Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

		Nine months ended
		September 30,
		2012				2011
Earnings:
Income before equity in losses of unconsolidated joint ventures and noncontrolling interests		$	40,336			$	36,674
Add:
Distributed income of unconsolidated joint ventures		740				315
Amortization of capitalized interest		382				254
Interest expense		37,062				32,996
Portion of rent expense - interest factor		1,552				1,418
Total earnings		80,072				71,657
Fixed charges:
Interest expense		37,062				32,996
Capitalized interest and capitalized amortization of debt issue costs		1,031				317
Portion of rent expense - interest factor		1,552				1,418
Total fixed charges		$	39,645			$	34,731
Ratio of earnings to fixed charges		2.0				2.1