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,
	2014				2013
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests	$	31,614			$	32,912
Add:
Distributed income of unconsolidated joint ventures	2,699				2,129
Amortization of capitalized interest	256				256
Interest expense	29,502				25,459
Portion of rent expense - interest factor	1,051				1,018
Total earnings	65,122				61,774
Fixed charges:
Interest expense	29,502				25,459
Capitalized interest and capitalized amortization of debt issue costs	2,125				453
Portion of rent expense - interest factor	1,051				1,018
Total fixed charges	$	32,678			$	26,930
Ratio of earnings to fixed charges	2.0				2.3