Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Year ended December 31,
	2013				2012				2011				2010				2009
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) (2) (3)	$	102,281			$	59,771			$	52,554			$	38,806			$	74,221
Add:
Distributed income of unconsolidated joint ventures	5,853				1,005				499				653				660
Amortization of capitalized interest	513				509				507				492				474
Interest expense	51,616				49,814				45,382				41,789				37,684
Portion of rent expense - interest factor	2,078				1,908				1,938				1,753				1,743
Total earnings	162,341				113,007				100,880				83,493				114,782
Fixed charges:
Interest expense	51,616				49,814				45,382				41,789				37,684
Capitalized interest and capitalized amortization of debt issue costs	1,628				1,233				413				1,527				310
Portion of rent expense - interest factor	2,078				1,908				1,938				1,753				1,743
Total fixed charges	$	55,322			$	52,955			$	47,733			$	45,069			$	39,737
Ratio of earnings to fixed charges	2.9				2.1				2.1				1.9				2.9
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1) (2) (3)	$	102,281			$	52,554			$	52,554			$	38,806			$	74,221
Add:
Distributed income of unconsolidated joint ventures	5,853				499				499				653				660
Amortization of capitalized interest	513				507				507				492				474
Interest expense	51,616				45,382				45,382				41,789				37,684
Portion of rent expense - interest factor	2,078				1,938				1,938				1,753				1,743
Total Earnings	162,341				100,880				100,880				83,493				114,782
Fixed charges and preferred share dividends:
Interest expense	51,616				49,814				45,382				41,789				37,684
Capitalized interest and capitalized amortization of debt issue costs	1,628				1,233				413				1,527				310
Portion of rent expense - interest factor	2,078				1,908				1,938				1,753				1,743
Preferred share dividends	—				—				—				5,297				5,625
Total combined fixed charges and preferred share dividends	$	55,322			$	52,955			$	47,733			$	50,366			$	45,362
Ratio of earnings to combined fixed charges and preferred share dividends	2.9				2.1				2.1				1.7				2.5

(1)	Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture.

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

(3)	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.