Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Six months ended June 30,
	2013				2012
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	32,912			$	23,611
Add:
Distributed income of unconsolidated joint ventures	2,129				466
Amortization of capitalized interest	256				255
Interest expense	25,459				23,372
Portion of rent expense - interest factor	1,018				1,032
Total earnings	61,774				48,736
Fixed charges:
Interest expense	25,459				23,372
Capitalized interest and capitalized amortization of debt issue costs	453				514
Portion of rent expense - interest factor	1,018				1,032
Total fixed charges	$	26,930			$	24,918
Ratio of earnings to fixed charges	2.3				2.0