EXHIBIT 12.1

	TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
	Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
	(in thousands, except ratios)
				12 Months Ended
				December 31,
				2009			2008			2007			2006			2005
	Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests, discontinued operations and loss on sale of real estate (1)			69,007			28,866			28,965			27,233			26,152
	Add:
	Distributed income of unconsolidated joint ventures			660			2,366			1,706			906			821
	Amortization of capitalized interest			474			465			413			360			292
	Interest expense			37,684			49,628			42,599			40,793			42,926
	Portion of rent expense — interest factor			1,743			1,168			1,078			986			993
	Income as adjusted			109,568			82,493			74,761			70,278			71,184
	Fixed Charges
	Interest expense			37,684			49,628			42,599			40,793			42,926
	Capitalized interest and capitalized amortization of debt issue costs			310			1,811			1,857			2,327			711
	Portion of rent expense — interest factor			1,743			1,168			1,078			986			993
	Total fixed charges			39,737			52,607			45,534			44,106			44,630
	Ratio of earnings to fixed charges			2.8			1.6			1.6			1.6			1.6

	Income before equity in earnings of unconsolidated joint ventures, noncontrolling interests, discontinued operations and loss on sale of real estate			69,007			28,866			28,965			27,233			26,152
	Add:
	Distributed income of unconsolidated joint ventures			660			2,366			1,706			906			821
	Amortization of capitalized interest			474			465			413			360			292
	Interest expense			37,684			49,628			42,599			40,793			42,926
	Portion of rent expense — interest factor			1,743			1,168			1,078			986			993
	Income as adjusted			109,568			82,493			74,761			70,278			71,184
	Fixed Charges
	Interest expense			37,684			49,628			42,599			40,793			42,926
	Capitalized interest and capitalized amortization of debt issue costs			310			1,811			1,857			2,327			711
	Portion of rent expense — interest factor			1,743			1,168			1,078			986			993
	Preferred share dividends			5,625			5,625			5,625			5,433			538
	Total combined fixed charges and preferred share dividends			45,362			58,232			51,159			49,539			45,168
	Ratio of earnings to combined fixed charges and preferred share dividends			2.4			1.4			1.5			1.4			1.6

(1) Earnings before income from unconsolidated joint ventures, noncontrolling interest, discontinued operations and loss on sale of real estate for the year ended December 31, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and a $5.2 million impairment charge related to a property held and used. For the year ended December 31, 2008, earnings before income from unconsolidated joint ventures and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.