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,
	2015				2014
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	99,903			$	53,432
Add:
Distributed income of unconsolidated joint ventures	8,803				4,166
Amortization of capitalized interest	455				385
Interest expense	40,110				43,404
Portion of rent expense - interest factor	1,672				1,583
Total earnings	150,943				102,970
Fixed charges:
Interest expense	40,110				43,404
Capitalized interest and capitalized amortization of debt issue costs	3,250				3,897
Portion of rent expense - interest factor	1,672				1,583
Total fixed charges	$	45,032			$	48,884
Ratio of earnings to fixed charges	3.4				2.1

(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2015, includes a total gain of $33.9 million on the sale of our equity interest in the Wisconsin Dells joint venture and the sales of our Kittery I and II, Tuscola, and West Branch outlet centers.