Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

		Six months ended
		June 30,
		2012				2011
Earnings:
Income before equity in losses of unconsolidated joint ventures and noncontrolling interests		$	23,611			$	22,455
Add:
Distributed income of unconsolidated joint ventures		466				156
Amortization of capitalized interest		255				253
Interest expense		23,372				21,038
Portion of rent expense - interest factor		1,032				906
Total earnings		48,736				44,808
Fixed charges:
Interest expense		23,372				21,038
Capitalized interest and capitalized amortization of debt issue costs		514				249
Portion of rent expense - interest factor		1,032				906
Total fixed charges		$	24,918			$	22,193
Ratio of earnings to fixed charges		2.0				2.0