011
Earnings:
Income before equity in losses of unconsolidated joint ventures and noncontrolling interests		$	10,286			$	10,849
Add:
Distributed income of unconsolidated joint ventures		237				62
Amortization of capitalized interest		127				127
Interest expense		12,334				10,325
Portion of rent expense - interest factor		516				468
Total earnings		23,500				21,831
Fixed charges:
Interest expense		12,334				10,325
Capitalized interest and capitalized amortization of debt issue costs		163				241
Portion of rent expense - interest factor		516				468
Total fixed charges		$	13,013			$	11,034
Ratio of earnings to fixed charges		1.8				2.0