EXHIBIT 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

(in thousands, except ratios)

			12 Months Ended December 31,
	2011		2010		2009		2008		2007
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)	$	52,554	$	38,806	$	74,221	$	28,729	$	28,535
Add:
Distributed income of unconsolidated joint ventures	499		653		660		2,366		1,706
Amortization of capitalized interest	507		492		474		465		413
Interest expense	45,382		41,789		37,684		49,628		42,599
Portion of rent expense - interest factor	1,938		1,753		1,743		1,168		1,078
Total earnings	100,880		83,493		114,782		82,356		74,331
Fixed charges:
Interest expense	45,382		41,789		37,684		49,628		42,599
Capitalized interest and capitalized amortization of debt issue costs	413		1,527		310		1,811		1,857
Portion of rent expense - interest factor	1,938		1,753		1,743		1,168		1,078
Total fixed charges	$	47,733	$	45,069	$	39,737	$	52,607	$	45,534
Ratio of earnings to fixed charges	2.1		1.9		2.9		1.6		1.6
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)	$	52,554	$	38,806	$	74,221	$	28,729	$	28,535
Add:
Distributed income of unconsolidated joint ventures	499		653		660		2,366		1,706
Amortization of capitalized interest	507		492		474		465		413
Interest expense	45,382		41,789		37,684		49,628		42,599
Portion of rent expense - interest factor	1,938		1,753		1,743		1,168		1,078
Total Earnings	100,880		83,493		114,782		82,356		74,331
Fixed charges and preferred share dividends:
Interest expense	45,382		41,789		37,684		49,628		42,599
Capitalized interest and capitalized amortization of debt issue costs	413		1,527		310		1,811		1,857
Portion of rent expense - interest factor	1,938		1,753		1,743		1,168		1,078
Preferred share dividends	—		5,297		5,625		5,625		5,625
Total combined fixed charges and preferred share dividends	$	47,733	$	50,366	$	45,362	$	58,232	$	51,159
Ratio of earnings to combined fixed charges and preferred share dividends	2.1		1.7		2.5		1.4		1.5

(1) The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million.

(2) 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 and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.

(3) The year ended December 31, 2008 includes a loss on termination of derivatives of $8.9 million.