Exhibit 12.2

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Year ended December 31,
	2014				2013				2012				2011				2010
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) (2) (3)	$	69,099			$	102,281			$	59,771			$	52,554			$	38,806
Add:
Distributed income of unconsolidated joint ventures	9,586				5,853				1,005				499				653
Amortization of capitalized interest	517				513				509				507				492
Interest expense	57,931				51,616				49,814				45,382				41,789
Portion of rent expense - interest factor	2,119				2,078				1,908				1,938				1,753
Total earnings	139,252				162,341				113,007				100,880				83,493
Fixed charges:
Interest expense	57,931				51,616				49,814				45,382				41,789
Capitalized interest and capitalized amortization of debt issue costs	5,318				1,628				1,233				413				1,527
Portion of rent expense - interest factor	2,119				2,078				1,908				1,938				1,753
Total fixed charges	$	65,368			$	55,322			$	52,955			$	47,733			$	45,069
Ratio of earnings to fixed charges	2.1				2.9				2.1				2.1				1.9
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations (1) (2) (3)	$	69,099			$	102,281			$	59,771			$	52,554			$	38,806
Add:
Distributed income of unconsolidated joint ventures	9,586				5,853				1,005				499				653
Amortization of capitalized interest	517				513				509				507				492
Interest expense	57,931				51,616				49,814				45,382				41,789
Portion of rent expense - interest factor	2,119				2,078				1,908				1,938				1,753
Total earnings	139,252				162,341				113,007				100,880				83,493
Fixed charges and preferred unit distributions:
Interest expense	57,931				51,616				49,814				45,382				41,789
Capitalized interest and capitalized amortization of debt issue costs	5,318				1,628				1,233				413				1,527
Portion of rent expense - interest factor	2,119				2,078				1,908				1,938				1,753
Preferred unit distributions	—				—				—				—				5,297
Total combined fixed charges and preferred unit distributions	$	65,368			$	55,322			$	52,955			$	47,733			$	50,366
Ratio of earnings to combined fixed charges and preferred unit distributions	2.1				2.9				2.1				2.1				1.7

(1)	Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2014 includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015.

(2)	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.

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