| TANGER PROPERTIES AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Ratios of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (in thousands, except ratios)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | Nine Months Ended |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | Ended September 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 2009 |   | 2008 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Earnings before income (losses) from equity investees (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |  $    55,765 |   |  $    17,811 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Add :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |
| Distributed income of unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        510 |   |        2,655 |
| Amortization of previously capitalized interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |           351 |   |           348 |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |        29,467 |   |        38,656 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   1,154 |   |   879 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Earnings available for fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  $  87,247 |   |  $  60,349 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Fixed charges:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |
|      Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |  $    29,467 |   |  $    38,656 |
|      Capitalized interest and capitalized amortization of debt issue costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |              87 |   |           1,772 |
|      Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |           1,154 |   |           879 |
|            Total fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |  $    30,708 |   |  $    41,307 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               2.8 |   |               1.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
|  (1) Earnings before losses from equity investees and noncontrolling interest for the nine months ended September 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 ventureinterest and a $5.2 million impairment charge related to a property held and used.  For the nine months ended September 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.  |

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| TANGER PROPERTIES AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Ratios of Earnings to Combined Fixed Charges  and Preferred Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| (in thousands, except ratios)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | Nine Months Ended |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | Ended September 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 2009 |   | 2008 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Earnings before income (losses) from equity investees (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |  $    55,765 |   |  $    17,811 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Add :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |
| Distributed income of unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |        510 |   |       2,655 |
| Amortization of previously capitalized interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |           351 |   |           348 |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |        29,467 |   |        38,656 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   1,154 |   |   879 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Earnings available for fixed charges and preferred distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |  $  87,247 |   |  $  60,349 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Fixed charges:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |  $    29,467 |   |  $    38,656 |
| Capitalized interest and capitalized amortization of debt issue costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |           87 |   |           1,772 |
| Interest portion of rent expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |           1,154 |   |           879 |
|            Total fixed charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |  $    30,708 |   |  $    41,307 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Preferred dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |           4,219 |   |           4,219 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Total fixed charges and preferred distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  $    34,927 |   |  $    45,526 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
| Ratio of earnings to fixed charges and preferred distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               2.5 |   |               1.3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |
|  (1) Earnings before losses from equity investees and noncontrolling interest for the nine month ended September 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 ventureinterest and a $5.2 million impairment charge related to a property held and used.  For the nine months ended September 30, 2008, earnings before income from equity investees and noncontrolling interest contained an $8.9 million loss on early termination of two US treasury rate lock agreements.  |