Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2014				2013
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests	$	13,507			$	15,639
Add:
Distributed income of unconsolidated joint ventures	1,318				293
Amortization of capitalized interest	128				127
Interest expense	14,920				12,876
Portion of rent expense - interest factor	523				511
Total earnings	30,396				29,446
Fixed charges:
Interest expense	14,920				12,876
Capitalized interest and capitalized amortization of debt issue costs	832				48
Portion of rent expense - interest factor	523				511
Total fixed charges	$	16,275			$	13,435
Ratio of earnings to fixed charges	1.9				2.2