| TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Ratios of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (in thousands, except ratios)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | Six Months Ended |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | Ended June 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 2009 |   | 2008 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Earnings before income from equity investees (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  $    51,469 |   |  $    7,064 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Add :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| Distributed income of unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |        360 |   |        1,770 |
| Amortization of previously capitalized interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |           234 |   |           224 |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |        20,774 |   |        28,846 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   756 |   |   591 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Earnings available for fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |  $  73,593 |   |  $  38,495 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Fixed charges:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
|      Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |  $    20,774 |   |  $    28,846 |
|      Capitalized interest and capitalized amortization of debt issue costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |              87 |   |           1,188 |
|      Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |           756 |   |           591 |
|            Total fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |  $    21,617 |   |  $    30,625 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               3.4 |   |               1.3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|  (1) Earnings before income from equity investees for the six month 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; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and a $5.2 million impairmentcharge related to a property held and used.  For the period June 30, 2008, earnings before income from equity investees contained an $8.9 million loss on early termination of two US treasury rate lock agreements.  |

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| 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 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 2009 |   | 2008 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Earnings before income from equity investees (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  $    51,469 |   |  $    7,064 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Add :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |
| Distributed income of unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |        360 |   |       1,770 |
| Amortization of previously capitalized interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |           234 |   |           224 |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |        20,774 |   |        28,846 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   756 |   |   591 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Earnings available for fixed charges and preferred dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  $  73,593 |   |  $  38,495 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Fixed charges:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  $    20,774 |   |  $    28,846 |
| Capitalized interest and capitalized amortization of debt issue costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |           87 |   |           1,188 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |           756 |   |           591 |
|            Total fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |  $    21,617 |   |  $    30,625 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Preferred dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |           2,813 |   |           2,813 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Total fixed charges and preferred distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |  $    24,430 |   |  $    33,438 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
| Ratio of earnings to fixed charges and preferred distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               3.0 |   |               1.2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |
|  (1) Earnings before income from equity investees for the six month 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; a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest and a $5.2 million impairmentcharge related to a property held and used.  For the period June 30, 2008, earnings before income from equity investees contained an $8.9 million loss on early termination of two US treasury rate lock agreements.  |