Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

	Three months ended
	March 31,
	2011		2010
Earnings:
Income before equity in losses of unconsolidated joint ventures, noncontrolling interests and discontinued operations	$	10,849	$	3,070
Add:
Distributed income of unconsolidated joint ventures	62		301
Amortization of capitalized interest	127		120
Interest expense	10,325		7,948
Portion of rent expense - interest factor	468		404
Total earnings	21,831		11,843
Fixed charges:
Interest expense	10,325		7,948
Capitalized interest and capitalized amortization of debt issue costs	241		209
Portion of rent expense - interest factor	468		404
Total fixed charges	$	11,034	$	8,561
Ratio of earnings to fixed charges	2.0		1.4
Earnings:
Income before equity in losses of unconsolidated joint ventures, noncontrolling interests and discontinued operations	$	10,849	$	3,070
Add:
Distributed income of unconsolidated joint ventures	62		301
Amortization of capitalized interest	127		120
Interest expense	10,325		7,948
Portion of rent expense - interest factor	468		404
Total Earnings	21,831		11,843
Fixed charges and preferred share dividends:
Interest expense	10,325		7,948
Capitalized interest and capitalized amortization of debt issue costs	241		209
Portion of rent expense - interest factor	468		404
Preferred share dividends	—		1,406
Total combined fixed charges and preferred share dividends	$	11,034	$	9,967
Ratio of earnings to combined fixed charges and preferred share dividends	2.0		1.2