TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Exhibit 12.1

Ratios of Earnings to Fixed Charges
(in thousands, except ratios)

										Six Months Ended Ended June 30,
										2010						2009
	Income from continuing operations before income from equity investees (1)								$	8,514					$	56,831
	Add:
	Distributed income of unconsolidated joint ventures									414						360
	Amortization of previously capitalized interest									245						234
	Interest expense									22,041						20,774
	Interest portion of rent expense									813						756
	Earnings available for fixed charges								$	32,027					$	78,955
	Fixed charges:
	Interest expense								$	22,041					$	20,774
	Capitalized interest and capitalized amortization of debt issue costs									535						87
	Interest portion of rent expense									813						756
	Total fixed charges								$	23,389					$	21,617
	Ratio of earnings to fixed charges									1.4						3.7
	(1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

  

Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

							Six Months Ended Ended June 30,
							2010						2009
	Income from continuing operations before income from equity investees (1)					$	8,514					$	56,831
	Add:
	Distributed income of unconsolidated joint ventures						414						360
	Amortization of previously capitalized interest						245						234
	Interest expense						22,041						20,774
	Interest portion of rent expense						813						756
	Earnings available for fixed charges and preferred dividends					$	32,027					$	78,955
	Fixed charges:
	Interest expense					$	22,041					$	20,774
	Capitalized interest and capitalized amortization of debt issue costs						535						87
	Interest portion of rent expense						813						756
	Total fixed charges					$	23,389					$	21,617
	Preferred dividends						2,813						2,813
	Total fixed charges and preferred dividends					$	26,202					$	24,430
	Ratio of earnings to fixed charges and preferred dividends						1.2						3.2
	(1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

  

Ratios of Earnings to Fixed Charges
(in thousands, except ratios)

										Six Months Ended Ended June 30,
										2010						2009
	Income from continuing operations before income from equity investees (1)								$	8,514					$	56,831
	Add:
	Distributed income of unconsolidated joint ventures									414						360
	Amortization of previously capitalized interest									245						234
	Interest expense									22,041						20,774
	Interest portion of rent expense									813						756
	Earnings available for fixed charges								$	32,027					$	78,955
	Fixed charges:
	Interest expense								$	22,041					$	20,774
	Capitalized interest and capitalized amortization of debt issue costs									535						87
	Interest portion of rent expense									813						756
	Total fixed charges								$	23,389					$	21,617
	Ratio of earnings to fixed charges									1.4						3.7
	(1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

  

Ratios of Earnings to Combined Fixed Charges and Preferred Distributions
(in thousands, except ratios)

										Six Months Ended
										Ended June 30,
										2010						2009
	Income from continuing operations before income from equity investees (1)								$	8,514					$	56,831
	Add:
	Distributed income of unconsolidated joint ventures									414						360
	Amortization of previously capitalized interest									245						234
	Interest expense									22,041						20,774
	Interest portion of rent expense									813						756
	Earnings available for fixed charges and preferred dividends								$	32,027					$	78,955
	Fixed charges:
	Interest expense								$	22,041					$	20,774
	Capitalized interest and capitalized amortization of debt issue costs									535						87
	Interest portion of rent expense									813						756
	Total fixed charges								$	23,389					$	21,617
	Preferred distributions									2,813						2,813
	Total fixed charges and preferred distributions								$	26,202					$	24,430
	Ratio of earnings to fixed charges and preferred distributions									1.2						3.2
	(1) Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2010 includes: a $6.2 million loss on the termination of two interest rate swap agreements. Income from continuing operations before income from equity investees and noncontrolling interest for the six months ended June 30, 2009 includes: a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.