EXHIBIT 12.1  TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIESRatio of Earnings to Combined Fixed Charges and Preferred Dividends(in thousands, except ratios)12 Months EndedDecember 31,2009
                           
                           
                           2008
                           
                           
                           2007
                           
                           
                           2006
                           
                           
                           2005Income 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
                           
                           
                           26,152Add:Distributed income of unconsolidated joint ventures
                           
                           
                           660
                           
                           
                           2,366
                           
                           
                           1,706
                           
                           
                           906
                           
                           
                           821Amortization of capitalized interest
                           
                           
                           474
                           
                           
                           465
                           
                           
                           413
                           
                           
                           360
                           
                           
                           292Interest expense
                           
                           
                           37,684
                           
                           
                           49,628
                           
                           
                           42,599
                           
                           
                           40,793
                           
                           
                           42,926Portion of rent expense  interest factor
                           
                           
                           1,743
                           
                           
                           1,168
                           
                           
                           1,078
                           
                           
                           986
                           
                           
                           993Income as adjusted
                           
                           
                           109,568
                           
                           
                           82,493
                           
                           
                           74,761
                           
                           
                           70,278
                           
                           
                           71,184Fixed ChargesInterest expense
                           
                           
                           37,684
                           
                           
                           49,628
                           
                           
                           42,599
                           
                           
                           40,793
                           
                           
                           42,926Capitalized interest and capitalized amortization of debt issue costs
                           
                           
                           310
                           
                           
                           1,811
                           
                           
                           1,857
                           
                           
                           2,327
                           
                           
                           711Portion of rent expense  interest factor
                           
                           
                           1,743
                           
                           
                           1,168
                           
                           
                           1,078
                           
                           
                           986
                           
                           
                           993Total fixed charges
                           
                           
                           39,737
                           
                           
                           52,607
                           
                           
                           45,534
                           
                           
                           44,106
                           
                           
                           44,630Ratio 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
                           
                           
                           26,152Add:Distributed income of unconsolidated joint ventures
                           
                           
                           660
                           
                           
                           2,366
                           
                           
                           1,706
                           
                           
                           906
                           
                           
                           821Amortization of capitalized interest
                           
                           
                           474
                           
                           
                           465
                           
                           
                           413
                           
                           
                           360
                           
                           
                           292Interest expense
                           
                           
                           37,684
                           
                           
                           49,628
                           
                           
                           42,599
                           
                           
                           40,793
                           
                           
                           42,926Portion of rent expense  interest factor
                           
                           
                           1,743
                           
                           
                           1,168
                           
                           
                           1,078
                           
                           
                           986
                           
                           
                           993Income as adjusted
                           
                           
                           109,568
                           
                           
                           82,493
                           
                           
                           74,761
                           
                           
                           70,278
                           
                           
                           71,184Fixed ChargesInterest expense
                           
                           
                           37,684
                           
                           
                           49,628
                           
                           
                           42,599
                           
                           
                           40,793
                           
                           
                           42,926Capitalized interest and capitalized amortization of debt issue costs
                           
                           
                           310
                           
                           
                           1,811
                           
                           
                           1,857
                           
                           
                           2,327
                           
                           
                           711Portion of rent expense  interest factor
                           
                           
                           1,743
                           
                           
                           1,168
                           
                           
                           1,078
                           
                           
                           986
                           
                           
                           993Preferred share dividends
                           
                           
                           5,625
                           
                           
                           5,625
                           
                           
                           5,625
                           
                           
                           5,433
                           
                           
                           538Total combined fixed charges and preferred share dividends
                           
                           
                           45,362
                           
                           
                           58,232
                           
                           
                           51,159
                           
                           
                           49,539
                           
                           
                           45,168Ratio of earnings to combined fixed charges and preferred share dividends
                           
                           
                           2.4
                           
                           
                           1.4
                           
                           
                           1.5
                           
                           
                           1.4
                           
                           
                           1.6