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,
	2015				2014
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	57,156			$	31,614
Add:
Distributed income of unconsolidated joint ventures	5,535				2,699
Amortization of capitalized interest	298				256
Interest expense	26,177				29,502
Portion of rent expense - interest factor	1,067				1,051
Total earnings	90,233				65,122
Fixed charges:
Interest expense	26,177				29,502
Capitalized interest and capitalized amortization of debt issue costs	2,646				2,125
Portion of rent expense - interest factor	1,067				1,051
Total fixed charges	$	29,890			$	32,678
Ratio of earnings to fixed charges	3.0				2.0

(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended June 30, 2015, includes a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture.