Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2013				2012
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	15,639			$	10,286
Add:
Distributed income of unconsolidated joint ventures	293				237
Amortization of capitalized interest	127				127
Interest expense	12,876				12,334
Portion of rent expense - interest factor	511				516
Total earnings	29,446				23,500
Fixed charges:
Interest expense	12,876				12,334
Capitalized interest and capitalized amortization of debt issue costs	48				163
Portion of rent expense - interest factor	511				516
Total fixed charges	$	13,435			$	13,013
Ratio of earnings to fixed charges	2.2				1.8