Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Nine months ended September 30,
	2014				2013
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests	$	53,432			$	80,078
Add:
Distributed income of unconsolidated joint ventures	4,166				4,415
Amortization of capitalized interest	385				384
Interest expense	43,404				37,826
Portion of rent expense - interest factor	1,583				1,527
Total earnings	102,970				124,230
Fixed charges:
Interest expense	43,404				37,826
Capitalized interest and capitalized amortization of debt issue costs	3,897				976
Portion of rent expense - interest factor	1,583				1,527
Total fixed charges	$	48,884			$	40,329
Ratio of earnings to fixed charges	2.1				3.1