Tanger (SKT) S-3ASR Automatic shelf registration

Exhibit 12.2

RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS OF THE OPERATING PARTNERSHIP

(in thousands)

	3 Months Ended March 31,				12 Months Ended December 31,
	2012		2011		2011		2010		2009		2008		2007
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)	$	10,286	$	10,849	$	52,554	$	38,806	$	74,221	$	28,729	$	28,535
Add:
Distributed income of unconsolidated joint ventures		237		62		499		653		660		2,366		1,706
Amortization of capitalized interest		127		127		507		492		474		465		413
Interest expense		12,334		10,325		45,382		41,789		37,684		49,628		42,599
Portion of rent expense - interest factor		516		468		1,938		1,753		1,743		1,168		1,078
Total earnings		23,500		21,831		100,880		83,493		114,782		82,356		74,331
Fixed charges:
Interest expense		12,334		10,325		45,382		41,789		37,684		49,628		42,599
Capitalized interest and capitalized amortization of debt issue costs		163		241		413		1,527		310		1,811		1,857
Portion of rent expense - interest factor		516		468		1,938		1,753		1,743		1,168		1,078
Total fixed charges	$	13,013	$	11,034	$	47,733	$	45,069	$	39,737	$	52,607	$	45,534
Ratio of earnings to fixed charges		1.8		2.0		2.1		1.9		2.9		1.6		1.6
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1)	$	10,286	$	10,849	$	52,554	$	38,806	$	74,221	$	28,729	$	28,535
Add:
Distributed income of unconsolidated joint ventures		237		62		499		653		660		2,366		1,706
Amortization of capitalized interest		127		127		507		492		474		465		413
Interest expense		12,334		10,325		45,382		41,789		37,684		49,628		42,599
Portion of rent expense - interest factor		516		468		1,938		1,753		1,743		1,168		1,078
Total earnings		23,500		21,831		100,880		83,493		114,782		82,356		74,331
Fixed charges and preferred unit distributions:
Interest expense		12,334		10,325		45,382		41,789		37,684		49,628		42,599
Capitalized interest and capitalized amortization of debt issue costs		163		241		413		1,527		310		1,811		1,857
Portion of rent expense - interest factor		516		468		1,938		1,753		1,743		1,168		1,078
Preferred unit distributions		—		—		—		5,297		5,625		5,625		5,625
Total combined fixed charges and preferred unit distributions	$	13,013	$	11,034	$	47,733	$	50,366	$	45,362	$	58,232	$	51,159
Ratio of earnings to combined fixed charges and preferred unit distributions		1.8		2.0		2.1		1.7		2.5		1.4		1.5

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

(2) The year ended December 31, 2009 includes a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest.

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